TORONTO REAL ESTATE MARKET NEWS

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Resale market shows strongest summer performance !
August 3, 2007 -- Last month, the local resale market was 26 per cent more active than during the same time in 2006, recording a July record 8,912 sales, TREB President Donald Bentley announced today.
"Currently, year-to-date transactions stand at 59,339, up 13 per cent over the first seven months of last year," Mr. Bentley said. "And with June and July both setting records, we are now seeing the strongest summer performance by our local resale market since records have been kept." Toronto's Riverdale area (E01) saw a 73 per cent increase in transactions over June 2006, fueled by increases in almost every house type.
Strong sales of detached homes and condominium apartments in the South Humber part of Etobicoke (W07) contributed to a 116 per cent increase in total transactions over the same time last year. A large increase in condominium apartment sales was responsible for a 40 per cent increase in total sales for North York (C14). Transactions in Richmond Hill (N04) increased 77 per cent over July 2006, due to a 100 per cent increase in attached/row-house sales and strong performances in most other house types.
"The market is building on some very strong economic fundamentals," noted the TREB President. "And low borrowing costs have kept homes within reach of a broad segment of the population."
One Hot Summer!
July 18, 2007 -- July has started swiftly, with 3,947 sales to date, TREB President Donald Bentley announced today. This mid-month total is up 21 per cent over last July's 3,251 sales.
"While it is too early to speak of a July record (currently the record is 8,084 sales recorded in 2003), this month should certainly end as one of our best summer performances," said Mr. Bentley. "And in terms of year-to-date activity (54,457 sales), 2007 is 11 per cent ahead of 2006 (48,961 sales). It is also up 13 per cent over the 2005 figure (47,956 sales), and when 2005 was finished it produced an all time annual sales record."
While transactions continued at an accelerated pace despite the onset of Summer, price increases remained moderate. At $374,254, the average was up eight per cent over the first half of July 2006. The year-to-date average, at $373,572, was up five per cent over 2006's figure of $356,207.
Meanwhile, time-on-market came in at 31 days and the list-to-sale price ratio was 98 per cent.
In Oshawa (E16) sales rose 63 per cent over July 2006 due large to a large increase in the number of semi-detached houses sold.
Sales in Rexdale (W10) increased 97 per cent over last year due to a 133 per cent increase in transactions of detached homes.
North York Center (C14) saw a 57 per cent increase in sales based on large increases in both condo apartment and detached home sales.
Sales in Vaughan (N02) were up 68 per cent, with strong increases in almost all house types.
Summer market begins with a bang
TORONTO, July 6th, 2007-- In June, the Toronto Area resale housing market was nearly 20 per cent more active than a year ago, Toronto Real Estate Board President Donald Bentley announced today. The 10,451 sales recorded in the month were also just shy of the 11,146 sales that made May TREB's most active single month ever.
"This market is very healthy and shows no signs of letting up," Mr. Bentley said. "The strong spring we've seen is carrying through to the summer months, and that has helped to push this year's total activity past 2006 by nearly 11 per cent."
Toronto's Danforth / Woodbine Heights area (E03) saw overall transactions jump by 32 per cent compared to last June, with gains across most housing types.
Strong sales of condominium apartments and town homes in Mississauga's Northwest Cooksville (W15) area contributed to an overall increase in activity of 57 per cent compared to June 2006. House Hunting In Toronto dot com
Detached home sales in Bayview / Hillcrest Village (C15) nearly doubled as overall transactions increased by 39 per cent compared to June of last year. Just north of the city, Richmond Hill's southern portion (N03) saw a 48 per cent increase in transactions compared to the same timeframe one year ago.
"The current market is exceeding expectations because it has very solid fundamentals to build upon," TREB's President added. "We have seen good returns on investment, and a strong economy and low borrowing costs have kept homes accessible. It's a great time to be in the market."
Home resales up 24 per cent in first half of June
TORONTO, June 19, 2007 -- During the first fifteen days of June, resale home transactions jumped 24 per cent compared to the same timeframe a year ago, Toronto Real Estate Board President Dorothy Mason announced today. The first half of the month yielded a remarkable 5,074 sales, an increase of 1,000 transactions from last year's mid-June figures. This total was also 12 per cent higher than the 4,522 sales recorded in the first half of May, which ended as the most active month ever.
“We are going through one of the strongest spring markets ever,” Mrs. Mason said. “There is a lot of momentum carrying over from that and it bodes well as we move into summer.”
In Scarborough Centre / Woburn (E09), sales of detached homes doubled as 38 per cent more overall transactions took place compared to mid-June a year ago.
