TORONTO, April 5th, 2006 - Ten per cent more resale home transactions took place during the month of March than during the same month a year ago, Toronto Real Estate Board President John Meehan announced today. The March total of 8,707 sales was the second highest 19,831 sales, a record first quarter result.
"There is a lot to be positive about in this market," Mr. Meehan said. "The year has started very strongly and it shows no signs of slowing as the peak spring market approaches."
According to Jason Mercer, Senior Market Analyst for the Canada Mortgage and Housing Corporation, strong economic fundamentals are helping to maintain consumer confidence.
"Consumers remain upbeat about home ownership," he said. "Tight labour market conditions with low unemployment and rising real wages, along with very low borrowing costs have kept potential buyers confident in their ability to purchase and pay for a home."
A number of areas across the city of Toronto showed high March sales totals in comparison to totals recorded in March 2005:
Condominium sales represented the majority of sales as the Scarborough Centre / Woburn area saw 57 per cent more overall transactions compared to last March.
Condominium sales continued to fuel the Downtown / Harbourfront area as it experienced an overall increase in sales of 34 per cent compared to March of last year.
Further west, the Junction / High Park area of Toronto experienced 63 per cent more overall transactions compared to the same timeframe a year ago.
"The housing market is in good shape overall," Mr. Meehan added. "There are strong fundamentals in place and we are seeing that translate into steady performances month after month. It is still a great time to be in the market."
Toronto REALTORS are passionate about their work. They adhere to a strict code of ethics and share a state-of- the-art Multiple Listing Service. Its 22,765 listings resulted in March's 8,707 sales. Serving over 23,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada's largest real estate board.
