Welcome to the July 2012 installment of my Toronto Real Estate Market update. I hope you enjoy and find this information useful.
Average home prices in the GTA were up 4 percent in July 2012 over the same period last year. The average home price in July of this year was $476,947, up from $458,646 in July 2011.
7,570 homes were sold in July 2012, down 1.5 percent from July 2011 when 7,683 sales were reported (resale).
The graph below shows a running tally of month-by-month averages prices in 2011 and 2012:
Active listings (supply) continue to increase throughout the Spring and Summer months. Supply was up 16 percent in July 2012 versus July 2011. This statistic coupled with the seasonal decrease in average home prices is further evidence towards a balanced marketplace. In recent weeks, there have been further mortgage interest rate reductions – allowing for prospective buyers to extend their buying power a bit further. Lower interest rates have been key in maintaining a healthy and balanced marketplace.
The chart below illustrates the actual figures for supply (active listings) and demand (sales):
|Supply vs. Demand|
|July 2011||July 2012|
The next chart outlines the average prices by housing types (detached, semi-detached, etc.). The first column is the average prices for July 2012, and the next column displays year-to-date cumulative totals.
|Overall Toronto Average Prices by Type|
The next section is a neighborhood specific update for the Beaches (E02) and Leslieville/Riverdale (E01). If you would like information about another neighborhood in Toronto, please let me know. I would be happy to prepare and discuss what is happening in your ‘hood.
In July, the average price for homes in the Beaches was $714,398, this is up from the $670,988 year-to-date average. Meanwhile Leslieville/Riverdale’s average price was $543,425, slightly down from the year-to-date average of $580,569. In July, 73 homes/condos where sold in the Beaches, 61 were sold in Leslieville.
|E1 (Leslieville/Riverdale) & E2 (Beaches)|
The following chart breaks down housing prices a step further by showing average prices for the month of July by type (i.e. Detached, Semi, Condo, etc).
|E1 & E2 Average Prices by Type – July 2012|
*Note: Only 1 Attached/Row house was sold in E02 in July, so this is not an accurate representation of the average price
Thanks for reading my market update for July 2012. As always, if you have questions, looking to make a move or know someone that is, let me know – I’m happy to help!