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 Market Watch July 2002

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Market Watch
For Further Information: 443-8152

 

Updates to "Market Watch" report

Readers of the monthly Market Watch report will note some changes in this month's issue. These are due to the fact that, with the improved functionality of the new Toronto-MLS system, it has become possible to revamp and improve TREB's statistical publications. Upgrades to the Market Watch include:

1) Active & New Listings

The new Market Watch will give an active and new listings count of single-family-dwellings (S.F.D.) for each individual MLS district at the end of the month. The old "listed" category, which counted any S.F.D. listing that was on the market at any time during the month, will no longer appear.

2) Average Days on Market and Average List-to-Sales-Price Ratio

These figures will now be given on a district-by-district basis, as well as by Area (East, West, Central, and North) and for TREB's whole service area. They will also be given on a year-to-date basis as well as for the individual months of the year.

Finally, figures for "reruns" and "all properties" (Single-Family-Dwellings plus Properties of Other Types, which included some IC&I transactions) will no longer appear.

For questions about the Market Watch report please contact Michael Murphy (416) 443-8152.

This month's Market Watch:

5,000 Sales in July

TORONTO -- Tuesday, August 6, 2002

Sales through the Toronto Real Estate Board's MLS system totalled 5,075 in July, down 13 per cent from July 2001, and down 23 per cent from the 6,627 sales recorded in June, TREB President Ann Bosley announced today. "Despite these declines, July 2002 will still go down as the third best July on record," Ms. Bosley said. "What we are seeing is a combination of seasonal factors--the warm weather is causing potential homebuyers to take a breather--and a market in which we are experiencing more normal sales levels. We fully expect the rest of 2002 to set a healthy, if not quite record-breaking, pace."

Prices also declined marginally in July, the President noted. The average came in at $275,440, down 1 per cent from June's figure of $278,638, but still up 6 per cent from the $258,797 recorded in July of 2001. "While we still are in a classic sellers market, this easing in prices will provide a welcome break for potential home buyers. And with sales moderating, they will likely face fewer multiple-offer situations. It's an excellent time to make a move."

Breaking down the total, 1,917 sales were reported in TREB's 28 West districts and averaged $254,460; 744 sales were reported in the 14 Central districts and averaged $381,365; 1,079 sales were reported in the 23 North districts and averaged $303,395; and 1,335 sales were reported in TREB's 21 East districts and averaged $223,942.

Neighbourhood Corner
Brampton

Averaging $220,276, prices in Brampton (W-23 & W-24) for the first seven months of this year are up 7 percent from the January-July 2001 figure ($206,535). Detached homes averaged $262,295. Average time on market came in at about 33 days, a little better than the city wide figure, and sellers generally recieved about 98 percent of their asking price.


Dwelling Type

Single Detached

Semi Detached

Condo T.H.

Condo Apt.

Link

Attached/Row

Co-op Apt.

Detached Condo

Sales

2,613

645

479

870

168

285

9

6

Median

$283,000

231,500

185,000

178,900

235,000

216,000

139,000

189,000


    Housing Market Indicators

    July 2001

    July 2002

    % Change

    Sales*

    5,807

    5,075

    (-13%)

    New Listings*

    7,633

    8,686

    (+14%)

    Active Listings*

    N/A

    N/A

    N/A

    * All figures for Single-Family Dwellings.


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08/02