TREB members reported 8,912 total sales in July, 26 percent ahead of the 7,082 sales recorded in July of 2006, and an all time record for the month. Furthermore, July makes the fourth month in a row that sales have broken monthly records.

“The local resale market is as healthy as it has ever been,” said TREB President Donald Bentley. “Not only are we running 13 per cent ahead of last year’s January – July total of 52,682, we are running 14 per cent ahead of the seven month total for 2005, which became our best year ever.” While sales have set a blistering pace, prices eased in July, down four per cent to $366,012 from June’s average of $381,963. “This decline is seasonal in nature,” said the President. “Prices tend to ease in July/August as potential homebuyers and sellers go on holiday.” He went on to note that the year-to-date average, at $373,326, was up five per cent over the same time-frame in 2006.

Breaking down the total, 3,424 sales were reported in TREB’s 28 West districts and averaged $347,978; 1,590 sales were reported in the 14 Central districts and averaged $470,464; 1,797 sales were reported in the 23 North districts and averaged $392,360; and 2,101 sales were reported in TREB’s 21 East districts and averaged $293,819. ■

Click to view Residential Market Update – July 2007