Toronto Real Estate Board President Reports Fall Market in Full Swing

TORONTO, September 16, 2004-Toronto Real Estate Board President Ron Abraham reported today that the city’s fall resale market is already booming. With 2,735 sales recorded at mid-month, the market is tracking well ahead of this time last year.

"The market has really hit its stride and we are on track for a record September. This means we will have had six ‘best ever’ months, which matches our all-time record in this regard, with three months left to go," says Mr. Abraham.

There are also indications that prices are rebounding; so far September’s average price is $314,106 up three per cent from last month.

"Over the past three months, we have seen prices moderate, dropping approximately two per cent each month. This was a result of the summer holiday season and now that we are into the fall market prices have begun to bounce back."

There are in fact, certain areas where generally, the sale price to listing price ratio is 100 per cent or slightly more. For example, the Beaches area in Toronto remains hot as do High Park, Rosedale and Leaside.

"In addition to being ahead of last year’s numbers, sales are also up as compared to last month. One particularly busy area at the moment is Oshawa, which is a reflection of the affordability of homes in that area. No matter where you choose to buy, real estate is a very wise long-term investment."

All statistics are derived from the Toronto Real Estate Board’s Multiple Listing Service, TorontoMLS. An MLS system is used only by REALTOR Members of Canada's real estate boards. It is different than the consumer website www.mls.ca, which offers a brief description of properties listed on MLS.

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.