June Market More Balanced

TORONTO – Friday, July 4, 2008 — TREB Members reported 8,600 sales in June, TREB President Maureen O’Neill announced today. “Sales were down 18 per cent from the 2007 total of 10,451, which was the best performance ever for that month,” noted the president. “Nevertheless, the 8,600 figure is the fifth best June on record, and indicative of an active, healthy market.”

Etobicoke has seen 2,356 sales thus far in 2008, down 14 per cent from the 2,734 recorded during the first six months of last year. The average price was $406,197, up two per cent from the $399,525 recorded during the earlier time-frame.

Sales within the City of Toronto totaled 3,481, down 18 per cent from the 4,238 recorded in June 2007. Sales within the 905 suburbs, at 5,119, were also down 18 per cent from the 6,213 recorded during the same period last year.

On the pricing front, June’s GTA average came in at $395,866. This was up four per cent over the $381,963 recorded during June of 2007. Prices increases were roughly equivalent in both the City of Toronto and the surrounding suburbs. Within Toronto, prices averaged $433,082, up three per cent over the $421,139 recorded in June of 2007. Within the 905 suburbs, the average price came in at $370,559, up four per cent over the $355,240 recorded during the same period last year.

“With summer coming, and a 22 per cent increase in inventory to nearly 27,000 this June over last, the market is slowly shifting towards balance after several years of favouring sellers,” said the President.

Breaking down the total, 3,357 sales were reported in TREB’s 28 West districts and averaged $374,043; 1,483 sales were reported in the 14 Central districts and averaged $518,471; 1,697 sales were reported in the 23 North districts and averaged $430,498; and 2,063 sales were reported in TREB’s 21 East districts and averaged $314,755.