In the first half of October, Toronto Area housing activity kept pace with mid-October results from a year ago, Toronto Real Estate Board President Dorothy Mason announced today.
“There were 3,007 sales reported to mid-month, essentially on par with the 3,012 sales reported during the same period in 2005,” Mrs. Mason said. “Adding to this strong result is the fact that transactions are up 3% from the 2,913 recorded during the first part of September which is a good sign for the stability of the autumn market.”
In Northeast Scarborough (E11), the number of transactions to mid-month jumped 24% compared to the same timeframe a year ago.
Rexdale (W10), in Toronto’s west end, saw a significant increase in condominium activity which helped to push overall sales up 59% compared to mid-October 2005.
Condominiums were also the driving force behind a 43% increase in overall mid-month sales in Toronto’s central downtown core (C01).
North of the city, Thornhill’s western half (N02) showed an overall increase in transactions of 48% compared to the midpoint of last October, with detached homes being the most popular type.
Meanwhile, the average price rose to $353,677, up 6% over the $335,208 recorded to the middle of September. This figure is also 3% higher than the $341,865 recorded during the first part of October last year.
Inventory stands at 25,839 listings, up 2% over mid-September. The average number of days on the market for a home is 35.
Jason Mercer, CMHC’s Senior Market Analyst for the GTA, said, “Steady demand for resale homes has kept average prices rising above inflation, albeit at a lower annual rate, as buyers have benefited from increased choice in the marketplace.”
The Toronto Real Estate Board’s President agreed that market conditions are favourable for consumers.
“It’s a great combination to have solid activity, good price growth and an increased level of inventory to choose from,” Mrs. Mason said. “There has never been a better time to move up to your dream home or get in the market for the first time.”
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