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
Tuesday, November 21, 2006
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
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
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
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
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