July 2010

Greater Toronto REALTORS®

reported 6,564 sales in July – a 34 per cent dip from the record 9,967 sales reported in July 2009. New listings, at 10,825, dropped to the lowest level for the month of July since 2002. “The level of July sales remainedbelow the expected long-term trend.

The market has become more balanced following record monthly sales through most of the winter and early spring,” said Toronto Real Estate Board (TREB) President Bill

Johnston. Total sales through the first seven months of 2010 were up 12 per cent compared to the same periodin 2009.

Notwithstanding the fact that price trends vary at the neighbourhood level in GTA, the average price for July transactions was $420,482, representing a six per cent increase

over July 2009. Over the first seven months of 2010, the average selling price was up 12 per cent annually to $432,253.

“Market conditions promoting growth in the average selling price have remained in place. While July sales were down compared to last year, the number of new listings in the marketplace alsofell. This means there was enough

competition between buyers to exert upward pressure on price,”said Jason Mercer, TREB’s Senior

Manager of Market Analysis.

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