JULY/AUGUST 2009

Sales Commentary
By now everyone knows that June was a record month for sales on the Toronto Real Estate Board. Sales were 27% ahead of June last year. For the condo market, sales were up 24% but Downtown sales were 40% higher than June '08. The Etobicoke waterfront was ahead by 16%. Now the question is: what will happen in the second half of the year? Year-to-date, residential sales at 41,000 units are still 6% below those of '08. We can already predict that July sales will be almost 30% higher than last year and will come close to matching June's totals. In 2008, the market slowed over the summer and collapsed in the fall leaving us with 74,500 units sold (the same as 2002). Most experts forecast sales for 2009 of 65-70,000 units. Our own forecasts were for 72-75,000 sales and it looks like we will hit 80,000. Expect summer and fall sales to remain strong

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