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Toronto Real Estate Board: Average price in 2006 rose five per cent making home-ownership a sound investment

Submitted by Jasmina on Sun, 2007-01-07 22:36.

Year ends with a strong December

TORONTO, January 4, 2007 -- Resale housing activity in December increased by four per cent compared to the same month a year ago, Toronto Real Estate Board President Dorothy Mason announced today.

Year-over-year, the average price in 2006 rose five per cent over the $335,907 recorded in 2005 to $351,941. “This means that prices continue to outpace inflation, making home-ownership a sound investment in today's economy and invariably in the long term”.

“The market is on solid footing and is in excellent shape heading into 2007,” TREB’s President said. The winter season is an excellent time to be active in this healthy market, whether starting out as a first time buyer or making a move to a different home.”

In Don Mills (C13), 54 per cent more overall transactions took place during the month compared to last December, fueled in part by strong condominium activity.

A 54 per cent increase in overall sales was recorded in Etobicoke’s South Humber neighbourhood (W07), also helped by elevated condominium transactions.

East of Toronto, Pickering (E13) showed an overall sales increase of 30 per cent compared to December 2005, while in West Markham / Langstaff (N01), strong condominium sales led to a 63 per cent increase in overall transactions during the month, compared to a year ago.

Real Estate Sales Bring Happy Holiday!

Strong sales in all housing categories, especially link homes, drove Whitby (E15) to a 51% increase in overall sales compared to the same timeframe last year.

A jump in detached home sales powered Brampton East (W24) to a 45 per cent overall sales increase compared to the first half of December 2005.

Toronto's downtown/Harbourfront area (C01) saw a 28 per cent overall increase in home sales, largely due to a 30 per cent increase in the sales of condominium apartments.

Overall sales in Markham West (N01) nearly tripled compared to mid-December last year, due to exceptionally strong condominium apartment sales.

Neighbourhood Corner

City of Toronto

With 34,404 sales recorded in 2006, the City of Toronto (E-1 to E-11, W-1 to W-10, and C-1 to C-15) saw its most active resale market, up one per cent over the 33,963 recorded in 2005, the previous best-ever performance. Meanwhile, the average price rose five per cent to $378,775.

View full Toronto MLS Market Watch report (PDF)