SLOW by Rex Dingler
GTA Realtors recorded 4,139 sales during the first two weeks of June. Compared to the same period of June 2009, we experienced 20% decline. Inflow of listings to the Toronto lisintings rose by 21%, reaching 7,985 new properties.
Toronto Real Estate Board President Tom Lebour said: “The pace of existing home sales in the GTA has slowed to more normal levels following a record-setting start to 2010. Due to higher mortgage carrying costs, sales in the second half of 2010 will not be as high as what was experienced during the last six months of 2009.”
Average price continues to grow, climbing over $437k, adding 7% compared to the first two weeks of June 2009. The price growth is expected to slow down in upcoming months, as both resale numbers decline and more properties flow to the GTA market.