Toronto Real Estate Board: Central Richmond Hill Home Sales were up 21%

Submitted by Jasmina on Wed, 2008-02-20 21:18.

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:

  • At $385,735, the average price in the GTA rose seven per cent compared to $358,533 recorded in mid-February 2007. Within the City of Toronto, the average rose 11 per cent to $434,657, although pockets within the East end (Agincourt, for example) rose at the more affordable pace of around five per cent.
  • The average number of days on market is currently 31 versus 35 days at the same time last year.

“We are optimistic that we will see a strong spring market because the economic fundamentals remain in place,” said Toronto Real Estate Board President Maureen O’Neill. “Prices are still particularly affordable in Toronto’s East end.”