Sales of new houses and condominiums in the Greater Toronto Area were up by more than 237 per cent in February compared with last year according to figures released today.
The 3,148 new homes sold represented the highest levels since 2006, according to RealNet Canada Inc.
“The new home market continues to benefit from the tight conditions in the resale market, 50-year low interest rates and healthy levels of consumer confidence in real estate,” said the Toronto-based Building, Industry, & Land Development Association.
However, February of 2009 was a recessionary year, with the figures representing the bottom of the market. Compared with 2008, February sales were still respectable, up 24 per cent, while it was up 19 per cent compared with 2007.
February sales were virtually split between low rise and high rise, with 51 per cent of buyers opting for detached or town homes, while 49 per cent chose condominiums.
Source: www.yourhome.ca by Tony Wong on March 22, 2010
Monday, March 22, 2010
Monday, March 01, 2010
MID-FEBRUARY RESALE HOUSING MARKET FIGURES
Greater Toronto REALTORS reported 3,555 sales through
the Multiple Listing Service during the first two weeks of February.
This represented a 74 per cent increase compared to the 2,044 sales recorded during the same period in 2009 when resale transactions had dipped due to the recession. The February mid-month sales total was also 7.7 per cent above the previous high set in 2006.
"Home ownership demand remains strong in the GTA, as households remain confident that economic recovery is at hand and that ownership housing will continue to be a quality long-term investment," said Toronto Real Estate Board President Tom Lebour.
The average price for February mid-month transactions was $429,997 - an 18 per cent increase over 2009. New Listings within the Toronto Real Estate Board boundaries were
up 15 per cent to 6,212.
"Double-digit price increases will persist through the first quarter of the year," said Jason Mercer, TREB's Senior Manager of Market Analysis. "However, as new listings continue to increase creating a better supplied market, we will see the annual rate of price growth moderate into the single digits."
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 29,000 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 Multiple Listing Service during the first two weeks of February.
This represented a 74 per cent increase compared to the 2,044 sales recorded during the same period in 2009 when resale transactions had dipped due to the recession. The February mid-month sales total was also 7.7 per cent above the previous high set in 2006.
"Home ownership demand remains strong in the GTA, as households remain confident that economic recovery is at hand and that ownership housing will continue to be a quality long-term investment," said Toronto Real Estate Board President Tom Lebour.
The average price for February mid-month transactions was $429,997 - an 18 per cent increase over 2009. New Listings within the Toronto Real Estate Board boundaries were
up 15 per cent to 6,212.
"Double-digit price increases will persist through the first quarter of the year," said Jason Mercer, TREB's Senior Manager of Market Analysis. "However, as new listings continue to increase creating a better supplied market, we will see the annual rate of price growth moderate into the single digits."
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 29,000 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 03, 2010
Toronto existing home sales skyrocket 87 per cent
The January real estate market started 2010 at full gallop, with sales up 87 per cent from the year before, according to figures released today.
There were 4,986 existing home sales in January, compared to 2,670 sales the year before when sales hit an all-time low for the month, according to a report by the Toronto Real Estate Board.
“The Greater Toronto Area home market has rebounded well from the lows in sales experienced at the beginning of 2009,” said Tom Lebour, president of the board.
Placed in perspective, this January’s sales were slightly higher than the January average in the years preceding 2009 when the economy faced recession.
The average price of a home this January hit $409,058, up 19 per cent compared with $343,632 in the same month last year.
TREB warned comparisons to last year will continue to be extreme in the first quarter of this year as “we continue to make comparisons to weak market conditions at the beginning of 2009.”
Jason Mercer, senior manager of market analysis for TREB said sales and price growth is expected to be slower in the second half of this year.
Source: Tony Wong, Toronto Star - Feb 3, 2010
There were 4,986 existing home sales in January, compared to 2,670 sales the year before when sales hit an all-time low for the month, according to a report by the Toronto Real Estate Board.
“The Greater Toronto Area home market has rebounded well from the lows in sales experienced at the beginning of 2009,” said Tom Lebour, president of the board.
Placed in perspective, this January’s sales were slightly higher than the January average in the years preceding 2009 when the economy faced recession.
The average price of a home this January hit $409,058, up 19 per cent compared with $343,632 in the same month last year.
TREB warned comparisons to last year will continue to be extreme in the first quarter of this year as “we continue to make comparisons to weak market conditions at the beginning of 2009.”
Jason Mercer, senior manager of market analysis for TREB said sales and price growth is expected to be slower in the second half of this year.
Source: Tony Wong, Toronto Star - Feb 3, 2010
Wednesday, January 13, 2010
GTA's office vacancy rate rises
The impact of the recession can still be felt in the Greater Toronto Area's office market, according to a report released by Colliers International Monday, as weak demand and an influx of new office space pushes up the commercial vacancy rate .
The office vacancy rate in the GTA continued its upward trend reaching 6.1 per cent, or 11.3 million square feet at of the end of 2009, the winter 2010 semi-annual office & industrial market reports and forecast from Colliers said. This represents an increase of 20 per cent in vacancy levels compared with 2008.
Against this economic backdrop, the average asking net rent in Toronto's office market maintained its downward trend, dropping by more than nine per cent from $17.83 per square foot in Q4 of 2008 to $16.20 per square foot at of the end of 2009.
Colliers' analysis and forecast for 2010 calls for a further, yet moderate decline in average asking net rent to the level of $16 per square foot as the vacancy rate is expected to peak at 6.9 per cent. These trends are expected to reverse in 2011.
“Historically there has been a lag between economic recovery and its impact on the GTA office market, however improvements in market conditions are imminent,” said John Arnoldi, managing director with Colliers International in Toronto. “While in some market nodes there is still disparity between landlord and tenant expectations, we've observed that this gap is narrowing and expect this trend to carry on in 2010.”
The challenging economic realities of 2009 have also affected the sub-lease market in the GTA. The growing number of companies that have been looking for ways to reduce overhead and utilize unused office space drove the GTA sublease market to expand by 48 per cent compared with the end of 2008, now surpassing 1.1 million square feet or 10 per cent of total vacancy.
“What's interesting to note is that in the latter half of 2009, the amount of vacant sublet space actually decreased by three per cent from early year increases, showing signs of potential recovery,” Mr. Arnoldi adds.
Other highlights
- Leasing activity in the GTA's industrial market remained low in 2009 with an availability rate of 6.3 per cent (45.5 million square feet). This high level of vacant space hasn't been recorded since 1997.
- In 2010, GTA's industrial markets will add 2.3 million square feet of new supply scheduled to be completed, below the annual average of 7.3 million square feet per year, over the past 10 years.
- Industrial average asking net rents continue to drop between the end of 2008 and 2009, decreasing by 15 per cent as landlords align themselves with market expectations.
- The office vacancy rate in downtown Toronto grew from 4.5 per cent in 2008 to 5.3 per cent at the end of 2009. Asking net rent dropped by more than $3 per square foot to $21.38.
Source: The Globe and Mail
The office vacancy rate in the GTA continued its upward trend reaching 6.1 per cent, or 11.3 million square feet at of the end of 2009, the winter 2010 semi-annual office & industrial market reports and forecast from Colliers said. This represents an increase of 20 per cent in vacancy levels compared with 2008.
Against this economic backdrop, the average asking net rent in Toronto's office market maintained its downward trend, dropping by more than nine per cent from $17.83 per square foot in Q4 of 2008 to $16.20 per square foot at of the end of 2009.
