Every month, the Toronto real estate board sums up the most important data from the local market. Here's what they had to say about the Toronto real estate in August.
After sudden and fast booming trends in recent three months, the real estate market has slowed down, but still remains very active. Toronto realtors reported 8,035 items sold (+27% compared to August 2008). On the other side, 10,632 fresh properties came on to the GTA MLS listings system in the last months. In July, there was 9,967 items sold.
Similarly, the average price slid a bit to $387,921 from July's $395,414. Although this drop occurred, it's still comfortably 6% over the August 2008 value, thus keeping your property investments safe. Median price increased to $338000 from last year's $318,000, almost the same as in July ($339,000).
The overall stock is a little lower than last year's number, which reached over 25,000 units. In August 2009 there were 15,682 active units in the MLS. This was reflected in the continuous trend of recent days on the market indicator, which dropped to 30 days (July was 31 days and August 2008 even 36 days).
Despite very good results in June and July, year-to-date sales were still below 2008 values. August finally reached the breaking point – year-to-date sales reached 58,421 items sold, 2% over the 2008 stats. Also the year-to-date average price has overcome the last year's one and reached $385,978.
As said by Jason Mercer, TREB's Senior Manager of Market Analysis:
We have heard more positive economic news lately. The improved housing market has played a key role. Home sales have helped other sectors of the economy through home buyers' spending on things like financial and legal services, moving, renovations and home furnishings.
As a Toronto realtor and as a Toronto homeowner, l am very happy to see that calmer times have arrived. The last year has been a little bit too exciting.