December 19, 2007 -- The Greater Toronto resale home market reached two new heights during the first half of this month Toronto Real Estate Board President Maureen O’Neill announced today.
“The 2,868 transactions recorded during the first two weeks of December have made this the first year that sales have exceeded 90,000,” said Ms. O’Neill. This activity also represents a 3 per cent increase over the 2,783 sales recorded during the first two weeks of December 2006.
This year’s record activity has been matched by record prices. “The average price is now $404,707, which is the first time it has exceeded $400,000,” said Ms. O’Neill.
The current average price has increased 3 per cent since last month and 19 per cent compared to the same time frame a year ago.
In the Danforth area (E03) transactions are up 24 per cent compared to mid-December 2006, as a result of strong semi-detached sales.
New Toronto transactions (W06) are up 43 per cent compared to the same timeframe a year ago, as a result of strong condominium apartment sales. Condominium apartment transactions Downtown (C01) also pushed overall sales in that area up 28 per cent compared to the first half of December 2006.
In North York (C14) detached home transactions led to an overall sales increase of 34 per cent in the area compared to mid-December 2006.
“The two new precedents set in the last two weeks is certainly positive news, said Ms. O’Neill. It’s shaping up to be a busy holiday season for homebuyers and sellers alike.”