Resale market shows strongest summer performance
August 3, 2007 – Last month, the local real estate market was 26% more active than during the same time in 2006, recording a July record 8,912 sales, Toronto Real Estate Board President Donald Bentley announced today.
“Currently, year-to-date transactions stand at 59,339, up 13% over the first seven months of last year,” Mr. Bentley said. “And with June and July both setting records, we are now seeing the strongest summer performance by our local real estate market since records have been kept.”
Toronto’s Riverdale area (E01) saw a 73% increase in transactions over June 2006, fueled by increases in almost every house type.
Strong sales of detached homes and condos in the South Humber part of Etobicoke (W07) contributed to a 116% increase in total transactions over the same time last year.
A large increase in condo sales was responsible for a 40% increase in total sales for North York (C14).
Transactions in Richmond Hill (N04) increased 77% over July 2006, due to a 100% increase in attached/row-house sales and strong performances in most other house types.
“The market is building on some very strong economic fundamentals,” noted the Toronto Real Estate Board President. “And low borrowing costs have kept homes within reach of a broad segment of the population.”