Jordan Epstein Toronto Real Estate

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Toronto Market conditions

It's a record-shattering real estate market…again!

Almost any way you look at it, Canada's red-hot real estate market is surpassing all previous forecasts, and piling record on top of record. According to statistics released by The Canadian Real Estate Association (CREA), r esale housing broke all records for May and is on track for yet another record year in 2007. Coming off what was an already record-breaking period in April, MLS® sales activity has soared to new heights. New listings, average prices and dollar volume in Canada's major markets broke all previous monthly records in May

CREA reports that actual MLS® home sales activity in Canada's major markets was up a stunning 11.6% year-over-year to 42,039 units in May 2007. Led by gains in Toronto and Montreal, this was the first time in history that sales activity in Canada's major markets surpassed 40,000 transactions in one month.

Sales activity is flying high in markets all across the country, but particularly in the Prairies and Eastern Canada. New monthly records were set in Winnipeg, Ottawa, Montreal and Saint John, and reached the second highest level on record in Saskatoon, Regina and Toronto. However, dramatic price increases and additional listings in Alberta's major markets are causing some buyers there to take a bit longer to make a purchasing decision, says CREA.

While more buyers are picking up properties, more new sellers are entering the market too. New listings on the MLS® reached the highest level ever in May, climbing 6.7% year-over-year to 63,165 units. This was the first time ever that the number of new listings on MLS® systems in Canada's major markets surpassed 60,000 units in a single month.

The average MLS® price in major markets rose 10.2% year-over-year, and set a new record in May, just a month after breaking through the $300,000 ceiling for the first time. In fact, the average resale house price reached the highest level on record in many of Canada's major markets including Vancouver, Calgary, Edmonton, Regina, Saskatoon, Toronto, London/St. Thomas, Hamilton-Burlington, and Halifax-Dartmouth.

Want to know more about sales activity and pricing trends in your own market? Your local Coldwell Banker real estate professional can help you with information about listings and sales within your local community, and even in your own neighbourhood.

In addition, if you have any general questions about buying or selling real estate in Ontario, please contact me as I'm more than willing to help.

Published Thursday, July 26, 2007 9:21 AM by Jordan Epstein


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