Wednesday, December 20, 2006

Real Estate Sales Bring Happy Holiday!

TORONTO, December 19, 2006 -- The 2006 resale home market is closing the year strongly, with 2,585 sales to the 15th of December, TREB President Mason announced today. “Sales are six per cent ahead of mid-December 2005 and close to the pace of 2001, the best December ever.”
Meanwhile, 2006 has already broken 81,000 sales, and sits within one per cent of last-years’ record-setting pace.
The average price to mid-December stands at $343,048, a four per cent increase over the same period in December 2005. The year-to-date average is $352,515, up five per cent over the same timeframe last year.
Strong sales in all housing categories, especially link homes, drove Whitby (E15) to a 51% increase in overall sales compared to the same timeframe last year.
A jump in detached home sales powered Brampton East (W24) to a 45 per cent overall sales increase compared to the first half of December 2005.
Toronto’s downtown / Harbourfront area (C01) saw a 28 per cent overall increase in home sales, largely due to a 30 per cent increase in the sales of condominium apartments.
Overall sales in Markham West (N01) nearly tripled compared to mid-December last year, due to exceptionally strong condominium apartment sales.
Ted Tsiakopoulos, CMHC’s Ontario Regional Economist, noted that low interest rates and warm temperatures have kept the December market strong:
“If the mid-month sales pace is sustained, December activity will bring GTA home sales for the year just shy of last year’s record pace,” Mr. Tsiakopoulos said. “Confidence in Toronto’s real estate market remains high; low interest rates, steady job growth and an abundance of housing choices are ingredients for a healthy market. Milder than normal weather has also contributed to healthy activity so far in December.”
Active listings to mid-month stood at 20,230, down 16 per cent from mid-November, as some home sellers pulled their properties from the TorontoMLS® system in advance of the holiday season. The average time-on-market was 41 days.
“The market is coming into balance,” Mrs. Mason commented.
“Housing prices are rising above the rate of inflation, but not so quickly as to drive potential first-time buyers out of the market.”
Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service designed exclusively for REALTORS®. Serving more than 24,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada's largest real estate board. Greater Toronto Area open house listings are now available on www.TorontoRealEstateBoard.com.

Friday, December 08, 2006

November market on solid footing

TORONTO, December 6, 2006 -- The Greater Toronto Area’s resale housing market maintained its strong pace in November as 6,281 homes changed hands during the month, Toronto Real Estate Board President Dorothy Mason announced today. “The market is holding very steady as we progress through autumn and we are seeing a good level of activity across the board,” Mrs. Mason said. “Overall conditions are very healthy and 2006 remains within just one and a half percent of last year’s all-time record sales pace.” Despite a slight moderation from last November’s total of 6,646 transactions, the resale market remains on solid footing according to Jason Mercer, CMHC’s Senior Market Analyst for the GTA. “Existing home sales have remained very respectable through the first two months of the fourth quarter,” Mr. Mercer said. “Home buyers have remained confident in their ability to purchase a home due to low borrowing costs and steady employment and wage growth, on average.” In the city’s east end, Scarborough Town Centre / Woburn (E09) saw an increase in overall sales of 30 per cent compared to November 2005, led by a jump in condominium transactions. A jump in transactions of semi-detached homes fueled an overall sales increase of 53 per cent in the York South area of Toronto (W03) compared to the same timeframe a year ago. North of Toronto in Richmond Hill North (N05), detached homes were the most common housing type changing hands as the area saw an overall increase in sales of 29 per cent compared to last November. “It’s a great time to be getting in the market or making your move,” TREB’s President added. “Conditions in the GTA remain very stable, and that’s good news for consumers.”
Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service designed exclusively for REALTORS®. Serving more than 24,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada's largest real estate board. Greater Toronto Area open house listings are now available on http://www.torontorealestateboard.com/find_a_home/open_house/index.htm

Source: Toronto Real Estate Board

Tuesday, November 21, 2006

Sales up in early November

TORONTO, November 17, 2006--Toronto Real Estate Board Members reported 3,008 sales during the first half of November, an increase of four per cent from the 2,886 sales recorded during the same timeframe in 2005, Toronto Real Estate Board President Dorothy Mason announced today.
“Although the holiday season is almost upon us, momentum from the autumn market has carried over and things remain very active,” Mrs. Mason said, noting that sales this month are also marginally ahead of mid-October's mark of 3,007.
Bayview Village / Hillcrest Village (C15) in Toronto showed an increase in sales of 40 per cent compared to the midway point of last November.
A jump in sales of semi-detached homes in York South (W03) fueled a 70 per cent overall increase during the first half of November, compared to the same timeframe last year.In Ajax (E14), east of Toronto, mid-November sales were double the pace of what they were to mid-November 2005, with gains in most housing types.
The average home price to mid-month had risen one per cent to $357,023 over October's $353,677. On a year-to-year basis, November's average was up five per cent compared to the first half of last November ($338,831).
Active listings stand at 24,155, down six per cent from mid-October, as some houses have been pulled from the market in advance of the holiday season. The average time on the market for a home is 37 days.
According to Jason Mercer, CMHC's Senior Market Analyst for the GTA, strong sales and solid price gains reflect a healthy Toronto Area housing market.
“Steady existing home sales, at close to last year's levels, are evidence of continued demand for ownership housing in the Toronto Area,” Mr. Mercer said. “Above-average home sales have kept the annual rate of price growth above inflation.”
TREB's President said, “The GTA market is performing well, and consumers can be confident that it's a good time to purchase their first home or move to a different home for a change in lifestyle.”
Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service designed exclusively for REALTORS®. Serving more than 24,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada's largest real estate board. Greater Toronto Area open house listings are now available on http://www.torontorealestateboard.com/find_a_home/open_house/index.htm

