Toronto Central Real Estate

Earlier this year we saw some very strong growth in real estate sales. We suggested at the time that some of this was partly due to many buyers bringing their purchases forward in anticipation of rising interest rates and the effect of the new provincial HST tax.



We are now seeing that this was actually the case and this has contributed somewhat to much softer numbers being reported for sales in the June period.

At the same time, the average selling price has continued to show fairly strong growth vs a year ago, but not to the degree that we saw earlier this year (see details below). It is expected that we will see prices moderate further, reflecting the high number of listings available and the normal summer slowdown that occurs every year at this time.

Greater Toronto REALTORS® reported 8,442 sales through the Multiple Listing Service® (MLS®) in June. This represented a 23 per cent decrease compared to the record 10,955 sales reported in June 2009.

Sales for the second quarter of 2010 amounted to 28,810 – up one percent annually. Year-to-date sales through June were up 23 per cent to 50,455 compared to the first six months of 2009.

“We experienced a record number of existing home sales during the first half of 2010, but these sales were weighted more towards the beginning of the year,” said newly elected Toronto Real Estate Board President Bill Johnston.


“The pace of home sales has moderated from record levels over the past two months with the prospect of higher mortgage rates.” The average price for June transactions was $435,034 – up eight per cent compared to the average of $403,972 recorded for June 2009.

“With more homes to choose from in the second quarter, many home buyers have been making less-aggressive offers. This has resulted in less upward pressure on the average selling price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“The annual rate of average price growth in the second half of 2010 will be in the single digits.”

See Summary Of June Sales And Average Price Below.
Please contact me at armand@armandgilks.com if you would like an update on your own local neighborhood, or on the current value of your home.

Housing Market Price Trends by Type of Dwelling and Area – Total GTA


Detached

Jan‘10 Feb‘10 Mar’10 Apr’10 May’10 June’10
Average Price $445,000 $453,000 $541,535 $542,348 $550,739 $543,884
% chge vs Yr Ago +22% +22% +24% +14% +13% +10%
Semi-detached

Jan‘10 Feb‘10 Mar’10 Apr’10 May’10 June’10
Average Price $345,500 $367,000 $396,825 $412,602 $411,002 $404,500
% chge vs Yr Ago +22% +22% +14 +19% +12% +9%
Condos

Jan‘10 Feb‘10 Mar’10 Apr’10 May’10 June’10
Average Price $270,000 $285,000 $304,930 $307,770 $315,775 $308.034
% chge vs Yr Ago +19% +12% +17% +13% +18 +8%

District
Area Avge Selling Price June 2010 %chge June’10 vs June’09
Total GTA $435,034 +8%


C01
Downtown $412,104 +14%
C02 Annex/Bloor W, etc $735,240 -9%
C03 Midtown $945,079 +8%
C04 North Toronto $831,390 +9%
C06 Dublin Heights/Willowdale $586,538 +20%
C08 Cabbagetown/Downtown $395,070 +4%
C09 Rosedale $1,160,217 +39%
C10 Davisville/ L. Park $678,281 -1%
C11 Leaside/Old East York $499,350 -10%
C12 Bayview/York Mills $1,345,786 +12%
E01 Riverdale/Leslieville $476,635 -1%
E02 The Beach/Leslieville $584,738 +9%
E03 Danforth/East York $400,888 -3%

Condo Sales

C01 Downtown Core $378,489 +11%
C08 St Lawrence/Downtown $365,609 +6%
C07-14 Yonge Sheppard $342,506 +13%
C15 Bayview Sheppard $343,703 +8%
Source: Toronto MLS