The Toronto Real Estate Board reported 6,564 housing sales for the month of July.. The number of homes sold dropped 34 per cent ,down from the record 9.967 sales for July 2009.

Total Toronto Home and Condo resales for 2010 are up 12 per cent from last year and the average price rose 6 per cent to $420,482.

It appears warning about increased interest rates, new mortgage lending policies and the HST all had a hand in encouraging purchasers to buy sooner than later.

After record increases in the first six months of the year, the Toronto Real Estate Market is now showing signs of stabilizing.