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Second-Best July Ever

TORONTO, August 5, 2005 -- The Greater Toronto resale housing market recorded the second-highest number of transactions ever in the month of July, Toronto Real Estate Board President John Meehan announced today.

"The 2005 summer market continued its strong performance, showing an increase of nearly one per cent over July 2004, which was part of a record year," Mr. Meehan said.
Neighbourhoods outside Toronto’s city centre showed some of the strongest numbers for the month.

In Richmond Hill, sales of detached homes fueled an 18 per cent gain over July 2004; its North area seeing an increase of 21 per cent.

In Mississauga, North Cooksville and Northwest Cooksville each showed gains of 33 per cent over July 2004, the latter buoyed by strong condominium sales near Mississauga’s city centre.

Strong condo sales also contributed to a 15 per cent increase in transactions over last July in North York, where condos are the most popular housing type.
"Robust activity in the condominium sector is making believers out of those who were skeptics and demonstrating that the condo market is actually very healthy," Mr. Meehan added.

Jason Mercer, the Canada Mortgage and Housing Corporation’s Senior Market Analyst for the GTA, added that the long-term health of the housing market has kept condo sales strong.

"As the year-over-year growth in average resale price has remained above the general rate of inflation, we have seen increasing interest in more affordable multiple family homes, such as town homes and condominium units. These market segments will continue to be a key driver of sales going forward," Mr. Mercer said.

TREB President John Meehan noted that all housing types are still a good investment.
"It continues to be an excellent time to be in the real estate market, whether starting out or making a move," Mr. Meehan said.

Toronto REALTORS are passionate about their work. They adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service designed exclusively for REALTORS. 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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