John in Toronto Real Estate News
Here are the latest housing stats, in the words of the Toronto Real Estate Board:
November 5, 2007 -- TREB Members recorded 7,915 transactions of single-family homes in October, an all time record for the month, TREB President Maureen O'Neill announced today. "Sales were up 15 per cent over the 6,876 figure recorded in October of 2006, and up about 10 per cent over the 7,227 transactions that took place in October 2003, which was our previous record."
"There is every indication that 2007 will be a banner year for resale housing activity in the Greater Toronto Area," said Ms. O'Neill. "The effects of the City of Toronto's new land transfer tax will definitely be felt in 2008 but we are also confident that consumers will continue to see the value of real estate as a solid long-term investment."
Prices rose in October, with the average climbing four per cent to $394,646 over September's $380,132, and up 11 per cent over the $356,423 recorded in October of 2006.
Breaking down the total, 2,964 sales were reported in TREB’s 28 West districts and averaged $367,139; 1,602 sales were reported in the 14 Central districts and averaged $522,800; 1,555 sales were reported in the 23 North districts and averaged $415,071; and 1,794 sales were reported in TREB’s 21 East districts and averaged $307,950.
John is a sales associate at Prudential Properties Plus in Toronto and a founder of Realosophy. Email John