Toronto real estate sales set record in January
Excerpt from an article by Tony Wong - Toronto Star
Helena Fong O’Conner has a formula for closing a real estate deal: location, location, location, topped with a dose of good weather.
“It’s obvious, but it can make a big difference because people don’t want to go out when it’s freezing outside,” the Toronto real estate agent said.
Mild temperatures at the beginning of January helped the 2007 housing market to its best start ever, according to the Toronto Real Estate Board.
According to the board, 5,173 existing homes were sold last month, up 13% from January 2006 and 6% higher than the 4,869 sales recorded in January 2002 – the previous record month.
“The resale numbers remain solid because Toronto continues to be a well-priced market,” said Peter Norman, senior vice-president of housing research firm Clayton Research. “Even at the peak we haven’t seen things escalating out of control.”
Still, prices are up by a higher-than-expected 9% in the Toronto area. The average price of a home is now $353,724, up from $323,141 last January.
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