Resale Housing Prices Up, Sales Down
The average price in the GTA during the first half of July was $379,072,
which is a one per cent increase from the $374,254 recorded in the first two weeks
of July 2007 and a nine per cent increase from $346,267 recorded during the same
period in July 2006, said Ms. O'Neill.
In the 416 area, the average price was $419,199, up one per cent from the $414,321
recorded during first half of July 2007 and up 14 per cent from the $367,541 recorded
during the same period two years ago.
At $353,257 the 905 region's average price was up two per cent from $345,741
recorded in the first half of July 2007 and up six per cent from $332,733 recorded
during the same period in July 2006.
Continued strength in house prices throughout the GTA indicates that
consumers continue to recognize the value of real estate as a long-term investment,
said Ms. O'Neill.
Sales activity remained moderate in the first half of July, with 3,497 homes
changing hands in the GTA. This is a decrease of 11 per cent from the 3,947 properties
sold in the same period in 2007 but an eight per cent increase from the 3,251
transactions recorded in the first two weeks of July 2006. Sales in the first
two weeks of July 2007 saw a 21 per cent increase from mid-July 2006.
In the 416 area there were 1,369 sales, down 17 per cent from the 1,641 recorded
during the first two weeks of July 2007 but up eight per cent from the 1,264 sales
recorded in the same period in July 2006. Before the Land Transfer Tax went into
effect, sales increased 30 per cent in the first half of July 2007 compared to
the same period in July 2006.
Sales in the 905 region came in at 2,128 in the first half of the month, down
eight per cent from the 2,306 recorded during the same period last year but up
seven per cent from the 1,987 sales recorded during the first half of July 2006.
Sales in the first two weeks of July 2007 saw a 16 per cent increase over mid-July
Activity in certain areas increased in the first half of this month.
Bowmanville (E17) saw a 12 per cent overall increase in sales due to an increase
in detached home transactions.
Brampton (W24) sales increased 18 per cent, driven primarily by a significant
increase in semi-detached home transactions.
The Annex (C02) experienced a 70 per cent increase in sales largely due to
an increase in detached home transactions.
Although the number of available properties has increased 25 per cent
compared to a year ago, from 21,777 to 27,317 listings, the number of days on
market remains the same at 32, which is a positive sign, said Ms. O'Neill.
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