There were 3,679 sales reported through the first 14 days of July 2012, representing a 5.6% increase compared to the 3,484 sales reported for the same period in 2011. New listings were up 14.4% over the same time frame.
"Housing demand remained strong in the first half of of July. Sales growth occurred in the regions surrounding the City of Toronto. In the City, where sales were down, the relatively higher cost of home ownership, including the upfront payment of the Toronto land transfer tax likely prompted some buyers to purchase elsewhere in the GTA." said TREB President Ann Hannah.
The average selling price in the first half of July was $473,466 - up by 2.3% compared to last year. On average homes sold for 98% of asking price in 25 days, in line with July 2011.
"A better supplied market contributed to a slower annual rate of price growth in July relative to the first half of 2012," said James Mercer, TREB's Senior Manager of Market Analysis. "As buyers benefit from more choice in the second half of this year, expect price growth to slow to a more sustainable pace."