Alderwood / Mimico (W06) in Toronto's west end saw an overall increase in activity of 50 per cent compared to figures from last year.
Toronto's Annex neighbourhood (C02) saw the number of transactions to mid-June increase by 61 per cent compared to 2006.
Outside the city, brisk sales of town homes and detached homes in central Vaughan (N08) led the way as overall transactions increased 53 per cent over the same timeframe a year ago.
The average price of a resale home at mid-month was $384,576, an increase of seven per cent over the $358,648 recorded during the first half of June 2006. Inventory stood at 23,725 listings, reflecting a good amount of choice and helping to keep price increases under control.
“We have strong local and national economies, great value in the marketplace and solid returns on investment,” TREB's President said. “It's an excellent time to be in the market, and savvy consumers are taking advantage of these great conditions.”
Toronto Housing Market Reaches New Heights!
TORONTO, Tuesday, June 5, 2007 -- With an astonishing 11,146 sales in May, the Toronto Real Estate market put in its best performance since records have been kept, President Dorothy Mason announced today. "The Toronto Real Estate Board has been tracking the local housing market for over forty years, and there has never been a month that even approaches this level of activity," Ms. Mason stated. "May was up 18 per cent over April, our previous record month (9,452 sales), and also up 18 per cent over May of 2006 (9,434 sales), which now ranks as the third highest sales total recorded."
Ms. Mason further noted that, according to statistics compiled by the Canadian Real Estate Association, every home sale generates about $27,000 in economic activity (for renovations, furniture purchases, and so forth) over and above direct expenditures involved in the transaction. "This means that Realtors® and their clients have contributed over $300 million to the local economy in ancillary costs last month alone."
However, while sales sky-rocketed, price increases were restrained, with the average rising a mere five per cent to $382,787 from the $365,537 recorded during May of 2006.
Breaking down the total, 4,175 sales were reported in TREB’s 28 West districts and averaged $356,836; 2,038 sales were reported in the 14 Central districts and averaged $506,172; 2,323 sales were reported in the 23 North districts and averaged $408,391; and 2,610 sales were reported in TREB’s 21 East districts and averaged $305,168.
Neighbourhood Corner
Brampton
Year-to-date sales in Brampton have reached 3 ,620, up 10 per cent over the 3,296 sales recorded to May of last year. Of these, 2,038 were detached homes, which averaged $354,834, a four per cent increase over the first five months of 2006. Another, 749 transactions involved semi-detached homes, which sold for an average of $273,979, up three per cent over the same time one year ago.
Highest midmonth total ever
TORONTO, May 16, 2007 -- The resale housing market got off to a roaring start in May, with 5,003 sales reported during the first 15 days of the month, Toronto Real Estate Board President Dorothy Mason announced today. This is an 11 per cent increase over the first half of May 2006 and the highest midmonth sales total in TREB’s history.
“All signs point to a very healthy market for the remainder of the spring,” Mrs. Mason said. “In terms of activity, this year is about six per cent ahead of last year’s pace, and that’s an indication that there’s a lot of confidence in this market. Now is an excellent time to get started in the market or make a move.” The average price in the first half of May was up two per cent to $377,612 from the $369,543 recorded during the first half of May 2006.
Yeartodate prices were nearly five per cent ahead of the same time last year. Meanwhile average timeonmarket for a listed home fell to 28 days, and the average listtosale price ratio rose to 99 per cent of the asking price.
In Scarborough’s West Agincourt neighbourhood (E05), condominium transactions more than doubled as the area saw a 39 per cent overall increase compared to midMay of 2006.
Strong condominium activity also pushed Mississauga’s City Centre (W15) to a 49 per cent overall increase compared to the same timeframe a year ago.
In the Downtown Toronto / Harbourfront area (C01), 34 per cent more homes changed hands compared to midMay of last year, fueled mostly by highrise condominiums.
In central Vaughan (N08), detached homes and town homes were the most active types as overall transactions increased from midMay of last year by 59 per cent."
April showers don’t dampen home sales
TORONTO, April 18, 2007 -- The GTA resale housing market got off to a strong start in April, with mid-month sales coming in one per cent ahead of mid-April 2006, Toronto Real Estate Board President Dorothy Mason announced today.
The 4,175 transactions recorded in the first half of the month surpass the mid-April total of 4,140 sales recorded in 2006. Meanwhile, year-to-date figures for 2007 are nearly two per cent ahead of last year’s pace.
“We are very encouraged by the stability of the GTA market,” Mrs. Mason said. “Activity is strong yet controlled, and great economic fundamentals continue to keep things moving in the right direction.”
