Greater Toronto REALTORS® recorded 1,991 resale transactions during the first half of November 2008 from 3,544 sales recorded during the same period a year ago, Toronto Real Estate Board President Maureen O’Neill announced today.
The Greater Toronto Area year-to-date figures show 70,474 sales in 2008 from 84,994 recorded during the same period in 2007. The year-to-date average price was recorded at $380,470 in 2008 from $374,678 in 2007.
In the 416 area, 830 homes changed hands in the first two weeks of November from 1,643 transactions recorded during the same time frame a year ago. The year-to-date figures show 28,126 compared to 35,045 recorded in 2007.
In the 905 Region there were 1,161 sales during the first half of the month from the 1,901 transactions recorded at mid-November 2007. The year-to-date figures show 42,348 compared to 49,949 recorded in 2007.
It’s particularly important to interpret the 416 area statistics in context given the market surge we saw a year ago when buyers moved to avoid the new Toronto Land Transfer Tax,” said Ms. O’Neill. “At mid- month a year ago, transactions in the 416 area had increased 24 per cent over the same period in 2006.”
In the first two weeks of November 2008, the average price of a home in the GTA was $375,712 compared to $393,084 recorded a year ago.
In the 416 area, homes are currently selling for an average of $400,305 from the $432,972 average recorded during the same time period in 2007. An average price of $383,029 was recorded in the first two weeks of November 2006.
In the 905 Region the average price is currently $358,130 from $358,610 recorded a year ago. During the
first half of November 2006 the average price was recorded at $336,576.
“As an investment, a home not only offers shelter and an environment in which life’s most important moments are shared, but also offers financial appreciation in the long term, said Ms. O’Neill.”
Currently there are 27,562 homes listed for sale on the TorontoMLS system compared to a year ago when 20,173 properties were available. As such, the average time homes are remaining on the market is 41 days from 31 days in 2007. Sellers are currently achieving 97 per cent of their list price.
Greater 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 over 28,000 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, December 02, 2008
Tuesday, October 21, 2008
Ottawa may make millions on CMHC plan for banks
The federal government stands to make hundreds of millions of dollars off of its new program to buy mortgages from banks.
The government today is launching the first purchase of $5-billion of mortgages from Canada's banks as part of a program to buy $25-billion of home loans from banks to give them cash to make new loans.
It is taking advantage of its ability to borrow cheaply to buy the mortgages, which will pay a higher rate of interest. The difference will be the government's profit.
Ottawa doesn't have a forecast of its likely take, but given current market prices and the guidance that the Finance Department has provided to bankers on the prices to be paid, the federal government may expect to earn about $250-million a year. That could rise to $1-billion if the government increases the size of the mortgage purchases to $100-billion, as some in the banking sector suggest could be done.
Those potential profits are significant at a time when Ottawa projects its surplus will fall to $1.3-billion for the year ended March, 2010.
While government officials say any profit isn't the point, earning money on the program does drive home the message that Ottawa has been sending: The program isn't a bailout at taxpayers' expense.
“The goal is not to make money for the government,” said a Finance Department official who spoke on condition of anonymity. While the program is an efficient way to support lending in Canada by providing reliable funding to banks, it is important that the banks pay a competitive rate to tap into the funds, the official said.
“This is not a subsidy for banks.”
The credit crunch, which first erupted more than a year ago, has made it more expensive for banks to raise long-term funding to finance mortgages.
Finance Minister Jim Flaherty announced the initiative last Friday to have government-owned Canada Mortgage and Housing Corp. buy up loans from banks. The loans are solid, but by taking them off bank balance sheets in return for cash, the banks will theoretically be able to make new loans.
Ottawa has committed to buy up to $25-billion in total, but has not yet set the dates for the remaining purchases. Participants expect the government to carry out four more purchases of $5-billion each.
The purchases will be conducted by so-called reverse auction, where banks will essentially have to tell the government how much they will pay in the form of interest to move the loans off their balance sheets. The government will accept the most profitable bids.
Mortgage lenders can submit up to three bids for various amounts, but no one lender can sell more than $1.25-billion of loans to the government.
The government will establish a minimum acceptable yield, or interest rate. That minimum is expected to be above the yield on comparable five-year Canada Mortgage Bonds that CMHC sells to investors.
Banks are expected to place bids somewhere above the minimum, with more-stressed banks giving the government a better deal as they try to ensure they can raise cash.
John Manley, a former deputy prime minister and finance minister, said he was surprised Ottawa didn't pick up the program earlier.
“They make money on it, it increases liquidity in the system – why don't you answer the phone when people suggest things?” he said, pointing out that banks had been suggesting the program for some time.
One bank chief executive officer said that, even as the financial crisis worsens, Canada is in a unique position where it can establish programs to ease the flow of funds that don't put taxpayers on the hook. A shortage of government bonds and an excess of mortgages sitting on the banks' books make this an easy program to increase if necessary, he said.
Source: TARA PERKINS AND BOYD ERMAN, Globe and Mail
The government today is launching the first purchase of $5-billion of mortgages from Canada's banks as part of a program to buy $25-billion of home loans from banks to give them cash to make new loans.
It is taking advantage of its ability to borrow cheaply to buy the mortgages, which will pay a higher rate of interest. The difference will be the government's profit.
Ottawa doesn't have a forecast of its likely take, but given current market prices and the guidance that the Finance Department has provided to bankers on the prices to be paid, the federal government may expect to earn about $250-million a year. That could rise to $1-billion if the government increases the size of the mortgage purchases to $100-billion, as some in the banking sector suggest could be done.
Those potential profits are significant at a time when Ottawa projects its surplus will fall to $1.3-billion for the year ended March, 2010.
While government officials say any profit isn't the point, earning money on the program does drive home the message that Ottawa has been sending: The program isn't a bailout at taxpayers' expense.
“The goal is not to make money for the government,” said a Finance Department official who spoke on condition of anonymity. While the program is an efficient way to support lending in Canada by providing reliable funding to banks, it is important that the banks pay a competitive rate to tap into the funds, the official said.
“This is not a subsidy for banks.”
The credit crunch, which first erupted more than a year ago, has made it more expensive for banks to raise long-term funding to finance mortgages.
Finance Minister Jim Flaherty announced the initiative last Friday to have government-owned Canada Mortgage and Housing Corp. buy up loans from banks. The loans are solid, but by taking them off bank balance sheets in return for cash, the banks will theoretically be able to make new loans.
Ottawa has committed to buy up to $25-billion in total, but has not yet set the dates for the remaining purchases. Participants expect the government to carry out four more purchases of $5-billion each.
The purchases will be conducted by so-called reverse auction, where banks will essentially have to tell the government how much they will pay in the form of interest to move the loans off their balance sheets. The government will accept the most profitable bids.
Mortgage lenders can submit up to three bids for various amounts, but no one lender can sell more than $1.25-billion of loans to the government.
The government will establish a minimum acceptable yield, or interest rate. That minimum is expected to be above the yield on comparable five-year Canada Mortgage Bonds that CMHC sells to investors.
Banks are expected to place bids somewhere above the minimum, with more-stressed banks giving the government a better deal as they try to ensure they can raise cash.
John Manley, a former deputy prime minister and finance minister, said he was surprised Ottawa didn't pick up the program earlier.
“They make money on it, it increases liquidity in the system – why don't you answer the phone when people suggest things?” he said, pointing out that banks had been suggesting the program for some time.
One bank chief executive officer said that, even as the financial crisis worsens, Canada is in a unique position where it can establish programs to ease the flow of funds that don't put taxpayers on the hook. A shortage of government bonds and an excess of mortgages sitting on the banks' books make this an easy program to increase if necessary, he said.
Source: TARA PERKINS AND BOYD ERMAN, Globe and Mail
Monday, October 20, 2008
Changing GTA Resale Housing Market Reflects Economic Times
Activity in the Greater Toronto Area resale housing market
moderated considerably during the first half of October with 2,700 homes changing hands,
Toronto Real Estate Board President Maureen O’Neill announced today.
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
in 2006 when 3,007 sales took place.
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
down eight per cent from the 1,695 homes sold during the first half of October 2006.
House prices declined throughout the GTA during the first half of the month. The average price
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
period in 2007.
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
$441,878 average recorded at mid-October 2007.
In the 905 Region the average price of a home is currently $337,671. This represents an eight
per cent decline from the $365,527 average recorded during the first half of October 2007.
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
more available stock from which to choose as compared to a year ago when 21,182 homes were
listed.
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
list to sales ratio is 97 per cent of the list price.”
Increased sales activity was noted in specific pockets located throughout the GTA.
Sales in Oshawa (E16) increased 15 per cent compared to the first half of October 2007, based
mainly on solid sales of detached homes.
In Brampton West (W24) sales in the first half of October increased 21 per cent compared to the
same period a year ago mainly due to strong attached row house sales.
Downtown East (C08) experienced a 16 per cent overall increase in activity compared to mid-
October 2007 primarily as a result of condominium apartment sales.
Newmarket saw a 17 per cent increase in sales compared to the first half of October 2007 as a
result of strong condominium apartment and semi-detached home sales.
Previous news releases have incorporated 2006 comparisons. This was necessary in order to
place the market statistics in a broader context. We will be referencing 2006 in its entirety at the
end of the month when it will be more relevant.
“While we continue to watch the economic picture globally, it is the local real estate climate that
will determine our market place,” said Ms. O’Neill. “After the 2007 record highs, 2008 is an
encouraging market for buyers.”
Greater 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 over 28,000
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
moderated considerably during the first half of October with 2,700 homes changing hands,
Toronto Real Estate Board President Maureen O’Neill announced today.
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
in 2006 when 3,007 sales took place.
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
down eight per cent from the 1,695 homes sold during the first half of October 2006.
House prices declined throughout the GTA during the first half of the month. The average price
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
period in 2007.
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
$441,878 average recorded at mid-October 2007.
In the 905 Region the average price of a home is currently $337,671. This represents an eight
per cent decline from the $365,527 average recorded during the first half of October 2007.
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
more available stock from which to choose as compared to a year ago when 21,182 homes were
listed.
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
list to sales ratio is 97 per cent of the list price.”
Increased sales activity was noted in specific pockets located throughout the GTA.
Sales in Oshawa (E16) increased 15 per cent compared to the first half of October 2007, based
mainly on solid sales of detached homes.
In Brampton West (W24) sales in the first half of October increased 21 per cent compared to the
same period a year ago mainly due to strong attached row house sales.
Downtown East (C08) experienced a 16 per cent overall increase in activity compared to mid-
October 2007 primarily as a result of condominium apartment sales.
Newmarket saw a 17 per cent increase in sales compared to the first half of October 2007 as a
result of strong condominium apartment and semi-detached home sales.
Previous news releases have incorporated 2006 comparisons. This was necessary in order to
place the market statistics in a broader context. We will be referencing 2006 in its entirety at the
end of the month when it will be more relevant.
“While we continue to watch the economic picture globally, it is the local real estate climate that
will determine our market place,” said Ms. O’Neill. “After the 2007 record highs, 2008 is an
encouraging market for buyers.”
Greater 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 over 28,000
Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest
real estate board. Greater Toronto Area open house listings are now available on
www.TorontoRealEstateBoard.com
Source : Toronto Real Estate Board
Friday, October 03, 2008
GTA Resale Housing Market Measured in September
The Greater Toronto Area resale housing market continued at a measured pace through September, Toronto Real Estate Board President Maureen O’Neill announced today.
