GTA Resale Housing Continues Steady Pace

June 18, 2008 -- The Greater Toronto Area (GTA) resale housing market continued at a moderate but healthy pace throughout the first half of June, Toronto Real Estate Board President Maureen O’Neill announced today.

Prices continued their upward trend in the first half of this month. The GTA average price is currently $398,542, up four per cent over the $384,576 average from the same timeframe a year ago and up 11 per cent from the $358,648 recorded at mid-June 2006.

In the City of Toronto the current average price is $439,469, up three per cent over the $424,888 average a year ago and up 14 per cent over the $386,960 average in the first half of June 2006.

In the 905 Region the average price is $371,686 up four per cent from the $357,359 average a year ago and up 10 per cent from the $338,578 recorded at mid-June 2006.

“With 4,374 transactions in the first two weeks of this month, sales in the GTA declined 14 per cent compared to the same timeframe a year ago when 5,074 properties were sold,” said Ms. O’Neill. “However, compared to the first half of June 2006 when 4,074 properties changed hands, this month’s activity is up seven per cent.

In the City of Toronto 1,733 sales took place to mid-June 2008. This represents a 15 per cent decrease compared to the 2,045 properties sold a year ago but a two per cent increase over the 1,690 transactions in the first half of June 2006. A different story emerges when you compare the first half of June 2007 before the Toronto Land Transfer Tax went into effect to the same period in June 2006, a period showing a 21 per cent increase in sales.

In the 905 Region, the scenario was similar. In the first two weeks of June, 2,641 properties were sold. This represents a 13 per cent decline compared to the 3,029 homes sold in the first half of June 2007 but an 11 percent increase over the 2,384 properties sold at mid-June 2006. When you compare the first half of June 2007 to the same period in June 2006, sales increased by 27 per cent.

Certain communities including Riverdale, West Agincourt, Caledon and Richmond Hill South experienced strong activity in the first half of this month.

In Riverdale (E01) transactions increased 28 per cent compared to the first half of June 2007 driven by strong condominium apartment sales.

Condominium apartment transactions also drove West Agincourt (E05) to a 24 per cent increase in sales compared to the same timeframe a year ago.

In Caledon (W28) detached home transactions lead to a nine per cent increase in sales over the same period a year ago.

Richmond Hill South (N03) also experienced strong detached home sales, which resulted in a five per cent increase from mid-June 2007.

“With employment and interest rates holding steady and a 17 per cent increase in available listings compared to a year ago, it is an ideal time to take advantage of all that the market has to offer,” said Ms. O’Neill.

Steady GTA Resale Housing Market in May

June 4, 2008 -- The Greater Toronto Area resale housing market recorded 9,411 transactions in May, Toronto Real Estate Board President Maureen O’Neill announced today.

On a year-over-year basis the GTA average price increased four per cent to $398,148 in May from the May 2007 average of $382,787. Prices increased three per cent in the City of Toronto to $434,271 from $422,163 during the same period a year ago, while in the 905 Region there was a five per cent increase to $374,629 from $355,341 last May.

“Price gains show that real estate continues to be a solid investment for the consumer,” said Ms. O’Neill. “We are confident about the market because employment in the GTA continues to be strong and interest rates remain low. As long as consumers have the financial resources to buy homes and a variety of choices to manage carrying costs, the market should remain stable.”

“May’s sales figures represent a 16 per cent decline in the GTA from the record month a year ago when 11,146 sales were recorded,” said Ms. O’Neill. “More than 9,000 properties changing hands still represents considerable market activity.”

In the City of Toronto, there were 3,711 sales, down 19 per cent from last May’s 4,578 sales and down 6 per cent from May 2006. In the 905 Region, 5,700 transactions were recorded, which represents a 13 per cent decline from the 6,568 sales during the same period a year ago but up 4 per cent from May 2006.

“The Toronto Land Transfer Tax has been in effect for four months and the decline in sales has been running for the same time period,” said Ms. O’Neill. “We’re keeping a close watch on the effect of this new tax.”

Two specific areas North of Toronto experienced increased sales activity in May. In Uxbridge (N16) sales were up 10 per cent, while Stouffville (N12) saw a 12 per cent increase in sales, driven mainly by detached home transactions.

GTA Resale Housing Market Moderate in May

May 20, 2008 -- Moderate sales and healthy price increases continued to characterize the GreaterToronto Area resale housing market during the first half of May, Toronto Real Estate Board President Maureen O’Neill announced today.

