TORONTO, August 3, 2012 – 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.
“The mix of homes sold in July 2012 versus July 2011 also appears to have changed,
further influencing the average selling price. This is evidenced by the different annual
rates of growth between the overall average price and the MLS HPI®,” continued