July was an interesting month for Toronto. Greater Toronto REALTORS® reported 7,922 transactions, representing a 23 per cent increase over July 2010. Compared to June 2011, however, there was a decrease of 23 per cent. Total sales through the first seven months of this year amounted to 55,863, which is a decrease of 1.3 per cent compared to the same period in 2010. The July figures continued to point to an annual sales result close to 90,000 — after adjusting for seasonal fluctuations, though.
Toronto Real Estate Board President Richard Silver said: "Strong home sales continued in July, with a substantial rebound over last summer's slow-down brought about by higher mortgage rates, new lending guidelines and misconceptions about the HST. The greatest rebound was seen in the condominium apartment segment in the City of Toronto. He also added that "If the current pace of sales holds up, we could see the second best year on record under the current TREB market area."
The average selling price in July was $459,122. Compared to the July 2010 average of $418,675, this is a ten per cent increase. The average selling price in June was $476,371, making the July figure lower by almost four per cent.
Jason Mercer, TREB's Senior Manager of Market Analysis, also commented on the situation: "Tight market conditions have boosted the annual rate of price growth this year. However, the listings situation is starting to improve. A better supplied market later this year and into 2012 would lead to a more sustainable rate of price growth."