Summer Market Remains Hot

August Prepares to Roar into Fall Market

Resale home transactions reached unprecedented heights in the first half of August, up 17 per cent from the same period in 2006, Toronto Real Estate Board President Donald Bentley announced today. So far this month 3,838 properties have sold with an average price of $355,829.

“The market has shown tremendous strength in recent months,” said Mr. Bentley. “Given that August sales have been brisk thus far and that the past four consecutive months have all set records, we are looking forward to a robust fall market.”

The rate at which transactions are occurring has increased over 2006 as well. On average, properties are currently on the market 32 days before selling as compared to 38 Days during the first half of last August.

Sales were particularly swift in the neighborhood of West Agincourt (E05) where there was an overall increase of 71 per cent in sales compared to mid-August 2006 as detached home transactions doubled.

In Rexdale, the W10 district showed a 54 per cent increase in overall sales compared to mid-August a year ago due to large increases in both condominium apartment and detached house sales.

In the Downtown Core (C01), 27 per cent more transactions took place overall compared to the same period last year as a result of a 34 per cent increase in condominium apartment sales in August 2007.

Detached and condominium apartment sales in South Richmond Hill (N03) fueled an overall increased of 41 per cent as compared to the same timeframe a year ago.

Mr. Bentley offered one word of caution with respect to the market outlook, noting that the potential for a second land transfer tax in Toronto could be a wild card.

“The health of the current market is good news for Toronto’s economy. We hope that the City of Toronto doesn’t jeopardize this market by imposing a second land transfer tax on home buyers,” said Mr. Bentley.