Toronto MLS Real Estate Prices for July 2008

The key numbers for the month ending July 31st 2008 was 7,806 home sales and an average price for all of the GTA of $371,427.

The Toronto Real Estate Board stated “Prices remained stable throughout the GTA in July. At $371,427 the average price increased slightly more than one per cent from $366,012 recorded in July 2007 and nine per cent from the $342,034 figure of two years ago.”

Of course what they are saying is true, but how accurate a picture is this of what is happening to real estate prices in the Toronto area right now? July’s numbers are the 4th month of monthly price declines. Toronto home values peaked in April and we are now 6.9% below that point, with most of the decline coming in the past month. In fact, July 2008 saw a decline of 6.2%. That is a pretty significant shift in prices for one month.

Real Estate treated as a long-term investment is always a good-buy at any time. In the long-term, the price appreciation is terrific. Its better to buy real estate and wait than to wait to buy real estate.

Here is my monthly chart…

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