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Toronto’s housing market remains steady

The Toronto Area resale housing market had its second-best August performance ever with 6,976 transactions recorded during the month, Toronto Real Estate Board President Dorothy Mason announced today.

The total number of transactions was within seven per cent of the all-time record of 7,498 sales set last August. Year-to-date figures show 2006 to be marginally ahead of the record pace for annual sales also set in 2005.

“Positive results like these show that the market is in good shape,” Mrs. Mason said. “Relative to other segments of the economy real estate is very locally driven, and the Toronto Area market has long been supported by strong economic fundamentals.”

“Consistent activity and steady price gains over an extended period of time have shown that housing demand in the GTA is based on real need,” TREB’s President added. “Slight moderations in sales to more normalized levels help to keep the market from overheating,”

Ted Tsiakopoulos, Ontario regional economist for CMHC, noted that the good overall health of the market produces a variety of benefits.

“While home sales across the GTA have been healthy, listings have also been rising,” said Ted Tsiakopoulos, CMHC`s Ontario regional economist. “A steady increase in new home listings is a good news story for Toronto’s residential real estate market. Rising new listings provide more choice for buyers and ensures discipline among those pricing their homes for sale,” added Mr. Tsiakopoulos.

Some of the most active neighbourhoods during the month were located outside the city core. In the East, the Scarborough Town Centre / Woburn area (E09) showed a 27 per cent overall increase in transactions compared to last August, led by a jump in condominium sales. West of Toronto, Milton (W22) showed an overall increase of 72 per cent compared to August 2005, led by strong sales of detached and semi-detached homes.

“It’s a great time to be in this market whether starting out or making a switch,” Mrs. Mason said. “There is a lot of choice out there as we gear up for the busy autumn market.”

Posted on Thursday, September 7, 2006 at 02:35PM by Registered CommenterElaine in | CommentsPost a Comment

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