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Strongest May on Record

TORONTO, June 6, 2005 -- With a record-setting number of transactions taking place during May, the Greater Toronto Area resale housing market continued its strong spring trend, TREB President Ron Abraham announced today.

"The 9209 homes changing hands represents the strongest May on record, as well as the second strongest month ever. Although total sales for the year have so far moderated from the record 2004 by about four per cent, a record-setting May is a sign that the market is still very robust," Mr. Abraham said.

Leading the way within the GTA were TREB’s Central districts encompassing Toronto’s city core, and districts stretching West of the city, both of which saw a record number of transactions for the month of May.

In Central Toronto, Don Mills showed an increase in activity of 24 per cent over May 2004, while transactions in Leaside and Thorncliffe Park went up by 21 per cent over last year.

In the West, the York/Weston area showed an increase in sales of 15 per cent compared with 2004.

Ted Tsiakopoulos, Ontario Regional Economist for CMHC, noted that economic conditions have contributed to the ongoing strength of the current market.

"Interest rates have held steady for the short term and have drifted lower for the long term over the past month. Low interest rates have offset rising home prices, resulting in stable monthly carrying costs. Indeed, when adjusted for inflation, the average monthly home payment has changed very little since the year 2000," Mr. Tsiakopoulos said.

"A strong market and stable economic conditions show us that it continues to be a favourable time to get into the real estate market or make a housing change," Mr. Abraham added.

Serving more than 22,000 REALTORS throughout the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board.

-30-

* 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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