November 5, 2007 — Greater Toronto Area resale housing activity set a new record for the month of October TREB President Maureen O’Neill reported today.
With 7,915 transactions, activity was up 10 per cent over the previous best for the month, set in 2003. Sales were also up 15 per cent over last October.
October’s strong performance has pushed year-to-date activity 12 per cent ahead of last year.
“There is every indication that 2007 will be a banner year for resale housing activity in the Greater Toronto Area,” said Ms. O’Neill.
“The effects of the City of Toronto’s new land transfer tax will definitely be felt in 2008 but we are also confident that consumers will continue to see the value of real estate as a solid long-term investment.”
Prices also rose in October to an average of $394,646, a four per cent increase over the previous month.
In Pickering (E13), overall activity was up 34 per cent, led by strong detached sales and a doubling of condominium apartment transactions.
Willowdale (C07) experienced the same combination of strong detached sales and sizeable condominium apartment transactions, which led to a 67 per cent increase in overall sales.
Condominium apartment sales also pushed the South Humber area (W07) to a 60 per cent overall increase in activity.
In Central Richmond Hill (N04), a combination of detached sales and attached/row-house sales, contributed to an overall increase of 54 per cent.
Source: TREB (Toronto Real Estate Board)