July: More Records Broken

August 2, 2007 -- TREB Members reported 8,912 total sales in July, 26 percent ahead of the 7,082 sales recorded in July of 2006, and an all time record for the month.

Furthermore, July makes the fourth month in a row that sales have broken monthly records. "The local resale market is as healthy as it has ever been," said TREB President Donald Bentley. "Not only are we running 13 per cent ahead of last year's January - July total of 52,682, we are running 14 per cent ahead of the seven month total for 2005, which became our best year ever."

While sales have set a blistering pace, prices eased in July, down two per cent to $366,012 from June's average of $373,719. "This decline is seasonal in nature," said the President. "Prices tend to ease in July/August as potential homebuyers and sellers go on holiday." He went on to note that the year-to-date average, at $373,326, was up five per cent over the same time-frame in 2006.

Breaking down the total, 3,424 sales were reported in TREB’s 28 West districts and averaged $347,978; 1,590 sales were reported in the 14 Central districts and averaged $470,464; 1,797 sales were reported in the 23 North districts and averaged $392,360; and 2,101 sales were reported in TREB’s 21 East districts and averaged $293,819.

NEIGHBOURHOOD CORNER

North York

There were 5,115 sales in the North York area (C04,C06,C07, and C12 through C15) during the first seven months of 2007, up 12 per cent over the 4,583 sales recorded during the same time-frame in '06. The average price came in at $488,663, a five per cent increase over last year.

Resale market shows strongest summer performance

August 3, 2007 -- Last month, the local resale market was 26 per cent more active than during the same time in 2006, recording a July record 8,912 sales, TREB President Donald Bentley announced today.

"Currently, year-to-date transactions stand at 59,339, up 13 per cent over the first seven months of last year," Mr. Bentley said. "And with June and July both setting records, we are now seeing the strongest summer performance by our local resale market since records have been kept."

Toronto's Riverdale area (E01) saw a 73 per cent increase in transactions over June 2006, fueled by increases in almost every house type.

Strong sales of detached homes and condominium apartments in the South Humber part of Etobicoke (W07) contributed to a 116 per cent increase in total transactions over the same time last year.

A large increase in condominium apartment sales was responsible for a 40 per cent increase in total sales for North York (C14).

Transactions in Richmond Hill (N04) increased 77 per cent over July 2006, due to a 100 per cent increase in attached/row-house sales and strong performances in most other house types.

"The market is building on some very strong economic fundamentals," noted the TREB President. "And low borrowing costs have kept homes within reach of a broad segment of the population."