Toronto's healthy housing market rolls along - Prices show gains in September

Submitted by Jasmina on Thu, 2006-10-12 01:41.

Single Family Dwelling Sales Average PriceToronto Real Estate Board's Market Watch for October 2006 provides the latest statistical data from TREB:

As prices rose, sales continued at a more normalized pace, with 6,622 transactions of single-family dwellings sold through the TMLS system. "While down from the 7,326 sales recorded in September of 2005, last month was still the 3rd best September performance ever recorded," said Mrs. Mason. "Toronto's autumn market remains solid and strong, and by year-end our final sales numbers will exceed 80,000 transactions.
Breaking down the total, 2,552 sales were reported in TREB’s 28 West districts and averaged $331,006; 1,166 sales were reported in the 14 Central districts and averaged $443,881; 1,312 sales were reported in the 23 North districts and averaged $386,360; and 1,592 sales were reported in TREB’s 21 East districts and averaged $278,154.

TREB's Neighbourhood Corner of the month is East York:

To the end of September of this year, East York (E03) has seen 1,072 sales, down five per cent from the 1,131 recorded during the first nine months of 2005. Of this total, 529 were detached homes which sold for an average of $363,458, up five per cent over the $345,117 recorded during the same time period last year. There were also 268 semi-detached houses sold, for an average of $351,746. This is a seven per cent increase over the $329,546 sold between January and September in 2005.

Download full Toronto MLS Market Watch report for September 2006 in PDF format! Accompanying News Release was issued the same day - CNW Group (TORONTO, Oct. 4):

The Toronto Area resale housing market showed solid activity throughout September with 6,622 sales to maintain the year's strong performance, Toronto Real Estate Board President Dorothy Mason announced today. "Though the overall sales pace is at more normalized levels, 2006 remains within one per cent of 2005's all time record pace for the year," Mrs. Mason said. The average price of a home during September was $349,142, up five per cent from the $335,334 recorded last September. According to Jason Mercer, Senior Market Analyst for the Canada Mortgage and Housing Corporation, good economic conditions continue to provide strong support for the housing market. "While trending lower, sales are forecast to remain near record levels through 2007," Mr. Mercer said. "Steady job creation and low borrowing costs are key factors underlying continued strong demand for existing homes." In Toronto's east end, Guildwood / Scarborough Village E08 showed 37 per cent more overall transactions than the previous September as condominium sales in the area nearly doubled from the year before. Strong results were seen in North York during the month, including a 27 percent jump in overall transactions in North York City Centre West / Willowdale C07 compared to September 2005. Strong detached home sales contributed to the increase. "We are still seeing healthy sales levels consistent with a housing market that is in very good shape," Mrs. Mason said. "Prices are increasing steadily and demand is based on real need. It's an excellent time to take advantage of these conditions by getting into the market or making a move to another home."