There were 10.230 residential Sales in the Toronto Real Estate market in June 2011. This is a 21% increase over June 2010.
Demonstrating a back to normal level of sales after the slump of 2009. Listings are still down 24% at 18,171 meaning that 1 out of 2 homes sold. This is a first time ever event.
Sales prices are at 99% of asking price which means you must really price it right to effect a sale.
The Gov’t. has stated that they expect productivity to continue to rise and the Bank of Canada has maintained the current 1% rate for the forseeable future. This of course is because of what is happening in some parts of the world, such as our friends south of the border and in Greece.
Prices at the moment are averaging $467,169.00 in the GTA for a home which is a +7.6% increase over 2010 as of July 19th 2011 or 9.5% on a month over month basis. It will be interesting to see if this trend continues throughout the balance of the year.
The naysayers that need to sell media and newspapers are of course predicting a drop of anywhere from 5-25%. Of course no one knows where they are getting those numbers from & what they are based on…. sort of pulled out of the air I believe. . But time will tell.
Till then we are currently much higher than last years sales in the month of July. However it is the mid summer market so naturally we are experiencing the midsummer slowdown.