Best October ever pushes 2007 toward a strong finish

TORONTO, November 5, 2007 --Greater Toronto Area resale housing activity set a new
record for the month of October TREB President Maureen O’Neill reported today.

With 7,915 transactions, activity was up 10 per cent over the previous best for the month,
set in 2003. Sales were also up 15 per cent over last October.

October’s strong performance has pushed year-to-date activity 12 per cent ahead of last
year.

“There is every indication that 2007 will be a banner year for resale housing activity in the
Greater Toronto Area,” said Ms. O’Neill. “The effects of the City of Toronto’s new land
transfer tax will definitely be felt in 2008 but we are also confident that consumers will
continue to see the value of real estate as a solid long-term investment.”

Prices also rose in October to an average of $394,646, a four per cent increase over the
previous month.

In Pickering (E13), overall activity was up 34 per cent, led by strong detached sales and a
doubling of condominium apartment transactions.

Willowdale (C07) experienced the same combination of strong detached sales and sizeable
condominium apartment transactions, which led to a 67 per cent increase in overall sales.
Condominium apartment sales also pushed the South Humber area (W07) to a 60 per
cent overall increase in activity.

In Central Richmond Hill (N04), a combination of detached sales and attached/row-house
sales, contributed to an overall increase of 54 per cent..

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. Serving more than 26,000 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 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.