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GTA Real Estate Update Report for July, How healthy is the Real Estate Market in Toronto & Surrounding Areas?

Toronto Real Estate Market Report

The Toronto and area real estate market is doing just fine. 

Don't be surprised, while the sales activity is down - strong prices continued for the Greater Toronto Area (GTA).   That's right, prices for the resale housing market continued to rise during the first half of July, reports TREB.  

This is remarkable when considering during the hot summer months many buyers are thinking of cottage country and vacationing.   Just another indicator the Toronto market remains strong.   If you've reviewed the average rental rates all this might not be so surprising.

The average price in the GTA during the first half of July was $379,072, which is a one per cent increase from the $374,254 recorded in the first two weeks of July 2007 and a nine per cent increase from $346,267 recorded during the same period in July 2006.

In the 416 area, the average price was $419,199, up one per cent from the $414,321 recorded during first half of July 2007 and up 14 per cent from the $367,541 recorded during the same period two years ago.

At $353,257 the 905 region’s average price was up two per cent from $345,741 recorded in the first half of July 2007 and up six per cent 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. 

If you are looking for a rental, buying a home may be just as economical in some cases.   Finding a decent rental at a low monthly rate isn't all that easy.   Our rental department is seeing Landlords increasing rents and holding firm on their asking price.  Check out www.SuttonRealty.com to view condos and detached homes for rent in Toronto, Mississauga, Burlington and surrounding areas.

This Months Neighbourhood Hot Spots:

  • Bowmanville (E17) saw a 12 per cent overall increase in sales due to an increase in detached home transactions.
  • Brampton (W24) sales increased 18 per cent, driven primarily by a significant increase in semi-detached home transactions.
  • The Annex (C02) experienced a 70 per cent increase in sales largely due to an increase in detached home transactions.
  • Burlington was a surprise, showing a 65% increase in activity in June!  Driven by detached home transactions and even more robust attached/row house sales.  Check out our website at www.SuttonRealty.com for the latest homes for sale in Burlington.   Burlington offers families a wide variety of housing options and price points. 

If you are a first time buyer, looking to purchase with Zero Money Down, now my be the perfect time.  CMCH has announced that effective October 15th, they will no longer be insuring Zero Money Down Programs.   This decision by the Federal Government is an attempt to ensure Canada's mortgage market remains healthy and stays clear of any comparisons to our neighbours in the States.  

Inventory in the resale market across the GTA is up, giving buyers a wider choice of listings to view.   Although the number of available properties has increased 25 per cent compared to a year ago, from 21,777 to 27,317 listings, the number of days on market remains the same at 32, which is a positive sign our market is not to be compared with the U.S.

Happy House Hunting.

www.SuttonRealty.com    or   www.SearchTorontoHomes.com

Free Home Valuations at www.SuttonRealty.com

 

 

 

 

 

 

 

Posted: Monday, July 21, 2008 9:49 PM by Sutton Realty

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