In the city of Toronto, the downtown East flourished

"A total of 3,292 properties sold in the first half of July, as compared to 3,227 sales recorded during the first half of July 2004. Bearing in mind that 2004 was a record year, it is encouraging that the market continues to demonstrate comparable strength as we progress through the summer months," Mr. Meehan continued.

Year-to-date sales totals remained steady, with 2005 staying within three per cent of 2004's record numbers.

In the city of Toronto, the downtown East flourished in the first half of the month, showing a 36 per cent increase in sales versus the same time period last year.

West of the city, Northwest Cooksville, near Mississauga's city centre, showed an increase of 50 per cent compared with the first half of July 2004.

Increases in downtown Toronto and Mississauga can be attributed to condominium sales.

Another area displaying significant sales increases was the Southern part of Richmond Hill, where all housing types were up evenly by 34 per cent from the same timeframe a year ago.

The President went on to note that average home prices have stabilized this summer, sitting at $328,923 through the first half of the month, down six per cent from the $349,461 recorded a month earlier.

"Prices are still up six per cent over a year ago, so despite some fluctuation homeowners are still seeing the worth of their investment increase at almost twice the rate of inflation." Mr. Meehan concluded.