Here is my review of the Toronto MLS statistics for June 2008.
The official numbers were an average sales price of $395,866 and 8,600 transactions for the month. Okay, so what does that mean? Thus we have had a slight decline in home values for the past two months. A decline of 0.1% in May and 0.6% in June. However on a year over year basis, Toronto home prices remain 3.6% above where we were in June of 2007.
So, the volume of activity is off from the record levels of 2007, but there are still 8,600 homes changing hands. That’s pretty active!
Real Estate agents are expecting a modest cooling of the Toronto market, but don’t wait for anything really significant. Toronto is not about to have any huge decline like we have seen in the states these past few years. The market is becoming more balanced between buyers and sellers. Keeping in mind that real estate is a long term investment, this market is good for both buyers and sellers.