This year, the expected decrease is being blamed on continued strong competition from the resale market and elevated multi-family housing inventories.
The number of sales and the average selling price reported by Greater Toronto realtors were both up during the first 14 days of June 2011. Sales through the first two weeks of June amounted to 4,787 – up 16% over the same period in 2010. The average selling price for these transactions, at $477,853, was up 9%.“The spring has always been the busiest time in the resale market, but the results for May and the first two weeks of June represented a marked improvement over last year. Low mortgage rates have kept affordability in check and buyers have felt confident in paying for a home over the long term,” said Toronto real estate Board (TREB) President Bill Johnston.
The number of new listings on the TorontoMLS® between June 1st and June 14th was down by 8% compared to 2010.
“Listings have been in short supply this year, while a lot of people have been looking to buy. The result has been enhanced competition between buyers and more upward pressure on price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “Strong price growth will prompt more home owners to list as we move toward 2012.”
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