The average price of a home in the GTA reached $372,169 in the first half of April, up one per cent over the same timeframe in April 2006 when prices averaged $366,878. The median price rose three per cent to $315,000. Active listings were down five per cent from the same time in 2006, to 22,711.
Strong activity across all housing types in the Beach (E02) helped push overall sales up 44 per cent compared to mid-April of 2006.
The condo boom in Mississauga’s city centre (W15) was largely responsible for an overall sales increase of 41 per cent in the area, compared to mid-April of last year.
Toronto’s Forest Hill neighbourhood (C03) saw 54 per cent more overall transactions than to the same point a year ago, fueled mostly by detached home sales.
In Bayview Village / Hillcrest Village (C15), overall transactions increased by 36 per cent compared to the same timeframe in 2006.
“Consumers are showing a lot of confidence in this market,” Mrs. Mason said. “Their investments are showing steady returns, yet the market is still accessible to a variety of buyers.”
Home sales stay steady
TORONTO, March 19, 2007 -- The Toronto Area resale housing market maintained a solid pace through the first half of March, Toronto Real Estate Board President Dorothy Mason announced today.
The first half of the month yielded 3,714 transactions, nearly on par with the 3,755 sales recorded in the same timeframe last year.
“The year has begun very well,” Mrs. Mason said. “The market hasn't lost any steam despite a very strong start, and to date, the sales pace for this year is still three per cent ahead of last year's pace.”
In Mimico / New Toronto (W06), a large increase in condominium activity and brisk detached home sales contributed to an overall sales increase of 54 per cent compared to mid-March of 2006.
East of Toronto in Ajax (E14), an increase in sales of detached homes and townhomes helped push overall sales 32 per cent higher than mid-March a year ago.
Detached homes were the most popular housing type in Thornhill (N02), as the area saw 22 per cent more overall transactions compared with the same timeframe last year.
The average price of a home rose in March, increasing two per cent to $367,531 over the $360,294 recorded during the first half of March 2006. It is also up two per cent over the $358,533 recorded during the same timeframe in February. The average time-on-market for a home was 31 days to mid-month, and the list-to-sale price ratio was 98%.
“Consumers are reaping the benefits of a strong economy, favourable interest rates and a very solid housing market,” Mrs. Mason said. “Right now is an excellent opportunity to take the plunge into a different home or get started in the market for the first time.”
February stays right on track
TORONTO, March 6, 2007 -- Resale housing activity in the month of February was slightly higher than a year ago, Toronto Real Estate Board President Dorothy Mason announced today. A total of 6,772 transactions took place in the month, as compared to 6,756 in February 2006.
“Sales activity has been strong to begin the year,” Mrs. Mason said. “Results from the first two months show that so far 2007 is five per cent ahead of last year's pace.”
“The important thing is that we are seeing strong results on a consistent basis, which speaks volumes about the stability of the market,” Mrs. Mason added. “As we head into the most active part of the year, it's an excellent time to get into the market for the first time or make a switch to a different home.”
In Scarborough Town Centre / Woburn (E09), a jump in sales of detached homes pushed overall activity up 22 per cent compared to February 2006.
Strong condominium apartment sales in Mimico / New Toronto (W06) contributed to a 29 per cent increase in overall transactions compared to a year ago.
Central Toronto's Davisville neighbourhood (C10) saw 20 per cent more transactions than the same month a year ago, with strong sales among most housing types.
North of Toronto in Newmarket (N07), detached homes were the most popular type as transactions increased 32 per cent compared to last February.
Second Best February Ever!
TORONTO - Monday, March 6, 2007 --TREB Members reported 6,772 sales in February, an increase over February 2006 (6,756 sales) and the second best total for this month ever recorded, TREB President Dorothy Mason announced today. "While the weather last month may have been cold, Toronto's resale housing market remained hot," noted Ms. Mason. "And while it is too early to make predictions, it is clear from the start of 2007 that the spring season is likely to produce sales numbers at east comparable to those of the past several years, which have been record or near-record performances."
Meanwhile, average prices climbed four per cent over the previous month to $368,687 as sales activity accelerated. They were also up four per cent from the February 2006 figure of $353,928.
The average time-on-market was a torrid 35 days.
Breaking down the total, 2,522 sales were reported in TREB’s 28 West districts and averaged $342,060; 1,224 sales were reported in the 14 Central districts and averaged $504,381; 1,395 sales were reported in the 23 North districts and averaged $389,306; and 1,631 sales were reported in TREB’s 21 East districts and averaged $290,392.
