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June Sales Sizzle

TORONTO, June 17, 2005 -- The resale housing market saw an eight per cent increase in activity in the first half of June, as compared to June 2004, Toronto Real Estate Board President Ron Abraham announced today.

The 4,308 transactions recorded so far this month exceeded the 3,977 homes that had changed hands during the first half of June of 2004, which ended as the best single month in the Board’s history.

"The market has shown remarkable strength in the first half of the month. This much activity is very positive news for the market as a whole, and especially for those looking to get into the market or make a move," Mr. Abraham said.

He also added that strong numbers throughout the spring have helped 2005 pull to within just two per cent of 2004’s record-setting pace.

"Throughout the spring, the market has shown consistent power, and the gap is closing between this year’s cumulative sales and those of last year’s record," Mr. Abraham added.

Neighbourhoods within the city of Toronto led the way in sales activity in the first half of the month. In the Downtown core, sales activity rose 30 per cent over the first half of June 2004. Toronto’s Riverdale neighbourhood showed an increase in sales activity of 40 per cent over the same period.

The month's vigorous sales activity has been accompanied by higher prices. The average home in the GTA now costs $349,461, a nine per cent increase over the $319,710 recorded in mid-June 2004, though just one per cent higher than the $346,212 average from a month ago. At $294,000, the median home price is up six per cent over last year ($277,910) and one per cent over last month ($290,000).

Serving more than 22,000 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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