Industry News

Toronto boasts record year in real estate

Several neighborhoods see double-digit sales gains

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With 84,145 sales in 2005, the Toronto, Canada, resale home market experienced its best year ever recorded, exceeding the previous year's 83,501 sales total by almost 1 percent, the Toronto Real Estate Board reported today. "Sales continued to gain strength throughout the year, and especially in the second half," noted TREB President John Meehan. "Relatively low carrying costs and high levels of consumer confidence were two of the most important drivers of the Toronto resale market." Some areas experienced particularly strong sales: The Whitby/Oshawa area had 392 sales, a 26 percent increase over 2004. The average home price ended the year at $303,285, up 2 percent from 2004. Halton Hills saw a 20 percent sales increase in 2005, to 984. The average home price was $308,697 a 6 percent increase over 2004. Part of North York also performed well in 2005, with 2,111 sales, 14 percent higher than in 2004. The average price rose 6 percent to $335,744. Richmond Hill North put in a str...