TORONTO - Friday, November 3, 2006 --The Toronto Residential market put in another solid performance in October, with 6,876 homes changing hands through the TMLS system, TREB President Dorothy Mason announced today. "This is up about four per cent over September's 6,622 figure. And, though it has moderated slightly from October of 2005, we are still looking at an annual total of well over 80,000 homes transacted. This is a very healthy, active market."
Prices continued their upward trend in October, rising two per cent over September to $356,423. They were also up four per cent over the $342,450 recorded in October of 2005.
This was the news release that was issued by the Toronto Real Estate Board.
Housing market stability continues
TORONTO, November 3, 2006--Toronto resale housing activity remained strong in October, as 6,876 homes changed hands during the month, Toronto Real Estate Board President Dorothy Mason announced today.
The market has shown strong overall numbers despite having normalized from record activity,” Mrs. Mason said. “Yeartodate figures show this year within one and a half per cent of 2005’s record pace, and October sales were four per cent higher than September’s, indicating a solid autumn market."
In The Beach neighbourhood of Toronto (E02), overall sales were 45 per cent higher than October 2005, led by a large increase in semidetached housing transactions.
A jump in condominium activity in Rexdale (W10) contributed to 23 per cent more overall transactions in October, compared with October of a year ago.
Outside the city, Richmond Hill North (N05) showed an overall increase of 32 per cent compared to last October, with detached homes the most common housing type.
Jason Mercer, CMHC’s Senior Market Analyst for the Greater Toronto Area, noted that the GTA’s stable housing market benefits from solid economic conditions overall.
“The annual rate of existing home sales remains near record levels,” Mr. Mercer said. “Home buyers remain confident in their ability to purchase and pay for a home, due to steady growth in jobs and relatively low borrowing costs.”
The average price of a home in the GTA in October was $356,423, two per cent higher than September and four per cent higher than October 2005.
“Prices and activity are very consistent,” TREB’s President said. “This indicates that the market is firmly anchored on a solid foundation. It’s a great time to take advantage of all the choice in the marketplace.”
See the Average Price Cycles
from January 1995 to Date - a very interesting cyclical pattern is clearly
seen!
See how the historical 1 year mortgage interest rate
compares to the 5 year rate
Breaking down the total Numbers into TREB Areas for this month
November Sales figures
October Sales figures
September Sales figures
August Sales figures
July sales figures
June figures:
May Sales figures:
March Sales figures:
February 2006 figures were:
Neighbourhood Corner - Mississauga - Each month The Toronto Real Estate Board profiles a neighbourhood and for January of 2006 TREB chose Mississauga!
Mississauga (MLS districts W12 to W20) had 608 sales in January, up seven per cent over the figure recorded in January of 2005. These sales averaged $305,464, a two per cent increase over last January. Breaking down the total, there were 201 sales of detached homes, which averaged $448,889; there were 171 sales of condominium apartments, and the average for these was $193,481.
There were 569 sales in the Mississauga area during January, down 12 per cent from the figure recorded in January of 2004. The average price, however, rose seven per cent to $298,503. Breaking down the total, detached homes in Mississauga (203 sales) averaged about $418,655, while semis (121 sales) came in at $279,025.
The Mississauga area (W-12 through W-20) registered 645 sales in January, down 10 per cent from the 721 recorded during the same time-frame in 2003. However, the overall average in Mississauga came to $277,594, up seven percent over the $259,207 recorded in January of last year. Average days-on-market was 43, about the same as the Board-wide figure of 42.
In Mississauga (W-12 to W-20) the latter half of this year saw prices climb 10 per cent to $256,824 over the $233,151 recorded for the whole of 2001. Average Days-on-Market in Mississauga was 34, as compared to a city-wide average of 38 days.
Housing prices in selected areas of the GTA | ||||
Municipality | Standard Condo Apt. | Standard Two Storey House | Standard Town House | Senior Executive House |
Brampton | 155,000 | 280,000 | 210,000 | 585,000 |
Burlington | 181,000 | 275,000 | 181,000 | 490,000 |
Markham | 260,000 | 358,000 | 245,000 | 465,000 |
Mississauga | 185,000 | 290,000 | 206,500 | 490,000 |
Oakville | 225,000 | 290,000 | 220,000 | 600,000 |
Richmond Hill | 225,000 | 290,000 | 225,000 | 410,000 |
Toronto - Etobicoke (Islington Kingsway) |
210,000 | 415,000 | 232,000 | 640,000 |
Toronto - Leaside | 250,000 | 645,000 | 350,000 | 950,000 |
Source: Survey of Canadian House Prices, Fourth Quarter 2004 Prices as of Oct.-Dec. 2004 (CDN $) |
Rental Market indicators in the GTA
This chart shows the breakdown of single family residential sales
for last month.
Housing Market Indicators |
||||
|
This month |
This month |
% Change |
|
Sales* |
8,084 |
7,329 |
(-9%) |
less sales |
New Listings* |
12,059 |
12,012 |
( -- ) |
equal listings |
Active Listings* |
20,063 |
22,368 |
(+11%) |
more listings all = softer market and prices |
* All figures above for Single-Family Dwellings.
Totals for this last month
Dwelling Type |
Sales |
% |
Median |
Detached |
4,622 |
98 |
$340,000 |
Semi Detached |
1,171 |
99 |
$271,000 |
Condo Townhouse |
865 |
98 |
$214,000 |
Condo Apt. |
1,643 |
97 |
$191,000 |
Link |
250 |
98 |
$256,250 |
Attached Row Townhouse |
596 |
99 |
$254,750 |
Co-op Apt. |
37 |
97 |
$166,000 |
Detached Condo |
9 |
97 |
$214,000 |
This is a graphical representation showing the percentage
of homes that sold in each price range.
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