Last week I wrote about our scorching hot Toronto real estate market, using June's sale statistics to demonstrate how dramatically it is outperforming last summer.
Typically, the humid weather prompts buyers to take a break, but not this year. We're low on supply, while demand continues to surge.
Buyers are in a summer attack mode on guard to buy property!
The July 2011 sales statistics have been released, and reveal that 7,922 transactions were reported through the Toronto Real Estate Board's Multiple Listing Service. This represents a 23 percent increase over July 2010. And the average selling price jumped almost ten precent from July 2010, leaping from $418,675 to $459,122.
There is a significant shortage of listings right now, and I don't see this changing any time soon. Despite a number of countries poised on the brink of bankruptcy and a roller coaster stock market, get ready for another strong Toronto Autumn market!
To the chagrin of the local market, it looks like Canadian bricks and mortar are becoming THE safe haven to park your money.