TREB release - January’s Greater Toronto Area resale housing market came within 2% of a record performance for the month, Toronto Real Estate Board President Maureen O’Neill said.
A total of 5,073 properties changed hands last month, compared to the record 5,173 sales that took place in January 2007.
“This is a very positive start to the year but we will be watching closely to see how the City of Toronto’s new land transfer tax and a proposed property tax increase affect the market,” said Ms. O’Neill.
The average price, which currently stands at $374,449, rose 6% compared to January 2007.
The strongest activity last month took place in Toronto’s Central and East districts.
The Danforth (E03) experienced a 30% increase in transactions compared to last
January, driven by strong sales in all housing types.
In West Agincourt (E05) 32% more homes changed hands, primarily as a result of a
surge in condominium apartment sales.
Strong condominium apartment sales also lead the Downtown Core (C01) to a 19%
overall increase in transactions compared to a year ago.
North York Willowdale (C07) also saw a 19% increase in sales, due in large part to
condominium apartment transactions as well.
“While we are optimistic that the market will remain healthy throughout 2008, we recognize
there are threats such as a U.S. economic slowdown and a land transfer tax in the City
Toronto,” said Ms. O’Neill. “Like other levels of government, municipalities should be considering options to help off-set these risks. TREB plans to be a strong voice for REALTORS® and homebuyers as GTA municipalities, particularly the City of Toronto, debate their budgets.”
More detailed home prices in TREB. 
