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Toronto posts banner year in real estate

Sales, prices soar to new highs

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Single-family home sales broke records last year in the Toronto, Canada, metropolitan area, with Realtors reporting 83,501 closed transactions, the Toronto Real Estate Board reported today. "The year-end total was up 6 percent from the previous record of 78,898," said TREB President Ron Abraham. "In addition, 2004 prices were up 7 percent over 2003 to $315,231, their highest level ever recorded. The median price came in at $270,000, up 6 percent over last year." December alone saw 4,232 sales, the second-best December on the books, and up 1 percent over the same month last year. "The fact that we recorded over 4,000 transactions in what is usually the slowest month of the year is a good sign going forward," Abraham said. "2005 should get off to a healthy start." Breaking down the total, 1,601 sales were reported in TREB's 28 West districts and averaged $285,749; 782 sales were reported in the 14 Central districts and averaged $417,999; 800 sales were reported in the 23 North di...