Septembers housing market on the right
TORONTO, September 19, 2006 -- The resale housing market in the Toronto
Area performed solidly in the first half of September, Toronto Real Estate Board
President Dorothy Mason announced today.
The 2,913 sales to the 15th of the month are off moderately from the 3,112
sales reported to the same time last September, Mrs. Mason said. Even
though these figures represent a limited timeframe, they indicate more normalized
CMHCs Ontario regional economist Ted Tsiakopoulos agreed, noting that while
GTA existing home sales have remained strong, some moderation in activity should
be expected. A ten year expansion in home prices and recent increases in mortgage
rates have lifted home carrying costs. Nevertheless, strong condominium and townhome
sales suggest consumers continue to have choices.
Sales of townhomes and detached homes in Markham / Unionville (N11) contributed
to an overall increase in transactions of 54 per cent compared to 2005s
In the east, Guildwood / Scarborough Village (E08) showed an overall sales increase
of 81 per cent to mid-September, compared to the same timeframe in 2005.
In the Islington / Kingsway area of Etobicoke (W08), 47 per cent more overall
transactions took place in the first half of the month, compared to mid-September
of last year.
North York City Centre East / Willowdale (C07) saw 55 per cent more overall sales
compared to mid-month figures from 2005.
Prices continued their upward trend, with the mid-month average price of $335,208
eclipsing the mid-September 2005 mark of $328,266 by two per cent. Average prices
year-to-date are five percent higher than figures reported to the same point in
There is a good balance in the market, Mrs. Mason said. Prices
have risen but an increase in active listings is helping to avoid rapid price
escalation. This benefits the market by maintaining affordability. Its an
excellent time to be in the housing market.
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.
* 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.