Toronto real estate market in August

All news about Canadian real estate market situation have been watched very closely during last months. After excellent results of 2007 decline was awaited - the question was, if it would be bubble burst, or just calm loosing of the steam. Lets try to find some answer in August 2008 numbers.

Toronto real estate market sales drop continued in August. 6318 sales were recorded, compared to 8059 in August 2007. This represents 22% down from last year's numbers and 9% from August 2006. It means slowdown is deeper - till now, sales used to be at the level of 2006 or over. Information about sales is important especially in combination with information about listings. Here is situation a bit better - total level of active listings rose 31% (single family dwellings), on the other hand, new listings declined 1% - this is one of the most important indicators, when talking about market's health.

Average price, as the next important indicator, continued to grow at very mild pace of 1% to $364,886. The City of Toronto didn't repeat July's growth and was down 1%, on the other hand, outside the City prices were up 2%. Average days on market value slightly moved up to 35 days, reaching the level of January 2008.

Stabilized price and volume of new listings, together with still enough fast turning market are the reason for optimism in Toronto, with no concerns about the future.