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GTA REALTORS(R) Release Monthly Resale Market Figures

(July 05, 2012)

TORONTO, ONTARIO -- (Marketwire) -- 07/05/12 -- Greater Toronto REALTORS reported 9,422 home sales through the TorontoMLS system in June 2012. The number of transactions was down by 5.4 per cent in comparison to June 2011. The year-over-year decline was largest in the City of Toronto, where sales were down by 13 per cent compared to June 2011.

Sales in the rest of the Toronto Real Estate Board (TREB) market area were comparable to a year ago.

"Buyers continue to face the substantial upfront cost associated with the City of Toronto's unfair Land Transfer Tax," said TREB President Ann Hannah. "Recent polling by TREB suggests that many households are considering home purchases outside of the City of Toronto to avoid paying the Land Transfer Tax. This goes a long way in explaining the disproportionate decline in sales in the City versus surrounding regions."

The average selling price in June was $508,622 - up by 7.3 per cent compared to June 2011. The mortgage payment associated with the average priced home in June, assuming five per cent down and a five-year fixed rate mortgage amortized over 25 years, would account for approximately 35 per cent of the average household's income in the GTA after adding property tax and utility payments.


"According to new mortgage lending guidelines set out by Finance Minister Jim Flaherty, the GTA housing market remains affordable. The share of the average household's income going toward major home ownership payments for the average priced home remains below the 39 per cent ceiling recently announced by Mr. Flaherty," said Jason Mercer, TREB's Senior Manager of Market Analysis.

"The average household in the GTA continues to benefit from a considerable amount of flexibility to account for higher interest rates moving forward," continued Mercer.

Summary of TorontoMLS Sales and Average Price June 1 - 30 ---------------------------------------------------------------------------- 2012 2011 -------------------------------------------------------- Average New Average New Sales Price Listings Sales Price Listings City of Toronto ("416") 3,520 $ 554,077 6,742 4,053 $ 511,591 6,102 Rest of GTA ("905") 5,902 $ 481,512 9,937 5,906 $ 448,579 8,653 GTA 9,422 $ 508,622 16,679 9,959 $ 474,223 14,755 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- TorontoMLS Sales & Average Price By Home Type June 1 - 30 Sales Average Price 416 905 Total 416 905 Total ----------------------------------------------------- Detached 1,257 3,432 4,689 803,671 572,748 634,652 Yr./Yr. % Change -9% 2% -1% 10% 7% 7% Semi-Detached 403 645 1,048 562,057 398,366 461,312 Yr./Yr. % Change -15% 7% -3% 6% 8% 5% Townhouse 407 1,081 1,488 448,993 357,452 382,491 Yr./Yr. % Change -8% 3% 0% 9% 6% 6% Condo Apartment 1,415 581 1,996 364,597 287,118 342,044 Yr./Yr. % Change -18% -20% -18% 2% 2% 2% ----------------------------------------------------------------------------

Greater Toronto REALTORS are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 34,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.

Get the latest real estate news & Market Watch information & summary videos: www.TorontoRealEstateBoard.com.

Contacts:
Media Inquiries: Toronto Real Estate Board
Mary Gallagher
Senior Manager Public Affairs
(416) 443-8158
maryg@trebnet.com
www.TorontoRealEstateBoard.com

www.twitter.com/TREBhome
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www.youtube.com/TREBChannel


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