2007 Toronto Real Estate Board Sales Hit A Record High

Spurred by a robust condo market, 2007 GTA housing resales were the best ever, according to the Toronto Real Estate Board (TREB).

“Typically condominium apartment transactions comprise just over 20 per cent of total sales, but in December they accounted for more than a quarter of resale activity,” says TREB President Maureen O’Neill.

“Condos are often more affordable than other housing options and they show particularly well in winter.”

A total of 93,193 resale homes changed hands in the GTA last year, up 12 per cent from 2006 resales.

As well, December’s 4,646 resales came within two per cent of the best performance for the month, which was set in 2001.

"Year-end sales are up 12 per cent over last year and up 11 per cent over the 84,145 recorded during 2005, the Toronto market’s previous best-ever annual performance," O’Neill said.

As can be expected, the robust resales have spurred price increases. The current average price has increased three per cent since last month and 19 per cent compared to the same timeframe a year ago.

The December average sale price is now $394,931, which is the closest it has ever come to the ‘magic’ $400,000 level.  This year the average December sales price did not drop back like it usually does, probably indicating that more move-up buyers were in the market, trying to avoid the new 2008 Toronto land transfer tax.

The entire year ended with an average 2007 sale price of $376,902… up 7.1% from the 2006 average.

Last month, the most active areas were in the City of Toronto. In Riverdale (E01) there was a 75-per-cent increase in transactions compared to December 2006, primarily due to brisk resales of semi-detached homes.

In the Mimico area of Etobicoke (W06) transactions were up 57 per cent, driven by a significant increase in the resale of condo apartments.

In the north end of the city in North York (C14) resales increased by 44 per cent compared to last December, spurred by strong detached home resales.

As well, strong condo and semi-detached resales resulted in a 59-per-cent increase in resales, year over year, in Toronto’s Downtown East (C08) area. That central area is bounded by the lake on the south, Yonge Street in the west, the DVP in the east and Danforth to the north.

In fact, resales in the city of Toronto proper continue to boom. In the areas bounded by TREB map areas E-1 to E-11, W-1 to W-10 and C-1 to C-15 there were 39,052 resales last year, up 13 per cent from the 34,404 recorded the year prior. Prices averaged $415,041, up ten per cent from 2006.

CLICK HERE to download the entire December TREB MarketWatch Report.

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