Solid Summer Sales - Toronto Real Estate Board

Today the Toronto Real estate Board published their mid-month update on the Toronto area housing market. The average prices are up about 5% year-over-year and the transaction volume remains very strong. - Ralph

Here is the report...

July 20, 2006 -- In the first half of July, the Toronto Area resale housing market outperformed last year’s mid-July sales pace by three per cent, Toronto Real Estate Board President Dorothy Mason announced today.The 3,251 transactions recorded to the 15th of the month eclipsed the 3,145 sales recorded to the same time in July of 2005.“As we progress through the summer, the market is demonstrating a great deal of stability,” Mrs. Mason said. “The strong, consistent activity we are seeing is certainly a positive sign.”The price of a home in the Greater Toronto Area at mid-month was $346,267, up five percent from the same period last year when the price was $329,478. “Price increases are steady,” Mrs. Mason noted, “and a healthy 25,875 listings at mid-month means they will likely remain at a sustainable level.”Overall sales in Toronto’s downtown / Harbourfront area through the first half of the month outpaced last year’s mid-July performance by 30 per cent on the strength of a very active condominium market.A jump in condominium activity also helped fuel an overall sales increase of 56 per cent in Scarborough’s Morningside area, compared to mid-July 2005.In the Clarkson / Lorne Park area of Mississauga, detached homes were most common as the area saw 88 per cent more homes change hands in the first half of the month compared with mid-July of last year.“Consumers can find a lot to be confident about in terms of activity, prices and inventory,” TREB’s President said. “Things are moving in the right direction so it’s a great time to be in the market.”