Toronto boasts record year in real estate

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 strong performance in 2005, with 624 sales, up 24 percent over 2004. The average price ended the year at $430,354, up 7 percent from 2004.

For 2005, the average home price rose 6 percent to $335,907, up from $315,321 in 2004.

During December 2005, 4,255 sales were transacted through the TorontoMLS system, the second-best showing ever for that month, TREB reported. Last month's sales total gained 0.5 percent over the 4,232 sales in December 2004.

For December, the average home price totaled $327,216, up 4 percent from December 2004.

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