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2006 continues to roll

TORONTO, March 3, 2006 - Nine per cent more resale homes changed hands in February than during the same month a year ago, Toronto Real Estate Board President John Meehan announced today. The 6,756 transactions represent the second-best February ever, within two per cent of the record set in February of 2002.

“The performance of the Toronto area market early in the year has been very encouraging,” Mr. Meehan said. “We are not yet at the peak of the spring season, but consumers are showing confidence in what is consistently proving to be a solid, healthy real estate market.”

Jason Mercer, Senior Market Analyst for the Canada Mortgage and Housing Corporation, noted that strong demand for home ownership in the Toronto area will likely continue because the economy as a whole is strong.

"Steady job creation and low borrowing costs will keep demand near record levels this year. As the level of existing home purchases remains very high, the average selling price will continue to increase above the rate of inflation,” Mr. Mercer said.

TREB statistics showed that during February, two of the most expensive areas within the city of Toronto also ranked amongst the most active in terms of sales, compared to February 2005:

In the Lawrence Manor / Bedford Park area, detached homes were the most common type as the area saw 40 per cent more overall transactions compared to February of a year ago.

In the most expensive of TREB's 86 districts, the York Mills / Bridle Path area, 38 per cent more homes changed hands than in February 2005.

Meanwhile, further west an increase in the number of condominium transactions contributed to the Weston / Keelesdale area seeing an overall increase in activity of 77 per cent compared to the same month a year ago.

Outside the city, Ajax saw overall transactions increase by 27 per cent compared to last February, fueled largely by sales of detached homes.

“The market is very stable,” Mr. Meehan added. “Great conditions exist right now and smart consumers understand that it's a good time to buy that first home or make the move to a different one.”

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. Its 19,992 listings resulted in February's 6,756 sales. Serving over 23,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada's largest real estate board.

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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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