Toronto Real Estate: July Markets Off to Hot Start

July has started swiftly, with 3,947 sales to date, TREB President Donald Bentley announced today. This mid-month total is up 21 per cent over last July’s 3,251 sales.

“While it is too early to speak of a July record (currently the record is 8,084 sales recorded in 2003), this month should certainly end as one of our best summer performances,” said Mr. Bentley. “And in terms of year-to-date activity (54,457 sales), 2007 is 11 per cent ahead of 2006 (48,961 sales). It is also up 13 per cent over the 2005 figure (47,956 sales), and when 2005 was finished it produced an all time annual sales record.”

While transactions continued at an accelerated pace despite the onset of Summer, price increases remained moderate. At $374,254, the average was up eight per cent over the first half of July 2006. The year-to-date average, at $373,572, was up five per cent over 2006’s figure of $356,207.

Meanwhile, time-on-market came in at 31 days and the list-to-sale price ratio was 98 per cent.

In Oshawa (E16) sales rose 63 per cent over July 2006 due large to a large increase in the number of semi-detached houses sold.

Sales in Rexdale (W10) increased 97 per cent over last year due to a 133 per cent increase in transactions of detached homes.

North York Center (C14) saw a 57 per cent increase in sales based on large increases in both condo apartment and detached home sales.

Sales in Vaughan (N02) were up 68 per cent, with strong increases in almost all house types.

Source: Toronto Real Estate Board

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