Industry News

Toronto real estate posts record January

Increased demand inspires more homeowners to sell

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Existing-home sales in the Toronto, Canada, market broke records in January, with some districts showing 50 percent gains from a year ago, the Toronto Real Estate Board reported today. There were 5,173 sales of existing single-family homes last month, up 13 percent from 4,587 sales a year earlier. Last month's sales activity was 6 percent above the previous January record set in 2002, according to TREB. "Sales have been very solid to start the year," TREB President Dorothy Mason said in a statement. "It's a very good sign for the market to see a healthy level of activity carrying over from last year's strong finish." Scarborough's Birchmount Park/Cliffside area saw 55 percent more overall sales compared to last January, with detached homes accounting for nearly all transactions. In the Islington/Kingsway area of Etobicoke, a jump in condominium transactions helped to push overall sales 42 percent higher than January 2006. An increase in sales of condominiums and semi-detached homes he...