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According to the Toronto Real Estate Board (TREB) Greater Toronto REALTORS® reported 3,679 sales through the first 14 days of July 2012, representing a 5.6 per cent increase compared to the 3,484 sales reported for the same period in 2011. New listings were up by 14.4 per cent over the same time frame.
Most of the sales growth took place in the areas surrounding the City of Toronto. Toronto as a whole witnessed a drop in sales as it features a relatively higher cost of home ownership which likely prompted buyer to purchase in the surrounding areas. The average selling price in Toronto in the first half of July was $496,645. Demand for housing remained high in general throughout the first half of July 2012.
Toronto Real Estate Board (TREB) posted the average selling price in the first half of July to be $473,466 which is an increase of 2.3% compared to July 2011. On average, homes sold for 98% of their asking price in 25 days on market.
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