Toronto Residential Real Estate Market Report for August 2008

    TREB Members reported 6,318 in sales in August, President Maureen O’Neill announced today. “The 2008 Toronto summer market is ending on a solid pace,” noted the President.

    Sales were down 22 per cent from the record-breaking August 2007 of 8,059 single family dwellings, but were only off nine per cent from the more typical figure of 6,976 sales recorded in August 2006. This sales decline did not occur uniformly across the GTA. Units transacted within the City of Toronto, at 2,437, were down 25 per cent from the 3,243 recorded in August of 2007, while down only 10 per cent from the 2,706 figure in the same month of 2006. Meanwhile sales within the 905 suburbs came in at 3,881, down 19 per cent from 2007 (4,816 sales), and
down 9 per cent from August of 2006, when 4,270 sales were recorded.

    Prices increased marginally in August, with the overall average moving up one per cent to $364,886 from the $361,890 seen last August, and up eight per cent from the $338,192 ecorded in August of 2006. Once again, however, price movements varied depending on area. Within Toronto proper, the average actually fell one per cent to $377,990 from last August’s $381,681, although it was up 10 per cent from the $344,419 recorded during the same month in 2006. Outside of the City, on the other hand, prices rose two per cent to $356,657 from the $348,563 seen in August 2007. They were also up seven per cent from the $334,245 seen in August 2006.

    Breaking down the total, 2,494 sales were reported in TREB’s 28 West districts and averaged $346,285; 1,091 sales were reported in the 14 Central districts and averaged $436,120; 1,246 sales were reported in the 23 North districts and averaged $419,694; and 1,487 sales were reported in TREB’s 21 East districts and averaged $297,896.