The local real estate market took a summer breather in July, with 4,729 re-sales passing through the TREB MLS system, a 14 per cent decline from the 5,472 recorded last year, Toronto Real Estate Board President Marilyn Baubie reported today. In addition, the President noted, prices fell 4 per cent to $236,526 from the $247,929 recorded last month.
“The price softening and decline in sales that we are witnessing is largely seasonal in nature,” Ms. Baubie said, “Fewer people look for homes in the summer months, and this often creates a temporary buyer’s market for those who are looking. It’s also worth noting that interest rates, while having stabilized in the past several months, are up from last year, which exerts a gradual dampening effect on the housing market.”
Breaking down the total 1,788 sales were reported in TREB’s 28 West districts and averaged $215,912; 725 sales were reported in the 14 Central districts and averaged $333,178; 893 sales were reported in the 23 North districts and averaged $264,548; and 1,323 sales were reported in TREB’s 21 East districts and averaged $192,506.