Toronto real estate sales jump

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Toronto real estate sales jump Downtown sees huge gains at mid-month Monday, January 23, 2006 Inman News

Toronto, Canada In the first half of January, the Toronto-area resale housing market posted a 15 percent increase in sales compared to the first half of January 2005, the Toronto Real Estate Board reported. Realtors reported 1,508 sales during the first half of this month, up from 1,310 sales during the same period a year ago. "As usual, activity in the post-holiday season market is more moderate than during the peak spring months, but so far it is running at a normal pace for this time of year," TREB President John Meehan said. "Sales typically accelerate during the second half of the month and into February as the spring market begins to warm up." Strong sales of condominiums played a significant role in one of the hottest markets in the Greater Toronto Area. In Toronto's Downtown/Harborfront area, sales of condominiums made up 89 percent of the transactions, as overall sales in the first half of January outpaced last year's total by 69 percent. The average price of a home in the Greater Toronto Area in the first half of January was $311,065, an increase of 2 percent over the $303,236 recorded during the first half of January 2005. The Toronto Real Estate Board serves more than 22,000 Realtors throughout the Greater Toronto area.