November brings Toronto Real Estate Market to a Record Year

TORONTO - December 3, 2004--The Toronto real estate market regained its momentum in November, finishing as the resale market’s best November on record with 6,301 transactions.

November also resulted in the best year ever for the Toronto resale market with one month to go. So far this year there have been 79,382 sales as compared to 78,898 in 2003, the previous best year on record. It is anticipat-ed that the month of December will add another 4,000 sales to this year’s total.

"Throughout part of the fall we were beginning to see signs that the market was moderating but November’s final result is evidence that moving into the New Year, the market will likely be full steam ahead," said Toronto Real Estate Board President Ron Abraham.

As compared to the previous best November, which occurred last year, November 2004 was up eight per cent.

Sales increased evenly throughout all Greater Toronto Area neighbourhoods.

Prices in November declined by two per cent as compared to the previous month, which is encouraging news for buyers.

"One of the most effective tools our members have to serve their buyer clients is the Prospect Match function in our MLS. It matches their clients’ needs to properties listed and automatically generates emails to those buyers nightly.

Everyday, approximately 80,000 Prospect Matches are processed." Consumers also have plenty of choices with regard to the REALTOR they select. The Toronto Real Estate Board’s membership exceeded 21,000 REALTORS last month.

"More professionals are becoming attracted to our business because it is widely recognized that real estate continues to be the engine driving our economy."

Established in 1920, the Toronto Real Estate Board is Canada’s largest real estate board serving the needs of its REALTOR members.

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* 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.