Toronto real estate sales top record for month of January
By Jane Gadd - The Globe and Mail
Last month was the busiest January ever for agents of the Toronto Real Estate Board.
A total of 5,173 homes were sold through the board’s multiple-listing service, 13% more than in January, 2006, and 6% more than the previous record January, in 2002, the Toronto Real Estate Board reported this week.
“January’s record-breaking performance is an encouraging sign for the year ahead,” Toronto Real Estate Board president Dorothy Mason said.
The sales included 106 properties priced over $1-million. (Seventy-seven sold for between $1,000,001 and $1,500,000, and 29 for more than $1,500,001, the Toronto Real Estate Board reported. A further 112 sold for between $750,001 and $1,000,000.)
Still, across the board’s whole territory — the Greater Toronto Area and flanking rural areas as far north as Lake Simcoe — the average sale price in January was $353,724 — up 5% over December and 9% over January, 2006.
The hottest neighbourhoods were Birchmount/Cliffside in Scarborough, which saw a 55% rise in sales over a one-year period, with single-family homes accounting for the vast majority.
In the Islington/Kingsway area of Etobicoke, brisk condominium sales pushed the January sales level 42% higher than the year before.
Ted Tsiakopoulos, Ontario regional economist for Canada Mortgage and Housing Corp., said the Toronto real estate market’s continued stability, despite slower job growth, high energy costs and a loss of migrants to Western Canada, is a result of strong consumer confidence as well as low interest rates and strong income growth.
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