GTA Housing Market – July Shows Stable Sales

Today the Toronto Real Estate Board announced that sales for the month of July where slightly lower than July 2007 by 12%, however, compared to 2006 we where up 10%.  I have been noticing a trend lately, we seem to be on track if you compare ourselves with 2006.  I think this is because 2007 was a year of change in the market a year of unknowns and buyers felt compelled to dive in to the market.  A couple of things I think played in to 2007 being such a record setting year, especially in the Toronto market was, the mayor was rolling out a new land transfer tax, mortgage rates where still at a all time low historically and because of the turbulence in the US housing market, buyers were unsure how long long these low rates would last.

Now that things have started to settle, buyers have come to terms with the new land transfer tax and also the mortgage rates seem to be stable right now with no sign of a major change in the future.  I have a feeling that things are going to stay stable and although I am not convinced that we are not going to see a slight correction in market.  These numbers released today are starting to sway my thoughts on what we are going to see in the coming months.

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