August sets up strong fall real estate market
More people in the Greater Toronto Area bought resale homes last month than in any August before, Toronto Real Estate Board President Donald Bentley announced today.
The 8,059 sales reported last month exceeded the previous best performance for August, set in 2005, by seven per cent.
August also brought year-to-date figures up 13 per cent over the same period last year. So far this year 67,146 homes have sold as compared to 59,488 at this time in 2006. The pace is also 13 per cent ahead of the same timeframe in 2005, which became the best year on record.
“With five consecutive record-breaking months, spring and summer activity was unprecedented and given the strong economic fundamentals that remain in place, we have tremendous confidence in the autumn housing market,†said Mr. Bentley.
The Greater Toronto Area’s strongest sales activity in August took place in widely diverse neighbourhoods.
In West Agincourt (E05) a jump in the sale of detached homes and condo apartments resulted in a 34 per cent overall increase compared to last August.
An increase in the sale of detached homes and condominiums also resulted in an overall increase of 52 per cent in High Park (W02).
In Toronto’s Davisville (C10) the sale of semi-detached homes and condos pushed overall activity in the district to a 58 per cent increase over August 2006.
Richmond Hill South (N03) showed a 43 per cent increase, led by condo apartment and detached home sales.
“Prices moderated in August, down approximately one per cent from the previous month, meaning that there will be many opportunities within reach during this fall real estate market,†said Mr. Bentley.
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