July 2009 was a record breaking month. The upward trend in sales and price increase continues here in Toronto and its surrounding areas. Fewer new listings are being introduced in the market which has again led to a trend of multiple offers. Suddenly, it is a selelrs market again. It is nearly impossible to not pay more or close to full asking price for good properties in almost every established neighbourhood.
Here is the preview of what Toronto Real Estate Board had to say:
GTA REALTORS® report resale record in July
TORONTO - August 6, 2009 -- In July 2009, Greater Toronto REALTORS® reported a record 9,967 sales, up 28 per cent from July 2008. The average price for July transactions was $395,414 - up by six per cent compared to the same month last year.
"Households confident in their positioning within the current economic environment have taken advantage of housing affordability in the GTA," said TREB President Tom Lebour. "The real estate sector has been one of the sectors making a positive contribution to economic growth in the GTA, not to mention Ontario and Canada more broadly."
Year-to-date sales, at 50,632 are down 1.2 per cent compared to the first seven months of 2008. Average price, at $385,808 is down by less than one-half of one per cent.
"The steep drop-off in sales experienced at the beginning of the year has all but dissipated," explained Jason Mercer, TREB's Senior Manager of Market Analysis. "With five months left to go in the year, it is probable that total existing home sales in 2009 will be at or above last year's level."
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