New record set for sales in July!
Toronto | Real Estate Market Update July 2016
The Toronto residential resale market set a new record for sales in July. It appears that there are no more seasonal slowdowns. Almost 10,000 properties were reported sold in July, a month when historically both buyers and sellers took vacations and the number of sales dropped noticeably. Not this year. With 9,989 properties changing hands, Toronto and area realtors were responsible for the best result on record for the month of July. Last July 9,813 properties were reported sold, almost 2 percent fewer sales than this year. The big story as we approach the half way mark of the summer is the depletion of inventory of available properties for sale in the greater Toronto area. Inventory levels in Toronto, including condominium apartments, have reached dangerously low levels. In July only 13,542 properties became available for sale. This compares to 14,625 properties that became available in July 2015. The combined impact of declining numbers of new properties coming to market and high sales volumes sees the ...
Join in on the conversation with Merete Lewis when you subscribe to On The Market.