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GTA REALTORS report double November resales


December 4, 2009
By Andy Bateman

December
4, 2009 – In a Toronto Real Estate Board reported released yesterday, Greater
Toronto Realtors reported 7,446 sales in November. This figure is slightly more
than double the November 2008 result when GTA home sales had dipped markedly
due to the economic downturn. Year-to-date sales were up 14 per cent compared
to the first 11 months of 2008.

"This
year in the GTA home sales will be in line with the healthy levels experienced
between 2004 and 2006," said Toronto Real Estate Board President Tom
Lebour.

"Increased resale home transactions in the Toronto area and country-wide played a key
role in pushing the Canadian economy out of recession in the third
quarter."

The average price for November transactions was up 14 per cent year-over-year
to $418,460. The average price year-to-date was up four per cent to $394,464.

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"Very strong annual growth rates for sales and average price should be
expected through the first quarter of 2010, because we will be comparing the
current recovery to the housing market decline experienced last winter,"
according to Jason Mercer, TREB's Senior Manager of Market Analysis. "As
we move into the spring, growth rates will move to more sustainable
levels."