It is important to note that in this release you will also find market numbers specific to the resale housing activity in 2006 and 2007. This comparison is provided to help present a more accurate perspective of the resale housing market of 2008.

At $395,866, the Greater Toronto Area average price for last month increased by four per cent compared to June 2007 when it was $381,963. The City of Toronto’s average price of $433,082 last month increased three per cent from $421,139 in June 2007. In the 905 Region, last month’s average was $370,559, an increase of four per cent, from $355,240 in June 2007.

Federal regulations that kick in today will force realtors to start asking property sellers and buyers personal information never before required.

In Ontario alone, 47,000 realtors will be expected to fall in line or face stiff penalties.

Over the past year, Statistics Canada has been releasing the results of the 2006 census and the findings illustrate how demographic changes have been and will continue to shape housing needs across the Toronto Census Metropolitan Area (CMA) in favour of condominium living. This explains in large part why new high-rise condo sales have accounted for a growing share of total new-home sales in the area over the past several years and actually exceeded new low-rise (single-detached, semi-detached, townhomes) sales for the first time in 2007 by capturing 52% market share, according to RealNet Canada.

Prices continued their upward trend in the first half of this month. The GTA average price is currently $398,542, up four per cent over the $384,576 average from the same timeframe a year ago and up 11 per cent from the $358,648 recorded at mid-June 2006.

In the City of Toronto the current average price is $439,469, up three per cent over the $424,888 average a year ago and up 14 per cent over the $386,960 average in the first half of June 2006.

The hottest area for new condominium construction and sales continues to be the former City of Toronto, representing 50% of the GTA's condo development activity.

On a year-over-year basis the GTA average price increased four per cent to $398,148 in May from the May 2007 average of $382,787. Prices increased three per cent in the City of Toronto to $434,271 from $422,163 during the same period a year ago, while in the 905 Region there was a five per cent increase to $374,629 from $355,341 last May.

The Toronto Real Estate Board reports inventory is up 11%, compared with a year ago. A wider selection from which to choose hase also resulted in an increase in "days on market," which has risen to 35 from last year's 28. That said, the first half of May saw moderate sales and healthy price increases in the greater Toronto area resale housing market.

Rents trended upward during this period, increasing in all categories except three bedroom apartment units. Benchmark two-bedroom apartments rose four per cent to $1,852 per month, and one bedroom apartments rose the same amount to $1,445 per month.

“With 4,422 sales throughout the GTA in the first two weeks of this month, activity has declined 12 per cent compared to the 5,003 homes sold during the first half of May 2007,” said Ms. O’Neill. “Prices however, continue to be strong, averaging $400,817 in the GTA, up six per cent from the $377,612 reported a year ago.”