Toronto Real Estate: Best Year Ever with Six Weeks To Go!

November 19, 2007 — November 19, 2007 — With six weeks remaining, 2007 has already become the best year on record for resale homes in the Greater Toronto Area, Toronto Real Estate Board President Maureen O’Neill announced today.

“As I predicted last month, 2007 will indeed be a banner year for home sales in our city,” said Ms. O’Neill. “So far this year, 84,994 properties have changed hands, as compared to 84,145 sales in 2005, our previous best year.”

With 3,544 transactions to mid-month, November sales are also up five per cent compared the same timeframe last year.

The current average price is $393,084, a nine per cent increase over the first half of November 2006.

The year-to-date average price stands at $374,678, up six per cent over the $352,807 recorded during the first 111?2 months of 2006.

“All of the economic conditions remain in place for a strong housing market in the GTA. The unemployment rate fell by approximately half a per cent last month, Statistics Canada anticipates sustained immigration throughout the next decade and mortgage rates remain historically low,” said Ms. O’Neill. “Toronto is a very vibrant city in which to live and compared to other urban centres like New York, Los Angeles and London, our housing is very affordable.”

Source: TREB (Toronto Real Estate Board)

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