Toronto real estate in July

August 17, 2009

Activity on the Toronto resale market continued with good results also in July. TREB report indicates ongoing improvement compared to July 2008. There were 9967 item sold in July, 28% up compared to July 2008. However the sales boost from recent months has calmed down – compared to June 2009, sales slightly dropped (from 10955). However, the year-to-date sales (for the first 7 months of 2009) are still -1.2% down put side by side with 2008. However, the low activity at the end of 2008 will cause numbers to be equal at the end of year, respectively it's probable 2009 sales will be higher.

Important message for home owners and investors –both average and median prices already overcame 2008 result (from $325000 to $339900 median price; average price reached $395414, that means 6% positive movement compared to last year's July)

New listings dropped down to 12 174, the whole inventory has 16 915 items (-36%). These figures naturally resulted also in improved Days on Market indicator, which came down to 31 days from the 34 days level.

Toronto real estate market works smoothly in last 3 months, contributing thus significantly to Ontario's GDP and serves as one of the solid pillars of Canadian economy.