With 6,424 homes changing hands last month, activity in the GTA declined six per cent compared to the 6,866 sales that took place in September 2007 and declined three per cent compared to the 6,622 transactions that were recorded two years ago.
In the City of Toronto sales were less robust. The 2,546 transactions recorded last month declined 11 per cent from the 2,854 sales in September 2007 and declined five per cent from the 2,680 sales recorded in September 2006. Sales increased six per cent between September 2006 and September 2007.
“We remain concerned about the Land Transfer Tax in the City of Toronto,” said Ms. O’Neill.
In the 905 Region, the 3,878 sales recorded last month were within three per cent of September 2007’s 4,012 transactions, and within two per cent of September 2006’s 3,942 sales. Sales in this region increased two per cent between September 2006 and September 2007.
From a year-to-date perspective, the GTA resale housing market has declined 14 per cent from the 73,827 transactions recorded a year ago. To date, there have been 63,595 sales through the TorontoMLS system this year. In the City of Toronto year-to-date sales have declined 16 per cent from last year’s figure of 30,059 to 25,257 transactions this year. In the 905 Region year-todate sales have declined 12 per cent. So far this year there have been 38,338 sales in the 905
Region compared to 43,768 last year. Prices throughout the GTA however, have remained fairly stable. At $368,549, the average price of a GTA home in September has declined three per cent from $380,132 recorded a year ago.
In the City of Toronto, the current average price of $393,647 declined six per cent from the September 2007 average of $420,182. Compared to the September 2006 average of $371,682 though, prices in Toronto for September 2008 have increased six per cent.
In the 905 Region, the average price of $352,071, increased marginally from the $351,641 recorded in September 2007, and was up five per cent from 2006 September average of $333,818.
“Although the market is not as robust as it was a year ago, homeowners are continuing to see strong returns on their investment,” said Ms. O’Neill. “On average, Sellers are achieving 97 per cent of their asking price.
With the average number of days on market increasing to 36 days from to 31 days a year ago, it is taking slightly longer for homeowners to achieve a sale.
“Even with respect to sales activity, each month we continue to see a handful of neighbourhoods reporting increases compared to a year ago.”
In Scarborough East (E08) transactions increased 22 per cent compared to September 2007 based on strong sales of all housing types.
Streetsville (W19) saw an 11 per cent sales increase due primarily to strong detached home sales.
In Newmarket (N07) transactions increased 11 per cent compared to a year ago, driven mainly by strong condominium townhouse sales.
“Given that these are trying times for the world economy, in context, the Greater Toronto Area resale housing market continues to fare quite well,” said Ms. O’Neill. “From a long-term perspective, buying a home remains a sound financial decision.”
Greater 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 over 28,000 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
With 6,424 homes changing hands last month, activity in the GTA declined six per cent compared to the 6,866 sales that took place in September 2007 and declined three per cent compared to the 6,622 transactions that were recorded two years ago.
In the City of Toronto sales were less robust. The 2,546 transactions recorded last month declined 11 per cent from the 2,854 sales in September 2007 and declined five per cent from the 2,680 sales recorded in September 2006. Sales increased six per cent between September 2006 and September 2007.
“We remain concerned about the Land Transfer Tax in the City of Toronto,” said Ms. O’Neill.
In the 905 Region, the 3,878 sales recorded last month were within three per cent of September 2007’s 4,012 transactions, and within two per cent of September 2006’s 3,942 sales. Sales in this region increased two per cent between September 2006 and September 2007.
From a year-to-date perspective, the GTA resale housing market has declined 14 per cent from the 73,827 transactions recorded a year ago. To date, there have been 63,595 sales through the TorontoMLS system this year. In the City of Toronto year-to-date sales have declined 16 per cent from last year’s figure of 30,059 to 25,257 transactions this year. In the 905 Region year-todate sales have declined 12 per cent. So far this year there have been 38,338 sales in the 905
Region compared to 43,768 last year. Prices throughout the GTA however, have remained fairly stable. At $368,549, the average price of a GTA home in September has declined three per cent from $380,132 recorded a year ago.
In the City of Toronto, the current average price of $393,647 declined six per cent from the September 2007 average of $420,182. Compared to the September 2006 average of $371,682 though, prices in Toronto for September 2008 have increased six per cent.
In the 905 Region, the average price of $352,071, increased marginally from the $351,641 recorded in September 2007, and was up five per cent from 2006 September average of $333,818.
“Although the market is not as robust as it was a year ago, homeowners are continuing to see strong returns on their investment,” said Ms. O’Neill. “On average, Sellers are achieving 97 per cent of their asking price.
With the average number of days on market increasing to 36 days from to 31 days a year ago, it is taking slightly longer for homeowners to achieve a sale.
“Even with respect to sales activity, each month we continue to see a handful of neighbourhoods reporting increases compared to a year ago.”
In Scarborough East (E08) transactions increased 22 per cent compared to September 2007 based on strong sales of all housing types.
Streetsville (W19) saw an 11 per cent sales increase due primarily to strong detached home sales.
In Newmarket (N07) transactions increased 11 per cent compared to a year ago, driven mainly by strong condominium townhouse sales.
“Given that these are trying times for the world economy, in context, the Greater Toronto Area resale housing market continues to fare quite well,” said Ms. O’Neill. “From a long-term perspective, buying a home remains a sound financial decision.”
Greater 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 over 28,000 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
Thursday, September 25, 2008
Greater Toronto Area Resale Housing Moderate in September
The Greater Toronto Areaís autumn resale housing market began with moderate activity, Toronto Real Estate Board President Maureen OíNeill announced today.
With 2,726 sales during the first half of this month, activity has declined 16 per cent from the 3,236 recorded during same time period a year ago. Compared to the 2,913 transactions recorded during the first half of September 2006, activity has declined six per cent.
In the City of Toronto, 998 sales were recorded, which represents a 23 per cent decline from the 1,297 transactions recorded in the first half of September 2007 and an 11 per cent decline from the 1,118 homes that changed hands in 2006. However, activity increased 16 per cent in the first half of September 2007 from the same period in 2006.
In the 905 Region, there were 1,728 sales, down 11 per cent from the first half of September 2007, when 1,939 transactions were recorded and within four per cent of the 1,795 sales recorded during the same timeframe in 2006. However, activity increased eight per cent during the first two weeks of September 2007 as compared to 2006.
ìAlthough housing activity in the GTA remains moderate, weíre continuing to see a consistent pattern, and this stability is certainly positive news compared to markets in other sectors and in other world cities,î said Ms. OíNeill.
At $366,158 the average price of housing in the GTA has increased marginally from the $364,364 recorded a year ago and is up nine per cent from $335,208 recorded in September 2006.
In the City of Toronto, the average price is $386,524 up marginally from the $384,796 recorded in the first half of September 2007 and up 12 per cent from the $343,561 average from the same period in 2006.
In the 905 Region, the average price is $354,395; an increase of one per cent from $350,698 recorded a year ago and up seven per cent from $330,005 recorded in the first half of September 2006.
ìThe fact that prices have held firm despite moderate activity shows that consumers regard real estate as a sound investment,î said Ms. OíNeill.
The percentage of asking price that Sellers receive for their homes has also remained consistent. The list to sale price ratio is 98 per cent, as it was a year ago.
The 26,299 properties listed for sale on the TorontoMLS system have increased 26 per cent from a year ago when 20,841 homes were available. The time that homes remain on the market has increased as well, to an average of 37 days compared to 31 days a year ago.
In a few areas though, activity heated up during the first two weeks of the month.
Transactions in Bowmanville (E17) increased 66 per cent from a year ago, as a result of strong detached home sales.
In Streetsville (W20) activity increased seven per cent compared to mid-September 2007 due mainly to semi-detached sales.
Vaughan (N02) saw a 20 per cent increased in transactions from a year ago due to strong sales of all housing types.
Greater 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 over 28,000 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
With 2,726 sales during the first half of this month, activity has declined 16 per cent from the 3,236 recorded during same time period a year ago. Compared to the 2,913 transactions recorded during the first half of September 2006, activity has declined six per cent.
In the City of Toronto, 998 sales were recorded, which represents a 23 per cent decline from the 1,297 transactions recorded in the first half of September 2007 and an 11 per cent decline from the 1,118 homes that changed hands in 2006. However, activity increased 16 per cent in the first half of September 2007 from the same period in 2006.
In the 905 Region, there were 1,728 sales, down 11 per cent from the first half of September 2007, when 1,939 transactions were recorded and within four per cent of the 1,795 sales recorded during the same timeframe in 2006. However, activity increased eight per cent during the first two weeks of September 2007 as compared to 2006.
ìAlthough housing activity in the GTA remains moderate, weíre continuing to see a consistent pattern, and this stability is certainly positive news compared to markets in other sectors and in other world cities,î said Ms. OíNeill.
At $366,158 the average price of housing in the GTA has increased marginally from the $364,364 recorded a year ago and is up nine per cent from $335,208 recorded in September 2006.
In the City of Toronto, the average price is $386,524 up marginally from the $384,796 recorded in the first half of September 2007 and up 12 per cent from the $343,561 average from the same period in 2006.
In the 905 Region, the average price is $354,395; an increase of one per cent from $350,698 recorded a year ago and up seven per cent from $330,005 recorded in the first half of September 2006.
ìThe fact that prices have held firm despite moderate activity shows that consumers regard real estate as a sound investment,î said Ms. OíNeill.
The percentage of asking price that Sellers receive for their homes has also remained consistent. The list to sale price ratio is 98 per cent, as it was a year ago.
The 26,299 properties listed for sale on the TorontoMLS system have increased 26 per cent from a year ago when 20,841 homes were available. The time that homes remain on the market has increased as well, to an average of 37 days compared to 31 days a year ago.
In a few areas though, activity heated up during the first two weeks of the month.
Transactions in Bowmanville (E17) increased 66 per cent from a year ago, as a result of strong detached home sales.
In Streetsville (W20) activity increased seven per cent compared to mid-September 2007 due mainly to semi-detached sales.
Vaughan (N02) saw a 20 per cent increased in transactions from a year ago due to strong sales of all housing types.
Greater 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 over 28,000 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
Monday, September 08, 2008
GTA Resale Housing Remains Steady Throughout Summer Months
The Greater Toronto resale housing market closed out the last full month of summer at a steady pace, Toronto Real Estate Board President Maureen O’Neill reported today.
The Greater Toronto Area (GTA) average price increased one per cent, to $364,886 when compared to last August’s figure of $361,890. Compared to the $338,192 figure recorded two years ago though, the average GTA has increased eight per cent.
In the City of Toronto the average price declined one per cent to $377,990 from last August’s $381,681. Compared to the August 2006 figure of $344,419 however, the average price in the City of Toronto has increased 10 per cent.
In the 905 Region the average price increased two per cent to $356,657 from last August’s $348,563. Compared to the August 2006 figure of $334,245 the average price in the 905 Region has increased seven per cent.
“These healthy figures substantiate that when undertaken as a long term investment, buying a home is one of the smartest financial moves you can make,” said Ms. O’Neill.
With 6,318 transactions recorded last month, sales in the GTA declined 22 per cent compared to the record August 2007 figure of 8,059. Volumes were off just nine per cent however, from the 6,976 sales recorded in August 2006.
In the City of Toronto, there were 2,437 sales in August, a 25 per cent decline from the 3,243 transactions recorded a year ago. Compared to the 2,706 sales recorded in August 2006 though, this represents a 10 per cent decline. Sales increased 20 per cent between August 2006 and August 2007.
