Monthly Newsletter: July

This month I'm going to do things a bit differently for the newsletter and will continue to do so from now on. We are going to review the overall real estate numbers for the GTA and then look at the numbers specific to Junction Triangle, Wallace-Emerson and Dovercourt Park, so let's start!

GTA:

• 9,422 home sales reported through the MLS in June 2012, the number of transactions were down by 5.4% when compared to the same time last year
• the year-over-year decline was the largest in the City of Toronto by 13% when compared to June 2011
• Average selling price in the GTA is...$508,622, up 7.3% compared to the same time last year
• Average selling price in the 416 area...$554,077, up 8.3% compared to June 2011

Notable News:

• the numbers don't necessarily mean a drop in home values or a down market, there is still a shortage of single family home listings in downtown Toronto, so even if buyers want to buy, there's not much available to buy, which shows in the number of sales
• The Toronto Land Transfer Tax is still a sore spot with a lot of people, including myself, causing buyers to search and buy outside the GTA
• GTA housing market still remains affordable in the GTA according to the new mortgage lending guidelines
• 35% of the average household income is going towards mortgage, principal, interest, property taxes and utilities of an average priced home, which is below Jim Flaherty's affordability ceiling of 39%

Junction Triangle:

• 5 homes sold in the Junction Triangle during June 2012 
• Average price $500,280
• On average these properties took 17 days to sell and sold at 100% of their listing price

Wallace-Emerson:

• 6 homes sold in Wallace-Emerson during June 2012
• Average price $537,417
• On average these properties took 19 days to sell and sold at 110% of their listing price

Dovercourt Park:

• 7 homes sold in Dovercourt Park during June 2012
• Average price $613,286
• On average these properties took 9 days to sell and sold at 107% of their listing price

Do you live in one of these neighbourhoods and are thinking of selling? I think the numbers speak for themselves whether it's a good time or not. There still are lots of hungry buyers out there waiting for listings and yours could be next, I'd be more then happy to discuss this further with you.

Here's a video from Jason Mercer, TREB's Senior Manager Market Analysis discussing the outlook for the remaining year:



What did you think of the statistics by neighbourhood? Want to know what's happening in your neighbourhood, but don't see yours here? Then get on the list to receive your monthly in depth neighbourhood report. All you have to do to get on the list, is visit http://www.torontoweststats.com/, it's that easy! Until next month...