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)
E03 – Danforth North (DVP, victoria park, danforth)
E01 – Danforth South & Riverdale (DVP, danforth, coxwell)
C04 – Bedford West & Lytton Park (allen, 401, yonge, eglinton)
C09 – Rosedale (yonge, st.clair, bayview, bloor)
C03 – Forest Hill (allen, eglinton, yonge, st.clair)
C12- Lawrence Park/Bedford East (yonge, 401, leslie, eglinton)
Source: Toronto Real Estate Board April 2007 MarketWatch – for the full report, click here.
To have this blog sent to someone you know who is looking to buy or sell, send their email to email@example.com