GTAWESTHOMES reporting Mid June Market Real Estate Report

GTAWESTHMOES REPORT RESALE MARKET ACTIVITY IN TORONTO FOR THE FIRST 2 WEEKS OF JUNE:

The number of sales and the average selling price reported by Greater Toronto REALTORS® were both up during the first 14 days of June 2011. Sales through the first two weeks of June amounted to 4,787 - up 16 per cent over the same period in 2010. The average selling price for these transactions, at $477,853, was up nine per cent.

"The spring has always been the busiest time in the resale market, but the results for May and the first two weeks of June represented a marked improvement over last year. Low mortgage rates have kept affordability in check and buyers have felt confident in paying for a home over the long term," said Toronto Real Estate Board (TREB) President Bill Johnston.

The number of new listings on the TorontoMLS® between June 1st and June 14th was down by eight per cent compared to 2010.
"Listings have been in short supply this year, while a lot of people have been looking to buy. The result has been enhanced competition between buyers and more upward pressure on price," said Jason Mercer, TREB's Senior Manager of Market

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