Neighbourhood Corner
Unionville
So far this year, 10 of the 14 sales in Unionville (part of N-11) were of detached homes. These averaged $641,390, up 22 per cent over the $523,188 recorded during the first two months of 2006.
Best January Ever!
TORONTO - Tuesday, February 6, 2007 -- The new year got off to a fast start, with 5,173 sales of existing homes in January, TREB President Dorothy Mason announced today. "This figure is up 13 per cent over last January, and up six per cent over the 4,869 sales recorded in January of 2002, which was the previous record for the month."
Meanwhile, average prices climbed in January to $353,724, up five per cent over December and up six per cent over the $332,687 recorded in January 2006. "While one shouldn't read too much into a single month's result," the President said. "January's record breaking performance is an encouraging sign for the year ahead."
Breaking down the total, 1,975 sales were reported in TREB’s 28 West districts and averaged $335,116; 878 sales were reported in the 14 Central districts and averaged $462,211; 1,082 sales were reported in the 23 North districts and averaged $383,806; and 1,238 sales were reported in TREB’s 21 East districts and averaged $280,178.
Neighbourhood Corner
Mississauga
In January, Mississauga (W12-W20) recorded 667 sales, a 10 per cent increase over the 2006 total for the same month. The average price was $335,252, up 10 per cent over the $305,464 recorded during January of 2006. In addition, there were 219 sales of Detached homes in the Mississauga, which averaged $478,889, a seven per cent increase over the same time period last year ($448,889).
Strong start for 2007
TORONTO, February 6, 2007 -- The January resale housing market was the best January ever, registering 13 per cent more transactions than a year ago, Toronto Real Estate Board President Dorothy Mason announced today. The 5,173 sales in the month were six per cent above the previous record set in January 2002.
“Sales have been very solid to start the year,” Mrs. Mason said. “It's a very good sign for the market to see a healthy level of activity carrying over from last year's strong finish.”
Scarborough's Birchmount Park / Cliffside area (E06) saw 55 per cent more overall sales compared to last January, with detached homes accounting for nearly all transactions.
In the Islington / Kingsway area of Etobicoke, a jump in condominium transactions helped to push overall sales 42 per cent higher than January 2006.
An increase in sales of condominiums and semi-detached homes helped lift Forest Hill to an overall increase of 56 per cent over January of last year.
North of the city, in Markham West / Langstaff (N01), 50 per cent more homes changed hands in January than during the same month a year ago.
Ted Tsiakopoulos, CMHC's Ontario regional economist, noted that Toronto's housing market has been a very stable sector of the economy.
“The market remains resilient despite slower job growth, high energy prices, and a loss of migrants to western Canada,” Mr. Tsiakopoulos said. “Historically low interest rates, strong income growth and healthy consumer confidence are important factors keeping January home sales buoyant across the GTA.”
TREB's President added that while the results are preliminary, they should instill confidence in consumers.
“The housing market is healthy and continues to be well supported by strong economic fundamentals,” Mrs. Mason said. “These are ideal conditions, and consumers can feel confident making a switch to another home or realizing their dream of home ownership for the first time.”
New year off to a brisk start
TORONTO, January 18, 2007 -- The first half of January yielded 1,592 resale home transactions in the Toronto Area, a six per cent increase over the same time period a year ago, Toronto Real Estate Board President Dorothy Mason announced today.
“The strong activity we saw in December has carried through into the new year,” Mrs. Mason said. “Though these are very preliminary results, it is definitely an encouraging sign for the market to be so active this time of year.”
Toronto’s Downtown East (C08) neighbourhood saw 32 per cent more homes change hands compared to mid-January of last year.
Outside of Toronto, the Meadowvale / Streetsville area of Mississauga saw 38 per cent more transactions compared to the first half of January 2006, while Richmond Hill South (N03) saw an increase of 37 percent over the same timeframe.
The average price of a home remained stable in the first half of January, dipping about one per cent to $340,793 from December, though up 10 per cent over the $310,547 recorded during the first half of January 2006. Active listings sit at 17,283, up slightly from 16,517 a year ago.
Ted Tsiakopoulos, CMHC’s Ontario regional economist, expects price increases to remain healthy.
“Home listings continue to trend higher across the GTA early in 2007,” Mr. Tsiakopoulos said. “This bodes well for consumer choice, and rising inventories will help moderate the growth in home prices during the year. Favourable economic conditions and a healthy balance between demand and supply will ensure that home prices continue edging higher.”
TREB’s President noted that all signs point to a healthy market in 2007.
“Activity, price increases and economic fundamentals are all very solid, and now is a great time to take advantage of lots of choice in the market.”