The 905 Region’s 3,881 sales last month were 19 per cent off the August 2007 figure of 4,816 but declined nine per cent from two years ago, when 4,270 sales were recorded.
“Despite August’s moderate sales, the 57,364 transactions that have occurred this year are within 14 per cent of the 67,146 figure recorded a year ago,” said Ms. O’Neill. “In light of the fact that 2007 was a record year, our current market can certainly be characterized as stable.”
There are currently 25,076, properties available for sale in the GTA, which represents a 31 per cent increase from the 19,145 active listings a year ago. Increased choice has resulted in properties remaining on the market for an average of 36 days compared to 33 days a year ago.
Several neighbourhoods throughout the GTA experienced increased sales activity last month compared to August 2007.
In Pickering (E13) transactions rose six per cent based primarily on strong semi-detached home sales. In Halton Hills (W27) strong attached/row house sales activity lead to a three per cent increase in transactions overall.
Condominium apartment and detached home transactions drove Rosedale (C09) to an 81 per cent increase in overall sales. Detached home transactions also contributed to an 11 per cent overall increase in sales in Aurora (N06).
Greater 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 over 28,000 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
The Greater Toronto Area (GTA) average price increased one per cent, to $364,886 when compared to last August’s figure of $361,890. Compared to the $338,192 figure recorded two years ago though, the average GTA has increased eight per cent.
In the City of Toronto the average price declined one per cent to $377,990 from last August’s $381,681. Compared to the August 2006 figure of $344,419 however, the average price in the City of Toronto has increased 10 per cent.
In the 905 Region the average price increased two per cent to $356,657 from last August’s $348,563. Compared to the August 2006 figure of $334,245 the average price in the 905 Region has increased seven per cent.
“These healthy figures substantiate that when undertaken as a long term investment, buying a home is one of the smartest financial moves you can make,” said Ms. O’Neill.
With 6,318 transactions recorded last month, sales in the GTA declined 22 per cent compared to the record August 2007 figure of 8,059. Volumes were off just nine per cent however, from the 6,976 sales recorded in August 2006.
In the City of Toronto, there were 2,437 sales in August, a 25 per cent decline from the 3,243 transactions recorded a year ago. Compared to the 2,706 sales recorded in August 2006 though, this represents a 10 per cent decline. Sales increased 20 per cent between August 2006 and August 2007.
The 905 Region’s 3,881 sales last month were 19 per cent off the August 2007 figure of 4,816 but declined nine per cent from two years ago, when 4,270 sales were recorded.
“Despite August’s moderate sales, the 57,364 transactions that have occurred this year are within 14 per cent of the 67,146 figure recorded a year ago,” said Ms. O’Neill. “In light of the fact that 2007 was a record year, our current market can certainly be characterized as stable.”
There are currently 25,076, properties available for sale in the GTA, which represents a 31 per cent increase from the 19,145 active listings a year ago. Increased choice has resulted in properties remaining on the market for an average of 36 days compared to 33 days a year ago.
Several neighbourhoods throughout the GTA experienced increased sales activity last month compared to August 2007.
In Pickering (E13) transactions rose six per cent based primarily on strong semi-detached home sales. In Halton Hills (W27) strong attached/row house sales activity lead to a three per cent increase in transactions overall.
Condominium apartment and detached home transactions drove Rosedale (C09) to an 81 per cent increase in overall sales. Detached home transactions also contributed to an 11 per cent overall increase in sales in Aurora (N06).
Greater 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 over 28,000 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
Thursday, August 21, 2008
GTA Resale Housing Remains Stable in August
The Greater Toronto Area (GTA) resale housing market remained stable throughout the first half of this month, Toronto Real Estate Board President (TREB) Maureen O’Neill announced today.
“We’re continuing to see consistent levels with respect to sales volumes and prices,” said Ms. O’Neill. “While the numbers are more conservative than those in recent years, the stability we’re experiencing should help sustain consumer confidence as we move into the fall market.”
With 3,019 transactions in the GTA during the first half of the month, sales were down 13 per cent compared to the 3,480 sales recorded at mid-August last year, and off eight per cent compared to the 3,290 sales recorded during the same period in 2006.
In the City of Toronto, 1,192 transactions were recorded, down 15 per cent from the 1,411 sales that took place in the first half of August 2007, and off six per cent compared to the 1,269 sales that occurred in the same timeframe two years ago.
“While 2007 was a record year, it is still worthwhile to note that sales in the City of Toronto increased 11 per cent between mid-August 2006 and mid-August 2007, before the Toronto Land Transfer Tax went into effect,” said Ms. O’Neill.
In the 905 Region there were 1,827 sales to mid-month, down 12 per cent from the 2,069 transactions that took place in the same period a year ago, and off 10 per cent from the 2,021 sales recorded in the first two weeks of August 2006.
Prices meanwhile, increased compared to the same timeframe last year. The current average price in the GTA is $373,844, up five per cent from the mid-August 2007 figure of $354,088.
In the City of Toronto the average price is currently $394,563, up seven per cent from the $370,037 figure recorded a year ago.
In the 905 Region the average price is $360,325, up five per cent from the $343,210 recorded at mid-August 2007.
There are currently 26,128 active listings, up 28 per cent from the 20,365 properties available for sale a year ago. This has resulted in homes remaining on the market for a slightly longer period of 35 days compared to 32 days last August.
Several GTA neighbourhoods however, experienced brisk sales throughout the first half of this month.
In Whitby (E15) transactions increased 12 per cent compared to the same period a year ago as a result of strong detached home sales.
Detached home sales also led Aurora (N06) to a 21 per cent increase in transactions.
Streetsville (W19) saw eight per cent more transactions driven by a significant increase in the sale of attached row houses.
In Downtown Toronto (C01) transactions increased six per cent compared to mid-August 2007 as a result of strong sales in all housing types.
“It’s encouraging to see strong activity levels in pockets throughout all four corners of the GTA.” Said Ms. O’Neill.
Greater 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 over 28,000 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
“We’re continuing to see consistent levels with respect to sales volumes and prices,” said Ms. O’Neill. “While the numbers are more conservative than those in recent years, the stability we’re experiencing should help sustain consumer confidence as we move into the fall market.”
With 3,019 transactions in the GTA during the first half of the month, sales were down 13 per cent compared to the 3,480 sales recorded at mid-August last year, and off eight per cent compared to the 3,290 sales recorded during the same period in 2006.
In the City of Toronto, 1,192 transactions were recorded, down 15 per cent from the 1,411 sales that took place in the first half of August 2007, and off six per cent compared to the 1,269 sales that occurred in the same timeframe two years ago.
“While 2007 was a record year, it is still worthwhile to note that sales in the City of Toronto increased 11 per cent between mid-August 2006 and mid-August 2007, before the Toronto Land Transfer Tax went into effect,” said Ms. O’Neill.
In the 905 Region there were 1,827 sales to mid-month, down 12 per cent from the 2,069 transactions that took place in the same period a year ago, and off 10 per cent from the 2,021 sales recorded in the first two weeks of August 2006.
Prices meanwhile, increased compared to the same timeframe last year. The current average price in the GTA is $373,844, up five per cent from the mid-August 2007 figure of $354,088.
In the City of Toronto the average price is currently $394,563, up seven per cent from the $370,037 figure recorded a year ago.
In the 905 Region the average price is $360,325, up five per cent from the $343,210 recorded at mid-August 2007.
There are currently 26,128 active listings, up 28 per cent from the 20,365 properties available for sale a year ago. This has resulted in homes remaining on the market for a slightly longer period of 35 days compared to 32 days last August.
Several GTA neighbourhoods however, experienced brisk sales throughout the first half of this month.
In Whitby (E15) transactions increased 12 per cent compared to the same period a year ago as a result of strong detached home sales.
Detached home sales also led Aurora (N06) to a 21 per cent increase in transactions.
Streetsville (W19) saw eight per cent more transactions driven by a significant increase in the sale of attached row houses.
In Downtown Toronto (C01) transactions increased six per cent compared to mid-August 2007 as a result of strong sales in all housing types.
“It’s encouraging to see strong activity levels in pockets throughout all four corners of the GTA.” Said Ms. O’Neill.
Greater 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 over 28,000 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 12, 2008
Canada's housing market cools in face of sharply slower economic growth
Canada's housing market lost some steam in July as the fevered pace of new home and condo construction cooled, especially in Ontario, after prices rose at their slowest pace in over six years in June in the face of sharply slower economic growth.
Canada's national economy "is flat on its back" after two straight monthly declines in employment, Sal Guatieri, senior economist at BMO Capital Markets, said Monday.
As a result, he said, people are "anxious and worried about the economic outlook," (and) "are not inclined to make big-ticket purchases like homes."
He also said the housing slowdown comes as a kind of payback after "unsustainably strong" building activity in past years and prices being "overly high for too long."
Helene Begin, senior economist with Desjardins Securities, said "it is possible that poor weather conditions, particularly in central and eastern Canada, magnified the decline in construction."
Both regions have experienced record amounts of rain and severe storms over the past couple of months.
The Canadian economy has been hurt by the slowdown in the United States, brought on by the worldwide credit crunch, which has savaged Canada's export-sensitive forestry and automotive industries, leading to thousands of layoff announcements.
Softening commodity prices, especially for oil, are also creating uncertainty in the marketplace.
The national economy lost 55,000 jobs in July, with Ontario and Quebec, the country's two most populous provinces and the centre of the manufacturing sector, the hardest hit.
Statistics Canada said Friday the national unemployment rate improved slightly to 6.1 per cent in July, from 6.2 per cent in June, but only because many people - especially the young - left the workforce.
Canada Mortgage and Housing Corp. reported Monday that July's annual rate of housing starts was 186,500 units, down from 215,900 units in June.
"It was the second consecutive monthly decline, and the most significant since December last year," said TD economist Pascal Gauthier in a note to clients.
He said "the overall level of new residential construction activity recorded in July fell significantly short of expectations for a total of 210,000 starts."
While Alberta and British Columbia sidestepped the national trend in construction activity, up 23 per cent and five per cent respectively, "every other province recorded significant reductions in housing starts," said Gauthier.
Saskatchewan fell the most with a 56 per cent decline, "but it was Ontario's 28 per cent pullback in starts that weighed the most on national figures," he said.
The volatile multiple unit segment, including housing such as condos, "took the largest hit, mostly in Ontario as well," said Gauthier.
Urban single-unit starts posted a seven per cent decline in July, continuing their gradual downward trend, he said.
Meanwhile, Statistics Canada said Western Canada's softening market slowed housing prices to their slowest pace in over six years in June.
Nationally, contractors' selling prices rose 3.5 per cent between June 2007 and June 2008, compared with the 4.1 per cent year-over-year increase in May.
Neil Killips, an economist with Statistics Canada, said "the price softening housing market is mostly due to Western Canada."
"Calgary... about two years ago... was at almost 60 per cent increases, but now it's at 0.1 per cent in July," he said. "That's really been the drive in the last two years, is what's happening in Alberta."
The housing market, said Guatieri "is downshifting from the elevated rates of activity of recent years."
Sales volumes fell sharply around the start of 2008, then price growth downshifted and now homebuilders are scaling back, he said.
Brent Weimer, a senior economist at CMHC, said that "after a strong first half of the year, the volatile multiple segment is now readjusting itself."
