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Where are the Hottest Parts of Toronto's Housing Market this Summer?

Submitted by Jasmina on Fri, 2007-08-10 19:59.

Toronto Real Estate Board Market Update/News

TORONTO, August 3, 2007 -- Last month, the local resale market was 26 per cent more active than during the same time in 2006, TREB President Donald Bentley announced today:

  • Transactions in Richmond Hill (N04) increased 77 per cent over July 2006, due to a 100 per cent increase in Attached / Row-House sales and strong performances in most other house types.
  • A large increase in Condominium Apartment sales was responsible for a 40 per cent increase in total sales for North York (C14). There were 5,115 sales in the North York area (C04,C06,C07 and C12 through C15) during the first seven months of 2007, up 12 per cent over the 4,583 sales recorded during the same time-frame in '06. The average price came in at $488,663, a five per cent increase over last year.
  • Strong sales of Detached Homes and Condominium Apartments in the South Humber part of Etobicoke (W07) contributed to a 116 per cent increase in total transactions over the same time last year.
  • Home Buyers are flocking to live in Riverdale area (E01), which saw a 73-per-cent increase in sales from the previous July.

Toronto Resale Market Shows Strongest Summer Performance!

July 2007 makes the fourth month in a row that sales have broken monthly records. "The local resale market is as healthy as it has ever been", said Toronto Real Estate Board President Donald Bentley. "Not only are we running 13 per cent ahead of last year's January - July total of 52,682, we are running 14 per cent ahead of the seven month total for 2005, which became our best year ever. With June and July both setting records, we are now seeing the strongest summer performance by our local resale market since records have been kept."

While Sales Have Set a Blistering Pace, Prices Eased in July

down 4% per cent to $366,012 from June's average of $381,963. "This decline is seasonal in nature," said the President. "Prices tend to ease in July/August as potential home-buyers and sellers go on holiday."

It is led to a market where sellers know they can get good value for their homes and where buyers know they can shop around for the best deal. "Sellers are selling and the buyers are buying... it's a win-win situation" he said.