Solid summer sales

TORONTO, July 20, 2006-- In the first half of July, the Toronto Area resale housing market outperformed last year’s midJuly sales pace by three per cent, Toronto Real Estate Board President Dorothy Mason announced today.

The 3,251 transactions recorded to the 15 th of the month eclipsed the 3,145 sales recorded to the same time in July of 2005.

“As we progress through the summer, the market is demonstrating a great deal of stability,” Mrs. Mason said. “The strong, consistent activity we are seeing is certainly a positive sign.”

The price of a home in the Greater Toronto Area at midmonth was $346,267, up five per cent from the same period last year when the price was $329,478. “Price increases are steady,” Mrs. Mason noted, “and a healthy 25,875 listings at midmonth means they will likely remain at a sustainable level.”

Overall sales in Toronto’s downtown / Harbourfront area through the first half of the month outpaced last year’s midJuly performance by 30 per cent on the strength of a very active condominium market.

A jump in condominium activity also helped fuel an overall sales increase of 56 per cent in
Scarborough’s Morningside area, compared to midJuly 2005.

In the Clarkson / Lorne Park area of Mississauga, detached homes were most common as the area saw 88 per cent more homes change hands in the first half of the month compared with midJuly of last year.

“Consumers can find a lot to be confident about in terms of activity, prices and inventory,” TREB’s President said. “Things are moving in the right direction so it’s a great time to be in the market.”

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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.