Welcome to the June 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 7.3 percent in June 2012 over the same period last year. The average home price in June of this year was $508,622, slightly down from its peak in April 2012 of $517,556. This is a normal seasonal adjustment as things slow down in the peak summer months. 9,422 homes were sold in June 2012, down 5.5 percent from June 2011 when 9,959 sales were reported (resale).
The graph below shows a running tally of month-by-month averages prices in 2011 and 2012:
As I reported last month, we have been seeing a steady increase in active listings (or supply) during the past few months of this year. Supply was up 13.7 percent in June year-over-year. This is more evidence towards a balanced marketplace where the Seller may not be king for long. Again, I will say that I do not believe their will be a major correction in pricing given steady mortgage interest rates.
The chart below illustrates the actual figures for supply (active listings) and demand (sales):
|Supply vs. Demand|
|June 2011||June 2012|
The next chart outlines the average prices by housing types (detached, semi-detached, etc.). The first column is the average prices for June 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 June, the average price for homes in the Beaches was $612,542 slightly below the $663,490 year-to-date average. Meanwhile Leslieville/Riverdale’s average price was $592,542, up from the year-to-date average of $585,520.
|E1 (Leslieville/Riverdale) & E2 (Beaches)|
The following chart breaks down housing prices a step further by showing average prices for the month of June by type (i.e. Detached, Semi, Condo, etc). Detached homes in the Beaches continue to be well-above the city’s average as detailed in the chart below.
|E1 & E2 Average Prices by Type – June 2012|
Thanks for reading my market update for June 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!