The Toronto Real Estate Board has reported 5,185 transactions in the first half of June - an increase of 19% compared to the same period last year.

The "affordability" factor has played a driving role in market activity and first time buyers are taking advantage of low interest rates, an average 5% - 6% decline in home values, increased inventory and motivated sellers.

Interestingly, this activity has pushed the average price above last year's level by 2% for this half month time period. Though the average price is down on a year over year basis you can see that, at least in the short term the market is very active, good news for both sellers and buyers.