Toronto Real Estate Market Performance: July 2009 Mid-Month Statistics
July 20th, 2009 Categories: Mid-Month Statistics, News Wire
Welcome to my mid-month activity report for the Toronto 2009 real estate market. Brief and to the point, it’s my virtual flip chart of the numbers Toronto buyers and sellers can use over time to make good real estate decisions. If interested, a more detailed statistical breakdown can be found on the Toronto Real Estate Board (TREB) website.
Let’s get started!
Toronto MLS
Real Estate Statistics
In the City of Toronto (defined as the 416 area code), sales increased 24.4% compared to a year ago, with 1,703 transactions written.
Also in the City of Toronto, the average price for a home is now $419,754, representing a (tiny!)0.13% increase from the $419,199 average recorded in mid-July 2008.
The Greater Toronto Area (GTA) reported 4,437 transactions in the first half of July, up 26.88% from the same period last year. The average price was $394,750, representing a 4.14% increase from the $379,072 recorded last year at this time.
Numbers related to inventory and Days On Market (DOM) will be available after month-end in my July 2009 Market Report.
Toronto Real Estate
Market Activity Summary
Demand remains in the driver’s seat, with historically low interest rates fuelling the ride. Multiple offers continue across the City of Toronto. No surprise that both sales and price averages are up year-over-year. According to TREB another record-breaking month is possible if the mid-month results carry forward.
Hot! Hot! Splat??
Thinking of buying or selling? Numbers are helpful, but a knowledgeable Toronto real estate agent is invaluable. Call Lauren at 416–550–6991, or send me an email.
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Nice post Lauren, yes demand is up and with the mortgage rate still at very reasonable levels, it’s no wonder it’s a seller’s market. One must consider that inventories are down as well. If you are buyer with limited funds what do you think would happen if interest rates go up? You need to buy now.