Colliers' analysis and forecast for 2010 calls for a further, yet moderate decline in average asking net rent to the level of $16 per square foot as the vacancy rate is expected to peak at 6.9 per cent. These trends are expected to reverse in 2011.
“Historically there has been a lag between economic recovery and its impact on the GTA office market, however improvements in market conditions are imminent,” said John Arnoldi, managing director with Colliers International in Toronto. “While in some market nodes there is still disparity between landlord and tenant expectations, we've observed that this gap is narrowing and expect this trend to carry on in 2010.”
The challenging economic realities of 2009 have also affected the sub-lease market in the GTA. The growing number of companies that have been looking for ways to reduce overhead and utilize unused office space drove the GTA sublease market to expand by 48 per cent compared with the end of 2008, now surpassing 1.1 million square feet or 10 per cent of total vacancy.
“What's interesting to note is that in the latter half of 2009, the amount of vacant sublet space actually decreased by three per cent from early year increases, showing signs of potential recovery,” Mr. Arnoldi adds.
Other highlights
- Leasing activity in the GTA's industrial market remained low in 2009 with an availability rate of 6.3 per cent (45.5 million square feet). This high level of vacant space hasn't been recorded since 1997.
- In 2010, GTA's industrial markets will add 2.3 million square feet of new supply scheduled to be completed, below the annual average of 7.3 million square feet per year, over the past 10 years.
- Industrial average asking net rents continue to drop between the end of 2008 and 2009, decreasing by 15 per cent as landlords align themselves with market expectations.
- The office vacancy rate in downtown Toronto grew from 4.5 per cent in 2008 to 5.3 per cent at the end of 2009. Asking net rent dropped by more than $3 per square foot to $21.38.
Source: The Globe and Mail
Friday, December 04, 2009
In Toronto, a hot market has some bidders feeling burned
The remarkable resurgence in Toronto's housing market this fall has some buyers wondering if it's time to push ahead into real estate or retreat to the sidelines for a spell.
The latest figures from the Toronto Real Estate Board show that sales in the first two weeks of November in the Greater Toronto Area skyrocketed 84 per cent from the dismal level recorded at the same time last year.
The average price jumped 10 per cent to $415,066 from $375,712.
Robert Kavcic, an economist with BMO Nesbitt Burns, finds it interesting that the monumental rebound in home sales and prices in Canada has come despite the fact that house prices are no great bargain.
He points out that most affordability measures, which take things such as mortgage rates, house prices and disposable income into account, barely got back to average levels before the market hit bottom early this year.
Mr. Kavcic says some people are negotiating mortgages below posted rates, so that makes housing more affordable than it seems on the surface. At the same time, more people are opting for a mortgage amortized over a longer term than the traditional 25 years.
When the term stretches to 35 or even 40 years, a buyer who is only concerned about today's cash flow can go out and spend a lot more for a house. That trend pushes prices up in turn.
Lee Taylor of Bosley Real Estate Ltd. says buyers and sellers are all anxious to know what will happen in the housing market. She does her best to help them plot out a strategy based on their circumstances, but those factors change with each client.
Many of her clients look at real estate as a long-term investment, she points out, and no one can predict with any accuracy what the near term will bring.
“We never know the market around the corner.”
Sales are brisk at every price range, Ms. Taylor says.
She recently undertook some research for a client interested in the area of Bayview and Sheppard avenues.
Last year at this time, she says, sales of houses priced at $1-million to $1.5-million in that area were stagnating. In November of 2009, that tranche is very busy.
In the case of Toronto condos in the range of $350,000 to $400,000, for example, she says that sales are brisk. If a unit is particularly appealing, it's flying with multiple offers.
She's advising buyers looking in that segment to be patient.
“I've basically told them to wait for a snowstorm.”
Ms. Taylor says some purchasers have become weary of the bidding wars and are stepping back from the search for a bit. In some cases, potential buyers have lost out on a couple of properties and feel bruised by the competition.
“They're very draining. They're draining for everybody,” she says of the contests.
Ms. Taylor says some of the factors she will be watching for in the coming months and farther into 2010 include the planned harmonized sales tax in Ontario, the stability
of interest rates and the number of new listings in the spring.
As economists Craig Alexander and Grant Bishop at Toronto-Dominion Bank point out in a recent report, the breakneck pace of house sales is at odds with the sputtering of the overall economy.
As a result, real estate is overshooting the slowly emerging economic improvement, and the economists say the Bank of Canada will be keeping a careful eye on the action.
The economists stress that the Bank of Canada does not set a target for the value of assets such as houses and condos specifically, but it does watch how quickly consumer prices are rising.
For the moment, the central bankers figure that the recent resurgence in real estate is temporary. But if the frantic pace does not cool down in the coming year – or if price growth accelerates – that could lead the central bank to raise interest rates sooner and more sharply than many people are expecting right now.
But as long as unemployment is still rising, the Canadian dollar is appreciating and exporters are struggling, the central bank won't rush to raise rates, they say.
Looking ahead, Mr. Alexander and Mr. Bishop expect house sales and core inflation to moderate, which will help the Bank of Canada keep interest rates low.
Source: Globe and Mail by Carolyn Ireland Published on Thursday, Nov. 26,
The latest figures from the Toronto Real Estate Board show that sales in the first two weeks of November in the Greater Toronto Area skyrocketed 84 per cent from the dismal level recorded at the same time last year.
The average price jumped 10 per cent to $415,066 from $375,712.
Robert Kavcic, an economist with BMO Nesbitt Burns, finds it interesting that the monumental rebound in home sales and prices in Canada has come despite the fact that house prices are no great bargain.
He points out that most affordability measures, which take things such as mortgage rates, house prices and disposable income into account, barely got back to average levels before the market hit bottom early this year.
Mr. Kavcic says some people are negotiating mortgages below posted rates, so that makes housing more affordable than it seems on the surface. At the same time, more people are opting for a mortgage amortized over a longer term than the traditional 25 years.
When the term stretches to 35 or even 40 years, a buyer who is only concerned about today's cash flow can go out and spend a lot more for a house. That trend pushes prices up in turn.
Lee Taylor of Bosley Real Estate Ltd. says buyers and sellers are all anxious to know what will happen in the housing market. She does her best to help them plot out a strategy based on their circumstances, but those factors change with each client.
Many of her clients look at real estate as a long-term investment, she points out, and no one can predict with any accuracy what the near term will bring.
“We never know the market around the corner.”
Sales are brisk at every price range, Ms. Taylor says.
She recently undertook some research for a client interested in the area of Bayview and Sheppard avenues.
Last year at this time, she says, sales of houses priced at $1-million to $1.5-million in that area were stagnating. In November of 2009, that tranche is very busy.
In the case of Toronto condos in the range of $350,000 to $400,000, for example, she says that sales are brisk. If a unit is particularly appealing, it's flying with multiple offers.
She's advising buyers looking in that segment to be patient.
“I've basically told them to wait for a snowstorm.”
Ms. Taylor says some purchasers have become weary of the bidding wars and are stepping back from the search for a bit. In some cases, potential buyers have lost out on a couple of properties and feel bruised by the competition.
“They're very draining. They're draining for everybody,” she says of the contests.
Ms. Taylor says some of the factors she will be watching for in the coming months and farther into 2010 include the planned harmonized sales tax in Ontario, the stability
of interest rates and the number of new listings in the spring.
