Monday, December 17, 2007

Ontario Expands Land Transfer Tax Refund Program

First-time buyers of resale homes to benefit from new tax measure
The McGuinty government is giving all first-time homebuyers a break on land transfer tax by proposing to expand the Land Transfer Tax Refund Program to include purchases of resale homes, Finance Minister Dwight Duncan announced today.
"Expanding this Land Transfer Tax refund is an important part of our government's commitment to helping Ontarians buying their first home," Duncan said.
Effective midnight tonight, first-time buyers of resale homes, as well as newly constructed homes, would be eligible for a refund from the provincial government of up to $2,000 of the Land Transfer Tax paid.
The expanded Land Transfer Tax Refund Program for First-time Homebuyers is part of a package of new tax initiatives announced in the 2007 Fall Economic Outlook and Fiscal Review that would provide $1.4 billion in provincial tax relief for business and people over three years. The government is making strategic investments in people, communities and infrastructure to strengthen Ontario's economic advantage and help manufacturers and other sectors challenged by current economic conditions.

For more information please visit: http://www.gov.on.ca

Source: www.reco.on.ca

Wednesday, December 05, 2007

Toronto Real Estate Board on Track for a Record-Breaking Year!

Last month became the best November on record with 7,313 resale home transactions in the Greater Toronto Area, Toronto Real Estate Board President Maureen O’Neill announced today.
“I recently reported that 2007 became the best year ever for resale transactions in the Greater Toronto Area with six weeks left to go,” said Ms. O’Neill. Even more astonishing though, is the fact that eight of the 11 months so far this year set new monthly records. No other year has shown as many record-breaking monthly performances.”
Sales were up 16 per cent in November compared to the same timeframe last year.
At $393,757, November’s average price increased 11 per cent as compared to a year ago and remained in line with the previous month.
Some of the most significant activity in November took place in the 416 area code.
Based on strong sales in all housing types, Riverdale (E01) saw a 56 per cent increase in transactions compared to November 2006.
In the Islington/Kingsway (W08), sales rose 55 per cent over last November, driven primarily by an increase in detached home sales.
In Willowdale (C07), transactions nearly doubled compared to the same timeframe a year ago, driven by strong condominium apartment and detached home sales.
In the West part of Markham (N01), strong detached home sales led to an overall increase of 86 per cent compared to November 2006.
“We expect 2007 to be the first year ever to exceed 90,000 transactions, said Ms O’Neill. These numbers reflect the fact that people who live in the Greater Toronto Area see real estate as an excellent long-term investment.”
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. Serving more than 26,000 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 available on www.TorontoRealEstateBoard.com.

Source: Toronto Real Estate Board

Tuesday, November 20, 2007

Best Year Ever with Six Weeks To Go!

With six weeks remaining, 2007 has already become the best year on record for resale homes in the Greater Toronto Area, Toronto Real Estate Board President Maureen O’Neill announced today.
“As I predicted last month, 2007 will indeed be a banner year for home sales in our city,” said Ms. O’Neill. “So far this year, 84,994 properties have changed hands, as compared to 84,145 sales in 2005, our previous best year.”
With 3,544 transactions to mid-month, November sales are also up five per cent compared the same timeframe last year.
The current average price is $393,084, a nine per cent increase over the first half of November 2006.
The year-to-date average price stands at $374,678, up six per cent over the $352,807 recorded during the first 111/2 months of 2006.
In West Agincourt (E05), transactions were up 39 per cent as compared to the same timeframe a year ago, driven by a significant increase in detached home sales.
Newmarket (N07) saw an increase of 50 per cent compared to the midway point of last November, due to a substantial number of detached and semi-detached home sales.
Northwest Cooksville (W15) experienced an overall sales increase of 27 per cent compared to mid-November 2006, mainly as a result of condominium townhouse sales.
In the downtown core (C01) condominium apartment transactions resulted in a 32 per cent overall increase as compared to the first half of last November.
“All of the economic conditions remain in place for a strong housing market in the GTA. The unemployment rate fell by approximately half a per cent last month, Statistics Canada anticipates sustained immigration throughout the next decade and mortgage rates remain historically low,” said Ms. O’Neill. “Toronto is a very vibrant city in which to live and compared to other urban centres like New York, Los Angeles and London, our housing is very affordable.”
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. Serving more than 26,000 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 available on www.TorontoRealEstateBoard.com.

Source: Toronto Real Estate Board

Wednesday, November 07, 2007

Best October ever pushes 2007 toward a strong finish

Greater Toronto Area resale housing activity set a new
record for the month of October TREB President Maureen O’Neill reported today.
With 7,915 transactions, activity was up 10 per cent over the previous best for the month,set in 2003. Sales were also up 15 per cent over last October.
October’s strong performance has pushed year-to-date activity 12 per cent ahead of last year.
“There is every indication that 2007 will be a banner year for resale housing activity in the Greater Toronto Area,” said Ms. O’Neill. “The effects of the City of Toronto’s new land transfer tax will definitely be felt in 2008 but we are also confident that consumers will continue to see the value of real estate as a solid long-term investment.”
Prices also rose in October to an average of $394,646, a four per cent increase over the previous month.
In Pickering (E13), overall activity was up 34 per cent, led by strong detached sales and a doubling of condominium apartment transactions.
Willowdale (C07) experienced the same combination of strong detached sales and sizeable condominium apartment transactions, which led to a 67 per cent increase in overall sales. Condominium apartment sales also pushed the South Humber area (W07) to a 60 per cent overall increase in activity.
In Central Richmond Hill (N04), a combination of detached sales and attached/row-house sales, contributed to an overall increase of 54 per cent..
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. Serving more than 26,000 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 available on www.TorontoRealEstateBoard.com.


Source: Toronto Real Estate Board

Wednesday, October 24, 2007

REALTORS® Disappointed that Public Opinion on Land Transfer Tax Ignored

Toronto’s REALTORS® are concerned about the potential impact of the City ofToronto’s recently approved second land transfer tax and disappointed that the public’s opinion of this tax wasignored.
“REALTORS® have been working hard to provide the facts about this unfair idea and the public respondedwith action. An overwhelming majority of Torontonians believe that this tax is a bad idea,” said MaureenO’Neill, President of the Toronto Real Estate Board (TREB). “The public made their voices heard loud and clearbut, unfortunately, they were ignored.”
A poll conducted by the Environics Research Group, commissioned in part by TREB, showed that 62 per centof Torontonians think that a land transfer tax is an unfair solution to the City’s financial challenge and that 61per cent of Torontonians wanted their Councillor to vote against it.
“Torontonians deserve to be treated fairly. A second land transfer tax is an extremely unfair way to addressthe City’s financial challenges. It forces a relatively small group, home buyers, to pay for services foreveryone. That, simply, is unfair,” added O’Neill.
TREB also raised concerns about the potential impact of a second land transfer tax.
“Home ownership is something that the City should be trying to encourage, not discourage. The second landtransfer tax will make it more difficult for people to achieve that dream and it could hurt property values forsome current home owners,” said O’Neill. “It could also have far-reaching impacts on the City’s wholeeconomy by reducing the amount of money that home buyers have to spend on things like furniture,renovations, and energy-efficiency upgrades.”
TREB is disappointed that the City is choosing new taxes instead of more prudent solutions. Specifically, TREBbelieves that the City should have waited for the Mayor’s panel to report on alternative options. TheEnvironics poll showed that 78 per cent of Torontonians think that City Council should have waited until theMayor’s panel finished its work before deciding on new taxes.
“This is a classic example of putting the cart before the horse: tax now, save later. That, simply, doesn’tmake sense,” said O’Neill. “The Mayor appointed a panel to look for savings and other options and weapplaud him for that. The panel is something that TREB, and the public, called for, but they should have beenallowed to finish their work so that fair options could have been considered instead of a land transfer tax.”
TREB has consistently supported fair options for dealing with the City’s financial challenges, including a morefair deal with senior levels of government, and continues to support City efforts in this regard.
“Unfortunately, we disagree with the City on the land transfer tax, and we will continue to oppose it. Wecontinue to believe that it is not fair,” said O’Neill. “Let’s not forget that this tax doesn’t solve the City’sfinancial challenge. We look forward to working with the City towards fair solutions. We will continue to pushfor a fair deal for Toronto from senior levels of government, as we always have.”
Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share astate-of-the-art Multiple Listing Service. Serving more than 26,000 Members in the Greater TorontoArea, the Toronto Real Estate Board is Canada’s largest real estate board. Greater Toronto Area openhouse listings are available on www.TorontoRealEstateBoard.com


