TORONTO, September 19, 2007 -- With 3,236 sales so far this month, re-sale housing activity has increased 11 per cent as compared to the first half of September 2006, Toronto Real Estate Board President Maureen O’Neill announced today.
The past five consecutive months have been record-breakers and September is on track to follow suit. It is four per cent ahead of the 3,112 recorded during the first half of September 2005, which became the best September ever.
“Some economists who predicted a soft landing may have to revise their forecasts, said O’Neill. The real estate market continues to prove its strength month after month. There simply is no better investment.”
The average price for a home in the Greater Toronto Area currently stands at $364,364, an increase of nine per cent compared to first half of September 2006.
Neighbourhoods throughout the Greater Toronto Area reported strong sales in the first two weeks of this month.
The High Park area of Toronto (W2) saw twice as many sales compared to mid-September 2006, due to a sizeable increase in the sale of semi-detached homes.
West Agincourt in Scarborough (E04) saw 51 per cent more homes sell in the first half of September compared to the same timeframe a year ago, showing strength in all housing categories.
In the downtown core (C01), condo-apartment activity pushed the area’s overall total 40 per cent higher than sales to mid-September 2006.
Condominiums were also the driving force behind a 29 per cent increase in overall mid-month sales in South Richmond Hill (N03).
“The market is showing strength in a wide range of neighbourhoods and housing types, said O’Neill.
We’re seeing strong activity and stable price growth so there is a lot to be positive about.”