GTA REALTORS® Report August Mid-Month Resale Market Figures

In the first two weeks of August, Greater Toronto
REALTORS® reported 3,832 sales – up 27 per cent compared to the first two
weeks of August 2008. The average price for these transactions was up three per
cent year-over-year to $383,796.

"The results for the first half of August indicate that many households in the GTA
remain confident in their ability to purchase and pay for a home over the long
term," said TREB President Tom Lebour.

Year-to-date sales, at 54,303 are up slightly compared to 54,138 in 2008. Average
price, at $385,603 is down by less than one half of one per cent.

"Strong resale housing demand will contribute to broader economic recovery as
each transaction results in substantial spin-off benefits to other sectors of the
economy," explained Jason Mercer, TREB's Senior Manager of Market Analysis.

TREB Statistical Charts

Take a look at the New Listings vs. Sales charts As seen in the first chart, New Listings for June and July lag behind the last four previous years, however Sales are at their Highest point over the last 4 years.

NEW LISTINGS

SALES

This has caused seriously depleted inventory in many locations. A famous Toronto Realtor wrote in his newsletter that finding a decent full two bedroom condo in downtown Toronto below 400k is like looking for the holy grail. Looking for a 2800sqft home in Mississauga in a decent area for below 550k is on par. It is very much a Sellers Market.

However July - August are traditionally lower inventory months. As rumours of higher prices coupled with a normal increase in listings in September and October may bring the market back into balance.

David
(Charts courtesy of TREB)

GTA REALTORS® report resale record in July

TORONTO, August 6, 2009 - In July 2009, Greater Toronto REALTORS® reported a record
9,967 sales, up 28 per cent from July 2008. The average price for July transactions was
$395,414 – up by six per cent compared to the same month last year.

"Households confident in their positioning within the current economic environment have taken
advantage of housing affordability in the GTA," said TREB President Tom Lebour. "The real
estate sector has been one of the sectors making a positive contribution to economic growth in
the GTA, not to mention Ontario and Canada more broadly."

Year-to-date sales, at 50,632 are down 1.2 per cent compared to the first seven months of 2008. Average price, at $385,808 is down by less than one-half of one per cent.

"The steep drop-off in sales experienced at the beginning of the year has all but dissipated,"
explained Jason Mercer, TREB's Senior Manager of Market Analysis. "With five months left to
go in the year, it is probable that total existing home sales in 2009 will be at or above last year’s
level."