November market on solid footing
TORONTO, December 6, 2006 -- The Greater Toronto Areas resale housing
market maintained its strong pace in November as 6,281 homes changed hands during
the month, Toronto Real Estate Board President Dorothy Mason announced today.
The market is holding very steady as we progress through autumn and we are
seeing a good level of activity across the board, Mrs. Mason said. Overall
conditions are very healthy and 2006 remains within just one and a half percent
of last years all-time record sales pace.
Despite a slight moderation from last Novembers total of 6,646 transactions,
the resale market remains on solid footing according to Jason Mercer, CMHCs
Senior Market Analyst for the GTA.
Existing home sales have remained very respectable through the first two
months of the fourth quarter, Mr. Mercer said. Home buyers have remained
confident in their ability to purchase a home due to low borrowing costs and steady
employment and wage growth, on average.
In the citys east end, Scarborough Town Centre / Woburn (E09) saw an increase
in overall sales of 30 per cent compared to November 2005, led by a jump in condominium
A jump in transactions of semi-detached homes fueled an overall sales increase
of 53 per cent in the York South area of Toronto (W03) compared to the same timeframe
a year ago.
North of Toronto in Richmond Hill North (N05), detached homes were the most common
housing type changing hands as the area saw an overall increase in sales of 29
per cent compared to last November.
Its a great time to be getting in the market or making your move,
TREBs President added. Conditions in the GTA remain very stable, and
thats good news for consumers.
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 24,000 Members in the Greater
Toronto Area, the Toronto Real Estate Board is Canada's largest real estate board.
Greater Toronto Area open house listings are now available on www.TorontoRealEstateBoard.com.
* 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.