There were 9,422 homes sales reported to the TorontoMLS system in June 2012, down 5.4% in comparison to June 2011. The year-over-year decline was largest in the City of Toronto where sales were down by 13% compared to a year ago. Sales outside of the city were actually comparable to a year ago.
The average selling price across the GTA was $508,622 up by 7.3% compared to June 2011; however, the average price in the Brampton area was $404,104. (It pays to buy locally!!)
The mortgage payment associated with the average priced home in June, assuming a five percent downpayment and a five year fixed-rate mortgage amortized over 25 years including taxes and utilities would account for 35% of the average household's income. "According to new mortgage lending guidelines set out by the Finance Minister, the GTA housing market remains affordable. The share of the average household's income going toward major home ownership payments for the average priced home remains below the 39% ceiling recently announce by Mr. Flaherty," said James Mercer, TREB's Senior Manager of Market Analysis.