June 18, 2013 -- Greater Toronto Area REALTORS reported 4,620 sales through the TorontoMLS system in the first two weeks of June 2013. This result was up by 4.7 percent compared to the 1st two weeks of June 2012. Home sales in the Town were basically flat compared with last year.
"The expectation was for an improvement in home sales in the 2nd half 2013. Many households have adjusted to tougher lending rules and have renewed their search for possession housing," declared Toronto Real estate Board President Ann Hannah. Early June results are in accordance with this outlook.
"It is also important to note that new listings were down over the same period. This supports the moderate to strong rates of price growth reported for most major home types, including condo apartments," added Ms. With sales up and new listings down, market conditions became tighter. Hannah.
The average selling price for the 1st fourteen days of June was $536,141 up by 3.8 % compared with June 2012.
"While price expansion has been driven by low-rise home types this year, condominium apartment price growth has shown improvement since March. Despite higher inventory levels, there have been enough buyers relative to available listings to support condo price appreciation," related Jason Mercer, TREB's Senior Manager of Market Analysis.
"The expectation was for an improvement in home sales in the 2nd half 2013. Many households have adjusted to tougher lending rules and have renewed their search for possession housing," declared Toronto Real estate Board President Ann Hannah. Early June results are in accordance with this outlook.
"It is also important to note that new listings were down over the same period. This supports the moderate to strong rates of price growth reported for most major home types, including condo apartments," added Ms. With sales up and new listings down, market conditions became tighter. Hannah.
The average selling price for the 1st fourteen days of June was $536,141 up by 3.8 % compared with June 2012.
"While price expansion has been driven by low-rise home types this year, condominium apartment price growth has shown improvement since March. Despite higher inventory levels, there have been enough buyers relative to available listings to support condo price appreciation," related Jason Mercer, TREB's Senior Manager of Market Analysis.
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