June 18, 2013 — Greater Toronto Area REALTORS reported 4,620 sales through the TorontoMLS system in the first 14 days of June 2013. This result was up by 4.7 percent compared to the 1st two weeks of June 2012. Year-over-year sales expansion was driven by the regions / counties surrounding the City of Toronto. Home sales in the Town were basically flat contrasted to last year.
"The expectation was for an improvement in home sales in the second half of 2013. Many households have adjusted to tougher lending rules and have replenished their search for possession housing," claimed Toronto Real-estate Board President Ann Hannah.
"It is also necessary to note that new listings were down over the same period. With sales up and new lists down, market conditions became tighter. This supports the moderate to strong rates of price expansion reported for most major home types, including condominium apartments," added Ms. Hannah.
The average selling price for the 1st fourteen days of June was $536,141 up by 3.8 per cent compared with June 2012.
"While price growth has been driven by low-rise home types this year, condo loft price growth has improved since March. Despite higher inventory levels, there have been enough consumers relative to available listings to support condo price appreciation," said Jason Mercer, TREB’s Senior Manager of Market Analysis.