Toronto Skyline by Ryan
The new Market Watch report by the Toronto Real Estate Board is out, so it’s time to have a look at the GTA real estate numbers for July 2011! There are no signs of a slowdown this summer; on the contrary, the number of transactions reported by Realtors went up, as did average housing prices.
Getting over the hurdle
The TorontoMLS reported 7,922 sales in July 2011, up 23 per cent from the previous year’s July. There were 55,863 sales reported so far this year, which is slightly down (by 1.3 per cent) compared to the same period in 2010. July 2011 numbers indicate that this year’s annual sales result will be close to 90,000.
Condos in the city of Toronto sold particularly well in July 2011. With 1,452 sales, they recorded a 32 per cent jump in a year-over-year comparison. Detached houses in the GTA also experienced a much livelier market in July 2011 than in July 2010, with a year-on-year leap of 28 per cent in the number of sales.
Richard Silver, TREB’s president, commented on the situation:
Strong home sales continued in July, with a substantial rebound over last summer’s slow-down brought about by higher mortgage rates, new lending guidelines and misconceptions about the HST. The greatest rebound was seen in the condominium apartment segment in the City of Toronto. If the current pace of sales holds up, we could see the second best year on record under the current TREB market area.
The average price rose to $459,122 in July 2011, which is a ten per cent rise in comparison to July 2010. The prices didn’t grow so much in the highly demanded City of Toronto Condo Apartments sector, however, where they rose by only six per cent.
Jason Mercer, TREB’s Senior Manager of Market Analysis, was heard claiming that “tight market conditions have boosted the annual rate of price growth this year. However, the listings situation is starting to improve. A better supplied market later this year and into 2012 would lead to a more sustainable rate of price growth.”
For more information, check the full TREB report.
