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Sales up in early November

TORONTO, November 17, 2006--Toronto Real Estate Board Members reported 3,008 sales during the first half of November, an increase of four per cent from the 2,886 sales recorded during the same timeframe in 2005, Toronto Real Estate Board President Dorothy Mason announced today.

“Although the holiday season is almost upon us, momentum from the autumn market has carried over and things remain very active,” Mrs. Mason said, noting that sales this month are also marginally ahead of mid-October's mark of 3,007.

Bayview Village / Hillcrest Village (C15) in Toronto showed an increase in sales of 40 per cent compared to the midway point of last November.

A jump in sales of semi-detached homes in York South (W03) fueled a 70 per cent overall increase during the first half of November, compared to the same timeframe last year.
In Ajax (E14), east of Toronto, mid-November sales were double the pace of what they were to mid-November 2005, with gains in most housing types.

The average home price to mid-month had risen one per cent to $357,023 over October's $353,677. On a year-to-year basis, November's average was up five per cent compared to the first half of last November ($338,831).

Active listings stand at 24,155, down six per cent from mid-October, as some houses have been pulled from the market in advance of the holiday season. The average time on the market for a home is 37 days.

According to Jason Mercer, CMHC's Senior Market Analyst for the GTA, strong sales and solid price gains reflect a healthy Toronto Area housing market.

“Steady existing home sales, at close to last year's levels, are evidence of continued demand for ownership housing in the Toronto Area,” Mr. Mercer said. “Above-average home sales have kept the annual rate of price growth above inflation.”

TREB's President said, “The GTA market is performing well, and consumers can be confident that it's a good time to purchase their first home or move to a different home for a change in lifestyle.”

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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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