No need to panic!
Despite its best efforts, the media’s “sky is falling” outlook on real estate is just not true.
Have a look at the latest press release from the Toronto Real Estate Board… more evidence that a balanced market is here, and buyers and sellers of real estate are now on equal footing.
I underlined the key sentences if you’re in a hurry. 🙂
TORONTO – Friday, July 4, 2008 — TREB Members reported 8,600 sales in June, TREB President Maureen O’Neill announced today. “Sales were down 18 per cent from the 2007 total of 10,451, which was the best performance ever for that month,” noted the president. “Nevertheless, the 8,600 figure is the fifth best June on record, and indicative of an active, healthy market.”
Sales within the City of Toronto totaled 3,481, down 18 per cent from the 4,238 recorded in June 2007. Sales within the 905 suburbs, at 5,119, were also down 18 per cent from the 6,213 recorded during the same period last year.
On the pricing front, June’s GTA average came in at $395,866. This was up four per cent over the $381,963 recorded during June of 2007. Price increases were roughly equivalent in both the City of Toronto and the surrounding suburbs.
Within Toronto, prices averaged $433,082, up three per cent over the $421,139 recorded in June of 2007. Within the 905 suburbs, the average price came in at $370,559, up four per cent over the $355,240 recorded during the same period last year.
“With summer coming, and a 22 per cent increase in inventory to nearly 27,000 this June over last, the market is slowly shifting towards balance after several years of favouring sellers,” said the President.