The figures bring the year's activity more in line with the agency's 2008 forecast of about 200,000 housing starts for the seventh consecutive year, he said.
Will this forecast hold? "As an average for this year, it's possible just given how high starts were in the first half of the year," said Guatieri.
But "in the second half of this year, housing starts will be far lower, quite likely under 200,000."
The seasonally adjusted annual rate of urban starts fell 14.8 per cent in July from June.
The June price increase was the slowest rate of growth since March 2002 when year-over-year prices increased by 3.4 per cent.
Prices edged up 0.1 per cent between May and June this year.
Regina homebuyers suffered the largest gains in new home prices, at 28.5 per cent over June 2007, while St. John's, N.L., had the second largest increase, at 22.2 per cent.
Going forward, said Gauthier, "one should not read too much into an oversized drop in multiple starts in a single month. The month-to-month volatility in this market segment is remarkably high on both the upside and downside."
A better indicator of the market going forward, he said, is the trend in single starts. For the remainder of the year, this segment "should experience a cooling after running too hot for too long."
BMO's Guatieri also predicted that the construction trend in single family starts for the rest of the year "will be downward."
House prices, he said, "will continue to moderate. In some cities, we will see outright declines as we're already seeing in Calgary, Edmonton and Victoria."
"Housing will no longer act as a tailwind for our economy at an unfortunate time because trade still presents a pretty stiff headwind and we won't get the offset from housing that we saw in the last year."
Source: By Eric Shackleton, The Canadian Press
Canada's national economy "is flat on its back" after two straight monthly declines in employment, Sal Guatieri, senior economist at BMO Capital Markets, said Monday.
As a result, he said, people are "anxious and worried about the economic outlook," (and) "are not inclined to make big-ticket purchases like homes."
He also said the housing slowdown comes as a kind of payback after "unsustainably strong" building activity in past years and prices being "overly high for too long."
Helene Begin, senior economist with Desjardins Securities, said "it is possible that poor weather conditions, particularly in central and eastern Canada, magnified the decline in construction."
Both regions have experienced record amounts of rain and severe storms over the past couple of months.
The Canadian economy has been hurt by the slowdown in the United States, brought on by the worldwide credit crunch, which has savaged Canada's export-sensitive forestry and automotive industries, leading to thousands of layoff announcements.
Softening commodity prices, especially for oil, are also creating uncertainty in the marketplace.
The national economy lost 55,000 jobs in July, with Ontario and Quebec, the country's two most populous provinces and the centre of the manufacturing sector, the hardest hit.
Statistics Canada said Friday the national unemployment rate improved slightly to 6.1 per cent in July, from 6.2 per cent in June, but only because many people - especially the young - left the workforce.
Canada Mortgage and Housing Corp. reported Monday that July's annual rate of housing starts was 186,500 units, down from 215,900 units in June.
"It was the second consecutive monthly decline, and the most significant since December last year," said TD economist Pascal Gauthier in a note to clients.
He said "the overall level of new residential construction activity recorded in July fell significantly short of expectations for a total of 210,000 starts."
While Alberta and British Columbia sidestepped the national trend in construction activity, up 23 per cent and five per cent respectively, "every other province recorded significant reductions in housing starts," said Gauthier.
Saskatchewan fell the most with a 56 per cent decline, "but it was Ontario's 28 per cent pullback in starts that weighed the most on national figures," he said.
The volatile multiple unit segment, including housing such as condos, "took the largest hit, mostly in Ontario as well," said Gauthier.
Urban single-unit starts posted a seven per cent decline in July, continuing their gradual downward trend, he said.
Meanwhile, Statistics Canada said Western Canada's softening market slowed housing prices to their slowest pace in over six years in June.
Nationally, contractors' selling prices rose 3.5 per cent between June 2007 and June 2008, compared with the 4.1 per cent year-over-year increase in May.
Neil Killips, an economist with Statistics Canada, said "the price softening housing market is mostly due to Western Canada."
"Calgary... about two years ago... was at almost 60 per cent increases, but now it's at 0.1 per cent in July," he said. "That's really been the drive in the last two years, is what's happening in Alberta."
The housing market, said Guatieri "is downshifting from the elevated rates of activity of recent years."
Sales volumes fell sharply around the start of 2008, then price growth downshifted and now homebuilders are scaling back, he said.
Brent Weimer, a senior economist at CMHC, said that "after a strong first half of the year, the volatile multiple segment is now readjusting itself."
The figures bring the year's activity more in line with the agency's 2008 forecast of about 200,000 housing starts for the seventh consecutive year, he said.
Will this forecast hold? "As an average for this year, it's possible just given how high starts were in the first half of the year," said Guatieri.
But "in the second half of this year, housing starts will be far lower, quite likely under 200,000."
The seasonally adjusted annual rate of urban starts fell 14.8 per cent in July from June.
The June price increase was the slowest rate of growth since March 2002 when year-over-year prices increased by 3.4 per cent.
Prices edged up 0.1 per cent between May and June this year.
Regina homebuyers suffered the largest gains in new home prices, at 28.5 per cent over June 2007, while St. John's, N.L., had the second largest increase, at 22.2 per cent.
Going forward, said Gauthier, "one should not read too much into an oversized drop in multiple starts in a single month. The month-to-month volatility in this market segment is remarkably high on both the upside and downside."
A better indicator of the market going forward, he said, is the trend in single starts. For the remainder of the year, this segment "should experience a cooling after running too hot for too long."
BMO's Guatieri also predicted that the construction trend in single family starts for the rest of the year "will be downward."
House prices, he said, "will continue to moderate. In some cities, we will see outright declines as we're already seeing in Calgary, Edmonton and Victoria."
"Housing will no longer act as a tailwind for our economy at an unfortunate time because trade still presents a pretty stiff headwind and we won't get the offset from housing that we saw in the last year."
Source: By Eric Shackleton, The Canadian Press
Thursday, July 17, 2008
CMHC eliminates zero down mortgages and 40 year amortization
Last week the Government of Canada announced changes to CMHC insured mortgages. CMHC said that the changes where aimed at protecting and strengthening the Canadian housing market. The new measures include:
Fixing the Maximum amortization for insured mortgages to 35 years
Requiring a Minimum down payment of Five per cent for new insured mortgages
Establishing a consistent minimum credit score requirement
Introducing new loan documentation standards.
The new requirements are planned to take effect October 15, 2008. This will allow existing mortgage pre approvals with 90 day duration to be used or expire.
Please click on the following link to read last week's press release in more detail:
http://www.fin.gc.ca/news08/08-051e.html
Fixing the Maximum amortization for insured mortgages to 35 years
Requiring a Minimum down payment of Five per cent for new insured mortgages
Establishing a consistent minimum credit score requirement
Introducing new loan documentation standards.
The new requirements are planned to take effect October 15, 2008. This will allow existing mortgage pre approvals with 90 day duration to be used or expire.
Please click on the following link to read last week's press release in more detail:
http://www.fin.gc.ca/news08/08-051e.html
Wednesday, July 16, 2008
June Breaks 1,000,000 Square Foot Barrier
In June, TREB Members reported 1,017,518 square feet of space through the TorontoMLS system, Commercial Council Chair Garry Lander announced today.
“This is the second best monthly performance for the year,” said Mr. Lander. “…and it was largely driven by the lease of a number of 100,000 square foot plus Industrial properties in the Vaughan area. One of the changes in the MLS® system over the past several years has been the increasing willingness with which TREB’s Commercial Members have used it to list properties of a significant size.”
On the pricing front, leased Industrial space (all size categories) averaged $5.77 sfn, up three per cent over last June’s figure of $5.63sfn. Commercial space (all size categories) traded for an average of $16.75 sfn, up nine per cent over the same time in 2007.
Sales Market Highlights
In June, TREB Members reported 53 sales of IC&I properties, including 23 Industrial buildings in all size categories that sold for $127.36 per square foot. This compares to the $175.47 per sf derived from non-MLS® sources, which saw a number of unusually expensive Industrial properties transact in the last month.
Members of the Toronto Real Estate Board’s Commercial Division adhere to a strict Code of Ethics and Standards of Business Practice, only those who have met the standards established by their peers are eligible to become Members.
Greater 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 over 28,000 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.
“This is the second best monthly performance for the year,” said Mr. Lander. “…and it was largely driven by the lease of a number of 100,000 square foot plus Industrial properties in the Vaughan area. One of the changes in the MLS® system over the past several years has been the increasing willingness with which TREB’s Commercial Members have used it to list properties of a significant size.”
On the pricing front, leased Industrial space (all size categories) averaged $5.77 sfn, up three per cent over last June’s figure of $5.63sfn. Commercial space (all size categories) traded for an average of $16.75 sfn, up nine per cent over the same time in 2007.
Sales Market Highlights
In June, TREB Members reported 53 sales of IC&I properties, including 23 Industrial buildings in all size categories that sold for $127.36 per square foot. This compares to the $175.47 per sf derived from non-MLS® sources, which saw a number of unusually expensive Industrial properties transact in the last month.
Members of the Toronto Real Estate Board’s Commercial Division adhere to a strict Code of Ethics and Standards of Business Practice, only those who have met the standards established by their peers are eligible to become Members.
Greater 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 over 28,000 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.
Wednesday, July 02, 2008
GTA Resale Housing Continues Steady Pace
The Greater Toronto Area (GTA) resale housing market continued at a moderate but healthy pace throughout the first half of June, Toronto Real Estate Board President Maureen O’Neill announced today.
Prices continued their upward trend in the first half of this month. The GTA average price is currently $398,542, up four per cent over the $384,576 average from the same timeframe a year ago and up 11 per cent from the $358,648 recorded at mid-June 2006.
In the City of Toronto the current average price is $439,469, up three per cent over the $424,888 average a year ago and up 14 per cent over the $386,960 average in the first half of June 2006.
In the 905 Region the average price is $371,686 up four per cent from the $357,359 average a year ago and up 10 per cent from the $338,578 recorded at mid-June 2006.
“With 4,374 transactions in the first two weeks of this month, sales in the GTA declined 14 per cent compared to the same timeframe a year ago, which was particularly a strong year, when 5,074 properties were sold,” said Ms. O’Neill. “However, compared to the first half of June 2006 when 4,074 properties changed hands, this month’s activity is up seven per cent.
In the City of Toronto 1,733 sales took place to mid-June 2008. This represents a 15 per cent decrease compared to the 2,045 properties sold a year ago but a two per cent increase over the 1,690 transactions in the first half of June 2006. A different story emerges when you compare the first half of June 2007 before the Toronto Land Transfer Tax went into effect to the same period in June 2006, a period showing a 21 per cent increase in sales.
In the 905 Region, the scenario was similar. In the first two weeks of June, 2,641 properties were sold. This represents a 13 per cent decline compared to the 3,029 homes sold in the first half of June 2007 but an 11 percent increase over the 2,384 properties sold at mid-June 2006. When you compare the first half of June 2007 to the same period in June 2006, sales increased by 27 per cent.
Certain communities including Riverdale, West Agincourt, Caledon and Richmond Hill South experienced strong activity in the first half of this month.
In Riverdale (E01) transactions increased 28 per cent compared to the first half of June 2007 driven by strong condominium apartment sales.
Condominium apartment transactions also drove West Agincourt (E05) to a 24 per cent increase in sales compared to the same timeframe a year ago.
In Caledon (W28) detached home transactions led to a nine per cent increase in sales over the same period a year ago.
