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Toronto real estate market in decline

GTA Realtors Report Monthly Resale Housing Figures.

Greater Toronto Realtors reported 6,564 sales in July, a 34 percent drop from the record 9,967 sales reported in July 2009. New listings, at 10,825, dropped to the lowest level for the month of July since 2002.

The level of July sales remained below the expected long-term trend. "The market has become more balanced following record monthly sales through most of the winter and early spring," said Toronto Real Estate Board (TREB) President Bill Johnston. Total sales through the first seven months of 2010 were up by 12 per cent compared to the same period in 2009.

Notwithstanding the fact that price trends vary at the neighbourhood level in GTA, the average price for July transactions was $420,482, representing a six per cent increase over July 2009. Over the first seven months of 2010, the average selling price was up 12 per cent annually to $432,253.

"Market conditions promoting annual growth in the average selling price have remained in place. While July sales were down compared to last year, the number of new listings in the marketplace also fell. This means there was enough competition between buyers to exert upward pressure on price", said Jason Mercer, TREB's Senior Manager of Market Analysis.

See Toronto Real Estate Market Watch »

August 5, 2010 in Toronto Real Estate Update | Permalink


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Handled either directly by the owner or by a property tax consultant,this process should involve an intense effort to annually appeal and minimize property taxes.He tells me realtors in the industry are having daily meets on how to spin all the bad news as positive.

Posted by: electric guitars | Jan 9, 2011 11:15:55 PM

Have Faith Torontonians

perhaps the market may have cooled.. and prices have fallen a bit... but they should have.. they were WAY too HIGH months back. I advised my clients to be sensible about what they purchased and to not get caught up in the bidding war frenzie. Not to Mention that we have 10,000 + people moving into Toronto every year.. Our Market is Stable.

I suggest you visit this link to learn a little more about Homes in Toronto and why we have an awesome market


Posted by: Danielle | Sep 13, 2010 9:46:37 PM

Many investors in Toronto real estate try to unload their properties on the market when prices start to decline

Posted by: Cash For Houses | Sep 13, 2010 9:59:47 AM

Great write up indeed!

With the housing market going from bad to worse many realtor will be forced to find real employment. Many states are already experiencing the same situation. With the trend being in shown in real estate sales data, it is most likely to last longer than expected. Let's just hope Toronto real estate growth will bounce back in 2011.

Posted by: DavidLeeman | Sep 7, 2010 2:56:15 AM

Fortunately, the property tax appeal process in Texas provides owners multiple opportunities to appeal. Handled either directly by the owner or by a property tax consultant, this process should involve an intense effort to annually appeal and minimize property taxes. Reducing the largest line item expense has a significant effect in reducing the owner's overall operating expenses. While it is not possible to entirely escape the burden of paying property taxes, it is possible to reduce taxes sharply, often by 25% to 50%.

Posted by: GreenlightProperties | Aug 29, 2010 12:13:42 AM

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