July is the fourth month in a row that sales have broken monthly records!
“We are running 14 percent ahead of the seven month total for 2005 which became our best year ever.” says TREB President Donald Bentley. “The local resale market is as healthy as it has ever been.”
Average prices declined two percent to $366,012 but the decline is due to seasonality with home buyers and sellers enjoying the summer. Overall, the year-to-date average of $373,326 is up five percent over the same time frame in 2006.
The summer can be a great time for buyers who don’t want as much competition for great homes but keep in mind that supply is also lower. Eveyrone is looking forward to stong fall market where you’ll see a lot more come on the market in the second half of September once everyone gets back into the swing of things after summer.
Competition and multiple offers are still common place in sought-after neighbourhoods even in the summer market so buyers have to be prepared to go for the home they want.
Check out average prices in your neighbourhood to see what is happening in today’s market…
Neighbourhood Watch – July 2007
E02 -The Beach (coxwell, danforth, victoria park)
E03 – Danforth North (DVP, victoria park, danforth)
E01 – Danforth South & Riverdale (DVP, danforth, coxwell)
C04 – Bedford West & Lytton Park (allen, 401, yonge, eglinton)
C09 – Rosedale (yonge, st.clair, bayview, bloor)
C03 – Forest Hill (allen, eglinton, yonge, st.clair)
C12- Lawrence Park/Bedford East (yonge, 401, leslie, eglinton)
Source: Toronto Real Estate Board April 2007 MarketWatch – for the full report, click here.
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