Moderate activity and strong prices continued to characterize the Greater Toronto Area (GTA) resale housing market during the first half of July.
The average price in the GTA during the first half of July was $379,072, which is a 1% increase from the $374,254 recorded in the first two weeks of July 2007 and a 9% increase from $346,267 recorded during the same period in July 2006.
In the 416 area, the average price was $419,199, up 1% from the $414,321 recorded during first half of July 2007 and up 14% from the $367,541 recorded during the same period two years ago.
At $353,257 the 905 region's average price was up 2% from $345,741 recorded in the first half of July 2007 and up 6% 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.
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% from the 3,947 properties sold in the same period in 2007 but an 8% 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% increase from mid-July 2006.
In the 416 area there were 1,369 sales, down 17%from the 1,641 recorded during the first two weeks of July 2007 but up 8% from the 1,264 sales recorded in the same period in July 2006. Before the Land Transfer Tax went into effect, sales increased 30% 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 8% from the 2,306 recorded during the same period last year but up 7% 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% increase over mid-July 2006.
Activity in certain areas increased in the first half of this month.
Bowmanville saw a 12% overall increase in sales due to an increase in detached home transactions.
Brampton sales increased 18%, driven primarily by a significant increase in semi-detached home transactions.
The Annex experienced a 70% increase in sales largely due to an increase in detached home transactions.
Although the number of available properties has increased 25% compared to a year ago, from 21,777 to 27,317 listings, the number of days on market remainds the same at 32, which is a positive sign.
