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With an astonishing
11,146
sales in May, the Toronto Real Estate market put in its best
performance since records have been kept, President Dorothy
Mason announced today. "The Toronto Real Estate Board has been
tracking the local housing market for over forty years, and
there has never been a month that even approaches this level of
activity," Ms. Mason stated. "May was up 18 per cent over April,
our previous record month (9,452 sales), and also up 18 per cent
over May of 2006 (9,434 sales), which now ranks as the third
highest sales total recorded."
Ms.
Mason further noted that, according to statistics compiled by
the Canadian Real Estate Association, every home sale generates
about $27,000 in economic activity (for renovations, furniture
purchases, and so forth) over and above direct expenditures
involved in the transaction. "This means that Realtors® and
their clients have contributed over $300 million to the local
economy in ancillary costs last month alone."
However, while sales sky-rocketed, price increases were
restrained, with the average rising a mere five per cent to
$382,787 from the $365,537 recorded during May of 2006.
Breaking down the total, 4,175 sales were reported in TREB’s 28
West districts and averaged $356,836; 2,038 sales were reported
in the 14 Central districts and averaged $506,172; 2,323 sales
were reported in the 23 North districts and averaged $408,391;
and 2,610 sales were reported in TREB’s 21 East districts and
averaged $305,168.
NEIGHBOURHOOD CORNER
Brampton
Year-to-date sales in Brampton have reached 3 ,620, up 10 per
cent over the 3,296 sales recorded to May of last year. Of
these, 2,038 were detached homes, which averaged $354,834, a
four per cent increase over the first five months of 2006.
Another, 749 transactions involved semi-detached homes, which
sold for an average of $273,979, up three per cent over the same
time one year ago. |
