Strong start for the 2007 Toronto real estate market
TORONTO (Canada Newswire) - The January Toronto real estate market was the best January ever, registering 13% more transactions than a year ago, Toronto Real Estate Board President Dorothy Mason announced today. The 5,173 sales in the month were 6% above the previous record set in January 2002.
“Sales have been very solid to start the year,” Mrs. Mason said. “It’s a very good sign for the market to see a healthy level of activity carrying over from last year’s strong finish.”
Scarborough’s Birchmount Park / Cliffside area E06 saw 55% more overall sales compared to last January, with detached homes accounting for nearly all transactions.
In the Islington / Kingsway area of Etobicoke, a jump in condo sales helped to push overall sales 42% higher than January 2006.
An increase in sales of condos and semi-detached homes helped lift Forest Hill to an overall increase of 56% over January of last year. North of the city, in Markham West / Langstaff N01, 50% more homes changed hands in January than during the same month a year ago.
Ted Tsiakopoulos, CMHC’s Ontario regional economist, noted that the Toronto real estate market has been a very stable sector of the economy.
“The Toronto real estate market remains resilient despite slower job growth, high energy prices, and a loss of migrants to western Canada,” Mr. Tsiakopoulos said. “Historically low interest rates, strong income growth and healthy consumer confidence are important factors keeping January home sales buoyant across the GTA.”
The Toronto Real Estate Board’s President added that while the results are preliminary, they should instill confidence in consumers.
“The Toronto real estate market is healthy and continues to be well supported by strong economic fundamentals,” Mrs. Mason said. “These are ideal conditions, and consumers can feel confident making a switch to another home or realizing their dream of home ownership for the first time.”
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 17,884 listings resulted in January’s 5,173 sales. Serving over 24,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board.
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