GTA Real Estate sales up first two weeks of July 

TORONTO, July 20, 2009 - In the first two weeks of July; 4,437 real estate sales have been reported. This is an increase of 27% compared to the first two weeks of July 2008. The average price of these transactions is up 4% year-over-year.

The demand of home ownership that was experienced in the spring has continued into the summer.

Home buyer’s have continued to take advantage of the affordable market conditions in the first half of July.

July 2009 has the potential of being the best July on record.

The real estate market has held up very well this year, considering the current economic climate, especially relative to past economic slow-downs.

The Bank of Canada has been able to keep interest rates low, and keeping inflation in check. This was not an option during past recessions of the 1980’s or 1990’s.

June 2009-Best June on record-In June 2009, Greater Toronto REALTORS® reported a record 10,955 sales, up 27 per cent from June 2008. 

“The record result in June is testament to the fundamentally sound housing market in the GTA,” said TREB President Tom Lebour. “An increasing number of households have been confident in purchasing a home in the region’s affordable and diverse resale housing market.”

January 2009-Mid-Month January GTA Housing Resales at 888
Toronto, January 19, 2009-Greater Toronto REALTORS® reported 888 sales during the first half of January compared to 1,776 in the first 15 days of 2008. “According to Statistics Canada the economic situation throughout Canada changed noticeably over the past year with job losses in the fourth quarter of 2008. Toronto is not immune to this, the GTA housing market has been impacted,” according to TREB President Maureen O’Neill.

The average GTA price mid-way through January is $332,495 from $367,574 during the same period in 2008. The median GTA price was $301,000 compared to 316,000 last year. “While sales have declined, listings have remained high. GTA home buyers have benefitted from more choice,” explained Ms. O’Neill. “Historically, increased choice in the marketplace has equated to a moderation in price growth.”

In January 2009, stronger declines in sales and prices were experienced in the City of Toronto.  “Sales for January a year ago may have been elevated by the flurry of transactions completed before the city’s land transfer tax went
into effect,” added Ms. O’Neill. "The costs of home ownership in the 416 has increased due to the added land transfer tax many home buyers now face in the City of Toronto. Some households considering the purchase of a home in the city have either put their decision on hold or looked elsewhere in the GTA"

The average price for June transactions was $403,972 – up by two per cent compared to the same month last year. “The re-emergence of seller’s market conditions has exerted upward pressure on home prices,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis. “Look for sales to remain high relative to listings in the second half of the year. This will keep home prices growing.”