April setting record pace

TORONTO, April 20, 2006 -- In the first half of April, the Toronto Area resale housing market showed a three per cent increase in transactions compared to the same time period a year ago, Toronto Real Estate President John Meehan announced today. The 4,140 sales that took place during the first half of the month were also up one percent from the record-setting pace of mid-April 2004.

“The market followed its best first quarter ever with another solid performance to start this month,” Mr. Meehan said. “The spring season is a very important indicator for the overall health of the market and it is very encouraging to see this kind of performance.”

The President also reported that the average price of a home in mid-April was $366,878, two per cent higher than the mid-March figure of $360,285, and up nine per cent over the $337,206 recorded in mid-April of 2005.

Ted Tsiakopoulos, Ontario regional economist for CMHC, noted that a strong economy and low interest rates are behind the active resale market.

"Strong home sales continue to push GTA home prices higher in April. Steady increases in home prices since the mid 90s have helped consumers feel very confident investing in real estate. A steady job market, strong consumer confidence and interest rates near historical lows will ensure that prices remain sustainable."

A few neighbourhoods across the Greater Toronto Area showed particularly high mid-April sales totals in comparison to mid-April figures from last year:

In the East, Scarborough's Wexford / Dorset Park area saw 71 per cent more overall transactions compared to mid-April 2005, helped by a jump in condominium activity.

In the West, overall sales activity in Rexdale was 62 per cent higher than totals recorded midway through April of a year ago.

Condominiums made up the majority of transactions in Toronto's Downtown East neighbourhood as the area saw 60 per cent more overall transactions in the first half of April, compared to a year ago.

North of Toronto, the Markham West / Langstaff neighbourhood showed an overall increase of 89 per cent compared to mid-April of last year, fueled by strong sales of detached homes.

Mr. Meehan added that Toronto Area consumers have a lot to be positive about.

“Consumers are seeing consistent, positive results based on healthy fundamentals and it's fostering a lot of confidence. The market is well supported and is giving steady returns, yet it remains quite accessible. It's still a good time to get into the market or make a move.”

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.