Greater Toronto REALTORS® reported 8,442 sales through the Multiple Listing Service® (MLS®) in June. This represented a 23 per cent decrease compared to the record 10,955 sales reported in June 2009. We are seeing many more listings this June than last, up 28%. 2009 was such a strange year with it's very weak first quarter and very strong finish! 2010 had a very strong first quarter and is now reverting to what senior agents are recognizing as a more traditional seasonal market.
The average price for June transactions was $435,034 – up eight per cent compared to the average of $403,972 recorded for June 2009. As the unit numbers drop so will the rate of price increase. "In the field" we are already seeing some significant discounts made from the listing price in order to secure a transaction. This is all reflective of a healthy and sustainable market.
In June, the median price was $367,750, from the $345,000 recorded during June of 2009
Sales for the second quarter of 2010 amounted to 28,810 – up one per cent annually. Year-to-date
sales through June were up 23 per cent to 50,455 compared to the first six months of 2009.