Market Update - July 2012

 

Find out how much your home is worth in today’s market please feel free to contact me! Obaid Qureshy 416-826-0006 email: obaid.qureshy@century21.ca

Greater Toronto REALTORS® reported 7,570 sales in July 2012, representing a decline of 1.5 per cent compared to 7,683 sales reported in July 2011. The decline was most pronounced in the condominium apartment segment in the City of Toronto. Total sales in the rest of the Greater Toronto Area (GTA) were up compared to the same period last year.

“Very strong annual sales growth in the first half of 2012 and an earlier peak in sales this spring compared to 2011 help explain more moderate sales this summer. New mortgage lending guidelines and the additional upfront cost of the City of Toronto land transfer tax also prompted some households to put their buying decision on hold,” said Toronto Real Estate Board (TREB) President Ann Hannah.

The average selling price in July 2012 was $476,947 – up by four per cent compared to July 2011. The MLS® Home Price Index (MLS® HPI)* composite index, which allows for an apples-to-apples comparison of benchmark home prices from one year to the next, was up by 7.1 per cent year-over-year.

“The GTA housing market became better-supplied in recent months. Buyers benefitted from more choice in the market place, resulting in less upward pressure on the average home price in July,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

 Whether you’re thinking of Buying or Selling I can HELP!

Find out how much your home is worth in today’s market please feel free to contact me! Obaid Qureshy 416-826-0006 email: obaid.qureshy@century21.ca

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Obaid Qureshy

Obaid Qureshy

Broker
CENTURY 21 Atria Realty Inc., Brokerage*
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