Source: Toronto Real Estate Board

Wednesday, November 15, 2006

REALTORS to Tell Province “Home-buying Tax” will Worsen Urban Sprawl, Hurt Economy

The Toronto Real Estate Board will be telling a provincial committee today that Bill 53 could lead to a Toronto “home-buying tax”, which could cause more urban sprawl and hurt Toronto’s economy.
Under Bill 53, Stronger City of Toronto for a Stronger Ontario Act, the City of Toronto would be given authority to levy new taxes, with certain limitations. Land transfer tax is not included as one of those limitations, meaning that this option would be open to Toronto City Council if the legislation is passed.
Homebuyers already face a substantial provincial land transfer tax when they purchase a home. This tax is calculated as a percentage of the purchase price of a property and is payable in full by the homebuyer when they take possession of the property. The current provincial land transfer tax on an average Toronto home is approximately $4,000.
“ Land transfer tax is a home-buying tax. It can be a significant cost that impacts the decisions for many homebuyers, especially first time buyers. If they have to pay an extra land transfer tax in Toronto, then they will be forced to move farther out, which means more commuting, more pollution and an overall decrease in the quality of life,” said John Meehan, President of the Toronto Real Estate Board.
TREB has told the Province that, if Toronto housing is made less affordable relative to surrounding areas, it will be more difficult to achieve the objectives of the provincial government’s proposed Growth Plan for the Greater Golden Horseshoe, which attempts to prevent urban sprawl by concentrating employment and population growth in designated priority areas. Five of these priority areas are in Toronto.
“ Clearly, the intention is that Toronto should be a main focus for population growth in the GTA, but it will be more difficult to encourage people to live here if a new Toronto home-buying tax makes it more affordable for them to live outside of the City,” said Meehan.
TREB is also concerned about the impact of a Toronto land transfer tax on businesses and the economy. Land transfer taxes normally apply to all types of property, including businesses.
“ The City’s high business property taxes, and the Province’s unfair Toronto business education property taxes, already over-burden Toronto businesses. Allowing a new local land transfer tax will send the wrong message, making it more difficult to attract business to the City,” said Meehan.
TREB representatives are scheduled to appear before the provincial Standing Committee on General Government at Queen’s Park on April 26th, 2006 at 4:30 p.m.
Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service designed exclusively for REALTORS. Serving more than 23,000 REALTORS? throughout the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board.
source:Toronto Real Estate Board

Tuesday, November 07, 2006

Housing market stability continues

TORONTO, November 3, 2006--Toronto resale housing activity remained strong in October, as 6,876 homes changed hands during the month, Toronto Real Estate Board President Dorothy Mason announced today.
The market has shown strong overall numbers despite having normalized from record activity,” Mrs. Mason said. “Yeartodate figures show this year within one and a half per cent of 2005’s record pace, and October sales were four per cent higher than September’s, indicating a solid autumn market."
In The Beach neighbourhood of Toronto (E02), overall sales were 45 per cent higher than October 2005, led by a large increase in semidetached housing transactions.
A jump in condominium activity in Rexdale (W10) contributed to 23 per cent more overall transactions in October, compared with October of a year ago.
Outside the city, Richmond Hill North (N05) showed an overall increase of 32 per cent compared to last October, with detached homes the most common housing type.
Jason Mercer, CMHC’s Senior Market Analyst for the Greater Toronto Area, noted that the GTA’s stable housing market benefits from solid economic conditions overall.
“The annual rate of existing home sales remains near record levels,” Mr. Mercer said. “Home buyers remain confident in their ability to purchase and pay for a home, due to steady growth in jobs and relatively low borrowing costs.”
The average price of a home in the GTA in October was $356,423, two per cent higher than September and four per cent higher than October 2005.
“Prices and activity are very consistent,” TREB’s President said. “This indicates that the market is firmly anchored on a solid foundation. It’s a great time to take advantage of all the choice in the marketplace.”
Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service designed exclusively for REALTORS®. Serving more than 24,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada's largest real estate board. Greater Toronto Area open house listings are now available on http://www.torontorealestateboard.com/find_a_home/open_house/index.htm

