Toronto Real Estate Market Report – July/August 2010
September 16, 2010
There were 6600 homes sold on TREB in July, the fourth consecutive month with a decline in the residential home sales. The peak sales for the year so far was in April, the sales in July represent 40% of those sold in April. Actually, lower numbers were expected in July and the same number is forecast for August 2010.
The condo market is more difficult to forecast because of the continuing supply of new developments coming to the markets, significantly increasing the supply of units. However, the population growth and lifestyle changes increase a demand for the downtown living. The downtown condos at $500-600 per sq.ft. are much lower than other major world class cities and also they are under priced to other Canadian markets if income levels and migrations is factored.
