Sales through the Toronto Real Estate Board’s MLS system totalled 5,075 in July, down 13 per cent from July 2001, and down 23 per cent from the 6,627 sales recorded in June, TREB President Ann Bosley announced today.

“Despite these declines, July 2002 will still go down as the third best July on record,” Ms. Bosley said. “What we are seeing is a combination of seasonal factors—the warm weather is causing potential homebuyers to take a breather— and a market in which we are experiencing more normal sales levels. We fully expect the rest of 2002 to set a healthy, if not quite record-breaking, pace.” Prices also declined marginally in July, the President noted. The average came in at $275,440, down 1 per cent from June’s figure of $278,638, but still up 6 per cent from the $258,797 recorded in July of 2001. “While we still are in a classic sellers market, this easing in prices will provide a welcome break for potential home buyers. And with sales moderating, they will likely face fewer multiple-offer situations. It’s an excellent time to make a move.”

Breaking down the total, 1,917 sales were reported in TREB’s 28 West districts and averaged $254,460; 744 sales were reported in the 14 Central districts and averaged $381,365; 1,079 sales were reported in the 23 North districts and averaged $303,395; and 1,335 sales were reported in TREB’s 21 East districts and averaged $223,942.

Click to view Residential Market Update – July 2002