Housing Market goes on the right track
Tuesday, 19 September 2006
TORONTO-- Housing market in the Toronto area carried out solidly as resale smash the month of September.  The 2,913 sales to the 15th of the month are off moderately from the 3,112 sales reported to the same time last September. 

CMHC's Ontario regional economist Ted Tsiakopoulos agreed that while GTA existing home sales have remained strong, some moderation in activity should be expected. A ten year expansion in home prices and recent increases in mortgage rates have lifted home carrying costs. Sales of townhomes and detached homes in Markham / Unionville (N11) contributed to an overall increase in transactions of 54 per cent compared to 2005's mid-September results.

Prices continued their upward trend, with the mid-month average price of $335,208 eclipsing the mid-September 2005 mark of $328,266 by two per cent. Average prices year-to-date are five percent higher than figures reported to the same point in 2005.

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Edwina Baniqued