Industry News

Toronto real estate sales grow

Condo market boosts activity in city center

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Sales of existing homes in the Toronto, Canada, metro area climbed 5 percent in the first half of August compared to the same period a year ago, the Toronto Real Estate Board reported. Areas outside Toronto's city core showed some of the highest activity in the first half of August. East of the city, sales of detached homes in Whitby nearly doubled, pushing overall sales up 38 percent over the first half of August 2004. In Toronto's West end, detached home sales led the way as the Islington/Kingsway area of Etobicoke showed an increase of 55 percent over the same time frame. North of Toronto, the number of transactions in Newmarket jumped 36 percent over the first half of August last year, fueled by significant increases in semi-detached and townhouse activity. Ted Tsiakopoulos, Ontario regional economist for the Canada Mortgage and Housing Corp., noted that affordability is helping to keep sales strong. "First-time-buyer optimism continues to be fueled by near-record low intere...