May breaks all-time record

TORONTO, June 5, 2006 -- More Toronto Area homes changed hands during the month of May than in any other previous single month, Toronto Real Estate Board President John Meehan announced today. The 9,434 transactions that took place during the month were two per cent higher than last May and nearly two per cent above the previous monthly record of 9,275 sales set in June 2004.

“This result is very positive for a number of reasons,” Mr. Meehan said. “We are seeing strong sales totals, yet the pace is very steady and controlled which is a good sign. This speaks to the overall health of the GTA housing market.”

The Scarborough waterfront was one of the most active areas during the month as Guildwood and Scarborough Village saw 33 per cent more transactions than during May of last year. A strong increase in sales of condominiums and townhomes helped fuel the increase, though the majority of transactions were detached homes.

Willowdale, in North Toronto, saw 25 per cent more homes change hands than during May 2005, with condominiums showing the largest increase of any housing type.

Immediately north of Willowdale just outside Toronto city limits, Thornhill showed a 34 per cent increase in overall sales compared to last May.

Ted Tsiakopoulos, regional economist for the CMHC, noted that the larger economic picture shows the Toronto real estate market is a very healthy market to be in.

“Record resale volumes in May suggest that consumer confidence remains strong. A steady pace in home price appreciation, modest rate hikes and rising incomes have kept housing demand healthy across the GTA," Mr. Tsiakopoulos said.

Mr. Meehan agreed that confidence is high. “A big reason there is so much confidence in this market is the consistency it has shown month after month. Consumers are understanding that this is a market with a strong foundation, and that there is a lot of choice out there for established homeowners and first-time buyers alike.”

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. Its 26,220 listings resulted in May’s 9,434 sales. Serving over 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.