Source: Toronto Real Estate Board

Thursday, October 18, 2007

October housing activity confirms consumer confidence in real estate market

Resale housing activity substantially outpaced mid-October results from a year ago, Toronto Real Estate Board President Maureen O’Neill announced today.
“There were 3,297 sales reported to mid-month, which is a 10 per cent increase over the 3,007 homes sold during the same period last year,” Ms. O’Neill said. “We are on course to rival October’s best result, which was in 2003 with 7,227 sales.”
In Riverdale (E01) the number of transactions to mid-month jumped 29 per cent compared to the same timeframe a year ago due to strong sales in all housing types.
Streetsville East (W19) saw a significant increase in the sale of semi-detached homes, which helped push overall sales up 48 per cent compared to mid-October 2006.
A combination of strong condominium and detached home transactions drove Willowdale’s (C07) mid-month sales to an overall increase of 83 per cent.
At the northern edge of TREB’s reporting area, Innisfil (N23) saw sales to mid-month double as compared mid-October 2006, driven mainly by the sale of detached homes.
Meanwhile, the average price rose to $399,013, up nine per cent over the $364,364 recorded to the middle of September. This figure is also 13 per cent higher than the first half of October last year when the average price stood at $353,677.
“While mid-month figures simply provide a snapshot of current activity, we are encouraged that sales remain robust. The activity we have seen this autumn shows that consumers continue to have a great deal of well-founded confidence in the housing market,” said Ms. O’Neill. “There’s no question that home ownership is the best long-term investment you can make.”
However, if the City of Toronto imposes a second land transfer tax, this could have far reaching impacts on the City’s economy. “A doubling of land transfer taxes could impact the market and will reduce the amount of money home buyers spend,” noted Ms. O’Neill.
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. Serving more than 26,000 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 available on www.TorontoRealEstateBoard.com.

Source: Toronto Real Estate Board

Wednesday, October 10, 2007

September Resale Market Shows Strength

The Greater Toronto Area resale housing market continued its strong, stable pace in September with 6,866 transactions taking place, Toronto Real Estate Board President Maureen O’Neill announced today.
This marks an increase of four per cent as compared to September 2006 and is within six per cent of the record set for the month in 2005.
Prices increased to an average $380,132, up five per cent over the previous month.“Year-to-date sales are up 11 per cent as compared to the same timeframe in our record year 2005,” said Ms. O’Neill. “This bodes well for a strong outcome to this year.”
In Scarborough Center (E09), sales were up 38 per cent as compared to September 2006, due to a significant increase in the number of detached homes sold.
Sales in High Park (W02) increased by 34 per cent as compared to last September, mainly as a result of a tremendous increase in the sale of semi-detached units.
Condominium apartment transactions led the way to a 64 per cent overall increase in sales in Willowdale (C07).
Richmond Hill South (N03) also saw a strong number of condominium apartment sales, which resulted in an overall increase of 26 per cent as compared to September 2006.“Resale housing numbers in the GTA have been consistently positive, reflecting a healthy market,” said Ms. O’Neill. “We hope that the City of Toronto doesn't jeopardize this market by imposing a second land transfer tax on home buyers."
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. Serving more than 26,000 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 available on www.TorontoRealEstateBoard.com.

Source: Toronto Real Estate Board

Friday, September 21, 2007

Autumn Market Going Strong

With 3,236 sales so far this month, re-sale housing activity has increased 11 per cent as compared to the first half of September 2006, Toronto Real Estate Board President Maureen O’Neill announced today.
The past five consecutive months have been record-breakers and September is on track to follow suit. It is four per cent ahead of the 3,112 recorded during the first half of September 2005, which became the best September ever.
“Some economists who predicted a soft landing may have to revise their forecasts, said O’Neill. The real estate market continues to prove its strength month after month. There simply is no better investment.”
The average price for a home in the Greater Toronto Area currently stands at $364,364, an increase of nine per cent compared to first half of September 2006.
Neighbourhoods throughout the Greater Toronto Area reported strong sales in the first two weeks of this month.
The High Park area of Toronto (W2) saw twice as many sales compared to mid-September 2006, due to a sizeable increase in the sale of semi-detached homes.
West Agincourt in Scarborough (E04) saw 51 per cent more homes sell in the first half of September compared to the same timeframe a year ago, showing strength in all housing categories.
In the downtown core (C01), condo-apartment activity pushed the area’s overall total 40 per cent higher than sales to mid-September 2006.
Condominiums were also the driving force behind a 29 per cent increase in overall mid-month sales in South Richmond Hill (N03).
“The market is showing strength in a wide range of neighbourhoods and housing types, said O’Neill.
We’re seeing strong activity and stable price growth so there is a lot to be positive about.”
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. Serving more than 26,000 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 available on www.TorontoRealEstateBoard.com

Source: Toronto Real Estate Board

Friday, September 07, 2007

August sets the stage for a strong autumn market

More people in the Greater Toronto Area bought resale homes last month than in any August before, Toronto Real Estate Board President Donald Bentley announced today.
The 8,059 sales reported last month exceeded the previous best performance for August, set in 2005, by seven per cent.
August also brought year-to-date figures up 13 per cent over the same period last year. So far this year 67,146 homes have sold as compared to 59,488 at this time in 2006. The pace is also 13 per cent ahead of the same timeframe in 2005, which became the best year on record.
“With five consecutive record-breaking months, spring and summer activity was unprecedented and given the strong economic fundamentals that remain in place, we have tremendous confidence in the autumn housing market,” said Mr. Bentley.
The Greater Toronto Area’s strongest sales activity in August took place in widely diverseneighbourhoods.
In West Agincourt (E05) a jump in the sale of detached homes and condo apartments resulted in a 34 per cent overall increase compared to last August.
An increase in the sale of detached homes and condo apartments also resulted in an overall increase of 52 per cent in High Park (W02).
In Toronto’s Davisville (C10) the sale of semi-detached homes and condo apartments pushed overall activity in the district to a 58 per cent increase over August 2006.
Richmond Hill South (N03) showed a 43 per cent increase, led by condo apartment and detached home sales.
“Prices moderated in August, down approximately one per cent from the previous month, meaning that there will be many opportunities within reach during this autumn market,” said Mr. Bentley.
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. Serving more than 26,000 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 available on www.TorontoRealEstateBoard.com.