Richmond Hill South (N03) also experienced strong detached home sales, which resulted in a five per cent increase from mid-June 2007.
“With employment and interest rates holding steady and a 17 per cent increase in available listings compared to a year ago, it is an ideal time to take advantage of all that the market has to offer,” said Ms. O’Neill.
Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a state-ofthe-art Multiple Listing Service. Serving over 27,000 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
Prices continued their upward trend in the first half of this month. The GTA average price is currently $398,542, up four per cent over the $384,576 average from the same timeframe a year ago and up 11 per cent from the $358,648 recorded at mid-June 2006.
In the City of Toronto the current average price is $439,469, up three per cent over the $424,888 average a year ago and up 14 per cent over the $386,960 average in the first half of June 2006.
In the 905 Region the average price is $371,686 up four per cent from the $357,359 average a year ago and up 10 per cent from the $338,578 recorded at mid-June 2006.
“With 4,374 transactions in the first two weeks of this month, sales in the GTA declined 14 per cent compared to the same timeframe a year ago, which was particularly a strong year, when 5,074 properties were sold,” said Ms. O’Neill. “However, compared to the first half of June 2006 when 4,074 properties changed hands, this month’s activity is up seven per cent.
In the City of Toronto 1,733 sales took place to mid-June 2008. This represents a 15 per cent decrease compared to the 2,045 properties sold a year ago but a two per cent increase over the 1,690 transactions in the first half of June 2006. A different story emerges when you compare the first half of June 2007 before the Toronto Land Transfer Tax went into effect to the same period in June 2006, a period showing a 21 per cent increase in sales.
In the 905 Region, the scenario was similar. In the first two weeks of June, 2,641 properties were sold. This represents a 13 per cent decline compared to the 3,029 homes sold in the first half of June 2007 but an 11 percent increase over the 2,384 properties sold at mid-June 2006. When you compare the first half of June 2007 to the same period in June 2006, sales increased by 27 per cent.
Certain communities including Riverdale, West Agincourt, Caledon and Richmond Hill South experienced strong activity in the first half of this month.
In Riverdale (E01) transactions increased 28 per cent compared to the first half of June 2007 driven by strong condominium apartment sales.
Condominium apartment transactions also drove West Agincourt (E05) to a 24 per cent increase in sales compared to the same timeframe a year ago.
In Caledon (W28) detached home transactions led to a nine per cent increase in sales over the same period a year ago.
Richmond Hill South (N03) also experienced strong detached home sales, which resulted in a five per cent increase from mid-June 2007.
“With employment and interest rates holding steady and a 17 per cent increase in available listings compared to a year ago, it is an ideal time to take advantage of all that the market has to offer,” said Ms. O’Neill.
Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a state-ofthe-art Multiple Listing Service. Serving over 27,000 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, June 10, 2008
Steady GTA Resale Housing Market in May
The Greater Toronto Area resale housing market recorded 9,411 transactions in May, Toronto Real Estate Board President Maureen O’Neill announced today.
On a year-over-year basis the GTA average price increased four per cent to $398,148 in May from the May 2007 average of $382,787. Prices increased three per cent in the City of Toronto to $434,271 from $422,163 during the same period a year ago, while in the 905 Region there was a five per cent increase to $374,629 from $355,341 last May.
“Price gains show that real estate continues to be a solid investment for the consumer,” said Ms. O’Neill. “We are confident about the market because employment in the GTA continues to be strong and interest rates remain low. As long as consumers have the financial resources to buy homes and a variety of choices to manage carrying costs, the market should remain stable.”
“May’s sales figures represent a 16 per cent decline in the GTA from the record month a year ago when 11,146 sales were recorded,” said Ms. O’Neill. “More than 9,000 properties changing hands still represents considerable market activity.”
In the City of Toronto, there were 3,711 sales, down 19 per cent from last May’s 4,578 sales and down 6 per cent from May 2006. In the 905 Region, 5,700 transactions were recorded, which represents a 13 per cent decline from the 6,568 sales during the same period a year ago but up 4 per cent from May 2006.
“The Toronto Land Transfer Tax has been in effect for four months and the decline in sales has been running for the same time period,” said Ms. O’Neill. “We’re keeping a close watch on the effect of this new tax.”
Two specific areas North of Toronto experienced increased sales activity in May. In Uxbridge (N16) sales were up 10 per cent, while Stouffville (N12) saw a 12 per cent increase in sales, driven mainly by detached home transactions.
Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a state-ofthe-art Multiple Listing Service. Serving over 27,000 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
On a year-over-year basis the GTA average price increased four per cent to $398,148 in May from the May 2007 average of $382,787. Prices increased three per cent in the City of Toronto to $434,271 from $422,163 during the same period a year ago, while in the 905 Region there was a five per cent increase to $374,629 from $355,341 last May.
“Price gains show that real estate continues to be a solid investment for the consumer,” said Ms. O’Neill. “We are confident about the market because employment in the GTA continues to be strong and interest rates remain low. As long as consumers have the financial resources to buy homes and a variety of choices to manage carrying costs, the market should remain stable.”
“May’s sales figures represent a 16 per cent decline in the GTA from the record month a year ago when 11,146 sales were recorded,” said Ms. O’Neill. “More than 9,000 properties changing hands still represents considerable market activity.”
In the City of Toronto, there were 3,711 sales, down 19 per cent from last May’s 4,578 sales and down 6 per cent from May 2006. In the 905 Region, 5,700 transactions were recorded, which represents a 13 per cent decline from the 6,568 sales during the same period a year ago but up 4 per cent from May 2006.
“The Toronto Land Transfer Tax has been in effect for four months and the decline in sales has been running for the same time period,” said Ms. O’Neill. “We’re keeping a close watch on the effect of this new tax.”
Two specific areas North of Toronto experienced increased sales activity in May. In Uxbridge (N16) sales were up 10 per cent, while Stouffville (N12) saw a 12 per cent increase in sales, driven mainly by detached home transactions.
Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a state-ofthe-art Multiple Listing Service. Serving over 27,000 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
Monday, May 26, 2008
GTA Resale Housing Market Moderate in May
Moderate sales and healthy price increases continued to characterize the Greater Toronto Area resale housing market during the first half of May, Toronto Real Estate Board President Maureen O’Neill announced today.
“With 4,422 sales throughout the GTA in the first two weeks of this month, activity has declined 12 per cent compared to the 5,003 homes sold during the first half of May 2007,” said Ms. O’Neill. “Prices however, continue to be strong, averaging $400,817 in the GTA, up six per cent from the $377,612 reported a year ago.”
n the City of Toronto, there were 1,734 sales, representing a 15 per cent decline from the 2,053 homes sold during the first half of May 2007 and an 11 per cent decline from the 1,941 homes sold during the same period in 2006. The average price in the 416 is $437,205, up six per cent from $412,701 a year ago.
In the 905 Region, there were 2,688 sales, down nine per cent from 2,950 a year ago but up four per cent from the same period in 2006. At $377,688, the average price is up seven per cent from the $353,192 recorded during the same timeframe in May of 2007.
Despite moderate sales overall, some neighbourhoods experienced heightened activity during the first half of May. The GTA is showing signs for a healthy 2008 compared to the diminished activity during the first quarter of 2008.
The Danforth (E03) saw sales increase 29 per cent overall compared to the same timeframe a year ago due to strong detached home sales.
Interest in detached homes also led Streetsville (W20) to a five percent overall sales increase compared to a year ago.
In the Annex (C02) transactions rose 39 per cent compared to the same period a year ago, driven by strong condominium apartment and detached home sales.
Richmond Hill South (N03) saw strong sales in most property types resulting in a three per cent increase compared to a year ago.
“In recent years, homebuyers have faced a major challenge with respect to limited selection,” said Ms. O’Neill.
“Now though, inventory is up 11 per cent compared to a year ago, which has resulted in more choice for home buyers and will a positive effect on the quality of available listings.”
A wider selection from which to choose has also resulted in increased Days on Market, which has risen to 35 from last year's 28.
“The Greater Toronto Area offers a wide array of housing stock to fit almost any budget; I encourage anyone thinking of making a move to contact their REALTOR® to learn more about all of their options.”
Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a state-ofthe-art Multiple Listing Service. Serving over 27,000 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
“With 4,422 sales throughout the GTA in the first two weeks of this month, activity has declined 12 per cent compared to the 5,003 homes sold during the first half of May 2007,” said Ms. O’Neill. “Prices however, continue to be strong, averaging $400,817 in the GTA, up six per cent from the $377,612 reported a year ago.”
n the City of Toronto, there were 1,734 sales, representing a 15 per cent decline from the 2,053 homes sold during the first half of May 2007 and an 11 per cent decline from the 1,941 homes sold during the same period in 2006. The average price in the 416 is $437,205, up six per cent from $412,701 a year ago.
In the 905 Region, there were 2,688 sales, down nine per cent from 2,950 a year ago but up four per cent from the same period in 2006. At $377,688, the average price is up seven per cent from the $353,192 recorded during the same timeframe in May of 2007.
Despite moderate sales overall, some neighbourhoods experienced heightened activity during the first half of May. The GTA is showing signs for a healthy 2008 compared to the diminished activity during the first quarter of 2008.
The Danforth (E03) saw sales increase 29 per cent overall compared to the same timeframe a year ago due to strong detached home sales.
Interest in detached homes also led Streetsville (W20) to a five percent overall sales increase compared to a year ago.
In the Annex (C02) transactions rose 39 per cent compared to the same period a year ago, driven by strong condominium apartment and detached home sales.
Richmond Hill South (N03) saw strong sales in most property types resulting in a three per cent increase compared to a year ago.
“In recent years, homebuyers have faced a major challenge with respect to limited selection,” said Ms. O’Neill.
“Now though, inventory is up 11 per cent compared to a year ago, which has resulted in more choice for home buyers and will a positive effect on the quality of available listings.”
A wider selection from which to choose has also resulted in increased Days on Market, which has risen to 35 from last year's 28.
“The Greater Toronto Area offers a wide array of housing stock to fit almost any budget; I encourage anyone thinking of making a move to contact their REALTOR® to learn more about all of their options.”
Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a state-ofthe-art Multiple Listing Service. Serving over 27,000 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
Monday, May 05, 2008
Resale Housing Market moderate in April, but prices up
With 8,762 houses sold in the Greater Toronto Area, April’s resale housing activity was down seven per cent from the record 9,452 transactions from the same timeframe a year ago, Toronto Real Estate Board President Maureen O’Neill announced today.
“The market is showing signs for a healthy 2008 compared to the diminished activity we saw in the first quarter of the year,” said Ms. O’Neill. “We continue to experience a supply and demand situation and to-date, it remains a sellers market."
Sales activity however, was markedly different in the 416 and 905 regions. With 3,467
transactions in the City of Toronto, sales were down 10 per cent from a year ago. The 905
region was down five per cent from April 2007 sales, with 5,295 homes changing hands.
April’s GTA average price was $398,687, up eight per cent from the same period a year ago. In the City of Toronto, the average price was $446,781, up six per cent from last April. In the 905 region the average price increased five per cent compared to a year ago, to $367,196.
Several neighbourhoods experienced strong sales in April.
Scarborough East (E08) saw an eight per cent overall sales increase compared to April 2007, driven by robust detached home sales.
Caledon (W28) experienced a 15 per cent increase compared to the same timeframe a year ago as a result of strong condominium sales.
Condominium sales also drove Willowdale (C07) to a 32 per cent increase from a year ago.
