Resale Market Report for June 2013
The Toronto Real Estate Board reported 9,061 sales through the TorontoMLS system in June 2013 – down by less than 1% compared to June 2012. Over the same period, new listings were down by a greater rate than sales, suggesting market conditions became tighter.
“The sales picture in the GTA improved markedly in the second quarter of 2013. While the number of transactions was still down compared to 2012, rates of decline were substantially improved compared to the first quarter,” said Toronto Real Estate Board President Dianne Usher.
“As a growing number of home buyers, many of whom put their purchase on hold due to stricter lending guidelines, now reactivate their search, the expectation is for renewed growth in home sales in the second half of 2013,” added Ms. Usher.
The average selling price in June was up by 4.7% year-over-year to $531,374. In line with the 2013 norm, June price growth was driven by the single-detached and semi-detached market segments, particularly in the City of Toronto. Over the same time period, average condominium apartment selling prices remained in line with 2012 levels.