With 5,472 sales pouring through the TREB MLS system, last month set a new record as the busiest July ever for the Toronto resale home market, beating July ‘98’s 5,026 figure by nearly 9%.

“This is extremely good news,” commented Toronto Real Estate Board President Bill Palander. “5,400 sales recorded during the middle of summer is an indication of an economy firing on all cylinders.” Despite the frenzied sales pace, prices moderated in July, with the average down 4% to $222,102 from $230,692, and the median down about 3% to $193,000 from $198,150. “This is a perfectly normal seasonal development,” Palander noted. “Unless you’re in a full-fledged, 80’s-style boom, prices just aren’t going to go up every month. The lesson for potential sellers is to set a reasonable listing price. The days are gone when you could ask for something ridiculous and wait for the market to catch up with your price.”

Breaking down the total, 2,008 sales were reported in TREB’s 28 West districts and averaged $208,581; 812 sales were reported in the 14 Central districts and averaged $304,319; 1,077 sales were reported in the 23 North districts and averaged $247,098; and 1,575 sales were reported in TREB’s 21 East districts and averaged $179,861.

Click to view Residential Market Update – July 1999