Toronto Real Estate Market Moderates in November

TORONTO - November 17, 2004- With 2,976 home sales through the Toronto Real Estate Board’s Multiple Listing Service in the first half of November, the market is showing signs of seasonal moderation.

The difference in sales from October to November this year is however; more positive than last year’s change.

So far November sales are down four per cent from the 3,098 sales recorded in first half of November 2003 however; where weekends fall affects the final outcome of each month.

"We believe the figures simply reflect a seasonal trend. All of the factors are in place for a strong market to continue, says TREB President Ron Abraham.

In fact some districts have outpaced their performance as compared to mid-October. These districts include such neighbourhoods as Lawrence Manor, Woodbine Gardens and Orchard Heights "Employment figures are more favourable than one year ago, mortgage rates remain virtually unchanged and immigration is on the rise. We have more new Torontonians, an employment market to sustain them and lending rates that make the dream of home ownership achievable."

Current homeowners can also be encouraged by a six per cent increase in prices as compared to last November. The average price has remained unchanged from October at $320,000.

Serving more than 20,500 REALTORS throughout the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board

-30-

* Please note that TREB counts by business or sales days. In a 30 day month, there will usually be about 20 sales days, depending on when the weekends fall, holidays,
and so on.