The Real Estate Market is more balanced now that it was earlier in the year.
"We experienced a record number of existing home sales during the first half of 2010, but these sales were weighted more towards the beginning of the year," said Toronto Real Estate Board President Bill Johnston. "The pace of home sales has moderated from record levels over the past two months with the prospect of higher mortgage rates."
The average price for June transactions was $548,589 – up fourteen per cent compared to the average of $468,223 recorded for June 2009.
"With more homes to choose from in the second quarter, many home buyers have been making less-aggressive offers. This has resulted in less upward pressure on the average selling price," said Jason Mercer, TREB's Senior Manager of Market Analysis. "The annual rate of average price growth in the second half of 2010 will be in the single digits."
Other sales statistics are as follows:
TYPE NUMBER OF SALES AVERAGE SELLING PRICE ($)
DET 129 642,791
SEMI 35 419,143
CONDO APT 12 280,492
LINK 1 450,000
CONDO T.H. 2 316,500
T.H. 23 381,565
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