According to the Toronto Real Estate Board (TREB), there were 7,570 sales through the Multiple Listing Service (MLS) in July. This is an 1.5 per cent decrease from July 2011.
July saw an average selling price of $476,947 - which is a four per cent increase from the average selling price of $458,646 reported in July 2011.
According to TREB president Ann Hannah, there were more moderate sales this summer due to many buyers being prompted to put their decisions on hold. New mortgage lending guidelines and the additional upfront cost of the City of Toronto land transfere tax are thtought to be a direct cause to the July sale numbers.
The median price in July 2012 was $421,000.
The median price in July 2011 was $395,000.
"Buyers benefitted from more choice in the market place, resulting in less upward pressure on the average home price in July" said Toronto Real Estate Board (TREB) Senior Manager of Market Analysis Jason Mercer.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).