Toronto Real Estate Board

Toronto Real Estate Board

July 20, 2009 10:00 ET

Toronto Real Estate Board: GTA Realtors® Report Sales Up First Two Weeks of July

TORONTO, ONTARIO--(Marketwire - July 20, 2009) - In the first two weeks of July, Greater Toronto REALTORS® reported 4,437 sales up 27 per cent compared to the first two weeks of July 2008. The average price for these transactions was up four per cent year-over-year to $394,750.

"The resurgence in home ownership demand experienced in the spring has continued into the summer. Home buyers continued to take advantage affordable market conditions in the first half of July," said TREB President Tom Lebour. "If the mid-month results carry forward, we may see the best July on record."

Year-to-date sales, at 45,213 are down four per cent compared to 2008. Average price, at $384,645 is down one per cent.

"The GTA housing market has held up very well this year given the current economic climate, especially relative to past economic slow-downs," explained Jason Mercer, TREB's Senior Manager of Market Analysis.

"The cost of borrowing has been key. With inflation in check, the Bank of Canada has been able to aggressively lower interest rates - an option that wasn't available in the early 1990s or early 1980s."



Summary Of July Sales And Average Price
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July
2009 2008
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Sales Average Price Sales Average Price
City of Toronto ("416") 1,703 $419,754 1,369 $419,199
Rest of GTA ("905") 2,734 $379,174 2,128 $353,257
GTA 4,437 $394,750 3,497 $379,072
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Source: Toronto Real Estate Board


(1) Seasonally adjusting TREB MLS® data removes recurring seasonal trends observed each year. For example, MLS® sales are highest in late spring each year and lowest in the winter months. Removing the recurring seasonality, allows for the analysis of a meaningful trend reflecting actual changes in market conditions. By multiplying the monthly seasonally-adjusted figure by 12, creating an annual rate, we can compare how the current month relates to historical annual figures.

For a complete copy of the Market Watch Report visit www.TorontoRealEstateBoard.com.

Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Serving over 28,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada's largest real estate board. Greater Toronto Area open house listings are now available on www.TorontoRealEstateBoard.com.

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