As economists Craig Alexander and Grant Bishop at Toronto-Dominion Bank point out in a recent report, the breakneck pace of house sales is at odds with the sputtering of the overall economy.
As a result, real estate is overshooting the slowly emerging economic improvement, and the economists say the Bank of Canada will be keeping a careful eye on the action.
The economists stress that the Bank of Canada does not set a target for the value of assets such as houses and condos specifically, but it does watch how quickly consumer prices are rising.
For the moment, the central bankers figure that the recent resurgence in real estate is temporary. But if the frantic pace does not cool down in the coming year – or if price growth accelerates – that could lead the central bank to raise interest rates sooner and more sharply than many people are expecting right now.
But as long as unemployment is still rising, the Canadian dollar is appreciating and exporters are struggling, the central bank won't rush to raise rates, they say.
Looking ahead, Mr. Alexander and Mr. Bishop expect house sales and core inflation to moderate, which will help the Bank of Canada keep interest rates low.
Source: Globe and Mail by Carolyn Ireland Published on Thursday, Nov. 26,
Thursday, November 05, 2009
TREB Reports Strong Growth in October MLS Transactions
n October 2009, Greater Toronto REALTORS® reported
8,476 sales, up 64 per cent from October 2008. The average price for October
transactions was $423,559 – up by 20 per cent compared to the same month last year.
"Strong sales growth has occurred across many property classes – from price ranges
that would attract first-time buyers to luxury properties selling for over one million dollars," said TREB President Tom Lebour. “The highest rate of sales growth in October was experienced for properties selling for over $750,000. In contrast, luxury home sales declined at an above-average rate last year.”
Year-to-date sales, at 74,721, were up nine per cent compared to the first ten months of 2008. Average price, at $392,264 was up by almost three per cent.
"After a short dip in the winter, the average home price in the GTA has rebounded
because sales have been high relative to listings," according to Jason Mercer, TREB's Senior Manager of Market Analysis. “Watch for listings to rebound in 2010 as home owners react to the strong sales and price growth experienced in the latter half of this year.”
Summary Of October Sales And Average Price
October
2009 2008
Average
Sales Price Sales Average Price
City of Toronto ("416") 3,554 $464,212 2,136 $376,897
Rest of GTA ("905") 4,922 $394,205 3,019 $336,049
GTA 8,476 $423,559 5,155 $352,974
Source: Toronto Real Estate Board
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
8,476 sales, up 64 per cent from October 2008. The average price for October
transactions was $423,559 – up by 20 per cent compared to the same month last year.
"Strong sales growth has occurred across many property classes – from price ranges
that would attract first-time buyers to luxury properties selling for over one million dollars," said TREB President Tom Lebour. “The highest rate of sales growth in October was experienced for properties selling for over $750,000. In contrast, luxury home sales declined at an above-average rate last year.”
Year-to-date sales, at 74,721, were up nine per cent compared to the first ten months of 2008. Average price, at $392,264 was up by almost three per cent.
"After a short dip in the winter, the average home price in the GTA has rebounded
because sales have been high relative to listings," according to Jason Mercer, TREB's Senior Manager of Market Analysis. “Watch for listings to rebound in 2010 as home owners react to the strong sales and price growth experienced in the latter half of this year.”
Summary Of October Sales And Average Price
October
2009 2008
Average
Sales Price Sales Average Price
City of Toronto ("416") 3,554 $464,212 2,136 $376,897
Rest of GTA ("905") 4,922 $394,205 3,019 $336,049
GTA 8,476 $423,559 5,155 $352,974
Source: Toronto Real Estate Board
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
Wednesday, October 21, 2009
October Mid-Month Housing Statistics
In the first two weeks of October, Greater Toronto
REALTORS® reported 3,631 sales – up 34 per cent compared to the first two weeks of
October 2008. The average price for these transactions was up 17 per cent year-overyear to $414,479.
"While demand for existing homes has remained strong, it is important to recognize the context of current statistics. We are now making comparisons to the fall of 2008 when we experienced a marked decline in sales and average price," said TREB President Tom Lebour. Year-to-date sales, at 69,964 are up six per cent compared to 2008. Average price, at $389,687, is up by two per cent.
"Tight market conditions throughout the GTA will continue to exert upward pressure on home prices in the fourth quarter," explained Jason Mercer, TREB's Senior Manager of Market Analysis. “Expect more listings in 2010 as home owners react to the price gains experienced in the second half of 2009.”
Summary Of October Sales And Average Price
October
2009 2008
Sales Average Sales Average
Price Price
City of Toronto ("416") 1,489 $455,001 1,140 $375,804
Rest of GTA ("905") 2,142 $386,311 1,560 $337,671
GTA 3,631 $414,479 2,700 $353,772
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
REALTORS® reported 3,631 sales – up 34 per cent compared to the first two weeks of
October 2008. The average price for these transactions was up 17 per cent year-overyear to $414,479.
"While demand for existing homes has remained strong, it is important to recognize the context of current statistics. We are now making comparisons to the fall of 2008 when we experienced a marked decline in sales and average price," said TREB President Tom Lebour. Year-to-date sales, at 69,964 are up six per cent compared to 2008. Average price, at $389,687, is up by two per cent.
"Tight market conditions throughout the GTA will continue to exert upward pressure on home prices in the fourth quarter," explained Jason Mercer, TREB's Senior Manager of Market Analysis. “Expect more listings in 2010 as home owners react to the price gains experienced in the second half of 2009.”
Summary Of October Sales And Average Price
October
2009 2008
Sales Average Sales Average
Price Price
City of Toronto ("416") 1,489 $455,001 1,140 $375,804
Rest of GTA ("905") 2,142 $386,311 1,560 $337,671
GTA 3,631 $414,479 2,700 $353,772
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
Saturday, October 03, 2009
Almost 600,000 Square Feet Leased In August
TREB Members reported 571,751 square feet of
leased space, down 31% from the 830,317 square feet recorded in August of 2008, Commercial Council Chair Garry Lander announced today.
“The amount of leased space continues to be lower than last year’s levels as companies are waiting to re-negotiate current leases or negotiate agreements on new space until they are more confident as to when economic recovery will take hold,” Mr. Lander noted. “The outlook on the economy will determine availability and pricing.”
Rental rates for IC&I properties were mixed compared to year-ago levels. Industrial space (all size categories) leased for $5.20 sfn, down 9% from the $5.70 recorded in August of 2008. Commercial space traded for $19.75 sfn, up 4% from the $18.98 figure seen during the same month last year. Finally, office space traded for $12.34, up 3% from the $11.98 sfn figure recorded during August, 2008.
Sales Market Highlights
TREB Members recorded 50 sales of IC&I properties in June, including 24 industrial buildings of all size categories which averaged $91.66 per square foot. This compare to the $66.97 per square foot obtained from non-MLS sources.
For a complete copy of the Commercial Realty Watch visit www.TREBCommercial.com
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.
Source: Toronto Real Estate Board
leased space, down 31% from the 830,317 square feet recorded in August of 2008, Commercial Council Chair Garry Lander announced today.
“The amount of leased space continues to be lower than last year’s levels as companies are waiting to re-negotiate current leases or negotiate agreements on new space until they are more confident as to when economic recovery will take hold,” Mr. Lander noted. “The outlook on the economy will determine availability and pricing.”
