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September’s housing market on the right track

TORONTO, September 19, 2006 -- The resale housing market in the Toronto Area performed solidly in the first half of September, Toronto Real Estate Board President Dorothy Mason announced today.

“The 2,913 sales to the 15th of the month are off moderately from the 3,112 sales reported to the same time last September,” Mrs. Mason said. “Even though these figures represent a limited timeframe, they indicate more normalized sales levels.”

CMHC’s Ontario regional economist Ted Tsiakopoulos agreed, noting that “while GTA existing home sales have remained strong, some moderation in activity should be expected. A ten year expansion in home prices and recent increases in mortgage rates have lifted home carrying costs. Nevertheless, strong condominium and townhome sales suggest consumers continue to have choices.”

Sales of townhomes and detached homes in Markham / Unionville (N11) contributed to an overall increase in transactions of 54 per cent compared to 2005’s mid-September results.

In the east, Guildwood / Scarborough Village (E08) showed an overall sales increase of 81 per cent to mid-September, compared to the same timeframe in 2005.

In the Islington / Kingsway area of Etobicoke (W08), 47 per cent more overall transactions took place in the first half of the month, compared to mid-September of last year.

North York City Centre East / Willowdale (C07) saw 55 per cent more overall sales compared to mid-month figures from 2005.

Prices continued their upward trend, with the mid-month average price of $335,208 eclipsing the mid-September 2005 mark of $328,266 by two per cent. Average prices year-to-date are five percent higher than figures reported to the same point in 2005.

“There is a good balance in the market,” Mrs. Mason said. “Prices have risen but an increase in active listings is helping to avoid rapid price escalation. This benefits the market by maintaining affordability. It’s an excellent time to be in the housing 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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