Toronto housing market has record November
Written on December 6, 2007
Toronto’s real estate market has smashed through its all-time record for sales, The Toronto Real Estate Board said Wednesday,
There were 7,313 sales in the greater Toronto area last month, making it the best November on record. November sales in 2007 were 11% better than the same month a year earlier.
“I recently reported that 2007 became the best year ever for resale transactions in the Greater Toronto Area with six weeks left to go,” said Maureen O’Neill, president of the Toronto Real Estate Board. “Even more astonishing though, is the fact that eight of the 11 months so far this year set new monthly records no fax payday advances. No other year has shown as many record-breaking monthly performances.”
Prices also continue to reach new highs. The average price of a home sold last month in Toronto was $393,757, an 11% jump from a year ago.
TREB says homes in the 416 area code are recording the most significant real estate activity in the greater Toronto area.
“We expect 2007 to be the first year ever to exceed 90,000 transactions,” said Ms O’Neill. “These numbers reflect the fact that people who live in the Greater Toronto Area see real estate as an excellent long-term investment.”
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