According to the Toronto Real Estate Board (TREB), there were 9,422 sales through the Multiple Listing Service (MLS) in June. This is an 5.4 per cent decrease from June 2011.
June saw an average selling price of $508,622 - which is a seven and a half per cent increase from the average selling price of $474,223 reported in June 2011.
According to TREB president Ann Hannah, many buyers are purchasing homes outside of the City of Toronto to avoid paying the unfair Land Tranfer Tax.
The median price in June 2012 was $430,000.
The median price in June 2011 was $405,000.
"The average household in the GTA contimues to benifit from a considerable amount of flexibility yo account for higher interest rates moving forward" 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).