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Toronto Real Estate Market's Best Year Ever with Six Weeks To Go!

With six weeks remaining, 2007 has already become the best year on record for resale homes in the Greater Toronto Area, Toronto Real Estate Board President Maureen O’Neill announced today.

“As I predicted last month, 2007 will indeed be a banner year for home sales in our city,” said Ms. O’Neill. “So far this year, 84,994 properties have changed hands, as compared to 84,145 sales in 2005, our previous best year.”

With 3,544 transactions to mid-month, November sales are also up five per cent compared the same timeframe last year.

The current average price is $393,084, a nine per cent increase over the first half of November 2006.

The year-to-date average price stands at $374,678, up six per cent over the $352,807 recorded during the first 111⁄2 months of 2006.

In West Agincourt (E05), transactions were up 39 per cent as compared to the same timeframe a year ago, driven by a significant increase in detached home sales.

Newmarket (N07) saw an increase of 50 per cent compared to the midway point of last November, due to a substantial number of detached and semi-detached home sales.

Northwest Cooksville (W15) experienced an overall sales increase of 27 per cent compared to mid- November 2006, mainly as a result of condominium townhouse sales.

In the downtown core (C01) condominium apartment transactions resulted in a 32 per cent overall increase as compared to the first half of last November.

“All of the economic conditions remain in place for a strong housing market in the GTA. The unemployment rate fell by approximately half a per cent last month, Statistics Canada anticipates sustained immigration throughout the next decade and mortgage rates remain historically low,” said Ms. O’Neill. “Toronto is a very vibrant city in which to live and compared to other urban centres like New York, Los Angeles and London, our housing is very affordable.”

Posted on Tuesday, November 20, 2007 at 12:10PM by Registered CommenterElaine | CommentsPost a Comment

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