March Market Takes Off

TORONTO, March 20, 2006 -- The 3,755 transactions that took place in the Toronto Area resale housing market during the first half of March were one per cent higher than the mid-March total from a year ago, Toronto Real Estate Board President John Meehan announced today.

“Unlike last year, which started slowly but ended as the best year on record, 2006 has started with a bang,” Mr. Meehan said. “The market is showing a lot of positive signs as it gears up for the peak spring months, and mild temperatures so far this year have helped set the pace.” He also noted that the mid-March total was 14 per cent higher than mid-February's results.

Ted Tsiakopoulos, Ontario regional economist for the Canada Mortgage and Housing Corporation, cited several factors that have contributed to the year's strong start.
"Home sales remain robust well into March thanks to a well diversified economy, healthy consumer confidence and ample product choice.” said Mr. Tsiakopoulos.

Among the areas that demonstrated particularly high activity in the first half of the month compared to the same timeframe a year ago was the neighbourhood of Riverdale. Semi-detached homes were the most common type sold in Riverdale, as the area saw 24 per cent more overall transactions compared to mid-March 2005.

Very strong activity was once again seen in West Toronto, as the Junction / High Park area saw overall transactions increase by 77 per cent compared to the first half of last March, led by an increase in sales of detached homes.

A 77 per cent jump in overall transactions compared to mid-March a year ago was also seen further north in the Weston / Keelesdale area of Toronto, fueled by a significant increase in condominium transactions.

Outside the city, the north end of Richmond Hill experienced 28 per cent more overall transactions compared to mid-March of 2005.

Prices continued to trend upward in March, as the average price of a home in the Toronto Area reached $360,285 at mid-month. This is a seven per cent increase over last year, and a three per cent increase over February's average of $348,804.

“We're seeing evidence of a healthy market on all fronts,” John Meehan said. “It's a good time to be thinking about making a move or getting into the market for the first time.”

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 more than 23,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada's largest real estate board.

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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.