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Toronto market ends year strong

Tuesday, December 5, 2006

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."