Toronto Real Estate Market Report: July 2009 Statistics
August 7th, 2009 Categories: Market Reports, News Wire
Resale record for July! The Toronto Real Estate Board (TREB) has just released the July 2009 numbers for the City of Toronto, as well as the overall Greater Toronto Area (GTA). Let’s take a look at the numbers Toronto buyers and sellers need to know when making informed real estate decisions. If interested, click here for a copy of the complete July 2009 market report.
To the whiteboard!
Toronto MLS
Real Estate Statistics
The City of Toronto (defined as the 416 area code) reported 3,880 sales, an increase of 23.88% compared to the 3,132 sales written last year at this time.
Also in the City of Toronto, the average price in July 2009 was $421,110, a 6.52% increase from the $395,343 average recorded during the same period last year.
The GTA (including the City of Toronto) reported 9,967 transactions for July 2009, up 27.68% from the 7,806 transactions written in the same period last year. The average price was $395,414, representing a 6.46% increase from the $371,427 recorded last year at this time.
For the GTA, inventory was down 36.27% compared to a year ago, from 26,543 to 16,915 properties listed for sale. Days On Market (DOM) was reported as 31, compared to 33 days the same time last year. Keep in mind that DOM is specific to the contract, as a property can be re-listed (with a unique MLS number for each re-list) several times before the property is sold.
Toronto Real Estate
Market Observations
The Toronto real estate market “shelves” are bare. Inventory has been depleted, so it’s no surprise that multiple offers are happening throughout the City of Toronto. The supply and demand scenario (read: little supply, lots of demand) is, of course, putting upward pressure on the average house price.
According to TREB, it’s possible that total sales for 2009 will outpace last year’s transactions. This was not seen as a remote possibility at the beginning of the year when sales dropped off a cliff.
And unless there’s a tsunami of new inventory that hits the market, it appears unlikely that average prices will significantly retract any time soon.
The market is, without a doubt, a challenge for buyers. However, are financially-qualified buyers who continue to sit on the sidelines, jonesing for the return of their short-lived market, going to be in a better position market-wise next year at this time? Will interest rates stay this low forever?
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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