Prices declined marginally in July, falling one per cent to $312,418 from the $316,510 recorded in June, TREB President Ron Abraham said today. “A continued high level of inventory (22,368 active listings, unchanged from June) has contained price pressures,” Mr. Abraham said. “This is welcome news for buyers.” He went on to note that prices were up eight per cent over July of 2003.

Sales continued strong last month, with 7,329 single-family dwellings changing hands through the TorontoMLS system, the second best result ever recorded for a July. “That’s a very strong number for a summer month, and second only to July 2003 when 8,084 sales were recorded. In addition, year-to-date sales are up 10 per cent over the 48,622 recorded in the January-to-July period of 2003.”

Breaking down the total, 2,765 sales were reported in TREB’s 28 West districts and averaged $296,221; 1,189 sales were reported in the 14 Central districts and averaged $392,189; 1,488 sales were reported in the 23 North districts and averaged $345,998; and 1,887 sales were reported in TREB’s 21 East districts and averaged $259,409.

Click to view Residential Market Update – July 2004