J&D Summer Market Update
Many economic forecasters are in a state of bewilderment as their predictions of dramatic market corrections in the Canadian real estate market witnessed the fourth consecutive month of strong resale results, especially in the Central Toronto market. The results from the Toronto Real Estate Board revealed that June 2009 was the best June on record with 10,955 sales. This number represented a 27% increase over the sales recorded in June 2008.
The average price for June transactions was $403,972, which represented a 2% increase when compared to June of last year. The median price increased to $345,000 from $335,250 recorded in June of last year. The number of days on the market for a property to sell dropped to 33 days from 34 last year.
In Central Toronto, the average price was substantially higher than the GTA average residing at $518,423, with a median price coming in at $379,000. The number of days on the market was only 29 days compared to 33 days in the overall GTA. In the month of June, over $1,062 Million, basically $1 Trillion worth of real estate traded hands in the Central Toronto region.
One of the biggest adjustments in the market was the amount of inventory on the market with 18,704 active listing compared to 26,697 last year, representing a 30% decline in available properties. The reality is that multiple offers are very common, however proper pricing is still key to ensure a successful sale. Even with many multiple offers, overpriced properties are often left high and dry and subject to possible stagnation. The condominium market has been very active in the downtown core, which is creating a ripple effect across the entire market in all price categories.
The anticipated slowdown after the active spring market does not appear to be on the horizon yet, as early July sales and appointment activity do not show signs of relenting. With mixed economic news in the media, the current Toronto real estate market appears to be immune to the negative forces at play in other sectors. The impact of the impending Harmonized Sales Tax is not yet clear. Even though the global economic picture is somewhat fragile, Toronto is unique
based on our demographics, migration, political state and business infrastructure. We are well poised to ride the storm out on the top of the wave.
The average price for June transactions was $403,972, which represented a 2% increase when compared to June of last year. The median price increased to $345,000 from $335,250 recorded in June of last year. The number of days on the market for a property to sell dropped to 33 days from 34 last year.
In Central Toronto, the average price was substantially higher than the GTA average residing at $518,423, with a median price coming in at $379,000. The number of days on the market was only 29 days compared to 33 days in the overall GTA. In the month of June, over $1,062 Million, basically $1 Trillion worth of real estate traded hands in the Central Toronto region.
One of the biggest adjustments in the market was the amount of inventory on the market with 18,704 active listing compared to 26,697 last year, representing a 30% decline in available properties. The reality is that multiple offers are very common, however proper pricing is still key to ensure a successful sale. Even with many multiple offers, overpriced properties are often left high and dry and subject to possible stagnation. The condominium market has been very active in the downtown core, which is creating a ripple effect across the entire market in all price categories.
The anticipated slowdown after the active spring market does not appear to be on the horizon yet, as early July sales and appointment activity do not show signs of relenting. With mixed economic news in the media, the current Toronto real estate market appears to be immune to the negative forces at play in other sectors. The impact of the impending Harmonized Sales Tax is not yet clear. Even though the global economic picture is somewhat fragile, Toronto is unique
based on our demographics, migration, political state and business infrastructure. We are well poised to ride the storm out on the top of the wave.
Labels: Real Estate
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