August 2008 Prices Remain Stable Despite Declining Sales
Despite slower sales in the Toronto Real Estate Market this month, down -22% vs. August 2007, prices continued to remain stable in Toronto, up just over 1% this month. Inventory was up +31%. We may be seeing the beginnings of the "U.S. effect" creeping north of the border. Time will tell, as August has traditionally been a slow month for real estate, with 2007 being the exception to the rule. September results will be telling for the state of the market...stay tuned.....
Central Toronto Summary:
In central Toronto, number of home sales has decreased -24%, while prices decreased by -4%. Number of days on the market has increased by one day, from 30 to 31 days and the sold price as a % of list price has decreased from 100% to 98%
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July 2008 Prices Continue to Rise Despite Declining Sales
Despite slower sales in the Toronto Real Estate Market this month, down -12% vs. July 2007, prices continued to rise in Toronto, up just over 1% this month. While the market did continue its decline seen in June, it's up against a tough comparison - a record breaking July 2007. Sales in Toronto Real Estate this month were actually still +10% vs. 2006. Inventory of Toronto homes for sale increased by +17% this month.
Central Toronto Summary:
In central Toronto, number of home sales has decreased -17%, while prices decreased by -1%. Number of days on the market has increased by two days, from 26 to 28 days and the sold price as a % of list price has decreased from 100% to 98%
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June
A Balanced Month in Toronto Real Estate
While the media is singing doom and gloom in the Toronto real estate market, the facts are telling a slightly different story this month. Yes, sales are down 18% in the city of Toronto vs. the number of sales in June 2007, but prices are still increasing. Prices in June were up 3% vs. June 2007, with an average price of $433,082.
What does this mean for those looking to move? A more balanced market. After years of favouring sellers, buyers are finally getting their chance to re-gain some control in the market. With 22% more inventory in the GTA heading into the summer, the days of bidding wars and inflated pricing may just be a thing of the past.
Central Toronto Summary:
In central Toronto, number of home sales has decreased 18% as well, while prices have remained flat. Number of days on the market has increased by one day, from 23 to 24 days and the sold price as a % of list price has decreased from 100% to 99%