Rental rates for IC&I properties were mixed compared to year-ago levels. Industrial space (all size categories) leased for $5.20 sfn, down 9% from the $5.70 recorded in August of 2008. Commercial space traded for $19.75 sfn, up 4% from the $18.98 figure seen during the same month last year. Finally, office space traded for $12.34, up 3% from the $11.98 sfn figure recorded during August, 2008.
Sales Market Highlights
TREB Members recorded 50 sales of IC&I properties in June, including 24 industrial buildings of all size categories which averaged $91.66 per square foot. This compare to the $66.97 per square foot obtained from non-MLS sources.
For a complete copy of the Commercial Realty Watch visit www.TREBCommercial.com
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.
Source: Toronto Real Estate Board
Tuesday, September 01, 2009
GTA REALTORS® Report August Mid-Month Resale Market Figures
In the first two weeks of August, Greater Toronto REALTORS® reported 3,832 sales – up 27 per cent compared to the first two weeks of August 2008. The average price for these transactions was up three per cent year-over-year to $383,796.
"The results for the first half of August indicate that many households in the GTA remain confident in their ability to purchase and pay for a home over the long term," said TREB President Tom Lebour.
Year-to-date sales, at 54,303 are up slightly compared to 54,138 in 2008. Average price, at $385,603 is down by less than one half of one per cent.
"Strong resale housing demand will contribute to broader economic recovery as each transaction results in substantial spin-off benefits to other sectors of the economy," explained Jason Mercer, TREB's Senior Manager of Market Analysis.
Summary Of August Sales And Average Price
August
2009 2008
Sales Average Price Sales Average Price
City of Toronto ("416") 1,465 $391,252 1,192 $394,563
Rest of GTA ("905") 2,367 $379,181 1,827 $360,326
GTA 3,832 $383,796 3,019 $373,844
Source: Toronto Real Estate Board
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 results for the first half of August indicate that many households in the GTA remain confident in their ability to purchase and pay for a home over the long term," said TREB President Tom Lebour.
Year-to-date sales, at 54,303 are up slightly compared to 54,138 in 2008. Average price, at $385,603 is down by less than one half of one per cent.
"Strong resale housing demand will contribute to broader economic recovery as each transaction results in substantial spin-off benefits to other sectors of the economy," explained Jason Mercer, TREB's Senior Manager of Market Analysis.
Summary Of August Sales And Average Price
August
2009 2008
Sales Average Price Sales Average Price
City of Toronto ("416") 1,465 $391,252 1,192 $394,563
Rest of GTA ("905") 2,367 $379,181 1,827 $360,326
GTA 3,832 $383,796 3,019 $373,844
Source: Toronto Real Estate Board
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 11, 2009
GTA REALTORS® report resale record in July
In July 2009, Greater Toronto REALTORS® reported a record 9,967 sales, up 28 per cent from July 2008. The average price for July transactions was $395,414 – up by six per cent compared to the same month last year.
"Households confident in their positioning within the current economic environment have taken advantage of housing affordability in the GTA," said TREB President Tom Lebour. "The real estate sector has been one of the sectors making a positive contribution to economic growth in the GTA, not to mention Ontario and Canada more broadly."
Year-to-date sales, at 50,632 are down 1.2 per cent compared to the first seven months of 2008. Average price, at $385,808 is down by less than one-half of one per cent.
"The steep drop-off in sales experienced at the beginning of the year has all but dissipated," explained Jason Mercer, TREB's Senior Manager of Market Analysis. "With five months left to go in the year, it is probable that total existing home sales in 2009 will be at or above last year’s level."
Summary Of July Sales And Average Price
July
2009 2008
Sales Average Price Sales Average Price
City of Toronto ("416") 3,880 $421,110 3,132 $395,343
Rest of GTA ("905") 6,087 $379,035 4,674 $355,401
GTA 9,967 $395,414 7,806 $371,427
Source: Toronto Real Estate Board
For a complete copy of the Market Watch Report visit www.TorontoRealEstateBoard.com
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
"Households confident in their positioning within the current economic environment have taken advantage of housing affordability in the GTA," said TREB President Tom Lebour. "The real estate sector has been one of the sectors making a positive contribution to economic growth in the GTA, not to mention Ontario and Canada more broadly."
Year-to-date sales, at 50,632 are down 1.2 per cent compared to the first seven months of 2008. Average price, at $385,808 is down by less than one-half of one per cent.
"The steep drop-off in sales experienced at the beginning of the year has all but dissipated," explained Jason Mercer, TREB's Senior Manager of Market Analysis. "With five months left to go in the year, it is probable that total existing home sales in 2009 will be at or above last year’s level."
Summary Of July Sales And Average Price
July
2009 2008
Sales Average Price Sales Average Price
City of Toronto ("416") 3,880 $421,110 3,132 $395,343
Rest of GTA ("905") 6,087 $379,035 4,674 $355,401
GTA 9,967 $395,414 7,806 $371,427
Source: Toronto Real Estate Board
For a complete copy of the Market Watch Report visit www.TorontoRealEstateBoard.com
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 04, 2009
Over 500,000 Square Feet Leased In June
Last month, TREB Members reported 560,425 square feet of
leased space, in comparison to the 1,017,518 leased square feet recorded in June of 2008, Commercial Council Chair Garry Lander reported today. “The pace of activity remains below last year, in line with the performance of the general economy,” Mr. Lander noted.
Prices were mixed in June. Industrial space in all size categories leased for $4.79 sfn, down 17% from the $5.78 recorded in June 2008. Commercial space traded for $13.47 sfn, down 20% from the $16.75 figure seen during the same month last year. Finally, office space traded for $14.69 , up 24% from last June’s $11.81 sfn figure, a possible indicator that higher quality office space is being listed on the MLS in the face of a challenging market.
Sales Market Highlights
TREB Members recorded 59 sales of IC&I properties in June, including 28 industrial buildings of all size categories which averaged $82.91 per square foot This compares to the $65.26 per square foot obtained from non-MLS sources.
For a complete copy of the Commercial Realty Watch visit www.TREBCommercial.com
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.
Source : Toronto Real Estate Board
leased space, in comparison to the 1,017,518 leased square feet recorded in June of 2008, Commercial Council Chair Garry Lander reported today. “The pace of activity remains below last year, in line with the performance of the general economy,” Mr. Lander noted.
Prices were mixed in June. Industrial space in all size categories leased for $4.79 sfn, down 17% from the $5.78 recorded in June 2008. Commercial space traded for $13.47 sfn, down 20% from the $16.75 figure seen during the same month last year. Finally, office space traded for $14.69 , up 24% from last June’s $11.81 sfn figure, a possible indicator that higher quality office space is being listed on the MLS in the face of a challenging market.
Sales Market Highlights
TREB Members recorded 59 sales of IC&I properties in June, including 28 industrial buildings of all size categories which averaged $82.91 per square foot This compares to the $65.26 per square foot obtained from non-MLS sources.
For a complete copy of the Commercial Realty Watch visit www.TREBCommercial.com
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.
Source : Toronto Real Estate Board
Friday, June 19, 2009
Condo resales are on a roll
The new-condo market may be just starting to warm up again but the resale market is hot, according to May statistics from the Toronto Real Estate Board (TREB). In fact, condo resales, at 2,081 units in May, were up about 2 per cent from the same month a year earlier.
Condo resales are again moving in lockstep with single family homes and townhouses.
In May, total Multiple Listings Service (MLS) condo sales were 4,561 units in the Greater Toronto Area, compared with 4,422 in May last year – a 2 per cent increase.