Source: Toronto Real Estate Board

Thursday, August 30, 2007

Torontonians deserve thoughtful and fair approach to City’s financial challenges: Toronto REALTORS®

In response to recent City of Toronto announcements regarding theCity’s fiscal situation, Toronto’s REALTORS® are calling on Mayor Miller, City Councillors andprovincial politicians to consider thoughtful and fair options preferred by Torontonians, instead of justnew taxation or cuts to core services.
REALTORS® have been watching the actions of City and Provincial politicians since Toronto CityCouncil decided to defer consideration of a second land transfer tax, which would mean a 100 per centincrease, or over $4,000 in extra costs for the average Toronto home buyer, if approved.
“The public has been clear that a second land transfer tax is simply not a fair way to address the City’sbudget shortfall. It discriminates against homebuyers by forcing them to shoulder a disproportionate andunfair burden,” said Donald Bentley, President of the Toronto Real Estate Board (TREB). “The secondland transfer tax should be taken off the table immediately and the public should be given thoughtfulchoices instead.”
TREB points out that a second land transfer tax will impact average people. According to the CanadaMortgage and Housing Corporation, in Toronto’s condominium market, where most investment activityoccurs, approximately 80 per cent of units are owned by people who live in them. Investment activity iseven lower when all residences are considered.
“REALTORS® know first hand that the Toronto real estate market is dominated by people buyinghomes to live in them, not by investors or speculators,” added Bentley. “A second land transfer tax willbe felt the most by real, hard-working, people with the dream of home ownership. In today’s market, itis not uncommon for these people to move every five years or so; they will feel the sting of the secondland transfer tax many times”.
REALTORS® believe that a fair approach to addressing Toronto’s fiscal situation should includeimmediate and adequate provincial action, prioritizing the City’s core services, and making sureservices are delivered efficiently.
“The choice isn’t simply between new taxes or cuts to core services. The public knows better and theydeserve better. There are other options. The City has to get its house in order and all provincialpoliticians have to step up to the plate with firm, adequate and immediate commitments,” said Bentley.“The recent announcements from the Provincial Party leaders regarding municipal finances show thatpublic opinion is having an impact, but the public is expecting and demanding more.”
While TREB believes that provincial action is a key part of the solution, REALTORS® are also callingfor an impartial third-party review of the City’s budget so that the public can have an accurateunderstanding of the City’s fiscal situation.
“The public has the right to demand openness so that they can truly understand what makes up theCity’s shortfall. The City shouldn’t be hesitant to ask for a second opinion on where savings can befound and other options,” added Bentley.
REALTORS® are also questioning the City’s current approach to cost containment, noting that theCity’s Deputy City Manager and Chief Financial Officer is currently in the process of determining whatthe City’s core services are.
“Frankly, it’s shocking that the City would choose to pursue new taxes before identifying discretionaryservices. The public know their priorities and they expect the City to focus their existing tax dollars onthose core services, while finding savings in discretionary areas. The City’s recent cost containmentefforts seem to have ignored various options that may be preferred by the public”, said Bentley.
TREB plans to continue opposing the unfair second land transfer tax. More information is available a thttp://www.nohomebuyingtax.com/.
Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethicsand share a state-of-the-art Multiple Listing Service. Serving more than 25,000 Members in theGreater 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/.

Source: Toronto Real Estate Board

Friday, August 17, 2007

August Prepares to Roar into Fall Market

Resale home transactions reached unprecedented heights in the first half of August, up 17 per cent from the same period in 2006, Toronto Real Estate Board President Donald Bentley announced today. So far this month 3,838 properties have sold with an average price of $355,829. “The market has shown tremendous strength in recent months,” said Mr. Bentley. “Given that August sales have been brisk thus far and that the past four consecutive months have all set records, we are looking forward to a robust fall market.” The rate at which transactions are occurring has increased over 2006 as well. On average, properties are currently on the market 32 days before selling as compared to 38 Days during the first half of last August. Sales were particularly swift in the neighborhood of West Agincourt (E05) where there was an overall increase of 71 per cent in sales compared to mid-August 2006 as detached home transactions doubled. In Rexdale, the W10 district showed a 54 per cent increase in overall sales compared to mid-August a year ago due to large increases in both condominium apartment and detached house sales. In the Downtown Core (C01), 27 per cent more transactions took place overall compared to the same period last year as a result of a 34 per cent increase in condominium apartment sales in August 2007. Detached and condominium apartment sales in South Richmond Hill (N03) fueled an overall increased of 41 per cent as compared to the same timeframe a year ago. Mr. Bentley offered one word of caution with respect to the market outlook, noting that the potential for a second land transfer tax in Toronto could be a wild card. “The health of the current market is good news for Toronto’s economy. We hope that the City of Toronto doesn’t jeopardize this market by imposing a second land transfer tax on home buyers,” said Mr. Bentley. To learn more about this issue visit www.nohomebuyingtax.com

Serving more than 26,000 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

Tuesday, August 14, 2007

Canada's housing market cooling

Canadian housing starts fell 4.3 per cent in July to miss estimates while new home prices rose at a slower pace than in the prior month, suggesting a steady cooling of the domestic housing market.
July housing starts dropped to a seasonally adjusted annualized rate of 215,600 units from a downwardly revised 225,300 units in June, Canada Mortgage and Housing Corp. said Thursday.
That fell short of analyst expectations for 220,000 units.
Data from Statistics Canada also showed the price of new houses rose more moderately in June, though demand was brisk in the Prairie provinces.
“The Canadian housing market is cooling, but at a steady pace, unlike its U.S. counterpart,” Jennifer Lee, an economist at BMO Capital Markets wrote in a note. “Today's pair of housing indicators can attest to that.”
But Lee said the domestic market remains in “strong shape” as the level of housing starts continues to hover within the 200,000-250,000 range it has occupied for the last four and a half years.
Urban single-family starts fell 2.7 per cent to 89,700 units, while urban multiples — condominiums and apartments — dropped 8.4 per cent to an annual rate of 92,100 units.
Rural starts in July were estimated at an annual rate of 33,800 units, up from 32,600 in June.
“The lower level of housing starts this month is consistent with our forecast of a gradual easing in the pace of new home construction in 2007 caused by rising prices and slightly higher mortgage rates,” CMHC's chief economist, Bob Dugan, said in a statement.
The Canadian dollar dropped to 93.98 (U.S.) following the report from pre-data levels around 94.59 cents. It has since recovered all of the post-data losses.
The annual increase in new housing prices slowed for the eighth straight month, easing to 7.8 per cent in June from 8.6 per cent in May, while the month-on-month increase fell to 0.7 per cent in June from 1.1 per cent in May.
The Bank of Canada watches housing prices as indicator of whether the economy is overheating.
“All said, the general cooling in home price appreciation is welcome news on the inflation front, as home prices have been largely responsible for the core inflation rate remaining above the Bank of Canada's target rate of 2 per cent for almost a year now,” Pascal Gauthier, an economist at TD Economics, said in a note.
The biggest increases in recent years have been in the main oil province of Alberta, but annual increases there have retreated to 14.7 per cent in Calgary and 31.9 per cent in Edmonton (down from a high of 42.8 per cent in November).
However, spillover into less-populous Saskatchewan and Manitoba has enlivened property markets there.
In Saskatchewan, Saskatoon's new housing prices set a record annual increase of 48.4 per cent — prices jumped 8.8 per cent in just one month — and Regina's annual increase was a record 22.5 per cent.
In Manitoba, Winnipeg saw prices climb by 11.5 per cent from a year earlier.

