2005 Final Report

Members reported a record-breaking 84,145 sales during the course of 2005. Last year was the best annual performance since statistics have been kept. It is up one per cent over the 83,501 sales recorded during our previous record year, which was 2004. During December alone, 4,255 sales were transacted through the TorontoMLS system, the second best showing ever for that month, and up from the 4,232 recorded during December 2004. On the pricing front, the average rose a healthy but not excessive six per cent in 2005, to $335,907 from 2004's figure of $315,321. For December the average was $327,216, up four per cent over December 2004. Breaking down the total, 1,661 sales were reported in TREB’s 28 West districts and averaged $304,348; 776 sales were reported in the 14 Central districts and averaged $407,473; 806 sales were reported in the 23 North districts and averaged $365,210; and 1,012 sales were reported in TREB’s 21 East districts and averaged $272,949.

Canadian Real Estate Association forecast August 2005

Summer Market 2005

We have seen strong sales figures all summer and this record-breaking performance is further evidence of the market's consistency throughout the season. These figures represent the third straight record August dating back to 2003. Consumers are demonstrating increasing confidence in the summer season as a great time to buy or sell a home and the market is reflecting that. The continued strength of the summer market has also nudged year-to-date total sales closer to last year's record numbers. The total of 59,320 transactions so far this year is within one and a half per cent of the number of homes that had changed hands by the end of August 2004.  The 11 per cent increase in the overall August market generated pockets of particularly high activity in neighbourhoods within the city of Toronto as well as its surrounding regions.  In the East, townhouse sales helped Whitby record 38 per cent more transactions during the month, compared to August 2004.  The Islington / Kingsway area of Etobicoke saw a sales increase of 60 per cent over last August.  The Bayview Village / Hillcrest Village area of North York showed a 28 per cent increase in the number of transactions compared to last August, fuelled by sales of condominiums.  North of the city, Richmond Hill continued to be very active, showing a 25 per cent increase. The North end of the town showed particularly strong activity as the number of homes changing hands there jumped 103 per cent over August of last year. The year-to-date average price for a home in the GTA at the end of August was $323,255, up seven per cent compared with the average price last August year-to-date.  The housing market in the Greater Toronto Area remains in very good condition. Steady, controlled price increases coupled with a healthy sales pace make it an excellent time to get into the housing market or make the switch to another home.

Commercial Real Estate

The amount of space leased through the TorontoMLS system surged to 1,082,850 square feet in August, a 30 per cent increase over the July figure of 832,309 square feet, and a 30 per cent increase over the August 2004 figure of 789,477 square feet. After a brief summer lull, the Commercial Market has bounced back to a more active level. Prices for industrial space (all size categories) rose for the third month in a row, coming in at $5.75 sfn. This is up three per cent over July, and within its usual $5.00 to $6.00 sfn range. Prices for Commercial space (under 5,000 square feet) also rose in August, up eight per cent to $17.75 sfn over July's average of $16.37 sfn. TREB reported 57 Industrial, Commercial, and Retail properties sold in August. Of these, Industrial properties accounted for 33 sales, which averaged $75.48 per square foot. This compares to a figure of $70.99 obtained through non-MLS sources.

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