According to the Toronto Real Estate Board (TREB), there were 7,922 sales through the Multiple Listing Service (MLS) in July. This is a 23 per cent increase from July 2010.
July saw an average selling price of $459,122 - which was almost a ten per cent increase from the average selling price of $418,675 reported in July 2010.
Under the current TREB market area, according to TREB president Richard Silver, we are expected to have the second best year on record if the pace of sales hold up.
The median price in July 2011 was $395,000
The median price in July 2010 was $361,000.
"Tighter market conditions have boosted the annual rate of price growth this year. A better supplied market later this year and into 2012 would lead to a more sustainable rate of price growth, " said Toronto Real Estate Board (TREB) Senior Manager of Market Analysis Jason Mercer.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).