Source: Reuters News

Tuesday, August 07, 2007

Resale market shows strongest summer performance !

Last month, the local resale market was 26 per cent more active than during the same time in 2006, recording a July record 8,912 sales, TREB President Donald Bentley announced today.
"Currently, year-to-date transactions stand at 59,339, up 13 per cent over the first seven months of last year," Mr. Bentley said. "And with June and July both setting records, we are now seeing the strongest summer performance by our local resale market since records have been kept." Toronto's Riverdale area (E01) saw a 73 per cent increase in transactions over June 2006, fueled by increases in almost every house type.
Strong sales of detached homes and condominium apartments in the South Humber part of Etobicoke (W07) contributed to a 116 per cent increase in total transactions over the same time last year. A large increase in condominium apartment sales was responsible for a 40 per cent increase in total sales for North York (C14). Transactions in Richmond Hill (N04) increased 77 per cent over July 2006, due to a 100 per cent increase in attached/row-house sales and strong performances in most other house types.
"The market is building on some very strong economic fundamentals," noted the TREB President. "And low borrowing costs have kept homes within reach of a broad segment of the population."
Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a stateoftheart Multiple Listing Service. Its 23,739 listings resulted in May’s 11,146 sales. Serving more than 25,000 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./

Source: Toronto Real Estate Board

Tuesday, July 31, 2007

One Hot Summer!

July has started swiftly, with 3,947 sales to date, TREB President Donald Bentley announced today. This mid-month total is up 21 per cent over last July's 3,251 sales.
"While it is too early to speak of a July record (currently the record is 8,084 sales recorded in 2003), this month should certainly end as one of our best summer performances," said Mr. Bentley. "And in terms of year-to-date activity (54,457 sales), 2007 is 11 per cent ahead of 2006 (48,961 sales). It is also up 13 per cent over the 2005 figure (47,956 sales), and when 2005 was finished it produced an all time annual sales record."
While transactions continued at an accelerated pace despite the onset of Summer, price increases remained moderate. At $374,254, the average was up eight per cent over the first half of July 2006. The year-to-date average, at $373,572, was up five per cent over 2006's figure of $356,207.
Meanwhile, time-on-market came in at 31 days and the list-to-sale price ratio was 98 per cent.
In Oshawa (E16) sales rose 63 per cent over July 2006 due large to a large increase in the number of semi-detached houses sold.
Sales in Rexdale (W10) increased 97 per cent over last year due to a 133 per cent increase in transactions of detached homes.
North York Center (C14) saw a 57 per cent increase in sales based on large increases in both condo apartment and detached home sales.
Sales in Vaughan (N02) were up 68 per cent, with strong increases in almost all house types.
Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a stateoftheart Multiple Listing Service. Its 23,739 listings resulted in May’s 11,146 sales. Serving more than 25,000 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./


Source: Toronto Real Estate Board

Tuesday, July 17, 2007

New Land Transfer Tax Delayed

Toronto Mayor David Miller suffered his biggest political defeat Monday as council narrowly voted to delay any decision on bringing in two controversial new taxes until at least October.
In a 23 to 22 vote, council decided that any decision on new taxes on land transfers and vehicle registration should wait until after the provincial election.
Miller dodged questions after the vote about whether this was a personal defeat, and instead warned massive service cuts and huge property tax increases are now likely.
"It's not been my style to create a crisis," he said. "But we've reached a point where the city's budget is not sustainable."
Coun. Case Ootes said the vote is a stark wake-up call to Miller that citizens want more control on spending at City Hall.
"He lost big today. And he better start listening to the people of this city. They're not happy with the way this place is run," he said.

Toronto Mayor David Miller suffered his biggest political defeat Monday as council narrowly voted to delay any decision on bringing in two controversial new taxes until at least October.
In a 23 to 22 vote, council decided that any decision on new taxes on land transfers and vehicle registration should wait until after the provincial election.
Miller dodged questions after the vote about whether this was a personal defeat, and instead warned massive service cuts and huge property tax increases are now likely.
"It's not been my style to create a crisis," he said. "But we've reached a point where the city's budget is not sustainable."
Coun. Case Ootes said the vote is a stark wake-up call to Miller that citizens want more control on spending at City Hall.
"He lost big today. And he better start listening to the people of this city. They're not happy with the way this place is run," he said.
Miller had argued that the new taxes were essential if the city is to prosper.
As debate got underway Monday on the controversial taxes, Miller told council the city must follow other cities such as New York, Berlin and Shanghai, and break away from dependence on property taxes.
"If we do not invest, this city of Toronto will be left behind," said Miller.
Admitting the taxes are not popular, Miller said if introducing them were easy, that would have been done already.
The measures are an annual vehicle registration fee of $60 for most passenger vehicles and $30 for motorcycles and a tax to match the provincial land transfer tax on house purchases. The taxes are expected to raise more than $365 million per year.
The house purchase tax would add over $4,000 to the cost of a $400,000 home.
Groups such as the Toronto Real Estate Board and the Canadian Federation of Independent Business have condemned the proposed plan, but the mayor and supporters say the taxes are needed to prevent either large service cuts or big property tax increases.
"This has struck a chord, so the members of council are getting lots of calls from the residents, and there's pure anger," Coun. Denzil Minnan-Wong told CBC News before the debate began.
"And on the other side is David Miller doing his arm twisting on the council floor."
The public viewing areas at City Hall were standing room only as the debate got underway Monday.