In Thornhill sales increased eight per cent from last April due to strong detached home sales.
“The number of listings on the Toronto Real Estate Board’s Multiple Listing Service has increased to 24,539, up seven per cent from a year ago, which is good for homebuyers, who will find a greater range of options in the market,” said Ms. O’Neill. “With prices continuing to appreciate and increased listing inventory there are favourable factors in today’s market for consumers.”
Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a state-ofthe-art Multiple Listing Service. Serving over 27,000 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
“The market is showing signs for a healthy 2008 compared to the diminished activity we saw in the first quarter of the year,” said Ms. O’Neill. “We continue to experience a supply and demand situation and to-date, it remains a sellers market."
Sales activity however, was markedly different in the 416 and 905 regions. With 3,467
transactions in the City of Toronto, sales were down 10 per cent from a year ago. The 905
region was down five per cent from April 2007 sales, with 5,295 homes changing hands.
April’s GTA average price was $398,687, up eight per cent from the same period a year ago. In the City of Toronto, the average price was $446,781, up six per cent from last April. In the 905 region the average price increased five per cent compared to a year ago, to $367,196.
Several neighbourhoods experienced strong sales in April.
Scarborough East (E08) saw an eight per cent overall sales increase compared to April 2007, driven by robust detached home sales.
Caledon (W28) experienced a 15 per cent increase compared to the same timeframe a year ago as a result of strong condominium sales.
Condominium sales also drove Willowdale (C07) to a 32 per cent increase from a year ago.
In Thornhill sales increased eight per cent from last April due to strong detached home sales.
“The number of listings on the Toronto Real Estate Board’s Multiple Listing Service has increased to 24,539, up seven per cent from a year ago, which is good for homebuyers, who will find a greater range of options in the market,” said Ms. O’Neill. “With prices continuing to appreciate and increased listing inventory there are favourable factors in today’s market for consumers.”
Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a state-ofthe-art Multiple Listing Service. Serving over 27,000 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
Wednesday, April 16, 2008
GTA Resale Housing Sales Ease in March
Low inventory levels kept the Greater Toronto Area resale housing market brisk but well off record levels last month, Toronto Real Estate Board President Maureen O’Neill announced today.
“Overall sales in the GTA declined 22 per cent compared to March 2007, 27 per cent in the City of Toronto and 18 per cent in the 905 suburbs,” said Ms. O’Neill. “It’s important to recognize though, that despite the worst winter in decades, 6,631 homes changed hands last month in the GTA and that is still a significant number.”
Diminished listing inventory, which at 20,533, was down six per cent from a year ago, kept prices strong in March.
Compared to last March, the average price in the GTA rose four per cent to $380,338 and two per cent in the City of Toronto to $404,361.
As well, a few neighbourhoods experienced increased sales activity last month.
Bowmanville (E17) saw a three per cent increase in transactions compared to March 2007, driven primarily by strong detached home sales.
Sales in Burlington (W25) were up 18 per cent compared to a year ago, with brisk activity in most housing categories.
Thorncliffe Park (C11) saw a six per cent overall increase in transactions, based mainly on semi-detached sales.
Increased semi-detached transactions also drove sales in Georgina (N17) up one per cent compared to last March.
Ms. O’Neill says March’s moderate performance isn’t disquieting given that Canadian economic fundamentals are holding steady.
“Forty per cent of international households that come to Canada settle in the GTA, giving us robust immigration evels; employment and wages continue to be strong; borrowing costs remain at historically low levels and there is a wide variety of mortgage products from which to choose,” she said.
“This means that there is a steady demand for housing and consumers should have the financial resources to buy homes; with such pent-up demand it is an excellent time to sell your home.”
“We remain concerned about the land transfer tax in Toronto and the economic slowdown in the United States,” added Ms. O’Neill. “Home sales in the City of Toronto spiked towards the end of 2007 probably in a bid to avoid the Toronto land transfer tax, but have since dropped off since the introduction of the tax.”
To view a complete copy of TREB's current Market Watch Report click here.
Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a state-ofthe-art Multiple Listing Service. Serving over 27,000 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
“Overall sales in the GTA declined 22 per cent compared to March 2007, 27 per cent in the City of Toronto and 18 per cent in the 905 suburbs,” said Ms. O’Neill. “It’s important to recognize though, that despite the worst winter in decades, 6,631 homes changed hands last month in the GTA and that is still a significant number.”
Diminished listing inventory, which at 20,533, was down six per cent from a year ago, kept prices strong in March.
Compared to last March, the average price in the GTA rose four per cent to $380,338 and two per cent in the City of Toronto to $404,361.
As well, a few neighbourhoods experienced increased sales activity last month.
Bowmanville (E17) saw a three per cent increase in transactions compared to March 2007, driven primarily by strong detached home sales.
Sales in Burlington (W25) were up 18 per cent compared to a year ago, with brisk activity in most housing categories.
Thorncliffe Park (C11) saw a six per cent overall increase in transactions, based mainly on semi-detached sales.
Increased semi-detached transactions also drove sales in Georgina (N17) up one per cent compared to last March.
Ms. O’Neill says March’s moderate performance isn’t disquieting given that Canadian economic fundamentals are holding steady.
“Forty per cent of international households that come to Canada settle in the GTA, giving us robust immigration evels; employment and wages continue to be strong; borrowing costs remain at historically low levels and there is a wide variety of mortgage products from which to choose,” she said.
“This means that there is a steady demand for housing and consumers should have the financial resources to buy homes; with such pent-up demand it is an excellent time to sell your home.”
“We remain concerned about the land transfer tax in Toronto and the economic slowdown in the United States,” added Ms. O’Neill. “Home sales in the City of Toronto spiked towards the end of 2007 probably in a bid to avoid the Toronto land transfer tax, but have since dropped off since the introduction of the tax.”
To view a complete copy of TREB's current Market Watch Report click here.
Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a state-ofthe-art Multiple Listing Service. Serving over 27,000 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, April 01, 2008
Roll-Back Land Transfer Tax Immediately, REALTORS® Tell Councillors
With the City's Executive Committee reviewing the proposed 2008 Operating Budget today, the Toronto Real Estate Board (TREB) is calling for City Councillors to immediately begin to fulfill their commitment to roll-back the Toronto Land Transfer Tax, while still keeping property tax increases in check. REALTORS'® input was presented in a detailed written submission to the Executive Committee.
“REALTORS® and the public they serve, have not forgotten about the motion approved by City Council last fall, which committed to rolling back the Land Transfer Tax once the provincial government starts addressing the funding of downloaded services,” said Maureen O'Neill, President of the Toronto Real Estate Board (TREB). “We believe that recent progress means that the City can, and should begin rolling back the Land Transfer Tax immediately.”
When City Council approved the implementation of the Toronto Land Transfer Tax on October 22, 2007, it also approved a motion committing to reduce the Land Transfer Tax by $50 million once the Province has uploaded 50 per cent of the City's estimate of downloaded costs of $729 million. In its written submission to the City's Executive Committee, TREB pointed out that the City is already in a position to implement the intent of this motion because of :
provincial uploading that has already begun,
further uploading expected later in the spring
provincial funding for operating costs of transit
ongoing provincial funding for infrastructure, which could help reduce debt servicing costs in the operating budget
opportunities available by implementing the recommendations of the Mayor's Fiscal Review Panel.
“Recent progress on uploading and other provincial funding, taken together with even modest implementation of the Mayor's Fiscal Review Panel's recommendations, will reduce pressure on this year's budget by literally hundreds of millions of dollars,” said O'Neill.
TREB also believes that City Council can begin rolling back the Toronto Land Transfer Tax, while keeping property tax increases to the rate of inflation as promised by Mayor Miller.
“The Mayor committed to keeping property tax increases in-line with inflation, but the proposed residential increase is double the rate of inflation,” said O'Neill. “We believe that there is enough flexibility in the 2008 Budget to allow City Council to meet the Mayor's property tax commitment, while also fulfilling the commitment to roll back the Toronto Land Transfer Tax.”
One of the key recommendations in TREB's submission to the City's Executive Committee calls on the City to focus on core services, optimize efficiencies and implement innovative options, consistent with the recommendations of the Mayor's Fiscal Review Panel.
“On numerous occasions, TREB called for an independent review of the City's finances, and we are encouraged by the work of the Mayor's Fiscal Review Panel,” said O'Neill. “It is clear that many of TREB's views regarding fair ways to address the City's financial challenges have been validated by the Panel.”
Copy of TREB's Toronto Budget Submission is available upon request.
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 over 27,000 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
“REALTORS® and the public they serve, have not forgotten about the motion approved by City Council last fall, which committed to rolling back the Land Transfer Tax once the provincial government starts addressing the funding of downloaded services,” said Maureen O'Neill, President of the Toronto Real Estate Board (TREB). “We believe that recent progress means that the City can, and should begin rolling back the Land Transfer Tax immediately.”
When City Council approved the implementation of the Toronto Land Transfer Tax on October 22, 2007, it also approved a motion committing to reduce the Land Transfer Tax by $50 million once the Province has uploaded 50 per cent of the City's estimate of downloaded costs of $729 million. In its written submission to the City's Executive Committee, TREB pointed out that the City is already in a position to implement the intent of this motion because of :
provincial uploading that has already begun,
further uploading expected later in the spring
provincial funding for operating costs of transit
ongoing provincial funding for infrastructure, which could help reduce debt servicing costs in the operating budget
opportunities available by implementing the recommendations of the Mayor's Fiscal Review Panel.
“Recent progress on uploading and other provincial funding, taken together with even modest implementation of the Mayor's Fiscal Review Panel's recommendations, will reduce pressure on this year's budget by literally hundreds of millions of dollars,” said O'Neill.
TREB also believes that City Council can begin rolling back the Toronto Land Transfer Tax, while keeping property tax increases to the rate of inflation as promised by Mayor Miller.
“The Mayor committed to keeping property tax increases in-line with inflation, but the proposed residential increase is double the rate of inflation,” said O'Neill. “We believe that there is enough flexibility in the 2008 Budget to allow City Council to meet the Mayor's property tax commitment, while also fulfilling the commitment to roll back the Toronto Land Transfer Tax.”
One of the key recommendations in TREB's submission to the City's Executive Committee calls on the City to focus on core services, optimize efficiencies and implement innovative options, consistent with the recommendations of the Mayor's Fiscal Review Panel.
“On numerous occasions, TREB called for an independent review of the City's finances, and we are encouraged by the work of the Mayor's Fiscal Review Panel,” said O'Neill. “It is clear that many of TREB's views regarding fair ways to address the City's financial challenges have been validated by the Panel.”
Copy of TREB's Toronto Budget Submission is available upon request.
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 over 27,000 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
Monday, March 24, 2008
Toronto Real Estate Board says GTA resale housing market still down
Resale home transactions in the Greater Toronto Area continued at a moderate pace during the first half of March, Toronto Real Estate Board President Maureen O’Neill announced today.
With 3,183 transactions to mid-month, sales in the GTA and in Toronto declined 14 per cent and 18 per cent respectively compared to the same timeframe a year ago.
“It’s important to recognize that we have endured the snowiest winter since 1939 and this has undoubtedly affected the market,” said Ms. O’Neill. “The storm that pounded the GTA during the second weekend of March likely had more people focused on shoveling sidewalks than house hunting.”
