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“The unsettled situation in financial markets over the past few weeks did not appear to sap the confidence of GTA home buyers during the first half of August,” said Toronto Real Estate Board President Richard Silver. “Revised forecasts for future Bank of Canada interest rate decisions coupled with the recent announcement by the US Federal Reserve, suggest that interest rate hikes in Canada are on hold at least until sometime in 2012. This is a positive for affordability and should help sustain buyer confidence moving forward.”

The average selling price was up by almost seven percent annually during the first 14 days of August to $440,150.

“The rate of price growth reported for the first two weeks of August continued to point to sellers’ market conditions in the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “However, it should be noted that new listings grew at a slightly greater pace than sales. A better supplied market in the second half of 2011 will result in prices growing at a more sustainable pace.”

Greater Toronto REALTORS® reported 4,774 sales through the TorontoMLS® during the first two weeks of May 2011.  This result was two per cent lower than the May 2010 figure of 4,887.
“The strong sales reported for the first half of May reflect the positive economic outlook for the GTA.  With the number of jobs increasing and earnings growing, it makes sense that households remain confident in their ability to purchase and pay for a home over the long term,” said Toronto Real Estate Board President Bill Johnston.

The average selling price for the first 14 days of May was $486,223 – an increase of more than eight percent compared to the same period in 2010.
“The average home selling price has been growing at a faster rate over the last two months.  This is not surprising given that the number of homes available for sale has been down substantially in comparison to 2010.  Increased competition between buyers for available listings has prompted enhanced upward pressure on home prices,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis.
Sales Average Price Sales Average Price

• City of Toronto ("416" 1,867 $543,787 1,984 $500,375
• Rest of GTA ("905") 2,907 $449,252 2,903 $413,284
• GTA 4,774 $486,223 4,887 $448,641
  Source: Toronto Real Estate Board

2011 2010

• Summary Of May Sales And Average Price
  May
  416 905 Total 416 905 Total
  Detached 713 1,679 2,392 774,046 534,666 606,020
  Yr./Yr. % Change -3% 1% 0% 13% 9% 10%
  Semi-Detached 238 333 571 537,907 358,962 433,548
  Yr./Yr. % Change -1% 1% 0% 7% 5% 6%
  Townhouse 209 523 732 403,042 341,667 359,191
  Yr./Yr. % Change -1% 2% 1% -1% 11% 7%
  Condo Apartment 684 288 972 356,452 269,180 330,594
  Yr./Yr. % Change -12% -7% -10% 1% 8% 2%
  Source: Toronto Real Estate Board

Check with the appropriate city tax department for more information on 2011 property tax rates. Please note: These tax rates are for the most common rate classifications. Tax rates for other property classes can be obtained by contacting the local Municipality’s Treasury department.

* Assessment-related tax increases for commercial, industrial, and multi-residential properties are subject to provincial capping provisions. Accordingly, depending on policy established by each municipality, assessment-related tax increases for commercial, industrial, and multiresidential  properties will be limited to 5% of the property’s prior year’s taxes, or, 10% of the property’s prior year’s taxes, or, 5% of the property’s full Current Value Assessment taxes. Please check with the municipality regarding their specific policies. Note: This information is provided by the individual municipalities. The Toronto Real Estate Board assumes no responsibility for the
accuracy of this data.