June keeps pace

TORONTO, July 6, 2006--The Toronto Area real estate market began the summer season with a strong showing in June, Toronto Real Estate Board President Dorothy Mason announced today.

“The year continues to be very active,” Mrs. Mason said. “June’s 8,730 sales are within five per cent of last June’s total of 9,153, which was part of a record year.”

Mrs. Mason noted that although June was more balanced than previous months, 2006 remains about two per cent ahead of last year’s pace.

“Yeartodate figures show the record first quarter has been followed by solid, steady results in the late spring and early summer.”

According to Jason Mercer, Senior Market Analyst for the Canada Mortgage and Housing Corporation, favourable economic conditions are helping to keep demand strong.

"Robust June sales are testament to the fact that demand for ownership housing remains strong in the Greater Toronto Area. Steady increases in employment and wages coupled with low borrowing costs have kept the number of home buyers near record levels," Mr. Mercer said.

Areas consisting primarily of detached homes were particularly active during June, compared to figures from a year ago.

Wilson Heights in North York saw 42 per cent more transactions than in June 2005.

In Scarborough, the Birchmount Park / Cliffside area of the waterfront had 38 per cent more homes change hands as compared to June 2005.

North of Toronto, the northern part of Richmond Hill had a 17 per cent increase in overall transactions led by detached home sales.

Meanwhile, a jump in activity of semidetached homes helped push the Junction / High Park area of Toronto 33 per cent higher than last June in terms of overall sales.

The market is still very healthy and there is a lot of choice for all types of homebuyers,” Mrs. Mason added. “It’s a very good time to be in the housing market.”

Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a stateoftheart Multiple Listing Service. Its 25,393 listings resulted in June’s 8,730 sales. Serving over 24,000 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.