Toronto Real Estate Update

Resale market shows strong summer

Last month, the local resale market was 26 per cent more active than during the same time in 2006, recording a July record 8,912 sales, TREB President Donald Bentley announced today.

“Currently, year-to-date transactions stand at 59,339, up 13 per cent over the first seven months of last year,” Mr. Bentley said. “And with June and July both setting records, we are now seeing the strongest summer performance by our local resale market since records have been kept.”

Toronto’s Riverdale area (E01) saw a 73 per cent increase in transactions over June 2006, fueled by increases in almost every house type.

Strong sales of detached homes and condominium apartments in the South Humber part of Etobicoke (W07) contributed to a 116 per cent increase in total transactions over the same time last year.

A large increase in condominium apartment sales was responsible for a 40 per cent increase in total sales for North York (C14).

Transactions in Richmond Hill (N04) increased 77 per cent over July 2006, due to a 100 per cent increase in attached/row-house sales and strong performances in most other house types.

“The market is building on some very strong economic fundamentals,” noted the TREB President. “And low borrowing costs have kept homes within reach of a broad segment of the population.”

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