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GTA Realtors(R) Release Mid-Month Resale Market Figures

(October 18, 2011)

TORONTO, ONTARIO -- (Marketwire) -- 10/18/11 -- Greater Toronto REALTORS?? reported 3,477 transactions through the TorontoMLS?? system during the first 14 days of October 2011. This total represented a 20 per cent increase over 2,890 sales reported during the first two weeks of October 2010. Year-over-year growth in new listings for the same period was slightly stronger than that recorded for sales - up 21 per cent to 6,249.

"The first two weeks of October seem to be pointing towards more balanced market conditions as we move toward 2012. Growth in new listings outstripped growth in sales, meaning more choice for buyers," said Toronto Real Estate Board President Richard Silver. "A growing number of home owners are reacting to the above average price growth reported this year and have decided to list their home for sale. They are confident they will receive timely offers in line with their asking prices."

The average selling price during the first two weeks of October was $475,743 - up 7.5 per cent compared to the same period in 2010.

"The average resale home price is expected to grow at a slower pace in the months ahead because the market is becoming better supplied. There will be less competition between home buyers as we move through the fall and winter." said Jason Mercer, the Toronto Real Estate Board's Senior Manager of Market Analysis. "With a more balanced market in 2012, the average rate of annual price growth is expected to be in the mid single digits."


Summary of TorontoMLS?? Sales and Average Price October 1 - 14 ---------------------------------------------------------------------------- 2011 2010 ----------------------------------------------- Average Average Sales Price Sales Price City of Toronto ("416") 1,408 $ 524,553 1,237 $ 499,740 Rest of GTA ("905") 2,069 $ 442,527 1,653 $ 400,088 GTA 3,477 $ 475,743 2,890 $ 442,742 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- TorontoMLS?? Sales & Average Price By Home Type Average Sales Price 416 905 Total 416 905 Total --------------------------------------------------------- Detached 450 1,143 1,593 754,240 530,339 593,588 Yr./Yr. % Change 2% 24% 17% 3% 10% 6% Semi-Detached 183 245 428 545,995 364,649 442,188 Yr./Yr. % Change 33% 41% 37% 11% 7% 9% Townhouse 151 372 523 461,112 343,510 377,464 Yr./Yr. % Change 23% 18% 20% 16% 12% 13% Condo Apartment 609 251 860 369,528 272,190 341,119 Yr./Yr. % Change 16% 22% 18% 10% 10% 10% ---------------------------------------------------------------------------- ----------------------------------------------------------------------------

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 32,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.

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


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