The average selling price for all MLS sales (including both houses and condos) was $399,811, down a touch from $400,817 last year.
While condo resales were up, listings were down, says Jason Mercer, senior manager of market analysis at TREB. The upshot is that more buyers than sellers means resale condos are moving with great speed – often as little as a week on the market – and the best ones are drawing multiple offers.“Sellers here in Mississauga are getting between 85 per cent and 105 per cent of the listing price,” says Debbie Cosic of Sutton Group Signature Realty Inc. of Mississauga. “In highly sought after areas like Lorne Park just north of Lakeshore Road and Mineola, near Highway 10 and the Queen Elizabeth, you will see three or four offers and suites moving within a week, often at more than the asking price.
“Calls to our office are up 60 per cent from March and showings of properties are up about 60 per cent as well.”
In the City of Toronto, downtown west (the area west of University Avenue to Dufferin between Lakeshore Boulevard and Bloor) leads the action, says Brad Lamb of Brad J. Lamb Realty Inc. “Those leading all the activity are first-time buyers and move-up buyers,” he says. “Both are taking advantage of terrifically low mortgage rates, and the move-up buyers are finding they can easily sell existing condos at a good price.”
Now about prices: TREB says the average condo price in March was $266,958, which is down about 4 per cent from last year. But while that may look great on paper, average price figures can be misleading, says Mr. Lamb.
In May, the softest sector of the market was anything selling for $1-million and up. Take away the impact of those sales on average prices and you are likely to find that resale condos are actually pricier than they were last year and quietly ticking upwards.
“I sold a suite in March for $245,000. In May, I sold the very same design, in the same building but on a lower, less desirable floor, and it went for $260,000,” says Mr. Lamb.
So what is moving? Suites priced at less than $400,000, says Ms. Cosic and especially those in the $250,000 to $300,000 range. Why? One of the chief factors is the availability of mortgage money at extraordinarily low rates.
“You can get a variable-rate mortgage for as low as 1.75 per cent if you have great credit,” she says. “That means a buyer can snap up a $400,000 condo and wind up paying about $600 a month in mortgage payments.”
Mortgages insured by the Canadian Mortgage and Housing Corp. also make it easy for first-time buyers to pick up a resale condo with just 5 per cent down, although conventional mortgages will demand a 15-per-cent to 30-per-cent down payment to close a deal.
For sellers, establishing the right listing price is crucial for a quick sale, Ms. Cosic says.
“A year ago, if your neighbour got $299,000, you might list your suite for 26 per cent more,” she says. “Not in this market. List it for $299,000, the same as an identical suite, and you will probably draw multiple offers in a week or two.”
Finally, what does the summer hold for buyers and sellers? There's likely to be continued strong demand for resale condos and probably higher prices, says TREB's Mr. Mercer.
Mr. Lamb agrees. The fears about job security, which gripped buyers last fall, are starting to subside, he says. Many singles and young couples who put off home-ownership plans through the fall, winter and spring now see opportunities for great deals at reasonable prices. Low mortgage rates are a strong incentive to buy now lest they start to rise in the fall.
“Resale buyers are a breed apart from those who buy new condos,” he says. “They don't want to wait two or three years. Their personal circumstances demand they buy now.
“What they see all around them is the perfect time to act.”
Source: Terrence Belford
From Friday's Globe and Mail, Friday, Jun. 19, 2009 03:54AM EDT
Condo resales are again moving in lockstep with single family homes and townhouses.
In May, total Multiple Listings Service (MLS) condo sales were 4,561 units in the Greater Toronto Area, compared with 4,422 in May last year – a 2 per cent increase.
The average selling price for all MLS sales (including both houses and condos) was $399,811, down a touch from $400,817 last year.
While condo resales were up, listings were down, says Jason Mercer, senior manager of market analysis at TREB. The upshot is that more buyers than sellers means resale condos are moving with great speed – often as little as a week on the market – and the best ones are drawing multiple offers.“Sellers here in Mississauga are getting between 85 per cent and 105 per cent of the listing price,” says Debbie Cosic of Sutton Group Signature Realty Inc. of Mississauga. “In highly sought after areas like Lorne Park just north of Lakeshore Road and Mineola, near Highway 10 and the Queen Elizabeth, you will see three or four offers and suites moving within a week, often at more than the asking price.
“Calls to our office are up 60 per cent from March and showings of properties are up about 60 per cent as well.”
In the City of Toronto, downtown west (the area west of University Avenue to Dufferin between Lakeshore Boulevard and Bloor) leads the action, says Brad Lamb of Brad J. Lamb Realty Inc. “Those leading all the activity are first-time buyers and move-up buyers,” he says. “Both are taking advantage of terrifically low mortgage rates, and the move-up buyers are finding they can easily sell existing condos at a good price.”
Now about prices: TREB says the average condo price in March was $266,958, which is down about 4 per cent from last year. But while that may look great on paper, average price figures can be misleading, says Mr. Lamb.
In May, the softest sector of the market was anything selling for $1-million and up. Take away the impact of those sales on average prices and you are likely to find that resale condos are actually pricier than they were last year and quietly ticking upwards.
“I sold a suite in March for $245,000. In May, I sold the very same design, in the same building but on a lower, less desirable floor, and it went for $260,000,” says Mr. Lamb.
So what is moving? Suites priced at less than $400,000, says Ms. Cosic and especially those in the $250,000 to $300,000 range. Why? One of the chief factors is the availability of mortgage money at extraordinarily low rates.
“You can get a variable-rate mortgage for as low as 1.75 per cent if you have great credit,” she says. “That means a buyer can snap up a $400,000 condo and wind up paying about $600 a month in mortgage payments.”
Mortgages insured by the Canadian Mortgage and Housing Corp. also make it easy for first-time buyers to pick up a resale condo with just 5 per cent down, although conventional mortgages will demand a 15-per-cent to 30-per-cent down payment to close a deal.
For sellers, establishing the right listing price is crucial for a quick sale, Ms. Cosic says.
“A year ago, if your neighbour got $299,000, you might list your suite for 26 per cent more,” she says. “Not in this market. List it for $299,000, the same as an identical suite, and you will probably draw multiple offers in a week or two.”
Finally, what does the summer hold for buyers and sellers? There's likely to be continued strong demand for resale condos and probably higher prices, says TREB's Mr. Mercer.
Mr. Lamb agrees. The fears about job security, which gripped buyers last fall, are starting to subside, he says. Many singles and young couples who put off home-ownership plans through the fall, winter and spring now see opportunities for great deals at reasonable prices. Low mortgage rates are a strong incentive to buy now lest they start to rise in the fall.
“Resale buyers are a breed apart from those who buy new condos,” he says. “They don't want to wait two or three years. Their personal circumstances demand they buy now.
“What they see all around them is the perfect time to act.”
Source: Terrence Belford
From Friday's Globe and Mail, Friday, Jun. 19, 2009 03:54AM EDT
Thursday, June 11, 2009
GTA May Resale Housing Sales Higher Than Last Year
In May 2009, Greater Toronto REALTORS® reported 9,589 sales,
up almost two per cent from May 2008 – the first annual increase since December 2007. The seasonally adjusted annual rate of sales in May was 81,3001.
“The resale housing market in the GTA has remained resilient in the face of challenging times globally,” according to TREB President Maureen O’Neill. “Many home buyers have taken advantage of extremely low mortgage rates.”
