Welcome to Jordan Epstein Toronto Real Estate Sign in | Help

Toronto Real Estate

Prices still edge up, despite July’s slower sales pace

What’s new on the national housing scene?  According to the Canadian Real Estate Association (CREA), the number of MLS® transactions continued to trend downward in July, but inventory of homes for sale remains tight and sale prices are inching upward.  As expected, the decline in the number of July transactions was almost entirely the result of fewer sales in BC and Ontario.  A slowdown in demand in these two provinces had been widely anticipated, as many home purchases were pushed through in the first half of the year to avoid the new HST Tax which took effect on July 1st.
According to CREA, seasonally adjusted home sales activity via the MLS® was down 6.8% on a month-over-month basis in July.  However, this national decline in the number of transactions was smaller than the previous two months. Declines in British Columbia (-14%) and Ontario (-8%) accounted for 85% of July's decline in transactions.
While the number of national sales is below our previous record-breaking totals, the Canadian market remains tight in terms of supply.  Fewer new listings are coming on the market.  In fact, CREA reports that the number of new residential listings declined by 7.2% in July 2010 compared to the previous month. This is the third consecutive month-over-month decrease, and the steepest in more than a decade.  New listings have fallen 17.5% since April's peak.  This declining trend in new listings will help to support strong home prices.   
In fact, CREA reports that the national average MLS price edged another 1% higher in July to surpass $330,350, even in a month when the most expensive markets of BC and Ontario were experiencing fewer sales.
Of course, these are just national trends.  Real estate market conditions and sales data can vary from neighbourhood to neighbourhood and sometimes even on the same street.  For a more detailed picture of what’s going on in your own community, contact me anytime at jepstein@terrequity.com or at http://www.epsteinrealestate.com

 

 

Published Sunday, August 22, 2010 4:35 PM by Jordan Epstein

Filed under: , , , , , , , , , , , , , , , , , , , , , , , ,

Comments

No Comments
Anonymous comments are disabled