1. Toronto Real Estate Market Report
June 2011
The Toronto resale market produced another strong performance in June. In fact June’s reported
sales represented the third best June on record as reported by the Toronto Real Estate Board. In June
Toronto area realtors produced 10,230 sales of resale residential properties. These sales amounted to
a 21 percent increase over the 8,442 sales reported in June of 2010. June was the second consecutive
month in which there was a positive variance compared to the same month last year. June’s results
were approximately 2 percent stronger than the market’s performance in May. In May 10,046
properties were reported sold. Whereas the pattern of sales in 2010 commencing in April was one of
decline, this year the pattern has been reversed, with increasing sales from March forward.
June saw a continued low number of new listings coming to market. In June 14,837 new listings were
posted by Toronto area realtors. This is 2 percent fewer than the 15,086 resale properties that came to
market in June 2010. June was the sixth consecutive month during which the Toronto market saw
year over year declines in the number of new inventory coming to market. As at the end of June and
moving into July there were only 18,171 active listings available to buyers. At the beginning of July
2010 there were 23,923, a year over year decline of 24 percent. If these negative variances continue
throughout the summer months, buyers will once again find themselves competing for desirable
properties in the fall market.
With reported sales growing, and inventory levels remaing exceedingly low, it is not surprising that
it took only 24 days (on average) for all properties coming to market in June to sell. In June 2010 it
took 27 days on average. All central Toronto districts were exceptionally strong, with all properties
coming to market selling in only 22 days, and at 100 percent of their asking price. This is the second
month in a row that this has occurred, although average sales prices in the central districts came off
their peak of May ($650,867) to $600,479. As has been the case for most of 2011, the eastern trading
districts just east of Toronto’s central area continue to be the strongest in the G.T.A. The
neighbourhoods known as Riverdale, Leslieville, the Beach are seeing new listings sell in 11 days for
average sale prices exceeding the list price by as high as 4 percent.
Notwithstanding the pace of the market, for the first time since February the average sale price for
resale properties sold did not set a new average record price for the Toronto area. May saw an
average sale price of $485,520 which for the time being remains the record price for Toronto. In June
the average price dropped to $476,371. June’s average sale price represented a 9.4 percent increase

2. over the average sale price achieved in June 2010 ($435,034). As is common at this time of the year
the number of higher priced properties sold declined, resulting in the average sale price coming off
its record heights of May. Anticipate a new monthly average sale price record in September or
October. On a year to date basis the average sale price is now $467,169, almost 8 percent higher than
the year to date average sale price achieved in 2010.
Going forward we can anticipate seasonal declines in sales, average sale prices and new inventory.
This will change as we approach September and enter the fall market. With continuing record low
interest rates, a strong buyer demand and low listing inventories sales will be brisk and average sale
prices will once again rise. The key to a strong market for the remainder of 2011 will be affordability.
At the time this Report was prepared, the Bank of Canada at its July meeting held rates at their
current record lows, but signaled that rates will probably rise before the end of 2011 and then again in
2012. These forecasted increases will have little or no effect (they may in fact act as a short term
stimulus) on the remainder of the 2011 Toronto market.
Prepared by Chris Kapches
Senior Vice President
CHESTNUT PARK REAL ESTATE LIMITED 416.925.9191
NicoleLehoczky@chestnutpark.com www.NicoleLehoczky.com