Toronto Real Estate Board

Toronto Real Estate Board

October 03, 2007 10:52 ET

Toronto Real Estate Board: September Resale Market Shows Strength

TORONTO, ONTARIO--(Marketwire - Oct. 3, 2007) - The Greater Toronto Area resale housing market continued its strong, stable pace in September with 6,866 transactions taking place, Toronto Real Estate Board President Maureen O'Neill announced today.

This marks an increase of four per cent as compared to September 2006 and is within six per cent of the record set for the month in 2005.

Prices increased to an average $380,132, up five per cent over the previous month.

"Year-to-date sales are up 11 per cent as compared to the same timeframe in our record year 2005," said Ms. O'Neill. "This bodes well for a strong outcome to this year."

In Scarborough Center (E09), sales were up 38 per cent as compared to September 2006, due to a significant increase in the number of detached homes sold.

Sales in High Park (W02) increased by 34 per cent as compared to last September, mainly as a result of a tremendous increase in the sale of semi-detached units.

Condominium apartment transactions led the way to a 64 per cent overall increase in sales in Willowdale (C07).

Richmond Hill South (N03) also saw a strong number of condominium apartment sales, which resulted in an overall increase of 26 per cent as compared to September 2006.

"Resale housing numbers in the GTA have been consistently positive, reflecting a healthy market," said Ms. O'Neill. "We hope that the City of Toronto doesn't jeopardize this market by imposing a second land transfer tax on home buyers."

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