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Strong Start to Autumn Market

TORONTO, September 16, 2005 -- The Toronto Area resale housing market showed a three per cent increase in sales in the first half of September, compared with the same time period in 2004, Toronto Real Estate Board President John Meehan announced today.

“We are already seeing evidence of a solid autumn market, indicating that the strong summer we experienced is carrying over into September. This kind of market strength at this time is especially encouraging coupled with the fact that activity generally tends to increase as autumn arrives,” Mr. Meehan said.

Year-to-date sales totals in comparison with the record 2004 market were also strong, remaining within one and a half per cent of last year's total.

Jason Mercer, Senior Market Analyst for the Canada Mortgage and Housing Corporation, noted that September's strong perfomance thus far remains consistent with economic indicators.

"Mortgage rates have remained very low, and steady employment growth has continued. As a result, households have remained confident in purchasing and paying for a home over the long term,” Mr. Mercer said.

Neighbourhoods stretching from Toronto's midtown area to suburbs North of the city showed particular strength over the first half of the month.
In the Davisville area of Toronto, the number of transactions increased by 38 per cent over the first half of September 2004.

Strong sales of semi-detached homes and condominiums pushed the Downsview area of North York up 55 per cent compared with the same period last year.

In Markham South, detached and semi-detached homes led the way as the area showed an increase of 96 per cent over the same time frame.

John Meehan added that consumers are showing no sign of waning confidence in the market.

“Strong, consistent season over season sales are convincing an ever-growing number of people that there is indeed a very healthy housing market in the Toronto Area and that it continues to be a good time to make a move or get into the market.”

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* 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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