Toronto House Prices Up in August, Sales In Line With Seasonal Expectations

Cristina van Blommestein, Royal LePage Estate Realty. (416)606-4663

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Prices Up in August, Sales In Line With Seasonal Expectations

August 6, 2008 -- TREB Members reported 7,806 sales of single-family dwellings in July, continuing a healthy but not record setting pace into the summer. Even though GTA sales were down 12 per cent from the best-ever July 2007 figure of 8,912, sales were up 10 per cent from July 2006 (7,082), said TREB President Maureen ONeill.

July 2007 saw a 26 per cent increase in sales over the 7,082 recorded in July 2006. Furthermore, the sales decrease in July 2008 from July of 2007 was distributed unevenly across the GTA. Within the City of Toronto, the 3,132 sales recorded in July 2008 is down 14 per cent from last Julys 3,640 figure but up 10 per cent from the 2,852 sales recorded in July 2006. Comparing July 2007 with July 2006, a period before the Land Transfer tax went into effect in Toronto, sales increased 28 per cent.

In the 905 suburbs sales declined 11 per cent, to 4,674 in July 2008 from 5,272 last July, but increased 10 per cent from the 4,230 sales recorded in July 2006. Sales from July 2007 increased 25 per cent over July 2006.

Overall, the GTA average price rose just over one per cent in July 2008 over July 2007 to $371,427 from $366,012, and a nine per cent increase from $342,034 recorded during July 2006.