July 2009 Real Estate Market Update

July 2009 had 16,915 homes listed for sale in Mississauga, Oakville, Brampton, Toronto and GTA. In comparison, July last year had 26,543 properties listed for sale. This indicates a large declined inventory compared to inventory levels last year. The average time for a home to remain on the market was about 33 days in July 2009. This was down 3 days compared to July of 2008. Reduced inventory and decreased time on the market is an indication that market conditions are greatly improving in regards to Mississauga and Toronto and GTA Real Estate.

In regards to home prices, the average price for a home in July of this year was $395,414. This is up by 6% compared to July of 2008.
The , the number of sales was up by 26% with 9,967 in July 2009 compared to 7,806 in July of 2008 in the Greater Toronto Area.

Looking at the numbers so far for 2009, year to date sales of 50,632 are down 1.2% compared to the first seven months of 2008, and the average home price just down less than 1% at $385,808.

So numbers are for this year are very close to catching last years levels and might even surpass 2008 numbers if the real estate market strength continues. The low sales experienced at the start of this year as dissipated.

We see the increase of confidence for homebuyers that are now purchasing. Many have taken advantage of housing affordability in the GTA. Many homebuyers have taken advantage of extremely low mortgage rates that have bolstered sales.

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