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City Center Leads The Way

TORONTO, May 5, 2005 -- The resale housing market in the Greater Toronto Area continued to show strength in April, bolstered by strong sales in the city centre, TREB President Ron Abraham announced today.

"While sales as a whole declined four per cent from last April’s 9,168 figure, an analysis of TREB figures by Canada Mortgage and Housing Corporation’s Ontario Office shows that, once the raw data has been seasonally adjusted and annualized, April sales were right on par with last year’s record pace."

Results were particularly good for the Central Toronto area, where unadjusted sales actually increased over 2004. In Davisville, the number of sales increased 19 per cent over last April, while Toronto’s downtown and the Harbourfront area demonstrated an increase in sales of 18 per cent over a year ago. Furthermore, condominium sales in the latter neighborhood increased by 21 percent.

Significant increases in volume were also seen in Don Mills, which was up 14 per cent over the previous year, as well as Lawrence Manor and Bedford Park, which showed an increase of 12 per cent as compared to April 2004.

Pockets of the city’s West-end also performed well, with sales in Etobicoke’s New Toronto area up 23 per cent over April 2004, and with the Swansea, High Park, and the York South area up significantly, over 10 per cent.

Within the 905 suburbs, sales in Markham were up 13 per cent over last April, while further out; Halton Hills showed an increase of over 30 per cent.

Ted Tsiakopoulos, Ontario Regional Economist for CMHC, says the strength of the GTA market is not surprising.

"These sales volumes support CMHC`s recent survey findings of home buying intentions across the GTA which indicated that a healthy pool of consumers were planning a home purchase in 2005. Low interest rates and healthy consumer sentiment have certainly helped. More recently however, a healthy mix of homes listed for sale is a specific factor encouraging home buyers to start their home search in the resale market."

Serving more than 21,000 REALTORS throughout the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board.


* Please note that TREB counts by business or sales days. In a 30 day month, there will usually be about 20 sales days, depending on when the weekends fall, holidays,
and so on.



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