Real Estate Update in Greater Toronto Area, Mississauga, Milton, Oakville, Brampton and surrounding areas:
Housing Market In the month of July as far as the price is concerned was up. Sales and Listings were down compared to last year July.
The reasons for low sales as reported by the Realtors is because many of the first time buyers and renters wanted to buy and move into the new home before 30th June 2010 to avoid HST. How true is this no one can testify but to certain extent the prospective buyers who would have normally come out in July and August jumped ahead to buy in June.
"The level of July sales remained below the expected long-term trend. The market has become more balanced following record monthly sales through most of the winter and early spring," said Toronto Real Estate Board (TREB) President Bill Johnston.
Total sales through the first seven months of 2010 were up 12 per cent compared to the same period in 2009.
Notwithstanding the fact that price trends vary at the neighbourhood level in GTA, the average price for July transactions was $420,482, representing a six per cent increase over July 2009. Over the first seven months of 2010, the average selling price was up 12 per cent annually to $432,253.
"Market conditions promoting growth in the average selling price have remained in place. While July sales were down compared to last year, the number of new listings in the marketplace also fell. This means there was enough competition between buyers to exert upward pressure on price," said Jason Mercer, TREB's Senior Manager of Market Analysis.
Median Price
In July, the median price was $361,000, from the $339,900 recorded during July of 2009.
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