The average price for May transactions was $395,609 – down less than one per cent compared to the same month last year.
“The average resale home price has moved in line with last year’s level because of tighter market conditions experienced this Spring,” stated Jason Mercer, TREB’s Senior Manager of Market Analysis. “Home sales have increased strongly relative to new listings, bolstering home prices.”
SUMMARY OF MAY SALES AND AVERAGE PRICE -2009/2008
May 2009
2009 2008
Sales Average Price Sales Average Price
City of Toronto ("416") 3,777 $432,478 3,711 $434,271
Rest of GTA ("905") 5,812 $371,649 5,700 $374,629
GTA 9,589 $395,609 9,411 $398,148
Source:TorontoReal EstateBoard
1Seasonally adjusting TREB MLS® data removes recurring seasonal trends observed each year. For example, MLS® sales are highest in late
spring each year and lowest in the winter months. Removing the recurring seasonality, allows for the analysis of a meaningful trend reflecting
actual changes in market conditions. By multiplying the monthly seasonally-adjusted figure by 12, creating an annual rate, we can compare how
the current month relates to historical annual figures.
For a complete copy of the Market Watch Report visit www.TorontoRealEstateBoard.com
Source: Toronto Real Estate Board
up almost two per cent from May 2008 – the first annual increase since December 2007. The seasonally adjusted annual rate of sales in May was 81,3001.
“The resale housing market in the GTA has remained resilient in the face of challenging times globally,” according to TREB President Maureen O’Neill. “Many home buyers have taken advantage of extremely low mortgage rates.”
The average price for May transactions was $395,609 – down less than one per cent compared to the same month last year.
“The average resale home price has moved in line with last year’s level because of tighter market conditions experienced this Spring,” stated Jason Mercer, TREB’s Senior Manager of Market Analysis. “Home sales have increased strongly relative to new listings, bolstering home prices.”
SUMMARY OF MAY SALES AND AVERAGE PRICE -2009/2008
May 2009
2009 2008
Sales Average Price Sales Average Price
City of Toronto ("416") 3,777 $432,478 3,711 $434,271
Rest of GTA ("905") 5,812 $371,649 5,700 $374,629
GTA 9,589 $395,609 9,411 $398,148
Source:TorontoReal EstateBoard
1Seasonally adjusting TREB MLS® data removes recurring seasonal trends observed each year. For example, MLS® sales are highest in late
spring each year and lowest in the winter months. Removing the recurring seasonality, allows for the analysis of a meaningful trend reflecting
actual changes in market conditions. By multiplying the monthly seasonally-adjusted figure by 12, creating an annual rate, we can compare how
the current month relates to historical annual figures.
For a complete copy of the Market Watch Report visit www.TorontoRealEstateBoard.com
Source: Toronto Real Estate Board
Monday, May 25, 2009
Greater Toronto Resale Housing Sales Up in First Half of May
Greater Toronto REALTORS® reported 4,561 transactions in the
first half of May – an increase of three per cent compared to May 2008.
“Members reported a rise in buying activity this month,” said TREB President Maureen O’Neill. “Many home buyers who were undecided about purchasing a home during the winter months are now proceeding with confidence as a result of the GTA housing market's affordability.”
The average price for MLS® sales was in line with last year, down by less than one-half of one per cent at $399,811.
“More sales and fewer listings resulted in tighter market conditions which pushed the average selling price back up to last year's level,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “Look for new listings to increase as home owners react to the positive news surrounding home sales and prices.”
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
first half of May – an increase of three per cent compared to May 2008.
“Members reported a rise in buying activity this month,” said TREB President Maureen O’Neill. “Many home buyers who were undecided about purchasing a home during the winter months are now proceeding with confidence as a result of the GTA housing market's affordability.”
The average price for MLS® sales was in line with last year, down by less than one-half of one per cent at $399,811.
“More sales and fewer listings resulted in tighter market conditions which pushed the average selling price back up to last year's level,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “Look for new listings to increase as home owners react to the positive news surrounding home sales and prices.”
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, May 12, 2009
Municipal Politicians to Discuss Taxes on Property in the GTA at Toronto Real Estate
A number of prominent municipal politicians, including Mississauga Mayor
Hazel McCallion, will take part in a panel discussion about municipal finances and taxes on property in the Greater Toronto Area on May 6th at the Toronto Real Estate Board’s annual REALTOR® Quest conference and trade show at Toronto Congress Centre.
Moderated by AM640’s morning show host John Oakley, the panel will also include Mayor Frank Scarpitti from the Town of Markham where property taxes were recently frozen and City of Toronto Councillors Denzil Minnan-Wong, Karen Stintz and Michael Thompson.
“TREB has actively lobbied in recent years on a number of key issues that erode affordability for the average homeowner in our city, like the Toronto Land Transfer Tax and proposed harmonization of the GST and PST,” said TREB President Maureen O’Neill. “This is an exciting opportunity to hear from some of the key players on where we are headed with taxes on property in the Greater Toronto Area.”
The discussion takes place May 6th at 2 p.m. on Centre Stage.
The two-day conference also includes a number of other key attractions, like Canada’s most trusted contractor Mike Holmes. He will pay a visit to REALTOR® Quest’s Centre Stage May 7th from 2 p.m. to 3 p.m.
Holmes and his crew recently constructed a sustainable home as part of Brad Pitt’s Make it Right project in New Orleans’ Ninth Ward. Currently, Holmes is developing his first community, Wind Walk in Southwest Alberta, which is expected to set a new standard for residential construction and design with its eco-friendly, sustainable homes.
TREB’s Spring General meeting will take place during REALTOR® Quest on May 6th from 10 a.m. to 12:30 p.m. REALTOR® Quest also features Canada’s largest real estate trade show with up to 250 exhibitors. Given that REALTORS® are required to continuously upgrade their education, the conference also features 30 complimentary Continuing Education courses in seven different streams.
“Greater Toronto REALTORS® look to this conference as a source of information on all of the latest tools and trends in the profession,” said Ms. O’Neill. “Their participation is just one example of REALTORS’® commitment to continuously enhance the professional knowledge and skills they provide to their clients.”
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
Hazel McCallion, will take part in a panel discussion about municipal finances and taxes on property in the Greater Toronto Area on May 6th at the Toronto Real Estate Board’s annual REALTOR® Quest conference and trade show at Toronto Congress Centre.
Moderated by AM640’s morning show host John Oakley, the panel will also include Mayor Frank Scarpitti from the Town of Markham where property taxes were recently frozen and City of Toronto Councillors Denzil Minnan-Wong, Karen Stintz and Michael Thompson.
“TREB has actively lobbied in recent years on a number of key issues that erode affordability for the average homeowner in our city, like the Toronto Land Transfer Tax and proposed harmonization of the GST and PST,” said TREB President Maureen O’Neill. “This is an exciting opportunity to hear from some of the key players on where we are headed with taxes on property in the Greater Toronto Area.”
The discussion takes place May 6th at 2 p.m. on Centre Stage.
The two-day conference also includes a number of other key attractions, like Canada’s most trusted contractor Mike Holmes. He will pay a visit to REALTOR® Quest’s Centre Stage May 7th from 2 p.m. to 3 p.m.
Holmes and his crew recently constructed a sustainable home as part of Brad Pitt’s Make it Right project in New Orleans’ Ninth Ward. Currently, Holmes is developing his first community, Wind Walk in Southwest Alberta, which is expected to set a new standard for residential construction and design with its eco-friendly, sustainable homes.
