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
Monday, May 26, 2008
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
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