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Feb
11
Market Watch - December 2007 Numbers
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Market Watch

Market Watch > December 2007 Numbers

The 2007 Toronto Real Estate Market saw an increase of twelve percent over 2006 figures, with a total of 93,193 sales. The average price of a home in Toronto in December rose to $394,931, representing a year over year increase of 7% over 2006. The Overall Year Over Year average price of a home in Toronto rose equally by 7% to $376,236 compared to $351,941 in 2006.

All in all, the 2007 Toronto Real Estate Market was very strong. No slowdown occurred during the year. If we continue to see similar year over year sales increases, we may very well see a 100,000 + Sales year in 2008 and, most likely, the average price of a home will hit $400,000 sometime in 2008.

Another notable occurrence in the December market was the increase in the percentage represented by Condominium sales. Of all sales during the month, condominiums represented close to 25 per cent of all sales.

“Typically condominium apartment transactions comprise just over 20 per cent of total sales but in December they accounted for more than a quarter of resale activity,” said TREB President Maureen O’Neill. “Condos are often more affordable than other housing options and they show particularly well in winter.”

PDF Icon Download the December 2007 Market Watch PDF Here.