Toronto Real Estate Market Report – June/July 2010
July 6, 2010
In terms of sales and prices the Toronto Real Estate market has peaked but that does not mean it is bad news. Looking forward the market will be more balanced. The economy is coming out of the recession, the impact of the HST is not as bad as was predicted and the biggest factor that will impact the market is the increasing supply of the property listings.
TREB Residential sales were down 1% from May of last year and were lower than in April 2010. However, the overall were 2% higher than a year ago, downtown condos were even better – 12% higher than last year, Year-to-date sales for 2010 will be 52,000 condo units as compared to 42,000 last year.
There are many positive factors about this condominium market, especially the downtown condos. There are still a lot of buyer and they have a lot more to choose from. The condos that sold – days-on-market averaged just 18 days and the sold price averaged at 99% of the list price. But the sale-to-list ration dropped to just over 30%.
Pricing of the property is very important, the prediction is the the prices today will be higher that the ones later this year.
