Toronto's real estate sales volume fell significantly over the same period in 2009, but the average Toronto resale home price continued to rise, according to the Toronto Real Estate Board.

The Real estate board  reported 2,790 sales through the Multiple Listing Service for the first two weeks of July compared to 4,437 a year earlier.

The first four months of 2010 registered high sales volumes however the remainder of the year should see sales and resale average prices level off.

He said transactions will be down year-over-year as sales levels balance out but the average resale Toronto home price will continue to grow in the second half.

The average Toronto home price recorded for the first two weeks of this month was $427,931, eight per cent higher than the average of $394,750 recorded for the same period of July 2009.

"Even with the pace of transactions slowing, there will be enough sales relative to listings to support sustainable rates of price growth," reported the Toronto Real Estate Board.

Real Estate activity was very heavy this Spring as purchasers moved their home-buying ahead to beat higher interest rates, new mortgage eligibility rules and the new HST.

Toronto downtown Condos continue to be very popular for first-time home buyers as well as Investors. The Maple Leaf Square Condos for sale and for rent, pictured above, are very popular with young professionals working in downtown Toronto.