Home sales in Toronto remained about the same in mid-June 2012 as they did in mid-June 2011, according to the Toronto Real Estate Board.
“Sales growth continued to be much stronger outside of the city of Toronto in the first half of June. While higher average home prices and slower listings growth in the city of Toronto likely explain some of the disparity in sales growth, recent polling suggests that the city of Toronto’s Land Transfer Tax is having a substantial impact on where many households are looking to buy,” said Richard Silver, the president of the Toronto Real Estate Board.
“Recent polling indicated that three-quarters of people in Toronto and surrounding 905 regions who are planning to move over the next two years said that they are more likely to move outside of Toronto specifically because of the added upfront costs associated with the Toronto Land Transfer Tax,” he added.
New listings in Toronto increased by 16 per cent, and the average sales price was up by more than eight per cent to $516,834.
The annual rate of price growth remains very high in the GTA,” said Jason Mercer, the Toronto Real Estate Board’s senior manager of market analysis. “Increased listings will result in more balanced market conditions over the next year, but it will take some time before price growth will moderate to a more sustainable pace. Right now, months of inventory remains very low from a historic perspective and will likely not climb back to the pre-recession norm until 2013.
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