The Toronto Real Estate Board reported a record 9,967 homes sold, up 28 per cent from July 2008 and the busiest July in the Board’s history. Prices jumped 6 % in July to $395,414 – up by six per cent compared to the same month last year.
| Housing Market Indicators | |||
| July 2008 | July 2009 | % Change | |
| Sales | 7,806 | 9,967 | (28%) |
| New Listings | 14,830 | 12,174 | (-18%) |
| Active Listings* | 26,543 | 16,915 | (-36%) |
| Days on Market | 33 | 31 | (-6%) |
| *All figures for single family dwellings | |||
As of the end of July, there have been 50,632 homes sold on the Toronto Real Estate Board, and with five months of the year left, 2009 will end up with over 80,000 homes sold, 7% more than 2008 and one of the best years for sales in Toronto.
This demand has reduced the stock of available homes for sale to 16,915, down significantly from 26,543 a year ago and homes are selling quicker, (about 31 days for the average home) with multiple offers being quite common.
As July 2010 gets closer, and the new blended tax system comes into effect, (Provincial Tax and GST will be due on items previously exempted), home prices and services surrounding the sale will be higher. This will motivate buyers to purchase prior to July to avoid the new taxes. This “looming deadline” will continue pushing demand for homes and prices to continue rising. The new tax will also make new homes more expensive, which in turn will raise the prices of resale homes.
While the average August is slower for sales due to the weather and holidays, this August continues to be very active and we will be probably have about 8,200 homes sold, 30% more than August 2008. If you know of someone that is considering purchasing or selling, or if you have any real estate questions, please feel free to call me.
Fergus