Source: Toronto Real Estate Board

Friday, November 03, 2006

Prices Show Gains in September

TORONTO - Friday, November 3, 2006 --The Toronto Residential market put in another solid performance in October, with 6,876 homes changing hands through the TMLS system, TREB President Dorothy Mason announced today. "This is up about four per cent over September's 6,622 figure. And, though it has moderated slightly from October of 2005, we are still looking at an annual total of well over 80,000 homes transacted. This is a very healthy, active market."
Prices continued their upward trend in October, rising two per cent over September to $356,423. They were also up four per cent over the $342,450 recorded in October of 2005.
Breaking down the total, 2,520 sales were reported in TREB’s 28 West districts and averaged $330,585; 1,317 sales were reported in the 14 Central districts and averaged $473,336; 1,383 sales were reported in the 23 North districts and averaged $379,680; and 1,658 sales were reported in TREB’s 21 East districts and averaged $283,339.

Source: Toronto Real Estate Board

Monday, October 23, 2006

Toronto Real Estate Market Performance - October, 2006

October Running StrongTORONTO, October 18, 2006 -- In the first half of October, Toronto Area housing activity kept pace with mid-October results from a year ago, Toronto Real Estate Board President Dorothy Mason announced today.“There were 3,007 sales reported to mid-month, essentially on par with the 3,012 sales reported during the same period in 2005,” Mrs. Mason said. “Adding to this strong result is the fact that transactions are up three per cent from the 2,913 recorded during the first part of September which is a good sign for the stability of the autumn market.”In Northeast Scarborough (E11), the number of transactions to mid-month jumped 24 per cent compared to the same timeframe a year ago.Rexdale (W10), in Toronto’s west end, saw a significant increase in condominium activity which helped to push overall sales up 59 per cent compared to mid-October 2005.Condominiums were also the driving force behind a 43 per cent increase in overall mid-month sales in Toronto’s central downtown core (C01).North of the city, Thornhill’s western half (N02) showed an overall increase in transactions of 48 per cent compared to the midpoint of last October, with detached homes being the most popular type.Meanwhile, the average price rose to $353,677, up six per cent over the $335,208 recorded to the middle of September. This figure is also three per cent higher than the $341,865 recorded during the first part of October last year.Inventory stands at 25,839 listings, up two per cent over mid-September. The average number of days on the market for a home is 35.Jason Mercer, CMHC’s Senior Market Analyst for the GTA, said, “Steady demand for resale homes has kept average prices rising above inflation, albeit at a lower annual rate, as buyers have benefited from increased choice in the marketplace.”TREB’s President agreed that market conditions are favourable for consumers.“It’s a great combination to have solid activity, good price growth and an increased level of inventory to choose from,” Mrs. Mason said. “There has never been a better time to move up to your dream home or get in the market for the first time.”
Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service designed exclusively for REALTORS®. Serving more than 24,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada's largest real estate board. Greater Toronto Area open house listings are now available on www.TorontoRealEstateBoard.com.

Source: Toronto Real Estate Board

Friday, August 18, 2006

TORONTO, August 18, 2006--Resale home transactions remained robust in the first half of August, as mid-month figures showed a three per cent increase over the same timeframe last year, Toronto Real Estate Board President Dorothy Mason announced today.
The 3,290 sales to mid-month surpassed the 3,196 sales recorded to mid-August 2005, while prices increased four per cent over the same timeframe to $333,396 at mid-month.
“The market is showing stability through the latter half of the summer,” Mrs. Mason said. “At a time when we traditionally see a moderation of activity, sales to mid-August are up marginally over July's mid-month figure of 3,285.”
North of Toronto, Central Vaughan (N08) showed an overall sales increase of 41 per cent compared to mid-August 2005.
In Mississauga, 37 per cent more overall transactions took place in the eastern portion of Streetsville (W19) compared to last year's mid-August figures, fueled by increased sales of townhomes.
In Toronto's east end, Scarborough's E09 district showed a 61 per cent increase in overall sales compared to mid-August figures a year ago, as condominium sales more than doubled.
Condominium activity nearly doubled on the east side of North York Centre (C14), as overall transactions in the area went up 40 per cent compared to mid-August of last year.Ted Tsiakopoulos, CMHC's Ontario regional economist, commented on the growing role condominiums are playing in the market.
“Condominium apartment sales as a share of total resale volumes have edged higher over the past year. This is largely due to rising detached home prices and continued condominium apartment completions, particularly in Central Toronto,” Mr. Tsiakopoulos said. “Improved job prospects in core Toronto areas and a stabilization in Toronto's rental vacancy rate are also factors contributing to a strong pace of condo sales to both end users and investors alike.”
TREB's President added that the stability of the GTA market is good news for consumers.“Consistency and stability are the keys to this market,” Mrs. Mason said. “We are seeing steady performances backed up by strong fundamentals, and that means it's a great time to be in the market.”
Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service designed exclusively for REALTORS®. Serving more than 24,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada's largest real estate board. Greater Toronto Area open house listings are now available on
www.TorontoRealEstateBoard.com.

Source: Toronto Real Estate Board