Toronto Housing Market Reaches New Heights!

TORONTO, June 4 th , 2007 -- In May the Toronto Area resale housing market experienced its most active month ever as 11,146 homes changed hands, Toronto Real Estate Board President Dorothy Mason announced today. The total for the month was 18 per cent higher than May of 2006.

“The level of activity has been very strong through the spring, but it jumped to another level in May,” Mrs. Mason said. “Overall, our yeartodate figures show that sales are about eight per cent ahead of last year’s pace.

”In West Agincourt •E05•, condominium activity more than doubled as overall sales increased by 39 per cent compared to last May.

Condominiums are by far the most common housing type in Toronto’s downtown / Harbourfront neighbourhood •C01•, where transactions jumped 37 per cent overall compared to May of 2006.

In the Cooksville / Port Credit area of Mississauga •W12•, 41 per cent more transactions took place compared to a year ago.

North of Toronto in Vaughan Centre •N08•, overall resale activity increased by 40 per cent compared to the same timeframe in 2006.

With the average price just five per cent higher than a year ago, at $382,787, Mrs. Mason noted that the market is a strong investment, yet still quite accessible.

“We have an excellent combination of healthy, controlled price increases and a very high level of activity,” Mrs. Mason said. “People are demonstrating that it’s a great time to start out in the market or switch to a different home.”

Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a stateoftheart Multiple Listing Service. Its 23,739 listings resulted in May’s 11,146 sales. Serving more than 25,000 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.