Year ends with a strong December
TORONTO, January 4, 2007 -- Resale housing activity in December increased by four per cent compared to the same month a year ago, Toronto Real Estate Board President Dorothy Mason announced today.
“All year long the market has remained very stable,” Mrs. Mason said. “December’s strong showing gives consumers even more confidence that there is a solid foundation in place as we begin the new year.”
The elevated activity at the end of the year helped propel 2006 to within just 1.2 per cent of the record sales total set in 2005.
Jason Mercer, CMHC’s Senior Market Analyst for the GTA, argued that a strong economy is behind the upbeat performance:
“Households remained confident in their ability to purchase a home last year,” said Mr. Mercer. “Furthermore, steady job growth in a number of different sectors and very low mortgage rates will keep buyers upbeat about home ownership in 2007."
In Don Mills (C13), 54 per cent more overall transactions took place during the month compared to last December, fueled in part by strong condominium activity.
A 54 per cent increase in overall sales was recorded in Etobicoke’s South Humber neighbourhood (W07), also helped by elevated condominium transactions.
East of Toronto, Pickering (E13) showed an overall sales increase of 30 per cent compared to December 2005, while in West Markham / Langstaff (N01), strong condominium sales led to a 63 per cent increase in overall transactions during the month, compared to a year ago.
“The market is on solid footing and is in excellent shape heading into 2007,” TREB’s President said. "The winter season is an excellent time to be active in this healthy market, whether starting out as a first time buyer or making a move to a different home.”
TREB Members reported 4,447 sales in December, up four per cent over the 4,255 recorded last December, and the second best total ever recorded for the month, TREB President Dorothy Mason announced today. "December's performance is indicative of the whole year, which saw total transactions break the 83,000 level (83,084) for only the third time since records have been kept," noted the President.
Year-over-year, the average price in 2006 rose five per cent over the $335,907 recorded in 2005 to $351,941. "This means that prices continue to outpace inflation, making home-ownership a sound investment in today's economy and invariably in the long term."
Breaking down the total, 1,643 sales were reported in TREB’s 28 West districts and averaged $318,364; 779 sales were reported in the 14 Central districts and averaged $408,599; 941 sales were reported in the 23 North districts and averaged $382,065; and 1,084 sales were reported in TREB’s 21 East districts and averaged $271,463.
Real Estate Sales Bring Happy Holiday!
TORONTO, December 19, 2006 -- The 2006 resale home market is closing the year strongly, with 2,585 sales to the 15th of December, TREB President Mason announced today. “Sales are six per cent ahead of mid-December 2005 and close to the pace of 2001, the best December ever.”
Meanwhile, 2006 has already broken 81,000 sales, and sits within one per cent of last-years’ record-setting pace.
The average price to mid-December stands at $343,048, a four per cent increase over the same period in December 2005. The year-to-date average is $352,515, up five per cent over the same timeframe last year.
Strong sales in all housing categories, especially link homes, drove Whitby (E15) to a 51% increase in overall sales compared to the same timeframe last year.
A jump in detached home sales powered Brampton East (W24) to a 45 per cent overall sales increase compared to the first half of December 2005.
Toronto’s downtown / Harbourfront area (C01) saw a 28 per cent overall increase in home sales, largely due to a 30 per cent increase in the sales of condominium apartments.
Overall sales in Markham West (N01) nearly tripled compared to mid-December last year, due to exceptionally strong condominium apartment sales.
Ted Tsiakopoulos, CMHC’s Ontario Regional Economist, noted that low interest rates and warm temperatures have kept the December market strong:
“If the mid-month sales pace is sustained, December activity will bring GTA home sales for the year just shy of last year’s record pace,” Mr. Tsiakopoulos said. “Confidence in Toronto’s real estate market remains high; low interest rates, steady job growth and an abundance of housing choices are ingredients for a healthy market. Milder than normal weather has also contributed to healthy activity so far in December.”
Active listings to mid-month stood at 20,230, down 16 per cent from mid-November, as some home sellers pulled their properties from the TorontoMLS® system in advance of the holiday season. The average time-on-market was 41 days.
“The market is coming into balance,” Mrs. Mason commented.
“Housing prices are rising above the rate of inflation, but not so quickly as to drive potential first-time buyers out of the market.”
* Please note that TREB counts by business or sales days. In a 30 day month, there will usually be about 20 sales days, depending on when the weekends fall, holidays, and so on.
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TORONTO REAL ESTATE MARKET NEWS 2008-07-20T19:33:00-07:00 Rating: 4.5 Diposkan Oleh: campos