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 Market Watch July 2003

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Market Watch
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8,084 Sales for Best July, 2nd Best Month Ever!

TORONTO -- Thursday, August 7, 2003

The Toronto residential resale market continued its hot summer run in July with 8,084 residential properties sold during the course of the month, Toronto Real Estate Board President Cynthia Lai announced today, "Sales were up an incredible 39 per cent over the 5,807 sales recorded in 2001, which was our previous best July, and up an even more incredible 41 per cent from the 5,727 sales recorded in July of 2002.

Last month was also the second best month ever seen in TREB's history, the best being April of 2002, when 8,181 sold properties passed through the TorontoMLS system, and was only the fifth time Toronto passed the 8,000 sale barrier."

"It has been an extremely unusual year," Ms. Lai went on to note, "the market actually strengthened into the summer months after a relatively lackluster spring, which is the opposite of the usual pattern. If the second half maintains the current pace, 2003 will prove the best year for Toronto resales ever recorded."

Prices declined for the second straight month in July, as the average price fell almost two per cent to $289,880 from June, due in part to a decline in the number of upper-end homes sold in the central area of Toronto. This figure was up six per cent from the $274,348 recorded in July of 2002.

Breaking down the total, 3,091 sales were reported in TREB's 28 West districts and averaged $272,669; 1,308 sales were reported in the 14 Central districts and averaged $364,137; 1,591 sales were reported in the 23 North districts and averaged $323,172; and 2,094 sales were reported in TREB's 21 East districts and averaged $243,608.

Neighbourhood Corner
North York East

The East half of North York (C12 through C15) saw 401 sales during July, for an average of $358,549. Of these, 167 were condominium apartments, which sold for an average of $230,595, and 57 were town-house condominiums, which averaged $257,927. Days-on-Market was 42, and average per cent sale-to-list-price ratio was 98 per cent.


Dwelling Type

Detached

Semi Detached

Condo T.H.

Condo Apt.

Link

Attached/Row/Twnhouse

Co-op Apt.

Detached Condo

Sales

3,876

1,069

831

1,565

255

452

31

5

Median

$310,000

253,000

205,000

183,000

246,000

233,000

180,000

228,000


    Housing Market Indicators

    July 2002

    July 2003

    % Change

    Sales*

    5,727

    8,084

    (+41%)

    New Listings*

    8,686

    12,059

    (+39%)

    Active Listings*

    --

    20,063

     

    * All figures for Single-Family Dwellings.


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08/03