Monday, January 08, 2007

January 2007 Toronto Real Estate Board Press Release for last year - 2006 Ends On a High Note

Toronto Real Estate Board (TREB) Average Prices and Graph
The Toronto Real Estate Board (TREB) issued a January 2007 Press Release regarding average prices and volumes for last year - bottom line: 2006 Ends On a High Note

Year over Year Average Toronto Price up 5% for 2006

TORONTO, January 4, 2007 --

TREB Members reported 4,447 sales in December, up four per cent over the 4,255 recorded last December, and the second best total ever recorded for the month, TREB President Dorothy Mason announced today. "December's performance is indicative of the whole year, which saw total transactions break the 83,000 level (83,084) for only the third time since records have been kept," noted the President.

Year-over-year, the average price in 2006 rose five per cent over the $335,907 recorded in 2005 to $351,941. "This means that prices continue to outpace inflation, making home-ownership a sound investment in today's economy and invariably in the long term."

Breaking down the total, 1,643 sales were reported in TREB’s 28 West districts and averaged $318,364; 779 sales were reported in the 14 Central districts and averaged $408,599; 941 sales were reported in the 23 North districts and averaged $382,065; and 1,084 sales were reported in TREB’s 21 East districts and averaged $271,463.

Side Note from Mark: The average price increased in 2006 by 5%. The average price increased 7% in 2005.

This is the official press release from the Toronto Real Estate Board

Year ends with a strong December

TORONTO, January 4, 2007 -- Resale housing activity in December increased by four per cent compared to the same month a year ago, Toronto Real Estate Board President Dorothy Mason announced today.

“All year long the market has remained very stable,” Mrs. Mason said. “December’s strong showing gives consumers even more confidence that there is a solid foundation in place as we begin the new year.”

The elevated activity at the end of the year helped propel 2006 to within just 1.2 per cent of the record sales total set in 2005.

Jason Mercer, CMHC’s Senior Market Analyst for the GTA, argued that a strong economy is behind the upbeat performance: “Households remained confident in their ability to purchase a home last year,” said Mr. Mercer. “Furthermore, steady job growth in a number of different sectors and very low mortgage rates will keep buyers upbeat about home ownership in 2007."

In Don Mills (C13), 54 per cent more overall transactions took place during the month compared to last December, fueled in part by strong condominium activity.

A 54 per cent increase in overall sales was recorded in Etobicoke’s South Humber neighbourhood (W07), also helped by elevated condominium transactions.

East of Toronto, Pickering (E13) showed an overall sales increase of 30 per cent compared to December 2005, while in West Markham / Langstaff (N01), strong condominium sales led to a 63 per cent increase in overall transactions during the month, compared to a year ago.

“The market is on solid footing and is in excellent shape heading into 2007,” TREB’s President said. The winter season is an excellent time to be active in this healthy market, whether starting out as a first time buyer or making a move to a different home.”

For more information please contact A. Mark Argentino

A. Mark Argentino Associate Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS 905-828-3434
FAX 905-828-2829

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