Source: www.cbc.ca

Wednesday, July 11, 2007

CREA forecast for 2007

New record for MLS® home sales expected again in 2007. National activity to rise 3.6% over last year.
OTTAWA – May 1, 2007 – Boosted by record activity levels in the first quarter,national MLS® home sales activity is expected to reach new heights again in2007, according to a new residential forecast prepared by The Canadian RealEstate Association.National home sales are forecast to rise by 3.6 per cent to 500,995 units in 2007,and will set new records in most provinces. Activity is forecast to edge slightlylower in 2008, but will remain high in all provinces.
The national MLS® residential average price is forecast to rise over the next twoyears. Resale housing markets will become more balanced in all provinces, butwill remain tightest in Western provinces where annual price increases will begreatest.
“Resale housing activity in the first quarter was far stronger than anybody hadanticipated,” said CREA Chief Economist Gregory Klump. “Record-breakingsales activity in the first three months of this year has forced The Canadian RealEstate Association to revise our forecast upward.”“Home buying sentiment remains strong in all regions, and new listings havebeen unable to keep pace with sales activity. The resale housing market willbecome more balanced as rising prices erode affordability and cause a gradualretreat in sales activity,” Klump said. “A strong job market and the continuation oflow interest rates will keep sales activity strong even as prices continue to rise.”
“Residential real estate markets across Canada remain healthy and active, and itis important to note that the negative factors weighing on U.S. home sales arelargely absent in Canada,” said CREA President Ann Bosley. “For local marketexpertise and sound advice, consumers should consult their REALTOR®.”
In British Columbia, sales activity and new listings recently rebounded in anumber of areas, including the Greater Vancouver, Fraser Valley, Okanagan andVictoria markets. While negotiations still favor the seller, the resale housingmarket is becoming more balanced and price increases have begun to moderate.That trend is forecast to continue.
In Alberta, sales and new listings set new records in the first quarter of 2007. Arecent spike in new listings caused the market to become more balanced inCalgary, Edmonton and elsewhere in the province. Price increases this year areforecast to be smaller than they were last year, but remain outsized in mostmarkets. In Saskatchewan, sales have been rising by more than new listings, andnegotiations heavily favor the seller. Prices are forecast to reach new heights inSaskatoon and Regina, the province’s two most active markets.
In Manitoba, a bigger rise in new listings than sales has caused the MLS®housing market to become more balanced, and price increases are beginning toshrink. That trend is forecast to continue, but negotiations will continue to favorthe seller.
In Ontario, a recent increase in sales activity caused the resale housing marketto tighten, although trends for sales activity and new listings vary widely betweenlocal markets. The market is forecast to become more balanced as sales activityedges lower and new listings inch higher in the second half of 2007 and in 2008.
In Quebec, sales activity in the first quarter rose in a number of major marketsand caused the resale housing market to tighten and price increases toaccelerate. A forecast increase in new listings will cause the market to becomemore balanced and price increases to shrink in the second half of the year and in2008.
In New Brunswick, sales activity surged in Saint John and Moncton, whichcaused the resale housing market to tighten in the first quarter. Sales activity isforecast to ease and contribute to a more balanced market, which will causeprice increases to become more modest.In Prince Edward Island, sales activity in the first quarter broke out of its holdingpattern that it had settled into over the past few years, while new listings trendedlower. Although the market tightened as a result, a year-over-year decline inaverage price during the first quarter suggests that entry-level buyers accountedfor much of the jump in sales activity. In keeping with the forecast trend in otherprovinces, sales activity in Prince Edward Island is forecast to retreat this yearbut remain strong and cause the market to become more balanced.
In Newfoundland, seasonally adjusted sales activity shattered all previousrecords in the first quarter. That caused the province’s resale housing market tobecome much tighter. The lack of an accompanying pick-up in price suggeststhat the recent increase in sales activity was fueled by lower-priced transactions.Sales activity is forecast to retreat as new listings gradually increase, leading to amore balanced market and modest price increases.


Source: The Canadian Real Estate Association

Sunday, July 08, 2007

REALTORS® launch WWW.NOHOMEBUYINGTAX.COM

TORONTO, July 5, 2007 -- Toronto’s REALTORS® have launched a web site (http://www.nohomebuyingtax.com/) to help the public calculate what the proposed Toronto land transfer tax will cost them and to easily allow the public to let Mayor Miller and City councillors know what they think.
“As REALTORS®, it’s our job to give information to the public. As soon as we tell them about the City’s proposal to charge a second and transfer tax they ask us what it will cost them and what they can do to stop this bad idea. Our new web site shows them the exact cost of the tax and allows them to easily email the Mayor and City Councillors,” said Donald Bentley, President of the Toronto Real Estate Board (TREB).
The http://www.nohomebuyingtax.com/ site includes an easy-to-use calculator that tells the user exactly how much land transfer tax they now owe the province and what they will owe the City. In addition, it includes quick facts and easy options for the public to take action.
Even prior to launching the web site, Toronto’s REALTORS® have been communicating with the public to inform them of the City’s proposal. The public is very opposed to this tax and their reaction has been overwhelming.
“We are aware of over 1,000 emails that have been sent to Mayor Miller and all City Councillors, and most of those have come from the public in just the last week, after the City’s Executive Committee decided to push forward with this misguided idea. The public isspeaking; hopefully, City Hall won’t ignore them,” said Bentley.
The emails that have already been sent make it clear that the public believes that the City is headed in the wrong direction.
“Nobody likes taxes, but the public has been adamant that a second land transfer tax is not the right approach to addressing the City’s fiscal challenges because it could make the dream of home ownership more difficult to achieve for home buyers, while impactingproperty values for some current home owners. Generally, the public believes that this tax is unfair, that the City hasn’t justified it, and that the City should first focus on getting its own house in order,” Bentley added.
TREB notes that concern is being expressed by both people looking to buy a home and those who already own a home.
“Even though this tax will be paid by home buyers, current home owners understand that it could make their properties less marketable compared to homes in other municipalities where there is only one land transfer tax. This could hurt their property’s value, whichwould impact seniors the most because many of them rely on their property’s value to help with their retirement”, said Bentley.
TREB points out that the public has also indicated that, instead of focusing on new taxes, the City should continue to make fairer funding from the senior levels of government a priority.
“REALTORS® support a fair deal for Toronto, but City Council is putting the cart before the horse. Charging new taxes will simply let the senior governments off the hook”, said Bentley.
TREB plans to continue opposing the implementation of a second land transfer tax. For more info click here.
Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a stateoftheart Multiple Listing Service. Its 23,739 listings resulted in May’s 11,146 sales. Serving more than 25,000 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/consumer_info/find_a_home/open_house/index.htm

Source: Toronto Real Estate Board

Summer market begins with a bang

TORONTO, July 6th, 2007-- In June, the Toronto Area resale housing market was nearly 20 per cent more active than a year ago, Toronto Real Estate Board President Donald Bentley announced today. The 10,451 sales recorded in the month were also just shy of the 11,146 sales that made May TREB's most active single month ever.
"This market is very healthy and shows no signs of letting up," Mr. Bentley said. "The strong spring we've seen is carrying through to the summer months, and that has helped to push this year's total activity past 2006 by nearly 11 per cent."
Toronto's Danforth / Woodbine Heights area (E03) saw overall transactions jump by 32 per cent compared to last June, with gains across most housing types.
Strong sales of condominium apartments and town homes in Mississauga's Northwest Cooksville (W15) area contributed to an overall increase in activity of 57 per cent compared to June 2006.
Detached home sales in Bayview / Hillcrest Village (C15) nearly doubled as overall transactions increased by 39 per cent compared to June of last year. Just north of the city, Richmond Hill's southern portion (N03) saw a 48 per cent increase in transactions compared to the same timeframe one year ago.
"The current market is exceeding expectations because it has very solid fundamentals to build upon," TREB's President added. "We have seen good returns on investment, and a strong economy and low borrowing costs have kept homes accessible. 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 stateoftheart Multiple Listing Service. Its 23,739 listings resulted in May’s 11,146 sales. Serving more than 25,000 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/consumer_info/find_a_home/open_house/index.htm

