Toronto Real Estate Board: Richmond Hill Real Estate Market Hot!

Submitted by Jasmina on Mon, 2008-01-21 20:46.

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

  • In Downsview (W05) sales nearly doubled compared to the same timeframe a year ago, with activity in all housing types.
  • The Lawrence Manor area (C04) also saw transactions double compared to year ago, driven largely by detached homes sales.
  • Bowmanville (E17) experienced a 65 per cent overall increase in transactions compared to the first half of January 2007, primarily due to detached home sales.

“This early indication certainly gives us reason to be optimistic about the 2008 Toronto real estate market,” said Ms. O’Neill.