Strong Showing for July Market

Toronto Real Estate Board’s July Month-end Report…

Thursday, August 3, 2006 — July saw 7,082 single-family homes change hands in the Greater Toronto Area; a strong showing at over 7,000 sales, though slightly less active than the 7,387 sales recorded in July 2005, TREB President Dorothy Mason reported today.

“The GTA market is very healthy,” Mrs. Mason said. “Year-to-date figures show that 2006 remains more than one per cent ahead of 2005, with 52,682 transactions recorded so far this year, compared to last year’s 51,985 transactions.”

The average price of homes that changed hands in July was $342,034, up nearly five per cent over the $326,034 figure recorded last July, while year-to-date prices at the end of the month were up more than five per cent over the same time frame last year.

“Consumers are still seeing excellent return on their investment, yet price increases are very steady and controlled which is helping to maintain affordability in the market,” Mrs. Mason said.
Breaking down the total, 2,680 sales were reported in TREB’s 28 West districts and averaged $325,417; 1,279 sales were reported in the 14 Central districts and averaged $428,031; 1,407 sales were reported in the 23 North districts and averaged $373,573; and 1,716 sales were reported in TREB’s 21 East districts and averaged $278,028.

The Downtown Core/Harbourfront area put in a strong showing, with total sales up 28 per cent over the same timeframe in 2005. An increase in condominium sales were behind this healthy performance.

Jason Mercer, Senior Market Analyst for the Canada Mortgage and Housing Corporation, noted that the general health of the market is in excellent shape. “Resale market activity continues to fall in line with forecast home ownership demand,” Mr. Mercer said. “Sales will remain near the record level set in 2005, and growth in average home prices will remain above inflation this year.”

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