Source: Toronto Real Estate Board

Friday, June 29, 2007

Toronto REALTORS® Demonstrate Importance of Working Together

TORONTO, June 25, 2007 -- REALTORS ® are skilled at bringing people together, and that is exactly what they did during the Toronto Real Estate Board’s Civic Connections: Working Together reception, which featured a keynote address by Dr. David Suzuki. The recent event also included the presentation of a political contribution award to City of Toronto Councillor Michael Feldman, and the presentation of scholarships to two exceptional students.
“In their line of work, REALTORS® are always bringing people together. The Toronto Real Estate Board wanted to take this a step further and bring together political and community leaders to foster the relationships that will help us all to meet the challenges that we face,” said Dorothy Mason, President of the Toronto Real Estate Board (TREB).
The event featured a keynote address by internationally renowned scientist, environmentalist, and broadcaster, Dr. David Suzuki. Politicians, civil servants, and REALTORS® from TREB’s Board of Directors and Government Relations Committee heard how they can work together to address environmental concerns. Dignitaries in attendance included GTA Mayors, Toronto City Councillors, GTA Councillors, MPPs, Municipal City Managers, and a GTA fire chief.
“No issue needs us all to work together more than the environment and nobody articulates this better than Dr. Suzuki. His passionate address illustrated the need for the public and elected officials to think about their actions on a global scale,” said Mason.
The Toronto Real Estate Board also took the opportunity to recognize the efforts of City of Toronto Councillor Michael Feldman by awarding him TREB’s first ever Political Contribution Award.
“On countless occasions, Councillor Feldman has demonstrated what can be achieved when we work together.
His contributions to the City of Toronto, and to the advancement of the real estate industry in the Greater Toronto Area through his work in the private and public sectors is unsurpassed. TREB is proud to present him with this award,” Mason said.
Also for the first time, two $5,000 TREB Past President’s scholarships were presented to two GTA graduating high school students planning to continue their education. TREB Past President John W. Meehan presented Rachel Johnston of University of Toronto Schools with an award for her 500word essay on “The environmentally friendly home of the future.” Adam Kahn of Thornhill Secondary School was honoured for his essay addressing the question, “Should property rights be enshrined in the Canadian Constitution?”
“These scholarships help reaffirm the importance that REALTORS® place on continuing education,” said Mason.

Source: Toronto Real Estate Board

Wednesday, June 20, 2007

Home resales up 24 per cent in first half of June

Home resales up 24 per cent in first half of June TORONTO, June 19, 2007 -- During the first fifteen days of June, resale home transactions jumped 24 per cent compared to the same timeframe a year ago, Toronto Real Estate Board President Dorothy Mason announced today. The first half of the month yielded a remarkable 5,074 sales, an increase of 1,000 transactions from last year's mid-June figures. This total was also 12 per cent higher than the 4,522 sales recorded in the first half of May, which ended as the most active month ever.
“We are going through one of the strongest spring markets ever,” Mrs. Mason said. “There is a lot of momentum carrying over from that and it bodes well as we move into summer.”In Scarborough Centre / Woburn (E09), sales of detached homes doubled as 38 per cent more overall transactions took place compared to mid-June a year ago.
Alderwood / Mimico (W06) in Toronto's west end saw an overall increase in activity of 50 per cent compared to figures from last year.
Toronto's Annex neighbourhood (C02) saw the number of transactions to mid-June increase by 61 per cent compared to 2006.
Outside the city, brisk sales of town homes and detached homes in central Vaughan (N08) led the way as overall transactions increased 53 per cent over the same timeframe a year ago.
The average price of a resale home at mid-month was $384,576, an increase of seven per cent over the $358,648 recorded during the first half of June 2006. Inventory stood at 23,725 listings, reflecting a good amount of choice and helping to keep price increases under control.
“We have strong local and national economies, great value in the marketplace and solid returns on investment,” TREB's President said. “It's an excellent time to be in the market, and savvy consumers are taking advantage of these great conditions.”
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. Serving more than 25,000 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, June 08, 2007

Toronto Market Reaches New Heights!

TORONTO, June 4 th , 2007 -- In May the Toronto Area resale housing market experienced its most active month ever as 11,146 homes changed hands, Toronto Real Estate Board President Dorothy Mason announced today. The total for the month was 18 per cent higher than May of 2006.
“The level of activity has been very strong through the spring, but it jumped to another level in May,” Mrs. Mason said. “Overall, our yeartodate figures show that sales are about eight per cent ahead of last year’s pace.
”In West Agincourt •E05•, condominium activity more than doubled as overall sales increased by 39 per cent compared to last May.
Condominiums are by far the most common housing type in Toronto’s downtown / Harbourfront neighbourhood •C01•, where transactions jumped 37 per cent overall compared to May of 2006.
In the Cooksville / Port Credit area of Mississauga •W12•, 41 per cent more transactions took place compared to a year ago.
North of Toronto in Vaughan Centre •N08•, overall resale activity increased by 40 per cent compared to the same timeframe in 2006.
With the average price just five per cent higher than a year ago, at $382,787, Mrs. Mason noted that the market is a strong investment, yet still quite accessible.
“We have an excellent combination of healthy, controlled price increases and a very high level of activity,” Mrs. Mason said. “People are demonstrating that it’s a great time to start out in the market or switch to a different home.”
Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a stateoftheart Multiple Listing Service. Its 23,739 listings resulted in May’s 11,146 sales. Serving more than 25,000 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, May 23, 2007

Highest midmonth total ever

TORONTO, May 16, 2007 -- The resale housing market got off to a roaring start in May, with 5,003 sales reported during the first 15 days of the month, Toronto Real Estate Board President Dorothy Mason announced today. This is an 11 per cent increase over the first half of May 2006 and the highest midmonth sales total in TREB’s history.
“All signs point to a very healthy market for the remainder of the spring,” Mrs. Mason said. “In terms of activity, this year is about six per cent ahead of last year’s pace, and that’s an indication that there’s a lot of confidence in this market. Now is an excellent time to get started in the market or make a move.” The average price in the first half of May was up two per cent to $377,612 from the $369,543 recorded during the first half of May 2006.
Yeartodate prices were nearly five per cent ahead of the same time last year. Meanwhile average timeonmarket for a listed home fell to 28 days, and the average listtosale price ratio rose to 99 per cent of the asking price.
In Scarborough’s West Agincourt neighbourhood (E05), condominium transactions more than doubled as the area saw a 39 per cent overall increase compared to midMay of 2006.
Strong condominium activity also pushed Mississauga’s City Centre (W15) to a 49 per cent overall increase compared to the same timeframe a year ago.
In the Downtown Toronto / Harbourfront area (C01), 34 per cent more homes changed hands compared to midMay of last year, fueled mostly by highrise condominiums.
In central Vaughan (N08), detached homes and town homes were the most active types as overall transactions increased from midMay of last year by 59 per cent."
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 25,000 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, May 09, 2007