TREB’s Spring General meeting will take place during REALTOR® Quest on May 6th from 10 a.m. to 12:30 p.m. REALTOR® Quest also features Canada’s largest real estate trade show with up to 250 exhibitors. Given that REALTORS® are required to continuously upgrade their education, the conference also features 30 complimentary Continuing Education courses in seven different streams.
“Greater Toronto REALTORS® look to this conference as a source of information on all of the latest tools and trends in the profession,” said Ms. O’Neill. “Their participation is just one example of REALTORS’® commitment to continuously enhance the professional knowledge and skills they provide to their clients.”
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
Wednesday, April 29, 2009
3,681 TRANSACTIONS IN FIRST HALF OF APRIL
Greater Toronto REALTORS® reported 3,681 transactions in the
first half of April, down seven per cent compared to 3,955 during the same period last year.
“In lock-step with the favorable March results, resale housing market conditions in the first half of April were markedly improved compared to the winter time,” said TREB President Maureen O’Neill.
“Households that were on the sidelines at the beginning of the year are now taking advantage of lower interest rates and lower home prices.”
The average price for MLS® sales was $383,161, down four per cent from $399,117 last year.
“The average home price in the GTA stabilized as resale market conditions tightened over the past two months,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis.
For a complete copy of the Market Watch Report visit www.TorontoRealEstateBoard.com
Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of thics and share a state-of-the-art Multiple Listing Service. Serving over 28,000 Members in the reater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board. reater Toronto Area open house listings are now available on ww.TorontoRealEstateBoard.com.
Source: Toronto Real Estate Board
first half of April, down seven per cent compared to 3,955 during the same period last year.
“In lock-step with the favorable March results, resale housing market conditions in the first half of April were markedly improved compared to the winter time,” said TREB President Maureen O’Neill.
“Households that were on the sidelines at the beginning of the year are now taking advantage of lower interest rates and lower home prices.”
The average price for MLS® sales was $383,161, down four per cent from $399,117 last year.
“The average home price in the GTA stabilized as resale market conditions tightened over the past two months,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis.
For a complete copy of the Market Watch Report visit www.TorontoRealEstateBoard.com
Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of thics and share a state-of-the-art Multiple Listing Service. Serving over 28,000 Members in the reater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board. reater Toronto Area open house listings are now available on ww.TorontoRealEstateBoard.com.
Source: Toronto Real Estate Board
Wednesday, April 15, 2009
Mortgage rates unlikely to fall further
Mortgage rates in Canada, which have plunged by almost 50% in the last year, aren’t likely to fall further, said Phil Soper, chief executive of Brookfield Real Estate Services Fund.
Mortgage rates in Canada, which have plunged by almost 50% in the last year, aren’t likely to fall further, said Phil Soper, chief executive of Brookfield Real Estate Services Fund.
“Certainly with the Bank of Canada’s target rate set at virtually zero, there’s very little room,” Mr. Soper said Tuesday at a conference in Toronto on Canada’s real estate market. The rate is “the lowest it’s been in anyone in this room’s lifetime.”
Rates for home loans have been dropping during the biggest financial crisis since the Great Depression, with some lenders offering mortgages approaching 4%, Mr. Soper said. That compares with an average posted five-year rate of 7.5% a year ago, according to the Bank of Canada. He added that home prices in Canada aren’t likely to rise “sharply” over the next two years.
Bank of Montreal, which sponsored the conference, lowered its rate for a five-year fixed-rate mortgage this month to 4.15%.
“We are approaching almost zero interest rates,” at the Bank of Canada, said John Turner, the Toronto-based bank’s director of mortgages. “The question becomes, how much upward pressure will there be as we come out of this recession?”
The Bank of Canada last month cut its benchmark lending rate to 0.5%, its lowest ever, and said it’s preparing to use policies beyond interest rate moves to revive an economy hit by a recession and tight credit markets. The next rate announcement is April 21.
Canadian existing home sales rose in February for the first time since September as buyers took advantage of lower mortgage rates and prices, according to the Canadian Real Estate Association’s Multiple Listing Service. Sales of existing homes rose 8.6% from January to 28,669 units.
Bank of Montreal senior economist Sal Guatieri predicted that Canada’s housing market will decline further this year, without the “crash” experienced in the U.S.
Source: By Sean B. Pasternak, Bloomberg
Mortgage rates in Canada, which have plunged by almost 50% in the last year, aren’t likely to fall further, said Phil Soper, chief executive of Brookfield Real Estate Services Fund.
“Certainly with the Bank of Canada’s target rate set at virtually zero, there’s very little room,” Mr. Soper said Tuesday at a conference in Toronto on Canada’s real estate market. The rate is “the lowest it’s been in anyone in this room’s lifetime.”
Rates for home loans have been dropping during the biggest financial crisis since the Great Depression, with some lenders offering mortgages approaching 4%, Mr. Soper said. That compares with an average posted five-year rate of 7.5% a year ago, according to the Bank of Canada. He added that home prices in Canada aren’t likely to rise “sharply” over the next two years.
Bank of Montreal, which sponsored the conference, lowered its rate for a five-year fixed-rate mortgage this month to 4.15%.
“We are approaching almost zero interest rates,” at the Bank of Canada, said John Turner, the Toronto-based bank’s director of mortgages. “The question becomes, how much upward pressure will there be as we come out of this recession?”
The Bank of Canada last month cut its benchmark lending rate to 0.5%, its lowest ever, and said it’s preparing to use policies beyond interest rate moves to revive an economy hit by a recession and tight credit markets. The next rate announcement is April 21.
Canadian existing home sales rose in February for the first time since September as buyers took advantage of lower mortgage rates and prices, according to the Canadian Real Estate Association’s Multiple Listing Service. Sales of existing homes rose 8.6% from January to 28,669 units.
Bank of Montreal senior economist Sal Guatieri predicted that Canada’s housing market will decline further this year, without the “crash” experienced in the U.S.
Source: By Sean B. Pasternak, Bloomberg
Monday, April 13, 2009
March Resale Housing Results Bring Positive News
In March 2009, Greater Toronto REALTORS® reported 6,171 sales
– down seven per cent from March 2008, representing the smallest year-over-year decline in the last five months. The average price for March transactions was $362,052 – down less than five per cent from the same month last year.
“The Greater Toronto housing market has stood up very well given the challenging economic times the world has experienced in recent months,” commented TREB President Maureen O’Neill.
“In fact, over the past two months, the situation in the housing market has improved.” The seasonally-adjusted annual rate of sales increased to 65,600 in March – up 36 per cent from the ten-year low reached in January.1
“Sales in March increased at a rate over and above what would be expected from the normal spring-time bump,” said Jason Mercer TREB’s Senior Manager of Market Analysis. “A greater number of households have taken advantage of increased affordability in the housing marketplace.”
For a complete copy of the Market Watch Report visit www.TorontoRealEstateBoard.com
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
– down seven per cent from March 2008, representing the smallest year-over-year decline in the last five months. The average price for March transactions was $362,052 – down less than five per cent from the same month last year.
“The Greater Toronto housing market has stood up very well given the challenging economic times the world has experienced in recent months,” commented TREB President Maureen O’Neill.
