Industry News

Real estate sales dip in Toronto

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In the first half of June, the Toronto-area resale housing market showed a slight drop in closed transactions compared to the same period a year ago, the Toronto Real Estate Board reported today. Realtors documented 4,074 home sales during the first half of June, down 5.4 percent from the same period a year ago when 4,308 home sold. Average time on the market for each sale remained very low at 32 days. "Market conditions have been very good all spring, and the strong activity we've seen is a reflection of that," said TREB President John Meehan said. "With just a few days remaining, this spring has so far been over 2 percent more active than last spring." The average price for a home in the Toronto area at mid-month was $358,648, up 4 percent from the end of June 2005, TREB reported. Toronto's eastern waterfront continued to be very active during the first half of June, according to TREB. The Beach neighborhood saw 30 percent more homes changing hands compared to mid-June 200...