The summer months typically see a reduction in real estate activity. This year has seen a bit less activity over the summer as a result of the strong spring market Toronto experienced. August saw 6,232 homes changing hands in the month and an average home price across the GTA of $411,012.
The month of April 2010 saw the largest number of homes sold in a month, while prices hit their peak a month later in May 2010. Since then Toronto’s real estate market has shifted into a very balanced market. A time filled with opportunities for both buyers and sellers.
August’s results show that we have had 3 month’s of falling average prices, but still Toronto real estate remains very much in demand and is a safe and secure place to buy a home. The average price of a Toronto home sits 6% above the values from a year ago at this time.
The outlook calls for a modest pickup in the number of sales over the next few months as the fall market gets going, a tapering off into the Christmas season and then a robust Spring 2011 market next year. For a closer examination of these numbers and what they mean for you, ask Ralph to take you through the detailed numbers.