TORONTO, November 17, 2005 -- In the first half of November the Toronto Area resale housing market showed a nine per cent increase in sales compared with the first half of November 2004, Toronto Real Estate Board President John Meehan announced today.
"Being ahead of last November -- which was a record month -- is a testament to the ongoing stability of the current market," Mr. Meehan said.
To mid-November, cumulative sales activity for the year 2005 is nearly one per cent higher than the record pace of 2004.
"We have seen a very strong second half to this year that has continued through the autumn season and put the market on pace for another record year," the President said.
A number of neighbourhoods saw particularly high sales volumes in the first half of the month, compared to activity recorded in the first half of November 2004.
In Richmond Hill Centre, sales of detached homes were most common as the area experienced 86 per cent more overall sales activity in the first half of the month, compared to the first half of November a year ago.
The Cooksville North area of Mississauga saw 54 per cent more transactions in the first half of the month than were recorded during the first half of last November.
In the Downtown / Harbourfront area of Toronto, condominiums changed hands more than any other housing type as the area saw 32 per cent more overall sales in the first half of November, compared to a year earlier.
Ted Tsiakopoulos, Ontario Regional Economist for the Canada Mortgage and Housing Corporation, noted that Toronto's diverse economy is helping to support the strong numbers.
"Ontario's most mature resale market continues to deliver a record level of home sales. GTA home sales are expected to hit another all time high this year, thanks to low interest rates, a well-diversified job market and ample housing choice," Mr. Tsiakopoulos said.
At mid-month, the average price of a home in the GTA was $341,514, up seven per cent from a year earlier. TREB President John Meehan added, "All signs are pointing to a stable, healthy market that is favourable for all types of consumers. Activity is strong and steady, as are price increases. Consumers are seeing excellent return on their investment, but at the same time homes are still very accessible to first-time buyers."
Toronto REALTORS are passionate about their work. They adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service designed exclusively for REALTORS. Serving nearly 23,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada's largest real estate board.
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