Real Estate Market More Balanced in June
The Toronto Real Estate Board (TREB) has announced significant findings to indicate that the Toronto Real Estate Market was more stable this June.
Greater Toronto REALTORS reported 8,442 sales through the Multiple Listing Service (MLS) in June. This represents a 23% decrease compared to the record 10,995 sales reported in June, 2009. However, sales for the second quarter of 2010 amounted to 28,810, up one percent annually. Year - to - date sales through June were up 23% to 50,455 units compared to the first six months of 2009.
Toronto Real Estate Board President Bill Johnston commented that " We experienced a record number of existing home sales during the first hald of 2010, but these sales were weighted more towards the beginning of the year", he continued on that " 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 8% compared to the average price of $403,972 in June 2009.
With a larger supply of homes on the market this second quarter, many homebuyers are able to make less aggressice offers. This has resulted in a lightening of upward pressue on the average selling price.
Information courtesy of Toronto Real Estate Board MARKET WATCH June 2010.