Existing-home sales in Toronto, Canada, climbed 5 percent in November from a year ago, setting a record for the month, the Toronto Real Estate Board announced today.
A total of 6,646 homes changed hands during the month, eclipsing the previous mark of 6,301 transactions recorded a year ago, the board reported.
“Activity in the Toronto area has remained very strong throughout the autumn season,” said Toronto Real Estate Board President John Meehan. “The 2005 market has had a very solid second half, and that trend has continued again this month as we appear to be heading for another record year.”
The 79,995 homes that have changed hands year-to-date is nearly 1 percent higher than the record pace set in 2004.
A number of neighborhoods north of Toronto’s downtown showed high November sales totals in comparison to totals recorded in November 2004. In Downsview, sales of semi-detached homes increased significantly as the area saw 31 percent more overall transactions, compared to November of a year ago. In Willowdale, overall sales for November were also 31 percent higher than a year ago, helped by strong condominium sales. Detached homes represented the majority of the transactions in Richmond Hill Centre, as the area saw 50 percent more overall sales compared to last November.
The average home price for the month was $341,177, a 7 percent increase over November 2004.
“The kind of consumer confidence we are seeing in the market is well-justified,” Meehan said. “The market is well-supported and is giving steady returns to homeowners, while carrying costs are keeping homes accessible to first-time buyers.”
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