Summer Starts Strong

TORONTO, July 6, 2006--The summer of 2006 got off to a booming start, with 8,730 resale home sales in the month of June, incoming TREB President Dorothy Mason announced today.

"This marks the fourth month in a row that sales have topped the 8,000 mark, giving us a year-to-date total of 45,797 sales," Mrs. Mason stated. "That figure is up two per cent over 2005, which turned out to be the best year ever recorded."

The average price came in at $358,035 in June, up four per cent over the $345,065 recorded in June of last year. "Prices remain affordable," Mrs. Mason said, "yet homeownership remains an excellent investment, with an annual return that exceeds inflation."

Average time-on-market remained at 32 days, and inventory fell a little (three per cent) from May to 25,393. "There is still plenty of product out there on the market," Mrs. Mason noted. "And that should keep a cap on price increases."

Breaking down the total, 3,245 sales were reported in TREB’s 28 West districts and averaged $339,469; 1,579 sales were reported in the 14 Central districts and averaged $463,581; 1,762 sales were reported in the 23 North districts and averaged $385,084; and 2,144 sales were reported in TREB’s 21 East districts and averaged $286,174.


Neighbourhood Corner
Etobicoke
Etobicoke (districts W-6 to W-10) has been 2,413 sales to-date in 2006, up one per cent from the 2,379 recorded from January to June of 2005. The average price climbed seven per cent to $383,220 from last year's $357,070.

Source: Toronto Real Estate Board

June keeps pace

TORONTO, July 6, 2006--The Toronto Area real estate market began the summer season with a strong showing in June, Toronto Real Estate Board President Dorothy Mason announced today. “The year continues to be very active,” Mrs. Mason said. “June’s 8,730 sales are within five per cent of last June’s total of 9,153, which was part of a record year.”

Mrs. Mason noted that although June was more balanced than previous months, 2006 remains about two per cent ahead of last year’s pace.

“Yeartodate figures show the record first quarter has been followed by solid, steady results in the late spring and early summer.”

According to Jason Mercer, Senior Market Analyst for the Canada Mortgage and Housing Corporation, favourable economic conditions are helping to keep demand strong.
"Robust June sales are testament to the fact that demand for ownership housing remains strong in the Greater Toronto Area. Steady increases in employment and wages coupled with low borrowing costs have kept the number of home buyers near record levels," Mr. Mercer said.

Areas consisting primarily of detached homes were particularly active during June, compared to figures from a year ago.

Wilson Heights in North York saw 42 per cent more transactions than in June 2005.
In Scarborough, the Birchmount Park / Cliffside area of the waterfront had 38 per cent more homes change hands as compared to June 2005.

North of Toronto, the northern part of Richmond Hill had a 17 per cent increase in overall transactions led by detached home sales.

Meanwhile, a jump in activity of semidetached homes helped push the Junction / High Park area of Toronto 33 per cent higher than last June in terms of overall sales.

"The market is still very healthy and there is a lot of choice for all types of homebuyers,” Mrs. Mason added. “It’s a very good time to be in the housing market.”

Market Stays Hot in June

TORONTO, June 19, 2006 -- The year’s strong spring housing market remained active in the first half of June with 4,074 homes changing hands, Toronto Real Estate Board President John Meehan announced today. An average of nearly 300 homes per day sold through the first 15 days of the month.

“Market conditions have been very good all spring, and the strong activity we’ve seen is a reflection of that,” Mr. Meehan said. “With just a few days remaining, this spring has so far been over two per cent more active than last spring.”

Jason Mercer, Senior Market Analyst for the Canada Mortgage and Housing Corporation, noted that with strong economic fundamentals remaining in place, the Toronto Area housing market will remain quite healthy. “Home sales will remain well above the long-term average this year,” Mr. Mercer said.

The average price for a home in the Toronto Area at mid-month was $358,648, up four per cent from the end of June 2005. The median stood at $303,000, also up four per cent from the $292,000 seen a year ago. Average time on the market for each sale remained very low at 32 days.

Toronto’s eastern waterfront continued to be very active during the first half of June. In The Beach, 30 per cent more homes changed hands overall compared to mid-June 2005, with detached homes the most active type. Immediately to the east in Scarborough’s Cliffside / Birchmount Park area, a 55 per cent increase in activity took place to mid-month, compared with mid-June figures from last year.

Further west, strong sales of condominiums and semi-detached homes in the Junction / High Park area of Toronto pushed overall sales 40 per cent higher than the first half of last June.

“Good fundamentals and lots of consistency are the key factors in this market,” TREB’s President said. “It’s a great time to make a switch to another home or get in the market for the first time.”

Source: Toronto Real Estate Board