July Market Watch

Greater Toronto REALTORS® reported 7,922 transactions through the TorontoMLS® system in July 2011, representing a 23
per cent increase over July 2010. Total sales through the first seven months of
this year amounted to 55,863 – down by 1.3 per cent compared to the same
period in 2010. After adjusting for seasonal fluctuations, the July figure
continued to point to an annual sales result close to 90,000 – in line with results
from the previous six months.
“Strong home sales continued in July, with a substantial rebound over last
summer’s slow-down brought about by higher mortgage rates, new lending
guidelines and misconceptions about the HST. The greatest rebound was seen in
the condominium apartment segment in the City of Toronto,” said Toronto Real
Estate Board President Richard Silver. “If the current pace of sales holds up, we
could see the second best year on record under the current TREB market area.”
The average selling price in July was $459,122 – up by almost ten per cent
compared to the July 2010 average of $418,675.
“Tight market conditions have boosted the annual rate of price growth this year.
However, the listings situation is starting to improve. A better supplied market
later this year and into 2012 would lead to a more sustainable rate of price
growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

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