A healthy 4,646 sales in December propelled 2007 sales to a record setting 93,193 sales, TREB President Maureen O’Neill announced today.

“Year-end sales are up 12 per cent over last year and up 11 per cent over the 84,145 recorded during 2005, the Toronto market’s previous best-ever annual performance.” On a year-over-year basis, prices rose seven per cent to $376,236 from last year’s $351,941. The annual time-onmarket figure stood at 32 days versus 2006’s figure of 34 days, meaning that over the course of the past two years it has taken homes within the GTA barely a month to sell on average.

Breaking down the total, 1,756 sales were reported in TREB’s 28 West districts and averaged $357,711; 1,057 sales were reported in the 14 Central districts and averaged $531,366; 771 sales were reported in the 23 North districts and averaged $420,508; and 1,062 sales were reported in TREB’s 21 East districts and averaged $302,113.

Click to view Residential Market Update – December 2007