TORONTO, August 3, 2006 - Toronto's resale housing market weathered July's heat, as 7,082 sales were recorded through the TorontoMLS system during the month, TREB President Dorothy Mason announced today.
"Market conditions have been healthy throughout the summer, and activity remains high," Mrs. Mason said. "The number of transactions recorded this year remains one per cent ahead of last year's record-setting pace."
The Morningside section of Scarborough was particularly active during the month, with a 24 per cent increase in overall sales activity compared to July 2005. This increase was fueled mostly by double-digit increases in detached home and condo-apartment sales.
High Park showed a 30 per cent overall sales increase compared to last July, due to strong semi-detached and townhouse sales.
The Downtown Core/Harbourfront area also put in a strong showing, with total sales up 28 per cent over the same timeframe in 2005. An increase in condominium sales were behind this healthy performance.
Jason Mercer, Senior Market Analyst for the Canada Mortgage and Housing Corporation, noted that the general health of the market is in excellent shape.
"Resale market activity continues to fall in line with forecast home ownership demand," Mr. Mercer said. “Sales will remain near the record level set in 2005, and growth in average home prices will remain above inflation this year."
Mrs. Mason noted that controlled price increases continued in July. "The overall average for 2006 stands at $354,863, a five per cent increase over 2005," she said. "With inventory up 11 per cent over last July, some of the upward pressure on prices has eased. It is an excellent time to be in the market and there are plenty of options available across the price spectrum."
Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service. Its 25,038 listings resulted in July's 7,082 sales. Serving over 24,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada's largest real estate board. Greater Toronto Area open house listings are now available on TorontoRealEstateBoard.com .