Despite moderate activity, the value of homes in our city continues to appreciate. At an average of $385,405 in the GTA and $409,116 in Toronto, prices have increased five and four per cent respectively compared to a year ago.
As well, some neighbourhoods experienced an increase in activity during the first half of March.
At the North end of the Greater Toronto Area, Georgina (N17) experienced a 39 per cent increase in sales during the first half of March, driven mainly by detached home transactions.
The Agincourt area of Scarborough (E07) experienced a 12 per cent overall increase in sales compared to a year ago based primarily on strong condominium apartment sales.
Strong condominium apartment sales also allowed the Weston area in York (W04) to hold strong, with a 28 per cent overall increase compared to a year ago.
Toronto's Downtown core (C01) has also experienced healthy sales activity so far this month, due to strong condominium apartment sales as well. Overall sales in this area were up 11 per cent compared to a year ago.
“Condominium apartments have weathered the winter best so far this year, with 733 sales to date but we remain confident that once the snow has melted, we will see a very active spring market overall,” said Ms. O’Neill. “The land transfer tax in Toronto concerns us and we continue to keep a watchful eye on how this tax plays out 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. Serving over 27,000 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
With 3,183 transactions to mid-month, sales in the GTA and in Toronto declined 14 per cent and 18 per cent respectively compared to the same timeframe a year ago.
“It’s important to recognize that we have endured the snowiest winter since 1939 and this has undoubtedly affected the market,” said Ms. O’Neill. “The storm that pounded the GTA during the second weekend of March likely had more people focused on shoveling sidewalks than house hunting.”
Despite moderate activity, the value of homes in our city continues to appreciate. At an average of $385,405 in the GTA and $409,116 in Toronto, prices have increased five and four per cent respectively compared to a year ago.
As well, some neighbourhoods experienced an increase in activity during the first half of March.
At the North end of the Greater Toronto Area, Georgina (N17) experienced a 39 per cent increase in sales during the first half of March, driven mainly by detached home transactions.
The Agincourt area of Scarborough (E07) experienced a 12 per cent overall increase in sales compared to a year ago based primarily on strong condominium apartment sales.
Strong condominium apartment sales also allowed the Weston area in York (W04) to hold strong, with a 28 per cent overall increase compared to a year ago.
Toronto's Downtown core (C01) has also experienced healthy sales activity so far this month, due to strong condominium apartment sales as well. Overall sales in this area were up 11 per cent compared to a year ago.
“Condominium apartments have weathered the winter best so far this year, with 733 sales to date but we remain confident that once the snow has melted, we will see a very active spring market overall,” said Ms. O’Neill. “The land transfer tax in Toronto concerns us and we continue to keep a watchful eye on how this tax plays out 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. Serving over 27,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board. Greater Toronto Area open house listings are now available on www.TorontoRealEstateBoard.com.
Source: Toronto Real Estate Board
Friday, March 07, 2008
GTA Resale Housing Down but Healthy
President Maureen O'Neill announced today, Toronto Real Estate Board Members recorded 6,015 resale home transactions last month, down 11 per cent in the Greater Toronto Area overall , 14 per cent in the City of Toronto and 9 per cent in the 905 suburbs compared to February 2007.
“To get an accurate perspective of current market conditions, a number of factors have to be considered,” said Ms. O’Neill. “With 18,018 properties available for sale, inventory has decreased seven per cent from last February.”
“This indicates that despite moderate sales, there is not an over-supply of homes on the market.
Generally, properties that are listed are selling fairly quickly and with a list to sale price ratio of 99 per cent, for the most part, sellers are realizing their asking price,” O”Neill added.
Despite the decrease in the number of sales from this time last year, there was positive news with respect to prices in February.
At $382,048 in the Greater Toronto Area and $424,235 in the City of Toronto, the average price increased four and two per cent respectively compared to February 2007. As well, the time on market in February was 30 days compared to 35 days a year ago.
Despite the overall decline, some GTA neighbourhoods experienced strong sales in February.
In Pickering (E13) sales rose 28 per cent overall compared to a year ago due to a strong increase in condo townhouse and condo-apartment transactions.
Strong condo-apartment sales also drove transactions in Rexdale (W10) to an overall increase of 18 per cent compared to February 2007.
Richmond Hill North (N05) experienced a 19 per cent sales increase compared to a year ago primarily as a result of strong detached home transactions.
“All economic indicators are in place for an active year in the GTA, and as the weather improves sales are expected to increase as well,” said 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 over 27,000 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
“To get an accurate perspective of current market conditions, a number of factors have to be considered,” said Ms. O’Neill. “With 18,018 properties available for sale, inventory has decreased seven per cent from last February.”
“This indicates that despite moderate sales, there is not an over-supply of homes on the market.
Generally, properties that are listed are selling fairly quickly and with a list to sale price ratio of 99 per cent, for the most part, sellers are realizing their asking price,” O”Neill added.
Despite the decrease in the number of sales from this time last year, there was positive news with respect to prices in February.
At $382,048 in the Greater Toronto Area and $424,235 in the City of Toronto, the average price increased four and two per cent respectively compared to February 2007. As well, the time on market in February was 30 days compared to 35 days a year ago.
Despite the overall decline, some GTA neighbourhoods experienced strong sales in February.
In Pickering (E13) sales rose 28 per cent overall compared to a year ago due to a strong increase in condo townhouse and condo-apartment transactions.
Strong condo-apartment sales also drove transactions in Rexdale (W10) to an overall increase of 18 per cent compared to February 2007.
Richmond Hill North (N05) experienced a 19 per cent sales increase compared to a year ago primarily as a result of strong detached home transactions.
“All economic indicators are in place for an active year in the GTA, and as the weather improves sales are expected to increase as well,” said 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 over 27,000 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
Wednesday, February 20, 2008
Toronto Real Estate Board reports sales near 3,000 at mid-month
Resale home transactions in the Greater Toronto Area declined in the first two weeks of February, Toronto Real Estate Board President Maureen O’Neill announced today.
The first half of the month yielded 2,775 transactions, down 14 per cent from the 3,240 sales recorded in the same timeframe last year. The moderation in sales was more pronounced within the City of Toronto--down 18 per cent to 1,066 from last February’s 1,308—than in the 905 suburbs, which saw transactions off 11 per cent.
“It’s important to recognize that the mid-month report provides an indication of market conditions based on a very brief period,” said Ms. O’Neill.
“However, we believe the harsh winter weather we’ve experienced in the early part of the month has had a negative impact on both sales and inventory levels. If you can’t get buyers out to your open house, then you are less inclined to list. And fewer listings means less appealing product for the potential home-buyer. It’s a compound effect.”
Although sales eased, several positive factors were also noted. At $385,735, the average price in the GTA rose seven per cent compared to $358,533 recorded in mid-February 2007. Within the City of Toronto, the average rose 11 per cent to $434,657, although pockets within the East end (Agincourt, for example) rose at the more affordable pace of around five per cent. As well, properties are remaining on the market fewer days.
The average number of days on market is currently 31 versus 35 days at the same time last year.
Furthermore, a few neighborhoods both within and outside of the 416 area code saw increased sales over the first half of February, 2007.
In Ajax (E14) sales were up 11 per cent compared to mid-February 2007, based mainly on an increase in detached home sales.
In the West region, the W3 (York South) district saw a 41 per cent increase in transactions, driven by strong sales of semi-detached homes.
Central Richmond Hill (N04) also experienced a notable increase in sales compared to the same timeframe last year. Transactions were up 21 per cent, primarily due to an increase in attached row sales.
“We are optimistic that we will see a strong spring market because the economic fundamentals remain in place,” said Ms. O’Neill. “Prices are still particularly affordable in Toronto’s East end.”
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 over 27,000 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
The first half of the month yielded 2,775 transactions, down 14 per cent from the 3,240 sales recorded in the same timeframe last year. The moderation in sales was more pronounced within the City of Toronto--down 18 per cent to 1,066 from last February’s 1,308—than in the 905 suburbs, which saw transactions off 11 per cent.
“It’s important to recognize that the mid-month report provides an indication of market conditions based on a very brief period,” said Ms. O’Neill.
“However, we believe the harsh winter weather we’ve experienced in the early part of the month has had a negative impact on both sales and inventory levels. If you can’t get buyers out to your open house, then you are less inclined to list. And fewer listings means less appealing product for the potential home-buyer. It’s a compound effect.”
Although sales eased, several positive factors were also noted. At $385,735, the average price in the GTA rose seven per cent compared to $358,533 recorded in mid-February 2007. Within the City of Toronto, the average rose 11 per cent to $434,657, although pockets within the East end (Agincourt, for example) rose at the more affordable pace of around five per cent. As well, properties are remaining on the market fewer days.
The average number of days on market is currently 31 versus 35 days at the same time last year.
Furthermore, a few neighborhoods both within and outside of the 416 area code saw increased sales over the first half of February, 2007.
In Ajax (E14) sales were up 11 per cent compared to mid-February 2007, based mainly on an increase in detached home sales.
In the West region, the W3 (York South) district saw a 41 per cent increase in transactions, driven by strong sales of semi-detached homes.
Central Richmond Hill (N04) also experienced a notable increase in sales compared to the same timeframe last year. Transactions were up 21 per cent, primarily due to an increase in attached row sales.
“We are optimistic that we will see a strong spring market because the economic fundamentals remain in place,” said Ms. O’Neill. “Prices are still particularly affordable in Toronto’s East end.”
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 over 27,000 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
Wednesday, February 13, 2008
GTA Resale Housing Market Solid in January
January’s Greater Toronto Area resale housing market came within two per cent of a record performance for the month, Toronto Real Estate Board President Maureen O’Neill announced today.
A total of 5,073 properties changed hands last month, compared to the record 5,173 sales that took place in January 2007.
“This is a very positive start to the year but we will be watching closely to see how the City of Toronto’s new land transfer tax and a proposed property tax increase affect the market,” said Ms. O’Neill.
The average price, which currently stands at $374,449, rose six per cent compared to January 2007.
The strongest activity last month took place in Toronto’s Central and East districts.
The Danforth (E03) experienced a 30 per cent increase in transactions compared to last
January, driven by strong sales in all housing types.
In West Agincourt (E05) 32 per cent more homes changed hands, primarily as a result of a surge in condominium apartment sales.
Strong condominium apartment sales also lead the Downtown Core (C01) to a 19 per cent
overall increase in transactions compared to a year ago.
North York Willowdale (C07) also saw a 19 per cent increase in sales, due in large part to
condominium apartment transactions as well.
“While we are optimistic that the market will remain healthy throughout 2008, we recognize
there are threats such as a U.S. economic slowdown and a land transfer tax in the City
Toronto,” said Ms. O’Neill. “Like other levels of government, municipalities should be considering options to help off-set these risks. TREB plans to be a strong voice for REALTORS® and homebuyers as GTA municipalities, particularly the City of Toronto, debate their budgets.”
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 over 27,000 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
A total of 5,073 properties changed hands last month, compared to the record 5,173 sales that took place in January 2007.
“This is a very positive start to the year but we will be watching closely to see how the City of Toronto’s new land transfer tax and a proposed property tax increase affect the market,” said Ms. O’Neill.
The average price, which currently stands at $374,449, rose six per cent compared to January 2007.
The strongest activity last month took place in Toronto’s Central and East districts.
The Danforth (E03) experienced a 30 per cent increase in transactions compared to last
January, driven by strong sales in all housing types.
In West Agincourt (E05) 32 per cent more homes changed hands, primarily as a result of a surge in condominium apartment sales.
