May 2007 Market Watch

Busy, busy , busy....May blows away the record books!

We all thought April was something to talk about, having set the record for the most sales in the Toronto Real Estate Board's history. But May kicked April out by a whopping 18% increase for a total of 11,146 sales, now the best month ever in history.

So what does this mean for home owners and home buyers?

A better economy. According to stats compiled by the Canadian Real Estate Association, every home sale generates about $27,000 in economic activity (renovations, furniture purchases, etc.) over and above direct expenditures for the transaction.

This all adds up to a contribution of about $300 million to the local economy.

And check out headlines from the Toronto Stare today who reported that the City of Toronto is proposing an increase to land transfer taxes that could reap $300 million for transit and road spending to bridge the budget shortfall. The average home buyer would have to shell out an additional $1,900 for a home worth $382,787.

With all of this money flying around, who's spending what in your neighbourhood?

Neighbourhood Watch - May 2007

E02 -The Beach (coxwell, danforth, victoria park)
Detached: $682,630
Semi-detached: $427,301
Condo: $293,475

E03 - Danforth North (DVP, victoria park, danforth)
Detached: $380,091
Semi-Detached: $383,680
Condo: $177,658

E01 - Danforth South & Riverdale (DVP, danforth, coxwell)
Detached: $462,205
Semi-Detached: $415,843
Condo:$306,267

C04 - Bedford West & Lytton Park (allen, 401, yonge, eglinton)
Detached: $854,433
Semi-Detached: $628,440
Condo: $361,532

C09 - Rosedale (yonge, st.clair, bayview, bloor)
Detached: $1,542,038
Semi-Detached: $1,030,700
Condo: $536,346

C03 - Forest Hill (allen, eglinton, yonge, st.clair)
Detached: $851,433
Semi-Detached: $362,277
Condo: $453,313

C12- Lawrence Park/Bedford East (yonge, 401, leslie, eglinton)
Detached: $1,429,394
Semi-Detached: n/a
Condo: $677,550

Source: Toronto Real Estate Board April 2007 MarketWatch - for the full report, click here.

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