Prices Up, Sales In Line With Seasonal Expectations
August 6, 2008 -- TREB Members reported 7,806 sales of
single-family dwellings in July, continuing a healthy but not record
setting pace into the summer. “Even though GTA sales were down 12
per cent from the best-ever July 2007 figure of 8,912, sales were up
10 per cent from July 2006 (7,082),” said TREB President Maureen
O’Neill.
July 2007 saw a 26 per cent increase in sales over the 7,082
recorded in July 2006. Furthermore, the sales decrease in July 2008
from July of 2007 was
distributed unevenly across the GTA. Within the City of Toronto, the
3,132 sales recorded in July 2008 is down 14 per cent from last
July’s 3,640 figure but up 10 per cent from the 2,852 sales recorded
in July 2006. Comparing July 2007 with July 2006, a period before
the Land Transfer tax went into effect in Toronto, sales increased
28 per cent.
In the 905 suburbs sales declined 11 per cent, to 4,674 in July 2008
from 5,272 last July, but increased 10 per cent from the 4,230 sales
recorded in July 2006. Sales from July 2007 increased 25 per cent
over July 2006.
Overall, the GTA average price rose just over one per cent in July
2008 over July 2007 to $371,427 from $366,012, and a nine per cent
increase from $342,034 recorded during July 2006.
Once again, price movements differed depending on the part of the
GTA involved.
Within City of Toronto boundaries, the increase was marginal (under
one per cent) to $395,342 in July 2008 from $395,044 in July 2007
and up 10 per cent from the
$360,409 recorded during July 2006.
In the 905 municipalities surrounding the City of Toronto, however,
the average price climbed almost three per cent to $355,401 in July
2008 from the July 2007
figure of $345,967 and up eight per cent from $329,644 recorded
during July 2006.
Breaking down the total, 3,045 sales were reported in TREB’s 28 West
districts and averaged $352,956; 1,349 sales were reported in the 14
Central districts and averaged $467,743; 1,519 sales were reported
in the 23 North districts and averaged $408,815; and 1,893 sales
were reported in TREB’s 21 East districts and averaged $301,658.
Amit is a Toronto and Mississauga Real Estate Board REALTOR®
serving real estate markets
in Downtown Mississauga and West Mississauga. Amit will be happy to answer all your questions. Monthly Real Estate statistics are provided by Toronto
Real Estate Board. For an average selling price of your home
/condominium fill out Mississauga home/condo
evaluation.
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