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Hey everyone it's The Realty Queen, and you know what time it is. It's time for my one
minute Toronto Real Estate Market Update for the month of July. This is a disclaimer that
this video is probably gonna go way over one minute but I hope you stay tuned to the very
end. Now I have some exciting news to share, as last month's sales represented the best
July since 2009 and the 3rd best on record. Yay for Toronto real estate! Now, it's also
been a year since we saw the new mortgage rules changes and buyers that put their purchasing
decisions on hold are back out there in full swing buying up Toronto properties like hot
cakes. Actually, I don't even know what hot cakes are, but if you do leave it in the comment
section below cause I'd love to know. Now homes also drove the overall price growth
in Toronto, and months of inventory still remain at record lows, meaning if you're thinking
of selling it's still a great time as we never really saw summer slow down as we thought
we would in July and August. Now the average selling price in the 416 area for July $536,181
which was a 7.9% price increase when compared to the same time last year. Our condos did
amazing too in the month of July and saw a 4.1% increase on the average price since 2012.
Woo-hoo. So, what does it all mean? It means it's still a seller's market out there and
it looks like it's going to be so until the end of 2013. Now buyers, don't be scared by
this information as interest rates still remain at record lows and are forecasted to go up
in 2014, so if you're thinking of buying, don't wait till next year and buy now. I think
I could recommend a good realtor too. So that's it for now but if you're looking for more
neighbourhood specific information I think I got about 47 reports I could send you on
a monthly basis. All you have to do is go to www.torontoweststats.com and get yourself
on the list. So that's it for now and it's way over a minute but we'll see you back here
shortly with the August numbers.