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Toronto Real Estate Board:

GTA Realtors report sales up first two weeks of July

In the first two weeks of July, Greater Toronto Realtors reported 4,437 sales up 27 per cent compared to the first two weeks of July 2008. The average price for these transactions was up four per cent year-over-year to $394,750.

“The resurgence in home ownership demand experienced in the spring has continued into the summer. Home buyers continued to take advantage affordable market conditions in the first half of July,” said Toronto Real Estate Board President Tom Lebour. “If the mid-month results carry forward, we may see the best July on record.”

Year-to-date sales, at 45,213 are down four per cent compared to 2008. Average price, at $384,645 is down one per cent.

“The GTA housing market has held up very well this year given the current economic climate, especially relative to past economic slow-downs,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis.

“The cost of borrowing has been key. With inflation in check, the Bank of Canada has been able to aggressively lower interest rates – an option that wasn’t available in the early 1990s or early 1980s.”

Source: Toronto Real Estate Board

July 20, 2009 in Toronto Real Estate Update | Permalink

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Comments

The crash will be worse now :)

Posted by: John | Jul 23, 2009 9:38:01 AM

Why real estate should crash

Amortizations above 30 year level
Average downpayment stands at 6%

Unless the bankers will keep printing cash and hold interest rates low, but I think the market will force interest rates to increase as there will be a threat of inflation from all the money printing.

Posted by: Investor | Jul 21, 2009 3:07:16 PM

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