Strong condominium apartment sales also lead the Downtown Core (C01) to a 19 per cent
overall increase in transactions compared to a year ago.
North York Willowdale (C07) also saw a 19 per cent increase in sales, due in large part to
condominium apartment transactions as well.
“While we are optimistic that the market will remain healthy throughout 2008, we recognize
there are threats such as a U.S. economic slowdown and a land transfer tax in the City
Toronto,” said Ms. O’Neill. “Like other levels of government, municipalities should be considering options to help off-set these risks. TREB plans to be a strong voice for REALTORS® and homebuyers as GTA municipalities, particularly the City of Toronto, debate their budgets.”
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 over 27,000 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
Thursday, January 31, 2008
Bright Start to the New Year
The first half of January saw 1,776 resale homes in the Greater Toronto Area change hands, an 11 per cent increase over the same timeframe a year ago Toronto Real Estate Board President Maureen O’Neill announced today.
ÒThis early indication certainly gives us reason to be optimistic about the 2008 resale housing market,Ó said Ms. OÕNeill. ÒWe are still looking forward to a strong, steady year ahead. TorontoÕs land transfer tax will come into effect on February 1, so we are watching this issue.Ó
The average price also increased considerably compared to the first half of January 2007. It currently stands at $367,574 an eight per cent increase over the $340,793 recorded at mid-January a year ago.
Strong activity was noted in several areas of the GTA.
Bowmanville (E17) experienced a 65 per cent overall increase in transactions compared to the first half of January 2007, primarily due to detached home sales.
In Downsview (W05) sales nearly doubled compared to the same timeframe a year ago, with activity in all housing types.
The Lawrence Manor area (C04) also saw transactions double compared to year ago, driven largely by detached homes sales.
Central Richmond Hill (N04) showed a 59 per cent overall increase in sales compared to mid-January 2007, mainly as a result of attached/row house transactions.
The average time a property is currently on the market is 41 days, down 13 per cent as compared to a year ago.
“These are all solid gains that point to a stable, healthy market for 2008,” said 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
ÒThis early indication certainly gives us reason to be optimistic about the 2008 resale housing market,Ó said Ms. OÕNeill. ÒWe are still looking forward to a strong, steady year ahead. TorontoÕs land transfer tax will come into effect on February 1, so we are watching this issue.Ó
The average price also increased considerably compared to the first half of January 2007. It currently stands at $367,574 an eight per cent increase over the $340,793 recorded at mid-January a year ago.
Strong activity was noted in several areas of the GTA.
Bowmanville (E17) experienced a 65 per cent overall increase in transactions compared to the first half of January 2007, primarily due to detached home sales.
In Downsview (W05) sales nearly doubled compared to the same timeframe a year ago, with activity in all housing types.
The Lawrence Manor area (C04) also saw transactions double compared to year ago, driven largely by detached homes sales.
Central Richmond Hill (N04) showed a 59 per cent overall increase in sales compared to mid-January 2007, mainly as a result of attached/row house transactions.
The average time a property is currently on the market is 41 days, down 13 per cent as compared to a year ago.
“These are all solid gains that point to a stable, healthy market for 2008,” said 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
Thursday, January 17, 2008
How Will the U.S Market Crunch Affect Canadian Real Estate in 2008?
The market crisis along the south border has many homebuyers wondering how it will affect the housing market in Canada, but Canadian market analysts feel the problems the U.S. is experiencing should have little impact on real estate in this country.
Canada is not expected to experience the same downturn as the U.S. market for many reasons. First, the Canadian economy is simpler and the investment environment is more conservative than the United States. Secondly, Canadian federal surpluses have given consumers more confidence which has led to increased spendings on homes, retail goods, and business expansion. Additionally, the Canadian housing market has not been artificially driven by bad lending practices. And, unlike the U.S., all mortgages in Canada are insured.
However, Canada’s booming housing market could loose heat by the end of the year. The impact of the U.S. sub-prime crisis is expected to be felt by Canadians in three different ways:
First, a tightening of credit markets will occur as lenders move to correct their losses because of the investments in commercial papers. To borrowers, this may also mean smaller discounts off the posted mortgage rate.
Secondly, due to the overall economic impact and the soaring Canadian dollar, the impact will also be felt. There may be a slowdown in some business sectors related to housing and that may impact Canadian consumer confidence.
Thirdly, the impact on our economy could come form the falling purchasing power of the U.S. consumers, which in turn impacts large ticket purchases that involves Canadian made products - the auto sector is a good example.
"The Canadian housing market will slow down a bit in 2008, but that slowdown will be nothing compared to what happened in some U.S. markets in 2007. In Canada, the housing market has been setting records for volume and units sold for five consecutive years. We believe things are just moving back towards a more "normal" growth pace, but that still means the 2008 MLS® home sales activity will be the second highest on record, second only to the overall record was set in 2007.", says CREA's Chief Economist.
CREA's market analysis for 2008 also does not show any dramatic adjustment in the average MLS® residential price, again contrary to the conditions in some U.S. markets. CREA's analysis shows prices setting new records in every province in 2007 and in 2008, but price increases will be smaller in 2008. In effect, price increases will become smaller as the resale housing market becomes more balanced. Manitoba and Nova Scotia are expected to post an increase in average price of 7 per cent or more in 2008, while New Brunswick and Newfoundland are expected to show the smallest increase in average price of 4 per cent annually. The national average residential MLS® price is expected to increase 5.5 per cent.
"The housing market is expected to grow at a more moderate pace this year. However, this will be the result of decreasing affordability rather than the impact of U.S. sub-prime woes", said Craig Alexander, deputy chief economist at Toronto-Dominion Bank.
To conclude, markets will remain tightest in the western provinces in 2008. Even though Alberta and British Colombia are expected to pull back from the blistering pace they set earlier in 2007, housing there will remain in high demand. The days of 25 or 30 per cent increases in average price are over, but prices are forecasted to go up in Alberta and British Colombia by 5.2 and 5.1 per cent, respectively. Ontario's market and other eastern provinces are expected to keep its momentum with a slight slow down.
Source: Canada Realty News www.canadarealtynews.com
Canada is not expected to experience the same downturn as the U.S. market for many reasons. First, the Canadian economy is simpler and the investment environment is more conservative than the United States. Secondly, Canadian federal surpluses have given consumers more confidence which has led to increased spendings on homes, retail goods, and business expansion. Additionally, the Canadian housing market has not been artificially driven by bad lending practices. And, unlike the U.S., all mortgages in Canada are insured.
However, Canada’s booming housing market could loose heat by the end of the year. The impact of the U.S. sub-prime crisis is expected to be felt by Canadians in three different ways:
First, a tightening of credit markets will occur as lenders move to correct their losses because of the investments in commercial papers. To borrowers, this may also mean smaller discounts off the posted mortgage rate.
Secondly, due to the overall economic impact and the soaring Canadian dollar, the impact will also be felt. There may be a slowdown in some business sectors related to housing and that may impact Canadian consumer confidence.
Thirdly, the impact on our economy could come form the falling purchasing power of the U.S. consumers, which in turn impacts large ticket purchases that involves Canadian made products - the auto sector is a good example.
"The Canadian housing market will slow down a bit in 2008, but that slowdown will be nothing compared to what happened in some U.S. markets in 2007. In Canada, the housing market has been setting records for volume and units sold for five consecutive years. We believe things are just moving back towards a more "normal" growth pace, but that still means the 2008 MLS® home sales activity will be the second highest on record, second only to the overall record was set in 2007.", says CREA's Chief Economist.
CREA's market analysis for 2008 also does not show any dramatic adjustment in the average MLS® residential price, again contrary to the conditions in some U.S. markets. CREA's analysis shows prices setting new records in every province in 2007 and in 2008, but price increases will be smaller in 2008. In effect, price increases will become smaller as the resale housing market becomes more balanced. Manitoba and Nova Scotia are expected to post an increase in average price of 7 per cent or more in 2008, while New Brunswick and Newfoundland are expected to show the smallest increase in average price of 4 per cent annually. The national average residential MLS® price is expected to increase 5.5 per cent.
"The housing market is expected to grow at a more moderate pace this year. However, this will be the result of decreasing affordability rather than the impact of U.S. sub-prime woes", said Craig Alexander, deputy chief economist at Toronto-Dominion Bank.
To conclude, markets will remain tightest in the western provinces in 2008. Even though Alberta and British Colombia are expected to pull back from the blistering pace they set earlier in 2007, housing there will remain in high demand. The days of 25 or 30 per cent increases in average price are over, but prices are forecasted to go up in Alberta and British Colombia by 5.2 and 5.1 per cent, respectively. Ontario's market and other eastern provinces are expected to keep its momentum with a slight slow down.
Source: Canada Realty News www.canadarealtynews.com
Thursday, January 10, 2008
Condo sales bring 2007 to a strong finish!
Brisk condo sales in December brought the 2007 Greater Toronto Area resale housing market to a strong finish, Toronto Real Estate Board President Maureen O'Neill announced today.
“Typically condominium apartment transactions comprise just over 20 per cent of total sales but in December they accounted for more than a quarter of resale activity,” said Ms. O’Neill. “Condos are often more affordable than other housing options and they show particularly well in winter.”
Increasing by 12 per cent over the previous year to a total of 93,193 sales, 2007 was the best year ever for GTA resale housing activity and December’s 4,646 sales came within two per cent of the best performance for the month, set in 2001.
The average price in December was $394,931, which resulted in an annual increase of seven per cent from the previous year.
The most active areas in December were in the City of Toronto.
Riverdale (E01) saw a 75 per cent increase in transactions compared to December 2006, primarily based on semi-detached home sales.
In the Mimico area of Etobicoke (W06) transactions were up 57 per cent, driven by a significant increase in the sale of condo apartments.
In North York, (C14) sales increased by 44 per cent compared to last December, as a result of strong detached home transactions.
Toronto's Downtown East (C08) experienced a 59 per cent increase compared to the same timeframe a year ago due to strong condominium and semi-detached home sales.
“We saw strong, stable monthly performances throughout 2007, which illustrates that consumers now recognize it’s always a great time to buy or sell their next home,” said 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
“Typically condominium apartment transactions comprise just over 20 per cent of total sales but in December they accounted for more than a quarter of resale activity,” said Ms. O’Neill. “Condos are often more affordable than other housing options and they show particularly well in winter.”
Increasing by 12 per cent over the previous year to a total of 93,193 sales, 2007 was the best year ever for GTA resale housing activity and December’s 4,646 sales came within two per cent of the best performance for the month, set in 2001.
The average price in December was $394,931, which resulted in an annual increase of seven per cent from the previous year.
The most active areas in December were in the City of Toronto.
Riverdale (E01) saw a 75 per cent increase in transactions compared to December 2006, primarily based on semi-detached home sales.
In the Mimico area of Etobicoke (W06) transactions were up 57 per cent, driven by a significant increase in the sale of condo apartments.
In North York, (C14) sales increased by 44 per cent compared to last December, as a result of strong detached home transactions.
Toronto's Downtown East (C08) experienced a 59 per cent increase compared to the same timeframe a year ago due to strong condominium and semi-detached home sales.
“We saw strong, stable monthly performances throughout 2007, which illustrates that consumers now recognize it’s always a great time to buy or sell their next home,” said 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
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
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
“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
“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
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
“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
“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
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
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
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
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
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
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
"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
Subscribe to:
Posts (Atom)
