The Toronto residential resale market continued its hot summer run in July with 8,084 residential properties sold during the course of the month, Toronto Real Estate Board President Cynthia Lai announced today, “Sales were up an incredible 39 per cent over the 5,807 sales recorded in 2001, which was our previous best July, and up an even more incredible 41 per cent from the 5,727 sales recorded in July of 2002.

Last month was also the second best month ever seen in TREB’s history, the best being April of 2002, when 8,181 sold properties passed through the TorontoMLS system, and was only the fifth time Toronto passed the 8,000 sale barrier.”

“It has been an extremely unusual year,” Ms. Lai went on to note, “the market actually strengthened into the summer months after a relatively lackluster spring, which is the opposite of the usual pattern. If the second half maintains the current pace, 2003 will prove the best year for Toronto resales ever recorded.”

Prices declined for the second straight month in July, as the average price fell almost two per cent to $289,880 from June, due in part to a decline in the number of upper-end homes sold in the central area of Toronto. This figure was up six per cent from the $274,348 recorded in July of 2002.

Breaking down the total, 3,091 sales were reported in TREB’s 28 West districts and averaged $272,669; 1,308 sales were reported in the 14 Central districts and averaged $364,137; 1,591 sales were reported in the 23 North districts and averaged $323,172; and 2,094 sales were reported in TREB’s 21 East districts and averaged $243,608.

Click to view Residential Market Update – July 2003