"Real Estate Bits"

TREB Members reported 7806 sales of single-family dwellings in July, continuing a healthy, but not record setting pace to the summer. “Even though GTA sales were down 12% from the best ever July 2007 figure of 8912 sales, sales were up 10% from the July 2006 figure of 7082, said TREB President Maureen O’Neill”. July 2007 saw a 26% increase over the 7082 recorded in July 2006.

The sales decrease in July 2008 from July 2007 was distributed unevenly across the GTA. Within the City of Toronto, the 3132 sales recorded on July 2008 is down 14% from last July’s 3640 figure, but up 10% from the 2852 sales recorded in July 2006. Comparing July 2007 with July 2006 – a period before the new land transfer tax went into effect in Toronto, sales increased 28%.

In the 905 suburbs sales declined 11% to 4674 in July 2008 from the 5272 last July, but increased 10% from the 4230 sales recorded in July 2006. Sales from July 2007 increased 25% over July 2006.

Overall the GTA average price rose just over 1% in July 2008 over July 2007 to $371,427 from $366,012 and a 9% increase from the $342,034 reported during July 2006. Once again price movements differed depending on the part of the GTA involved.

Within the City of Toronto boundaries, the increase was marginal (under 1%) to $395,342 in July 2008 from the $395,044 in July 2007 and up 10% from the $360,409 recorded during July 2006.

In the 905 municipalities surrounding the City of Toronto, however the average price climbed almost 3% to $355,401 in July 2008 from the July 2007 figure of $345,967 and up 8% from the $329,644 reported during July 2006.

Certain neighbourhoods throughout the Greater Toronto Area experienced increased sales activity in July.

In Whitby (E15) sales increased 22% from July 2007, based on strong sales in most housing types.

Brampton East (W24) saw a 12% increase, based primarily on semi-detached home sales.

Strong detached home sales drove Uxbridge (N16) to a 23% increase compared to a year ago.

The Annex (C02) experienced a 29% sales increase due to strong detached home and condominium apartment sales.

In addition to stable prices, the list to sale price ratio, at 98%, remains unchanged from a year ago.

“While homeowners continue to see healthy returns, it is taking slightly longer to achieve a sale. The average time on market has increased to 33 days compared to 31 days a year ago,” said Ms. O’Neill. “This may be due to that fact that there are now more choices available to homebuyers. There are currently 26,543 active listings - a 28% increase from a year ago.”