In the first half of June, the Toronto-area resale housing market showed a slight drop in closed transactions compared to the same period a year ago, the Toronto Real Estate Board reported today.

Realtors documented 4,074 home sales during the first half of June, down 5.4 percent from the same period a year ago when 4,308 home sold. Average time on the market for each sale remained very low at 32 days.

“Market conditions have been very good all spring, and the strong activity we’ve seen is a reflection of that,” said TREB President John Meehan said. “With just a few days remaining, this spring has so far been over 2 percent more active than last spring.”

The average price for a home in the Toronto area at mid-month was $358,648, up 4 percent from the end of June 2005, TREB reported.

Toronto’s eastern waterfront continued to be very active during the first half of June, according to TREB. The Beach neighborhood saw 30 percent more homes changing hands compared to mid-June 2005, with detached homes the most active type. Immediately to the east in Scarborough’s Cliffside/Birchmount Park area, a 55 percent increase in activity took place through mid-month, compared with mid-June figures from last year.

Further west, strong sales of condominiums and semi-detached homes in the Junction/High Park area of Toronto pushed overall sales 40 percent higher than the first half of last June.

The Toronto Real Estate Board serves more than 23,000 Realtors throughout the Greater Toronto area.


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