May 2006 stats for the Toronto Real Estate Board revealed that May was the absolute best month ever for sales in the Board's history. 9,434 sales were made, a 2% increase over May 2005, including 2,661 condos (a 28.2% market share).
Despite an increase in inventory up to 26,220 homes offered for sale, the highest in several years, the ratio of sales-to-listings showed 36% indicating a strong seller's market. 
Overall year-to-date, sales are up about 4% over last year despite a CMHC prediction last December which forcast a 4,000 unit drop in sales above 2005's record pace.
By mid-June, the Board released findings indicating that the average sale price in the GTA was just under $357,000, still a very affordable number compared to Vancouver and certainly to other 'world-class' cities like New York where the average is over $850,000.
An amazing, and very interesting, trend we're seeing in the market is the acceptance of the condo lifestyle for many types of people. We've just helped one client sell their 3-storey Beaches home and move to a lovely loft 2-bedroom on the waterfront.
Other clients are moving from small condos to larger ones... and staying in the lifestyle instead of automatically going to a house as their second move-up home.
This is indicative of the tremendous variety of choice now being offered in condominiums... from the small, starter bachelor suite to the larger lofts and 2- or 3-bedroom luxury or retirement option.
Currently we're seeing almost 100,000 people settling in the GTA every year which is requiring a lot of new construction to accommodate these immigrants. Intensification will be almost manditory to avoid more urban sprawl, especially with the moratorium on building up north of the city.
The incredible thing is that we're building more condominiums, and selling them to owner occupants, in downtown Toronto than they're constructing in New York City! There's a synergy taking place that makes more people excited about living downtown the more people there are 'walking the streets' as residents which then causes more interest, more building and so on. I believe this is fantastic and will almost 'recession proof' this part of the market.
If you have any questions about where the market is going, please email me at MarketTrends@TorontoRealEstate.ca anytime.
