Toronto Real Estate Up 24 percent Mid June Totals

During the first fifteen days of June, resale home transactions jumped 24 per cent compared to the same time frame a year ago, Toronto Real Estate Board President Dorothy Mason announced. The first half of the month yielded a remarkable 5,074 sales, an increase of 1,000 transactions from last year’s mid-June figures. This total was also 12 per cent higher than the 4,522 sales recorded in the first half of May,which ended as the most active month ever.

“We are going through one of the strongest spring markets ever,”Mrs. Mason said. “There is a lot of momentum carrying over from that and it bodes well as we move into summer.” In Scarborough Centre/Woburn (E09), sales of detached homes doubled as 38 per cent more overall transactions took place compared to mid-June a year ago. Alderwood/Mimico (W06) in Toronto’s west end saw an over all increase in activity of 50 per cent compared to figures from last year. Toronto’s Annex neighbourhood (C02) saw the number of transactions to mid-June increase by 61 per cent compared to 2006.

Outside the city, brisk sales of town homes and detached homes in central Vaughan (N08) led the way as overall transactions increased 53 per cent over the same time frame a year ago. The average price of a resale home at mid-month was $384,576, an increase of seven per cent over the $358,648 recorded during the first half of June 2006. Inventory stood at 23,725 listings, reflecting a good amount of choice and helping to keep price increases under control. “We have strong local and national economies, great value in the marketplace and solid returns on investment,” TREB’s President said. “It’s anexcellent time to be in the market, and savvy consumers are taking advantage of these great conditions.”

Toronto REALTORS(R) are passionate about their work. They adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service. Serving more than 25,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board. Greater Toronto Area openhouse listings are now available on http://www.torontorealestateboard.com/

Source: Toronto Real Estate Board

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