October Running Strong

TORONTO, October 18, 2006 -- In the first half of October, Toronto Area housing activity kept pace with mid-October results from a year ago, Toronto Real Estate Board President Dorothy Mason announced today.

“There were 3,007 sales reported to mid-month, essentially on par with the 3,012 sales reported during the same period in 2005,” Mrs. Mason said. “Adding to this strong result is the fact that transactions are up three per cent from the 2,913 recorded during the first part of September which is a good sign for the stability of the autumn market.”

In Northeast Scarborough (E11), the number of transactions to mid-month jumped 24 per cent compared to the same timeframe a year ago.

Rexdale (W10), in Toronto’s west end, saw a significant increase in condominium activity which helped to push overall sales up 59 per cent compared to mid-October 2005.

Condominiums were also the driving force behind a 43 per cent increase in overall mid-month sales in Toronto’s central downtown core (C01).

North of the city, Thornhill’s western half (N02) showed an overall increase in transactions of 48 per cent compared to the midpoint of last October, with detached homes being the most popular type.Meanwhile, the average price rose to $353,677, up six per cent over the $335,208 recorded to the middle of September. This figure is also three per cent higher than the $341,865 recorded during the first part of October last year.

Inventory stands at 25,839 listings, up two per cent over mid-September. The average number of days on the market for a home is 35.

Jason Mercer, CMHC’s Senior Market Analyst for the GTA, said, “Steady demand for resale homes has kept average prices rising above inflation, albeit at a lower annual rate, as buyers have benefited from increased choice in the marketplace.”

TREB’s President agreed that market conditions are favourable for consumers.

“It’s a great combination to have solid activity, good price growth and an increased level of inventory to choose from,” Mrs. Mason said. “There has never been a better time to move up to your dream home or get in the market for the first time.”

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.