With 7,387 single-family homes transacted last month, sales were up one per cent over the 7,329 sales recorded in July 2004, TREB President John Meehan reported today.

“This excellent result makes July 2005 the second best July ever recorded, down nominally as compared to the best-ever 8,084 sales recorded during the same month of 2003.” The President noted also that, with 2,175 sales in July, the condominium sector has come to play an increasingly important role in the local market. “While some have suggested that the condo-building boom of the late 1990s would lead to an oversupply, first-time buyers and others looking for affordable housing options continue to snap up these offerings once they hit the resale market. Condominium apartments now make up over 20 per cent of the homes sold through MLS; add townhouses to the mix, and the figure is close to 30 per cent.” While sales were strong, prices eased five per cent in July, with the average coming in at $326,034 compared to the $345,065 recorded in June. This figure is up four per cent, however, from the $312,418 figure recorded in July 2004.

Breaking down the total, 2,841 sales were reported in TREB’s 28 West districts and averaged $305,789; 1,211 sales were reported in the 14 Central districts and averaged $405,182; 1,536 sales were reported in the 23 North districts and averaged $372,455; and 1,799 sales were reported in TREB’s 21 East districts and averaged $265,090.

Click to view Residential Market Update – July 2005