Toronto's healthy market rolls along

TORONTO, October 4, 2006 -- The Toronto Area resale housing market showed solid activity throughout September with 6,622 sales to maintain the year's strong performance, Toronto Real Estate Board President Dorothy Mason announced today.

“Though the overall sales pace is at more normalized levels, 2006 remains within one per cent of 2005's all-time record pace for the year,” Mrs. Mason said.

The average price of a home during September was $349,142, up five per cent from the $335,334 recorded last September.

According to Jason Mercer, Senior Market Analyst for the Canada Mortgage and Housing Corporation, good economic conditions continue to provide strong support for the housing market.

“While trending lower, sales are forecast to remain near record levels through 2007,” Mr. Mercer said. “Steady job creation and low borrowing costs are key factors underlying continued strong demand for existing homes.”

In Toronto's east end, Guildwood / Scarborough Village (E08) showed 37 per cent more overall transactions than the previous September as condominium sales in the area nearly doubled from the year before.

Strong results were seen in North York during the month, including a 27 percent jump in overall transactions in North York City Centre West / Willowdale (C07) compared to September 2005. Strong detached home sales contributed to the increase.

“We are still seeing healthy sales levels consistent with a housing market that is in very good shape,” Mrs. Mason said. “Prices are increasing steadily and demand is based on real need. It's an excellent time to take advantage of these conditions by getting into the market or making a move to another home.”

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 24,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada's largest real estate board. Greater Toronto Area open house listings are now available on www.TorontoRealEstateBoard.com.

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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.