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Kelly Fallis

2007 was a big year for the Toronto resale real estate market; in fact it was the best year ever!

01-09-08
Kelly Fallis

December's 4,646 sales came within 2% of the best performance for the month, set in 2001. This was largely due to the condo sales, which accounted for 25% of all resale activity in the month; likely due to the fact condo's are quickly becoming more affordable than houses in the core, and that they show well in the winter. (Something about that low maintenance feature certainly rings in as attractive; on the day of the great storm I entertained loads of calls from friends out shoveling while I sat back and enjoyed the snowy streets from my 15th floor downtown view!)

Greater Toronto Area home sales increased 12% over 2006 for a grand total of 93,193 sales. To no one's surprise so did the average price; up 7% from the previous year at $394,931 in December (Remember that's the GTA; if you want to live in the core the average has surpassed $500,000).

Where was the activity concentrated in December?

  • Riverdale (E01) semi-detacched homes were hot with a 75% increase from levels in December 2006
  • Mimico (Etobicoke - W06) had a 57% increase with all the new condos
  • North York (C14) was up based on strong detached home sales
  • Downtown East (C08) saw a 59% increase due to both strong condo and semi-detached sales

Future Outlook:

Strong, stable sales throughout 2007 show that it is a great time to buy or sell a home. We're just back at it now, and activity levels are hopping already; should prove to be an interesting January, especially with Toronto's new land transfer tax coming into effect in just 22 days!