Concerned Residents Tell Mayor and City Council to Shelve Toronto

TORONTO, May 7, 2007 -- With the City of Toronto beginning its public consultations on potential new taxes, Toronto REALTORS® are hoping that Mayor Miller and City Council will heed their advice: don’t impose a home-buying tax.
Public meetings, which start today, are an opportunity for Toronto residents and businesses to tell the City what they think of various new taxes that are being considered. These proposals were only announced less than two months ago, and the City’s Executive
Committee could make decisions on them next month.
Possibly the biggest tax that could be levied by the City would be a second land transfer tax, paid by homebuyers on top of the existing provincial land transfer tax. A second land transfer tax of as little as 0.5 per cent would mean that average Toronto homebuyerswould have to come up with close to $2,000 extra when buying a home, a 45 per cent increase in the land transfer taxes that they already pay.
“We appreciate any opportunity to inform the City about how misguided a Toronto home-buying tax is, but this issue is too serious to wait for the City’s formal public meetings to start. As soon as REALTORS® found out about the proposed home-buying tax, they started
contacting the Mayor and City Councillors directly to tell them to shelve this crazy idea. Hundreds of REALTORS®, that we are aware of, have already sent emails to the Mayor and City Councillors,” said Dorothy Mason, President of the Toronto Real Estate Board (TREB).
“Not just REALTORS® have been speaking out against this tax. As soon as their clients, the general public, find out about this they are shocked that the City would even think about this. Many of them are letting TREB know about their concerns at the same time that they send them to the City, and from what we have seen, it’s clear that the public is very concerned about a Toronto home-buying tax,” said Mason.
The concerns that REALTORS® and the public have been expressing are numerous. Specifically, they have told the City that a homebuying tax would hurt homebuyers, home sellers, businesses, the economy, and the environment (Excerpts from REALTOR® and public correspondence provided below).
“A home-buying tax would hurt those who can least afford it the most. Many homebuyers already have to heavily finance their home purchase to be able to live in Toronto. If they have to find another $2,000, or more, for this tax, they’ll end up having less money for a down payment, which will mean a bigger mortgage, over $1,700 in extra mortgage interest, and possibly more mortgage insurance costs. For a homebuyer of an average Toronto property that could only afford a five per cent down payment, the Toronto home-buying tax could ultimately end up costing them over $11,000 in added costs when mortgage insurance and interest are considered,” said Mason.
“The unfortunate thing is that, at the end of the day, a Toronto home-buying tax could mean less, not more, revenue for the City because less demand for Toronto housing will mean less property assessment growth, which would mean less property tax revenue for the City,” added Mason.
Until recently, the City has only been allowed to levy property taxes.
“These are unprecedented decisions that the Mayor and City Council are making, so the last thing they should be doing is rushing, but that is exactly what they are doing. The City needs to make sure that it takes the time to fully understand the ramifications of a homebuying tax,” said Mason. For more info. click here.

Source: Toronto Real Estate Board

Friday, April 27, 2007

April showers don't dampen home sales

TORONTO, April 18, 2007 -- The GTA resale housing market got off to a strong start in April, with mid-month sales coming in one per cent ahead of mid-April 2006, Toronto Real Estate Board President Dorothy Mason announced today. The 4,175 transactions recorded in the first half of the month surpass the mid-April total of 4,140 sales recorded in 2006. Meanwhile, year-to-date figures for 2007 are nearly two per cent ahead of last year’s pace. “We are very encouraged by the stability of the GTA market,” Mrs. Mason said. “Activity is strong yet controlled, and great economic fundamentals continue to keep things moving in the right direction.” The average price of a home in the GTA reached $372,169 in the first half of April, up one per cent over the same timeframe in April 2006 when prices averaged $366,878. The median price rose three per cent to $315,000. Active listings were down five per cent from the same time in 2006, to 22,711. Strong activity across all housing types in the Beach (E02) helped push overall sales up 44 per cent compared to mid-April of 2006. The condo boom in Mississauga’s city centre (W15) was largely responsible for an overall sales increase of 41 per cent in the area, compared to mid-April of last year. Toronto’s Forest Hill neighbourhood (C03) saw 54 per cent more overall transactions than to the same point a year ago, fueled mostly by detached home sales. In Bayview Village / Hillcrest Village (C15), overall transactions increased by 36 per cent compared to the same timeframe in 2006. “Consumers are showing a lot of confidence in this market,” Mrs. Mason said. “Their investments are showing steady returns, yet the market is still accessible to a variety of buyers.” Toronto REALTORSR are passionate about their work. They adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service. Its 20,228 listings resulted in March's 8,518 sales. Serving more than 25,000 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

Thursday, April 12, 2007

Strong start to spring

TORONTO, April 4, 2007 -- Strong resale housing activity in March got the spring market off to a healthy start, Toronto Real Estate Board President Dorothy Mason announcedtoday. A total of 8,518 transactions took place in the month, nearly on par with the 8,707 sales reported last March."The market is in great shape, and we're seeing very strong results on a consistent basis," Mrs. Mason said. "So far 2007 is slightly ahead of last year's sales pace, and we're right on track for another solid year."In Scarborough's West Hill neighbourhood (E10), strong sales of detached homes led to an overall sales increase of 27 per cent compared to March 2006.Etobicoke's Mimico / New Toronto neighbourhood (W06) saw transactions increase by 45 per cent compared to last March, fueled by strong detached home and condo apartment activity.A jump in condominium activity in North York Centre (C14) helped overall sales to a 14 per cent increase compared to March of a year ago.Overall sales in Thornhill (N02) increased by 16 per cent compared to last March, led by detached home sales."The GTA continues to have strong employment numbers and a healthy economy," Mrs. Mason added. "Housing activity is solid and prices are steadily on the rise, so it remains an excellent time to be in the market."Toronto REALTORSR are passionate about their work. They adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service. Its 20,228 listings resulted in March's 8,518 sales. Serving more than 25,000 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, March 30, 2007

REALTORS® Raise Concerns Over Toronto “Home-buying Tax”

TORONTO, March 21, 2007 -- In an open letter to Toronto Mayor David Miller, the Toronto Real Estate Board (TREB) has raised concerns about a possible home-buying tax in Toronto.
TREB’s letter provided Mayor David Miller with REALTORS’® initial input to a City discussion paper on potential new revenue sources. Of particular concern to TREB is the possibility of a Toronto land transfer tax, which would be levied on top of the existing provincial land transfer tax, meaning that Toronto homebuyers would be faced with paying this type of tax twice for the same transaction.
“Let’s call a spade a spade. A land transfer tax is a home-buying tax. It is a tax charged directly to homebuyers when they purchase a property, which is usually intended to offset costs for providing services directly related to real estate transactions. If the City intends to charge a land transfer tax just to raise additional revenue for general municipal services, is it fair to expect homebuyers to pay for services that the whole community benefits from?”, said Dorothy Mason, President of the Toronto Real Estate Board.
“If the City adopts a land transfer tax, Toronto homebuyers will be faced with a double whammy of land transfer taxes - a municipal land transfer tax and a provincial land transfer tax,” added Mason.
The provincial government already charges a land transfer tax on property transactions. For the average Toronto home, according to TREB’s statistics, the provincial land transfer tax payable is approximately $4200.
“If the City moves ahead with a second land transfer tax of 0.5%, as is being considered, average Toronto homebuyers could be faced with paying almost $1900 on top of the $4200 that they already have to pay for the existing provincial land transfer tax, money that could be spent on other expenses when purchasing a home such as appliances. That’s an additional 45% in land transfer tax. Even a 0.1% Toronto land transfer tax would represent almost a 10% increase in and transfer taxes. Also, with total closing costs (e.g. legal fees, land transfer tax) usually around 1.5% of a property’s selling price, a 0.5% Toronto land transfer tax would represent a 33% increase in closing costs”, said Mason.
TREB’s letter to Mayor Miller outlined specific concerns about the impact that a second land transfer tax would have for the City.
“Mayor Miller and all of City Council should realize that forcing homebuyers to pay a second land transfer tax will have implications for the City. It will make Toronto housing less affordable, and encourage homebuyers to choose to live outside of the City, where they only have to pay the land transfer tax once. This could mean more commuting, more traffic, and environmental impacts, like smog, for the GTA”, said Mason.
A copy of the open letter to Mayor Miller follows.
Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a state-of-theart Multiple Listing Service designed exclusively for REALTORS. Serving more than 25,000 REALTORS® throughout the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board.

