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Toronto real estate market update

May the most active month ever

In May the Toronto Area resale housing market experienced its most active month ever as 11,146 homes changed hands, Toronto Real Estate Board President Dorothy Mason announced today. The total for the month was 18 per cent higher than May of 2006.

"The level of activity has been very strong through the spring, but it jumped to another level in May," Mrs. Mason said. "Overall, our year-to-date figures show that sales are about eight per cent ahead of last year's pace."

In West Agincourt E05, condominium activity more than doubled as overall sales increased by 39 per cent compared to last May.

Condominiums are by far the most common housing type in Toronto's downtown/Harbourfront neighbourhood C01, where transactions jumped 37 per cent overall compared to May of 2006.

In the Cooksville/Port Credit area of Mississauga W12, 41 per cent more transactions took place compared to a year ago.

North of Toronto in Vaughan Centre N08, overall resale activity increased by 40 per cent compared to the same timeframe in 2006.

With the average price just five per cent higher than a year ago, at $382,787, Mrs. Mason noted that the market is a strong investment, yet still quite accessible.

"We have an excellent combination of healthy, controlled price increases and a very high level of activity," Mrs. Mason said. "People are demonstrating that it's a great time to start out in the market or switch to a different home."

June 5, 2007 in Toronto Real Estate Update | Permalink

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Comments

That sounds like quite a jump in sales. What happened to the cooling housing market?

Posted by: Ontario Real Estate | Jun 8, 2007 1:13:03 PM

Sounds like a very healthy market with high volume and reasonable price increases. Can't wait until we see something like that.

Posted by: Keith | Jun 6, 2007 11:28:13 PM

A 5% increase in prices is very healthy. A strong Toronto housing market continues.

Cave Spot
http://www.cavespot.com
Toronto Real Estate Forum

Posted by: Cave Spot | Jun 6, 2007 10:39:51 PM

Cheating. There is no way for such huge difference between mid-month report and month report.

Posted by: Ruha | Jun 6, 2007 11:07:56 AM

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