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Thursday, July 12, 2012
GTA Housing Market in Juneby: Elli Davis
The first half of 2012 is over already. Housing-wise, this year seems to have been greatly successful for the Greater Toronto Area. It truly was all about increases — until June, that is. As the new housing report shows, for the first time in 2012 home sales in the GTA have recorded a year-to-year decline.
As Greater Toronto REALTORS® reported, 9,422 homes were sold through the Toronto MLS system last month. Compared to June 2011 and its 9,959 transactions, it is a 5.4 per cent decline. As sad as it is, the City of Toronto was the main contributor to this fall, since it reported about a 13 per cent year-to-year drop. The Land Transfer Tax may well be the reason why homes in our city are not as desirable at the moment, according to said TREB President Ann Hannah. Many people want to avoid paying the tax and they therefore choose a home outside Toronto.
Prices last month were not exactly pleasant either. The average price for a transaction in June 2012 was $508,622 — up 7.3 per cent from $474,223 recorded a year ago. Listings, on the contrary, were not bad this past month. New listings went up from 14,755 to 16,679 over the year (a 13 percent rise) and active listings increased by 13.7 percent, from 18,102 to 20,583. This is not bad. Nonetheless, let us hope the first report from the second half of the year will be better in terms of sales.