“In fact, over the past two months, the situation in the housing market has improved.” The seasonally-adjusted annual rate of sales increased to 65,600 in March – up 36 per cent from the ten-year low reached in January.1
“Sales in March increased at a rate over and above what would be expected from the normal spring-time bump,” said Jason Mercer TREB’s Senior Manager of Market Analysis. “A greater number of households have taken advantage of increased affordability in the housing marketplace.”
For a complete copy of the Market Watch Report visit www.TorontoRealEstateBoard.com
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
Wednesday, April 01, 2009
Torontonians Want Toronto Land Transfer Tax Repealed
With Toronto City Council scheduled to debate and vote on the City’s
proposed 2009 Operating Budget tomorrow, public opinion poll results, released today, show that 65 per cent of Torontonians believe that the Toronto Land Transfer Tax should be repealed.
The poll was conducted by the Environics Research Group Ltd. for the Toronto Real Estate Board.
“REALTORS® strongly believe that Toronto City Council should scrap the Toronto Land Transfer Tax, and the public agrees,” said Maureen O’Neill, President of the Toronto Real Estate Board. “The Toronto Land Transfer Tax is not a fair tax and is hurting Toronto’s economy.”
The poll also found that 57 per cent of Torontonians believe that the Toronto Land Transfer Tax is hurting the real estate market and 62 per cent believe that the City has not taken adequate action to help stimulate the economy.
“Torontonians want more action from the City on the economy, and they understand that the Toronto Land Transfer Tax is having a negative impact,” said O’Neill. “One of the best ways that the City can take action to help with the current economic situation is to roll back the Toronto Land Transfer Tax.”
A recent study conducted by the C.D. Howe Institute and Economics Professors from the University of Toronto determined that the Toronto Land Transfer Tax is having a significant impact on Toronto’s real estate market, reducing housing sales by 16 per cent and values by 1.5 per cent in 2008 alone.
A separate recent study, conducted for the Canadian Real Estate Association, found that one out of every 100 jobs depends on spending associated with re-sale housing sales, on things like renovations, furniture, and appliances. This means that approximately 14,000 jobs in Toronto depend on re-sale housing transactions. TREB believes that, by impacting the real estate market, the Toronto Land Transfer Tax is risking these jobs.
The Environics poll also found that 60 per cent of Torontonians think that the City is not being run as efficiently as possible. REALTORS® are calling on City Councillors to focus their budget efforts on options recommended over a year ago by an independent blue-ribbon panel of business and labour representatives, appointed by Mayor Miller.
“Over a year ago, the Mayor’s Fiscal Review Panel identified, literally, hundreds of millions of dollars in savings and efficiencies that the City could be taking advantage of,” said O’Neill. “The City’s budget efforts should be focusing on fair options, like those recommended by the Mayor’s Fiscal Review Panel.”
The poll of 500 Toronto residents aged 18 years or over was conducted by telephone between March 12 and March 15, 2009, and is considered accurate to within +/- 4.5%, 19 times out of 20.
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
proposed 2009 Operating Budget tomorrow, public opinion poll results, released today, show that 65 per cent of Torontonians believe that the Toronto Land Transfer Tax should be repealed.
The poll was conducted by the Environics Research Group Ltd. for the Toronto Real Estate Board.
“REALTORS® strongly believe that Toronto City Council should scrap the Toronto Land Transfer Tax, and the public agrees,” said Maureen O’Neill, President of the Toronto Real Estate Board. “The Toronto Land Transfer Tax is not a fair tax and is hurting Toronto’s economy.”
The poll also found that 57 per cent of Torontonians believe that the Toronto Land Transfer Tax is hurting the real estate market and 62 per cent believe that the City has not taken adequate action to help stimulate the economy.
“Torontonians want more action from the City on the economy, and they understand that the Toronto Land Transfer Tax is having a negative impact,” said O’Neill. “One of the best ways that the City can take action to help with the current economic situation is to roll back the Toronto Land Transfer Tax.”
A recent study conducted by the C.D. Howe Institute and Economics Professors from the University of Toronto determined that the Toronto Land Transfer Tax is having a significant impact on Toronto’s real estate market, reducing housing sales by 16 per cent and values by 1.5 per cent in 2008 alone.
A separate recent study, conducted for the Canadian Real Estate Association, found that one out of every 100 jobs depends on spending associated with re-sale housing sales, on things like renovations, furniture, and appliances. This means that approximately 14,000 jobs in Toronto depend on re-sale housing transactions. TREB believes that, by impacting the real estate market, the Toronto Land Transfer Tax is risking these jobs.
The Environics poll also found that 60 per cent of Torontonians think that the City is not being run as efficiently as possible. REALTORS® are calling on City Councillors to focus their budget efforts on options recommended over a year ago by an independent blue-ribbon panel of business and labour representatives, appointed by Mayor Miller.
“Over a year ago, the Mayor’s Fiscal Review Panel identified, literally, hundreds of millions of dollars in savings and efficiencies that the City could be taking advantage of,” said O’Neill. “The City’s budget efforts should be focusing on fair options, like those recommended by the Mayor’s Fiscal Review Panel.”
The poll of 500 Toronto residents aged 18 years or over was conducted by telephone between March 12 and March 15, 2009, and is considered accurate to within +/- 4.5%, 19 times out of 20.
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, March 19, 2009
2,565 RESALE HOUSING TRANSACTIONS SHOWS RATE OF DECLINE SHRINKING
Greater Toronto REALTORS® announced 2,565 transactions in the first half of March compared to 3,183 during the same period last year. The annual rate of
MLS® sales decline was the smallest in five months.
Mid-month March MLS® sales increased compared to the 2,044 sales experienced in the first half of February.
MLS® sales follow a recurring seasonal trend, with transactions generally increasing between January and May and then decreasing between June and December.
“As we move into the spring market, it appears that we are seeing stronger demand for
ownership housing in the Greater Toronto Area,” said TREB President Maureen O’Neill. “Buyers are reacting to the market’s strong foundation of affordability.”
The average price for MLS® sales was $365,499 compared to $385,405 last year.
“Affordability has improved over the past few months due to a combination of lower home prices, near record lows for mortgage rates and rising earnings,”1 according to Jason Mercer, TREB’s Senior Manager of Market Analysis.
Average weekly earnings for the Toronto CMA, as reported by Statistics Canada, have been rising on a year-over-year basis over the past year. For example, in February 2009, average weekly earnings rose by approximately 2.5 per cent compared to
February 2008.
For a complete copy of the most recent Market Watch Report visit www.TorontoRealEstateBoard.com
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
MLS® sales decline was the smallest in five months.
Mid-month March MLS® sales increased compared to the 2,044 sales experienced in the first half of February.
MLS® sales follow a recurring seasonal trend, with transactions generally increasing between January and May and then decreasing between June and December.
“As we move into the spring market, it appears that we are seeing stronger demand for
ownership housing in the Greater Toronto Area,” said TREB President Maureen O’Neill. “Buyers are reacting to the market’s strong foundation of affordability.”
The average price for MLS® sales was $365,499 compared to $385,405 last year.
“Affordability has improved over the past few months due to a combination of lower home prices, near record lows for mortgage rates and rising earnings,”1 according to Jason Mercer, TREB’s Senior Manager of Market Analysis.
Average weekly earnings for the Toronto CMA, as reported by Statistics Canada, have been rising on a year-over-year basis over the past year. For example, in February 2009, average weekly earnings rose by approximately 2.5 per cent compared to
February 2008.
For a complete copy of the most recent Market Watch Report visit www.TorontoRealEstateBoard.com
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
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