1,508 Sales to Mid-Month

January 18, 2006 --The first half of January resulted in 1,508 resale home sales in the Greater Toronto Area, Toronto Real Estate Board President John Meehan announced today.

"As usual, activity in the post-holiday season market is more moderate than during the peak spring months, but so far it is running at a normal pace for this time of year," Mr. Meehan said. “Sales typically accelerate during the second half of the month and into February as the spring market begins to warm up."

Ted Tsiakopoulos, Ontario Regional Economist for the Canada Mortgage and Housing Corporation, cited strong economic fundamentals as reasons for confidence in the Toronto market.

"Favourable interest rates, positive consumer sentiment and a respectable job market will ensure Toronto's resale market will remain healthy in 2006," Mr. Tsiakopoulos said.

Strong sales of condominiums played a significant role in one of the hottest markets in the GTA. In Toronto’s Downtown/Harbourfront area, sales of condominiums made up 89 per cent of the transactions, as overall sales in the first half of January outpaced last year’s total by 69 per cent.

The average price of a home in the Greater Toronto Area in the first half of January was $311,065, an increase of two per cent over the $303,236 recorded during the first half of January 2005.

Mr. Meehan added, "The overall stability of the market makes it an excellent time to buy that first home or make a lifestyle change by switching to a different home."

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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.