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To: Taki who wrote (114478)	5/6/2003 12:07:07 PM
From: Taki	Respond to of 150070

(COMTEX)B: SARS 'overblown' in Toronto Broker denies scare caused weaknes in housing market B: SARS 'overblown' in Toronto Broker denies scare caused weakness in housing ma ket May 06, 2003 (Inman News Features via COMTEX) -- A Toronto real estate broker is promoting positive home sales data for the city to counter-balance the negative publicity that resulted from an outbreak of SARS and a weeklong travel alert from the World Health Organization. Terry J. Moranis, president of Prudential Sadie Moranis in Toronto, said the SARS situation in Canada was "overblown by the media." Canada had 148 cases of Sudden Acute Respiratory Syndrome and 22 deaths as of Sunday, according to WHO. Worldwide, 6,583 cases and 461 deaths were counted. Health Canada reported 144 probable cases and 121 suspected cases of SARS were counted in Ontario, the province where Toronto is located. The weeklong travel advisory WHO put in place for Toronto April 23 proved to be just a minor pause for some businesses. While most movie theaters, restaurants and retail shops were empty, Moranis said, brokerage deals still closed during that time. When the travel advisory was lifted April 30, the region's real estate market was virtually unchanged, she said. "Toronto was prematurely stigmatized by the World Health Organization," she said. Moranis admitted things were quiet in the city while the WHO advisory was in effect, but she also touted the city's robust housing market. A total of 6,986 homes changed hands in Toronto in March, according to a Canadian Real Estate Association report. That was down 8.1 percent from sales recorded the same month the prior year, while the average price of a home climbed 5.6 percent to $290,185. Existing home sales in Canada's 25 major markets fell 10.1 percent to 27,601 in March from the same month the previous year, according to CREA. The average price in the major markets was $215,975, up 9.4 percent from last year. However, those home-sale figures reflect transactions that began prior to the SARS scare. Whether the disease has had any negative fallout wouldn't show up in home sales for another month. Moranis said immigrants own more than half the homes in Toronto. "Relocation is a huge part of the market here," she said. Send a Letter to the Editor for publication. Send a comment or news tip to our newsroom. Please include the headline of the story. By Jessica Swesey Inman News Features Copyright 2003 Inman News Features -0- INDUSTRY KEYWORD: Residential * end of story *