GTA REPORT AUGUST 2011 RESALE MARKET DATA REPORT

Toronto, September 7, 2011

Toronto REALTORS® reported 7,542 MLS® sales through in August – a 24 % increase over the 6,083 sales in August 2010. New listings, were up by 20 per cent to 12,509  compared to August 2010. No easing in the shortage of listings which is causing the tight market conditions we are experiencing at the moment. Average transaction price increased by 10%  to $451663 due to this inventory restriction. The Toronto Land Transfer Tax is a factor in discouraging  the "move up " buyer We could see a near record year as we are on pace for 90,000 sales in 2011. It remains to be seen how long 10% year on year price increase is sustainable before affordability becomes eroded.  Nevertheless our market is holding up well despite the world wide jitters over the global economy. The Bank of Canada announced this week no increase in the overnight rate currently at 1%  the remainder of 2011 going into 2012. Good news for variable rate mortgage holders.

Summary of TorontoMLS® Sales and Average Price  August 2011

                                                       2011                                                           2010

                                         Sales                   Average Price                Sales                                 Average Price
City of Toronto ("416")      2,898                    $464,863                    2,318                                 $420,405
Rest of GTA ("905")          4,644                    $443,426                    3,765                                 $402,889
GTA                                  7,542                    $451,663                    6,083                                 $409,564
Source: Toronto Real Estate Board