August 2009 Market Update

July sales very strong in the GTA, following a record setting June.

TORONTO, August 1, 2009 - In the month of July, Greater Toronto REALTORS®
reported 9,967 sales up 28 per cent compared to July 2008.

The average price for these transactions was up six per cent year-over-year to $395,414.

The resurgence in home ownership demand experienced in the spring has continued into the
Summer as home buyers continued to take advantage affordable market conditions. The cost of borrowing has been a key factor, as well as a more positive attitude among buyers about the economy.

Summary of July Sales and Average Price

July 2009 vs 2008

Sales %chge Average Price % chge

City of Toronto ("416") 3,880 +24% $421,110 +7%

Rest of GTA ("905") 6,087 +31% $379,035 +6%

GTA 9,967 +28% $395,414 +6%

Source: Toronto Real Estate Board

June also a record high.

This follows June when sale were also +27% vs a year ago. Many of the buyers that we are seeing now are first time buyers or those who are trading up from a condo into the freehold housing market. As a result of this, we are seeing the most activity in the mid price range and are just starting to see some increases in activity at the higher price points above one million dollars.

Details by area for July are shown in the following table.


District

Area
Sales % chge July ’09 vs July ‘08
Avge Selling Price July 2009
Price %chge July ’09 vs July ‘08

Total GTA
+28
$395,414
+6%

C01
Downtown
+35%
$355,431
-4%

C02
Annex/Bloor W, etc
-5%
$596,979
-12%

C03
Midtown
+89%
$668,776
-12%

C04
North Toronto
+40%
$780,943
+13%

C08
Cabbagetown/D’town
+17%
$355,845
+1%

C09
Rosedale
+43%
$979,174
+31%

C10
Davisville/ L. Park
+48%
$733,849
+22%

C11
Leaside/Old East York
+7%
$491,110
+6%

C12
Bayview/York Mills
+59%
$1,418,007
-8%

E01
Riverdale/Leslieville
+/-0%
$463,248
+7%

E02
The Beach/Leslieville
+9%
$514,958
+8%

E03
Danforth/East York
-30%
$377,489
+4%



Overall, the results are very encouraging is, however, there is a shortage of listings and a lot of buyers are still waiting for that right house to come available.

If you would like an update on your specific neighborhood, just let me know and I will prepare a custom package for you.

Sincerely,

Armand