Toronto Real Estate Board:

A bright start to the New Year

The first half of January saw 1,776 resale homes in the Greater Toronto Area change hands, an 11% increase over the same period a year ago Toronto Real Estate Board President Maureen O’Neill announced today. “This early indication certainly gives us reason to be optimistic about the 2008 resale housing market,” said Ms. O’Neill. “We are still looking forward to a strong, steady year ahead. Toronto’s land transfer tax will come into effect on February 1, so we are watching this issue.”

The average price also increased considerably compared to the first half of January 2007. It currently stands at $367,574 an eight per cent increase over the $340,793 recorded at mid-January a year ago.

Strong activity was noted in several areas of the GTA. Bowmanville (E17) experienced a 65 per cent overall increase in transactions compared to the first half of January 2007, primarily due to detached home sales. In Downsview (W05) sales nearly doubled compared to the same timeframe a year ago, with activity in all housing types.

The Lawrence Manor area (C04) also saw transactions double compared to year ago, driven largely by detached homes sales. entral Richmond Hill (N04) showed a 59 per cent overall increase in sales compared to mid-January 2007, mainly as a result of attached/row house transactions.

The average time a property is currently on the market is 41 days, down 13 per cent as compared to a year ago. “These are all solid gains that point to a stable, healthy market for 2008,” said Ms. O’Neill.