Toronto Real Estate Market: On Track for a Record-Breaking Year!

Toronto Real Estate Board on Track for a Record-Breaking Year!

December 5, 2007 — Last month became the best November on record with 7,313 resale home transactions in the Greater Toronto Area, Toronto Real Estate Board President Maureen O’Neill announced today.

“I recently reported that 2007 became the best year ever for resale transactions in the Greater Toronto Area with six weeks left to go,” said Ms. O’Neill. Even more astonishing though, is the fact that eight of the 11 months so far this year set new monthly records. No other year has shown as many record-breaking monthly performances.”

Sales were up 16 per cent in November compared to the same timeframe last year.

At $393,757, November’s average price increased 11 per cent as compared to a year ago and remained in line with the previous month.

Some of the most significant activity in November took place in the 416 area code.

Based on strong sales in all housing types, Riverdale (E01) saw a 56 per cent increase in transactions compared to November 2006.

In the Islington/Kingsway (W08), sales rose 55 per cent over last November, driven primarily by an increase in detached home sales.

In Willowdale (C07), transactions nearly doubled compared to the same timeframe a year ago, driven by strong condominium apartment and detached home sales.

In the West part of Markham (N01), strong detached home sales led to an overall increase of 86 per cent compared to November 2006.

“We expect 2007 to be the first year ever to exceed 90,000 transactions, said Ms O’Neill. These numbers reflect the fact that people who live in the Greater Toronto Area see real estate as an excellent long-term investment.”

Source: TREB (Toronto Real Estate Board)

Free Home Evaluation