Prices up, Sales in line
with seasonal expectations
TORONTO - Wednesday, 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 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. ■
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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