Toronto Prices Up, Sales Down 12%

Toronto Real Estate Board 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 O’Neill.

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 July’s 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.

Once again, price movements differed depending on the part of the GTA involved.

Within City of Toronto boundaries, the increase was marginal (under one per cent) to $395,342 in July 2008 from $395,044 in July 2007 and up 10 per cent from the $360,409 recorded during July 2006.

In the 905 municipalities surrounding the City of Toronto, however, the average price climbed almost three per cent to $355,401 in July 2008 from the July 2007 figure of $345,967 and up eight per cent from $329,644 recorded during July 2006.

Breaking down the total, 3,045 sales were reported in TREB’s 28 West districts and averaged $352,956; 1,349 sales were reported in the 14 Central districts and averaged $467,743; 1,519 sales were reported in the 23 North districts and averaged $408,815; and 1,893 sales were reported in TREB’s 21 East districts and averaged $301,658.

NEIGHBOURHOOD CORNER

North York

In the first seven months of 2008, North York (C04,C06,C07, and C12 through C15) has seen 4,129 sales, down 19 per cent from the 5,115 recorded during the January to July period of 2007. The price averaged $500,109, up two per cent over the $488,663 recoded during the comparable period last year.

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