Toronto Real Estate Board - Summer market remains steady through August

Submitted by Jasmina on Sun, 2006-08-20 12:57.

CNW Group: TORONTO, August 18, 2006 -- Resale home transactions remained robust in the first half of August, as mid-month figures showed a three per cent increase over the same timeframe last year, Toronto Real Estate Board President Dorothy Mason announced today.

  • North of Toronto, Central Vaughan (N08) showed an overall sales increase of 41 per cent compared to mid-August 2005.
  • In Mississauga, 37 per cent more overall transactions took place in the eastern portion of Streetsville (W19) compared to last year's mid-August figures, fueled by increased sales of townhomes.
  • In Toronto's east end, Scarborough's E09 district showed a 61 per cent increase in overall sales compared to mid-August figures a year ago, as condominium sales more than doubled.
  • Condominium activity nearly doubled on the east side of North York Centre (C14), as overall transactions in the area went up 40 per cent compared to mid-August of last year.

The 3,290 sales to mid-month surpassed the 3,196 sales recorded to mid-August 2005, while prices increased four per cent over the same timeframe to $333,396 at mid-month. "The market is showing stability through the latter half of the summer," Mrs. Mason said. "At a time when we traditionally see a moderation of activity, sales to mid-August are up marginally over July's mid-month figure of 3,285."and added that the stability of the GTA market is good news for consumers. "Consistency and stability are the keys to this market," Mrs. Mason said. "We are seeing steady performances backed up by strong fundamentals, and that means it's a great time to be in the market."

Ted Tsiakopoulos, CMHC's Ontario regional economist, commented on the growing role condominiums are playing in the market. "Condominium apartment sales as a share of total resale volumes have edged higher over the past year. This is largely due to rising detached home prices and continued condominium apartment completions, particularly in Central Toronto," Mr. Tsiakopoulos said. "Improved job prospects in core Toronto areas and a stabilization in Toronto's rental vacancy rate are also factors contributing to a strong pace of condo sales to both end users and investors alike."

View full Toronto MLS Market Watch report for August (PDF format).