Market More Balanced in June

GreaterToronto REALTORS®

reported8,442 sales through the Multiple Listing Service® (MLS®) in June. Thisrepresented a 23

percent decrease compared to the record 10,955 sales reported in June 2009. Sales

forthe second quarter of 2010 amounted to 28,810 – up one per cent annually.Year-to-date

salesthrough June were up 23 per cent to 50,455 compared to the first six months of2009.

“Weexperienced a record number of existing home sales during the first half of2010, but these sales

wereweighted more towards the beginning of the year,” said Toronto Real EstateBoard

PresidentBill Johnston. “The pace of home sales has moderated from record levels overthe past

twomonths with the prospect of higher mortgage rates.” The average price for June transactionswas

$435,034– up eight per cent compared to the average of $403,972 recorded for June 2009.

“Withmore homes to choose from in the second quarter, many home buyers have beenmaking

less-aggressiveoffers. This has resulted in less upward pressure on the average sellingprice,”

saidJason Mercer, TREB’s Senior Manager of Market Analysis. “The annual rate ofaverage

pricegrowth in the second half of 2010 will be in the single digits.”