Toronto Real Estate Update - Summer 2009
August 2009
Positive news continued on the Toronto Real Estate front this month. Sales were up a significant +32% in Central Toronto, while home prices were up +8%. Typically a quieter month in Toronto real estate, August proved to be quite busy for the many buyers competing over limited inventory. As expected, September opened post-labour day with a rush of new listings, as sellers scramble to take advantage of the positive upswing in the market. If last week is any indication, it will take a little while for supply to catch up with demand, as reasonably priced homes in popular areas continued to sell for well over asking.
As more listings flood the market this fall, bidding wars may start to cool a little as supply and demand start to equalize. Keep in mind however, you can expect to see big growth numbers in the media in the % change in sales and prices vs. 2008, as we are about to lap a dismal Fall and Winter 2008, where we saw some of the biggest drops in Toronto Real Estate history.
July 2009
The market in central Toronto continues to show unprecedented growth this month, with July home sales up an astounding +32% and prices up for the first time in over a year, at +7% vs. July 2008. The number of days a house remains on the market also decreased significantly to 25 days, vs. 28 days in July 2008 and 29 days last month. Low interest rates, pent-up demand and a lack of inventory on the market (the number of new listings is down -12%) have created a swift and steep up-swing in the Central Toronto market.
June 2009
It looks like the market has officially rebounded, with our second consecutive month of extremely strong sales growth in the Toronto Real Estate Market. Sales this month in Central Toronto were up an incredible +38% vs. June 2008 and prices finally leveled out to match last year's numbers. Days on the market continued to decrease, down to 29 days this month. The seller's market returns, with bidding wars resuming on the limited inventory we have on the market.
