Greater Toronto REALTORS(R) Release Mid-Month Resale Market Figures

TORONTO, ONTARIO--(Marketwire - Aug. 16, 2011) - There were 3,214 sales through the TorontoMLS® system during the first 14 days of August, representing more than a 22.5 per cent increase compared to the same period in August 2010. Year-to-date sales through the 14^th of August were all but caught up to last year's total – down by half a per cent compared to 2010.

"The unsettled situation in financial markets over the past few weeks did not appear to sap the confidence of GTA home buyers during the first half of August," said Toronto Real Estate Board President Richard Silver. "Revised forecasts for future Bank of Canada interest rate decisions coupled with the recent announcement by the US Federal Reserve, suggest that interest rate hikes in Canada are on hold at least until sometime in 2012. This is a positive for affordability and should help sustain buyer confidence moving forward."

The average selling price was up by almost seven percent annually during the first 14 days of August to $440,150.

"The rate of price growth reported for the first two weeks of August continued to point to sellers' market conditions in the GTA," said Jason Mercer, TREB's Senior Manager of Market Analysis. "However, it should be noted that new listings grew at a slightly greater pace than sales. A better supplied market in the second half of 2011 will result in prices growing at a more sustainable pace."

Summary of TorontoMLS® Sales and Average Price
	August 1st - 14th
	2011			2010
	Sales	Average Price		Sales	Average Price
City of Toronto ("416")	1,201	$	443,078	1,008	$	427,106
Rest of GTA ("905")	2,013	$	438,404	1,614	$	402,868
GTA	3,214	$	440,150	2,622	$	412,186
Source: Toronto Real Estate Board

TorontoMLS® Sales & Average Price By Home Type
		August 1st - 14th, 2011
		Sales						Average Price
		416		905		Total		416		905		Total
Detached		352		1,123		1,475		597,963		525,118		542,502
	Yr./Yr. % Change	24	%	25	%	25	%	-7	%	9	%	4	%
Semi-Detached		106		216		322		505,214		369,707		414,315
	Yr./Yr. % Change	-8	%	22	%	10	%	12	%	7	%	7	%
Townhouse		130		337		467		386,328		338,470		351,792
	Yr./Yr. % Change	21	%	10	%	13	%	8	%	11	%	11	%
Condo Apartment		601		268		869		355,513		266,186		327,964
	Yr./Yr. % Change	23	%	43	%	28	%	12	%	4	%	9	%
Source: Toronto Real Estate Board

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 31,000 TREB Members serve consumers in the Greater Toronto Area.

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