Source: Toronto Real Estate Board

Wednesday, March 21, 2007

Home sales stay steady

TORONTO, March 19, 2007 -- The Toronto Area resale housing market maintained a solid pace through the first half of March, Toronto Real Estate Board President Dorothy Mason announced today.
The first half of the month yielded 3,714 transactions, nearly on par with the 3,755 sales recorded in the same timeframe last year.
“The year has begun very well,” Mrs. Mason said. “The market hasn't lost any steam despite a very strong start, and to date, the sales pace for this year is still three per cent ahead of last year's pace.”
In Mimico / New Toronto (W06), a large increase in condominium activity and brisk detached home sales contributed to an overall sales increase of 54 per cent compared to mid-March of 2006.
East of Toronto in Ajax (E14), an increase in sales of detached homes and townhomes helped push overall sales 32 per cent higher than mid-March a year ago.
Detached homes were the most popular housing type in Thornhill (N02), as the area saw 22 per cent more overall transactions compared with the same timeframe last year.
The average price of a home rose in March, increasing two per cent to $367,531 over the $360,294 recorded during the first half of March 2006. It is also up two per cent over the $358,533 recorded during the same timeframe in February. The average time-on-market for a home was 31 days to mid-month, and the list-to-sale price ratio was 98%.
“Consumers are reaping the benefits of a strong economy, favourable interest rates and a very solid housing market,” Mrs. Mason said. “Right now is an excellent opportunity to take the plunge into a different home or get started 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 http://www.torontorealestateboard.com/find_a_home/open_house/index.htm

Source: Toronto Real Estate Board

Tuesday, March 13, 2007

February stays right on track

TORONTO, March 6, 2007 -- Resale housing activity in the month of February was slightly higher than a year ago, Toronto Real Estate Board President Dorothy Mason announced today. A total of 6,772 transactions took place in the month, as compared to 6,756 in February 2006.
“Sales activity has been strong to begin the year,” Mrs. Mason said. “Results from the first two months show that so far 2007 is five per cent ahead of last year's pace.”
“The important thing is that we are seeing strong results on a consistent basis, which speaks volumes about the stability of the market,” Mrs. Mason added. “As we head into the most active part of the year, it's an excellent time to get into the market for the first time or make a switch to a different home.”
In Scarborough Town Centre / Woburn (E09), a jump in sales of detached homes pushed overall activity up 22 per cent compared to February 2006.
Strong condominium apartment sales in Mimico / New Toronto (W06) contributed to a 29 per cent increase in overall transactions compared to a year ago.
Central Toronto's Davisville neighbourhood (C10) saw 20 per cent more transactions than the same month a year ago, with strong sales among most housing types.
North of Toronto in Newmarket (N07), detached homes were the most popular type as transactions increased 32 per cent compared to last February.
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

Sunday, February 18, 2007

Strong start for 2007

TORONTO, February 6, 2007 -- The January resale housing market was the best January ever, registering 13 per cent more transactions than a year ago, Toronto Real Estate Board President Dorothy Mason announced today. The 5,173 sales in the month were six per cent above the previous record set in January 2002.
“Sales have been very solid to start the year,” Mrs. Mason said. “It's a very good sign for the market to see a healthy level of activity carrying over from last year's strong finish.”Scarborough's Birchmount Park / Cliffside area (E06) saw 55 per cent more overall sales compared to last January, with detached homes accounting for nearly all transactions.In the Islington / Kingsway area of Etobicoke, a jump in condominium transactions helped to push overall sales 42 per cent higher than January 2006.
An increase in sales of condominiums and semi-detached homes helped lift Forest Hill to an overall increase of 56 per cent over January of last year.
North of the city, in Markham West / Langstaff (N01), 50 per cent more homes changed hands in January than during the same month a year ago.
Ted Tsiakopoulos, CMHC's Ontario regional economist, noted that Toronto's housing market has been a very stable sector of the economy.
“The market remains resilient despite slower job growth, high energy prices, and a loss of migrants to western Canada,” Mr. Tsiakopoulos said. “Historically low interest rates, strong income growth and healthy consumer confidence are important factors keeping January home sales buoyant across the GTA.”
TREB's President added that while the results are preliminary, they should instill confidence in consumers.
“The housing market is healthy and continues to be well supported by strong economic fundamentals,” Mrs. Mason said. “These are ideal conditions, and consumers can feel confident making a switch to another home or realizing their dream of home ownership 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 http://www.torontorealestateboard.com/find_a_home/open_house/index.htm

Source: Toronto Real Estate Board

Wednesday, January 31, 2007

New year off to a brisk start

TORONTO, January 18, 2007 -- The first half of January yielded 1,592 resale home transactions in the Toronto Area, a six per cent increase over the same time period a year ago, Toronto Real Estate Board President Dorothy Mason announced today.
“The strong activity we saw in December has carried through into the new year,” Mrs. Mason said. “Though these are very preliminary results, it is definitely an encouraging sign for the market to be so active this time of year.”
Toronto’s Downtown East (C08) neighbourhood saw 32 per cent more homes change hands compared to mid-January of last year.
Outside of Toronto, the Meadowvale / Streetsville area of Mississauga saw 38 per cent more transactions compared to the first half of January 2006, while Richmond Hill South (N03) saw an increase of 37 percent over the same timeframe.
The average price of a home remained stable in the first half of January, dipping about one per cent to $340,793 from December, though up 10 per cent over the $310,547 recorded during the first half of January 2006. Active listings sit at 17,283, up slightly from 16,517 a year ago.
Ted Tsiakopoulos, CMHC’s Ontario regional economist, expects price increases to remain healthy.
“Home listings continue to trend higher across the GTA early in 2007,” Mr. Tsiakopoulos said. “This bodes well for consumer choice, and rising inventories will help moderate the growth in home prices during the year. Favourable economic conditions and a healthy balance between demand and supply will ensure that home prices continue edging higher.”TREB’s President noted that all signs point to a healthy market in 2007.
“Activity, price increases and economic fundamentals are all very solid, and now is a great time to take advantage of lots of choice 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 http://www.torontorealestateboard.com/find_a_home/open_house/index.htm

Source: Toronto Real Estate Board

Monday, January 08, 2007

Year ends with a strong December

Year ends with a strong DecemberTORONTO, January 4, 2007 -- Resale housing activity in December increased by four per cent compared to the same month a year ago, Toronto Real Estate Board President Dorothy Mason announced today.
“All year long the market has remained very stable,” Mrs. Mason said. “December’s strong showing gives consumers even more confidence that there is a solid foundation in place as we begin the new year.”
The elevated activity at the end of the year helped propel 2006 to within just 1.2 per cent of the record sales total set in 2005.
Jason Mercer, CMHC’s Senior Market Analyst for the GTA, argued that a strong economy is behind the upbeat performance:
“Households remained confident in their ability to purchase a home last year,” said Mr. Mercer. “Furthermore, steady job growth in a number of different sectors and very low mortgage rates will keep buyers upbeat about home ownership in 2007."
In Don Mills (C13), 54 per cent more overall transactions took place during the month compared to last December, fueled in part by strong condominium activity.
A 54 per cent increase in overall sales was recorded in Etobicoke’s South Humber neighbourhood (W07), also helped by elevated condominium transactions.
East of Toronto, Pickering (E13) showed an overall sales increase of 30 per cent compared to December 2005, while in West Markham / Langstaff (N01), strong condominium sales led to a 63 per cent increase in overall transactions during the month, compared to a year ago.
“The market is on solid footing and is in excellent shape heading into 2007,” TREB’s President said. The winter season is an excellent time to be active in this healthy market, whether starting out as a first time buyer or making a move to a different home.”
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