Resale Housing Continues Steady Pace
Prices continued their upward trend in the first half of this month. The GTA average price is currently $398,542, up four per cent over the $384,576 average from the same timeframe a year ago and up 11 per cent from the $358,648 recorded at mid-June 2006.
In the City of Toronto the current average price is $439,469, up three per
cent over the $424,888 average a year ago and up 14 per cent over the $386,960
average in the first half of June 2006.
In the 905 Region the average price is $371,686 up four per cent from the $357,359
average a year ago and up 10 per cent from the $338,578 recorded at mid-June 2006.
With 4,374 transactions in the first two weeks of this month, sales in
the GTA declined 14 per cent compared to the same timeframe a year ago, which
was particularly a strong year, when 5,074 properties were sold, said Ms.
ONeill. However, compared to the first half of June 2006 when 4,074
properties changed hands, this months activity is up seven per cent.
In the City of Toronto 1,733 sales took place to mid-June 2008. This represents
a 15 per cent decrease compared to the 2,045 properties sold a year ago but a
two per cent increase over the 1,690 transactions in the first half of June 2006.
A different story emerges when you compare the first half of June 2007 before
the Toronto Land Transfer Tax went into effect to the same period in June 2006,
a period showing a 21 per cent increase in sales.
In the 905 Region, the scenario was similar. In the first two weeks of June,
2,641 properties were sold. This represents a 13 per cent decline compared to
the 3,029 homes sold in the first half of June 2007 but an 11 percent increase
over the 2,384 properties sold at mid-June 2006. When you compare the first half
of June 2007 to the same period in June 2006, sales increased by 27 per cent.
Certain communities including Riverdale, West Agincourt, Caledon and Richmond
Hill South experienced strong activity in the first half of this month.
In Riverdale (E01) transactions increased 28 per cent compared to the first
half of June 2007 driven by strong condominium apartment sales.
Condominium apartment transactions also drove West Agincourt (E05) to a 24
per cent increase in sales compared to the same timeframe a year ago.
In Caledon (W28) detached home transactions led to a nine per cent increase
in sales over the same period a year ago.
Richmond Hill South (N03) also experienced strong detached home sales, which
resulted in a five per cent increase from mid-June 2007.
With employment and interest rates holding steady and a 17 per cent increase
in available listings compared to a year ago, it is an ideal time to take advantage
of all that the market has to offer, said Ms. ONeill.
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