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08
Market Watch > October 2007 Numbers
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08
Market Watch > October 2007 Numbers
Best October Ever! I know, it seems that I am constantly repeating myself with these Toronto Real Estate Market Watch posts, however, yet again, the Toronto Real Estate Market has shown its resilience and continued growth by setting a new October Real Estate Record with a total of 7,915 transactions. According to the Toronto Real Estate Board, October 2007 saw the highest ever October volume, an increase of 15% over October 2006’s 6,876 transactions, and 10% higher than the previous October record, in 2003, of 7,227 transactions.
According to current TREB President Maureen O’Neill, “There is every indication that 2007 will be a banner year for resale housing activity in the Greater Toronto Area. The effects of the City of Toronto’s New Land Transfer Tax will definitely be felt in 2008 but we are also confident that consumers will continue to see the value of real estate as a solid long-term investment.”
The average price of a house in the City of Toronto rose another 4% over September to a current price of $394,646 and a total of 11% over October 2006’s average price of $356,423.
For more information, contact:
Radu Medan
Sales Representative
Homelife Victory Realty Inc., Brokerage
416.590.0033
rmedan@trebnet.com
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November 8th, 2007
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