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A few neighborhoods both within and outside of the 416 area code saw increased sales over the first half of February, 2007:

• Central Richmond Hill (N04) experienced a notable increase in sales compared to the same timeframe last year. Transactions were up 21 per cent, primarily due to an increase in attached row sales.
• In Ajax (E14) sales were up 11 per cent compared to mid-February 2007, based mainly on an increase in detached home sales.
• In the West region, the W03 (York South) district saw a 41 per cent increase in transactions, driven by strong sales of semi-detached homes.

Although Resale Home transactions in other Greater Toronto Area MLS districts declined in the first two weeks of February, several positive factors were also noted:

It seems each month has been a record breaker for the real estate industry in York Region and across the GTA. Central Richmond Hill N04 district led the way in January with a 59 per cent overall increase in sales compared to mid-January 2007, mainly as a result of attached/row house transactions.

Across the Greater Toronto Area there were 1,776 transactions, an increase of 11 per cent increase over the same timeframe a year ago, announced Toronto Real Estate Board President Maureen O’Neill. The average time a property is currently on the market is 41 days, down 13 per cent as compared to a year ago. The average price also increased considerably compared to the first half of January 2007. It currently stands at $367,574 an eight per cent increase over the $340,793 recorded at mid-January a year ago.

Strong Activity in other areas of the Greater Toronto Market

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, August 3, 2007 -- Last month, the local resale market was 26 per cent more active than during the same time in 2006, TREB President Donald Bentley announced today:

• Transactions in Richmond Hill (N04) increased 77 per cent over July 2006, due to a 100 per cent increase in Attached / Row-House sales and strong performances in most other house types.
• A large increase in Condominium Apartment sales was responsible for a 40 per cent increase in total sales for North York (C14). There were 5,115 sales in the North York area (C04,C06,C07 and C12 through C15) during the first seven months of 2007, up 12 per cent over the 4,583 sales recorded during the same time-frame in '06. The average price came in at $488,663, a five per cent increase over last year.
• Strong sales of Detached Homes and Condominium Apartments in the South Humber part of Etobicoke (W07) contributed to a 116 per cent increase in total transactions over the same time last year.
• Home Buyers are flocking to live in Riverdale area (E01), which saw a 73-per-cent increase in sales from the previous July.