Toronto Real Estate Sales Grow

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Toronto real estate sales grow Condo activity soars across region Friday, April 21, 2006 Inman News

In the first half of April, the Toronto-area resale housing market showed a modest increase in transactions compared to the same time period a year ago, the Toronto Real Estate Board reported. Realtors documented 4,140 sales during the first half of April, up 3 percent from the same period a year ago. "The market followed its best first quarter ever with another solid performance to start this month," said TREB President John Meehan. "The spring season is a very important indicator for the overall health of the market and it is very encouraging to see this kind of performance." TREB also reported that the average price of a home in mid-April was $366,878, 2 percent higher than the mid-March figure of $360,285, and up 9 percent over the $337,206 recorded in mid-April of 2005. A few neighborhoods across the Greater Toronto Area showed particularly high mid-April sales totals in comparison to mid-April figures from last year: In the East, Scarborough's Wexford/Dorset Park area saw 71 percent more overall transactions compared to mid-April 2005, helped by a jump in condominium activity. In the West, overall sales activity in Rexdale was 62 percent higher than totals recorded midway through April of a year ago. Condominiums made up the majority of transactions in Toronto's Downtown East neighborhood, as the area saw 60 percent more overall transactions in the first half of April compared to a year ago. North of Toronto, the Markham West/Langstaff neighborhood showed an overall increase of 89 percent compared to mid-April of last year, fueled by strong sales of detached homes. The Toronto Real Estate Board serves more than 23,000 Realtors throughout the Greater Toronto area.