North York Willowdale Home Sales increased 19%, Toronto Real Estate Housing Market Solid

Submitted by Jasmina on Wed, 2008-02-06 11:26.

A strong performance within TREB's Central districts drove the Toronto area real estate market to a healthy 5,073 sales in January, off just two per cent from last year's record performance, Toronto Real Estate Board President Maureen O'Neill announced yesterday.

While sales were strong, price increases remained modest, with the average rising six per cent (compared to January 2007) to $374,449. There is clearly still a place for the first-time home buyer in today's resale market, said Ms. O'Neill.

The strongest activity last month took place in Toronto's Central and East MLS districts:

  • North York Willowdale (C07) saw a 19 per cent increase in sales, due in large part to condominium apartment transactions as well.
  • Strong condominium apartment sales also lead the Downtown Core (C01) to a 19 per cent overall increase in transactions compared to a year ago.
  • The Danforth (E03) experienced a 30 per cent increase in transactions compared to last January, driven by strong sales in all housing types.
  • In West Agincourt (E05) 32 per cent more homes changed hands, primarily as a result of a surge in condominium apartment sales.

"While we are optimistic that the market will remain healthy throughout 2008, we recognize there are threats such as a U.S. economic slowdown and a land transfer tax in the City of Toronto," said Ms. O'Neill. "Like other levels of government, municipalities should be considering options to help off-set these risks. TREB plans to be a strong voice for REALTORS® and homebuyers as GTA municipalities, particularly the City of Toronto, debate their budgets."

For more details about Toronto Resale Housing Market performance across GTA MLS districts in January 2008, download Toronto Real Estate Board Market Watch in PDF format.