The Greater Toronto Area (GTA) communities that experienced strong activity in the first half of June are:

• Richmond Hill South (N03) experienced strong detached home sales, which resulted in a five per cent increase from mid-June 2007.
• In Caledon (W28) detached home transactions led to a nine per cent increase in sales over the same period a year ago.
• Condominium apartment transactions also drove West Agincourt (E05) to a 24 per cent increase in sales compared to the same timeframe a year ago.
• In Riverdale (E01) transactions increased 28 per cent compared to the first half of June 2007 driven by strong condominium apartment sales.

Resale home prices continued their upward trend in the first half of this month

The Greater Toronto Area (GTA) average price is currently $398,542, up four per cent over the $384,576 average from the same timeframe a year ago and up 11 per cent from the $358,648 recorded at mid-June 2006.

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:

Sales of existing homes in Greater Toronto Area set an annual record early!

TREB, November 19, 2007 -- 2007 has already become the best year on record for resale homes in the Greater Toronto Area. 84,994 properties have changed hands, as compared to 84,145 sales in 2005, our previous best year, Toronto Real Estate Board (TREB) President Maureen O’Neill announced today. "All of the economic conditions remain in place for a strong housing market in the GTA. The unemployment rate fell by approximately half a percent last month, Statistics Canada anticipates sustained immigration throughout the next decade and mortgage rates remain historically low," said Ms. O’Neill. "Toronto is a very vibrant city in which to live and compared to other urban centres like New York, Los Angeles and London, our housing is very affordable."

Toronto Star, November 20, 2007 -- "Generally speaking, it's odd to see a real estate cycle last this long," says Ted Tsiakopoulos, Ontario regional economist for the Canada Mortgage and Housing Corp. "It seems we've reached a new paradigm where low interest rates, low inflation and a steady job market have kept this going a while longer than most people thought." Other factors at play in 2007 include the introduction of longer-term amortizations in the market, which has allowed new buyers to get a foot in the door, and higher new-home prices that have pushed people back into the resale market, says Tsiakopoulos.

November GTA Home Sales Highlights

TORONTO, November 17, 2006 -- Toronto Real Estate Board Members reported 3,008 sales during the first half of November, an increase of four per cent from the 2,886 sales recorded during the same timeframe in 2005, Toronto Real Estate Board President Dorothy Mason announced today.

“Although the holiday season is almost upon us, momentum from the autumn market has carried over and things remain very active,” Mrs. Mason said, noting that sales this month are also marginally ahead of mid-October's mark of 3,007.

Bayview Village / Hillcrest Village (C15) in Toronto showed an increase in sales of 40 per cent compared to the midway point of last November.

A jump in sales of semi-detached homes in York South (W03) fueled a 70 per cent overall increase during the first half of November, compared to the same timeframe last year.

In Ajax (E14), east of Toronto, mid-November sales were double the pace of what they were to mid-November 2005, with gains in most housing types.