Latest TREB report from June of 2012

this is the latest TREB report from June of 2012

I wish you all the best!
Mark


Low-Rise Home Types Drive June Price Growth
The average selling price in June was $508,622 – up by 7.3 per cent compared to June
2011. The mortgage payment associated with the average priced home in June, assuming
five per cent down and a five-year fixed rate mortgage amortized over 25 years, would
account for approximately 35 per cent of the average household’s income in the GTA after
adding property tax and utility payments.


TORONTO, July 5, 2012 – Greater Toronto REALTORS® reported 9,422 home sales
through the TorontoMLS system in June 2012. The number of transactions was down by
5.4 per cent in comparison to June 2011. The year-over-year decline was largest in the City
of Toronto, where sales were down by 13 per cent compared to June 2011. Sales in the
rest of the Toronto Real Estate Board (TREB) market area were comparable to a year ago.
“Buyers continue to face the substantial upfront cost associated with the City of Toronto’s
unfair Land Transfer Tax,” said TREB President Ann Hannah. “Recent polling by TREB
suggests that many households are considering home purchases outside of the City of
Toronto to avoid paying the Land Transfer Tax. This goes a long way in explaining the
disproportionate decline in sales in the City versus surrounding regions.”

“According to new mortgage lending guidelines set out by Finance Minister Jim Flaherty,
the GTA housing market remains affordable. The share of the average household’s income
going toward major home ownership payments for the average priced home remains below
the 39 per cent ceiling recently announced by Mr. Flaherty,” said Jason Mercer, TREB’s
Senior Manager of Market Analysis.
“The average household in the GTA continues to benefit from a considerable amount of
flexibility to account for higher interest rates moving forward,” continued Mercer