Toronto Real Estate Board: GTA Resale Housing Market maintained its strong pace in November

Submitted by Jasmina on Sat, 2006-12-09 23:29.

TORONTO, December 6, 2006 -- The Greater Toronto Area’s resale housing market maintained its strong pace in November as 6,281 homes changed hands during the month, Toronto Real Estate Board President Dorothy Mason announced today.

November market on solid footing

“Existing home sales have remained very respectable through the first two months of the fourth quarter,” Mr. Mercer said. “Home buyers have remained confident in their ability to purchase a home due to low borrowing costs and steady employment and wage growth, on average.”

In the city’s east end, Scarborough Town Centre / Woburn (E09) saw an increase in overall sales of 30 per cent compared to November 2005, led by a jump in condominium transactions.

A jump in transactions of semi-detached homes fueled an overall sales increase of 53 per cent in the York South area of Toronto (W03) compared to the same timeframe a year ago.

North of Toronto in Richmond Hill North (N05), detached homes were the most common housing type changing hands as the area saw an overall increase in sales of 29 per cent compared to last November.

The market is holding very steady as we progress through autumn and we are seeing a good level of activity across the board,” Mrs. Mason said. “Overall conditions are very healthy and 2006 remains within just one and a half percent of last year’s all-time record sales pace.”

Despite a slight moderation from last November’s total of 6,646 transactions, the resale market remains on solid footing according to Jason Mercer, CMHC’s Senior Market Analyst for the GTA.

“It’s a great time to be getting in the market or making your move,” TREB’s President added. “Conditions in the GTA remain very stable, and that’s good news for consumers.”

November Sales Break 6,000

"This 6,000 plus figure is in keeping with a generally healthy real estate market," said the President. "By the end of December, the Toronto area market will have exceeded 80,000 resales for only the third time in TREB history."

Prices remained stable in November, with the average moderating slightly to $355,727 from October's $356,423. The average was up four per cent over the November 2005 figure of $341,177.

Breaking down the total, 2,424 sales were reported in TREB’s 28 West districts and averaged $334,085; 1,223 sales were reported in the 14 Central districts and averaged $457,730; 1,152 sales were reported in the 23 North districts and averaged $391,959; and 1,482 sales were reported in TREB’s 21 East districts and averaged $278,785.

Neighbourhood Corner

Orangeville

Thus far in 2006, 559 sales have been recorded in the Town of Orangeville (W29) for an average of $261,234, a five per cent price increase over 2005. The majority of homes sold in the area were single-detached (422), which averaged $293,480, and semi-detached (79), which averaged $203,278.

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