“With 4,422 sales throughout the GTA in the first two weeks of this month, activity has declined 12 per cent compared to the 5,003 homes sold during the first half of May 2007,” said Ms. O’Neill. “Prices however, continue to be strong, averaging $400,817 in the GTA, up six per cent from the $377,612 reported a year ago.”

In the City of Toronto, there were 1,734 sales, representing a 15 per cent decline from the 2,053 homes sold during the first half of May 2007 and an 11 per cent decline from 006. The average price in the 416 is $437,205, up six per cent from $412,701 a year ago.

In the 905 Region, there were 2,688 sales, down nine per cent from 2,950 a year ago but up four per cent from the same period in 2006. At $377,688, the average price is up seven per cent from the $353,192 recorded during the same timeframe in May of 2007.

Despite moderate sales overall, some neighbourhoods experienced heightened activity during the first half of May. The GTA is showing signs for a healthy 2008 compared to the diminished activity during the first quarter of 2008.

The Danforth (E03) saw sales increase 29 per cent overall compared to the same timeframe a year ago due to strong detached home sales.

Interest in detached homes also led Streetsville (W20) to a five percent overall sales increase compared to a year ago.

In the Annex (C02) transactions rose 39 per cent compared to the same period a year ago, driven by strong condominium apartment and detached home sales.

Richmond Hill South (N03) saw strong sales in most property types resulting in a three per cent increase compared to a year ago.

“In recent years, homebuyers have faced a major challenge with respect to limited selection,” said Ms. O’Neill.

“Now though, inventory is up 11 per cent compared to a year ago, which has resulted in more choice for home buyers and will a positive effect on the quality of available listings.”

A wider selection from which to choose has also resulted in increased Days on Market, which has risen to 35 from last year's 28.

“The Greater Toronto Area offers a wide array of housing stock to fit almost any budget; I encourage anyone thinking of making a move to contact their REALTOR® to learn more about all of their options.”

GTA resale housing market moderate in April, but prices up

May 5, 2008 -- With 8,762 houses sold in the Greater Toronto Area, April’s resale housing activity was down seven per cent from the record 9,452 transactions from the same timeframe a year ago, Toronto Real Estate Board President Maureen O’Neill announced today.

“The market is showing signs for a healthy 2008 compared to the diminished activity we saw in the first quarter of the year,” said Ms. O’Neill. “We continue to experience a supply and demand situation and to-date, it remains a sellers market."

Sales activity however, was markedly different in the 416 and 905 regions. With 3,467 transactions in the City of Toronto, sales were down 10 per cent from a year ago. The 905 region was down five per cent from April 2007 sales, with 5,295 homes changing hands.

April’s GTA average price was $398,687, up eight per cent from the same period a year ago. In the City of Toronto, the average price was $446,781, up six per cent from last April. In the 905 region the average price increased five per cent compared to a year ago, to $367,196.

Several neighbourhoods experienced strong sales in April.

Scarborough East (E08) saw an eight per cent overall sales increase compared to April 2007, driven by robust detached home sales.

Caledon (W28) experienced a 15 per cent increase compared to the same timeframe a year ago as a result of strong condominium sales.

Condominium sales also drove Willowdale (C07) to a 32 per cent increase from a year ago.

In Thornhill sales increased eight per cent from last April due to strong detached home sales. “The number of listings on the Toronto Real Estate Board’s Multiple Listing Service has increased to 24,539, up seven per cent from a year ago, which is good for homebuyers, who will find a greater range of options in the market,” said Ms. O’Neill. “With prices continuing to appreciate and increased listing inventory there are favourable factors in today’s market for consumers.”

Toronto Real Estate Board says GTA resale housing market still down

March 19, 2008 -- Resale home transactions in the Greater Toronto Area continued at a moderate pace during the first half of March, Toronto Real Estate Board President Maureen O’Neill announced today.

With 3,183 transactions to mid-month, sales in the GTA and in Toronto declined 14 per cent and 18 per cent respectively compared to the same timeframe a year ago.

“It’s important to recognize that we have endured the snowiest winter since 1939 and this has undoubtedly affected the market,” said Ms. O’Neill. “The storm that pounded the GTA during the second weekend of March likely had more people focused on shoveling sidewalks than house hunting.”

Despite moderate activity, the value of homes in our city continues to appreciate. At an average of $385,405 in the GTA and $409,116 in Toronto, prices have increased five and four per cent respectively compared to a year ago.

As well, some neighbourhoods experienced an increase in activity during the first half of March.

At the North end of the Greater Toronto Area, Georgina (N17) experienced a 39 per cent increase in sales during the first half of March, driven mainly by detached home transactions.The Agincourt area of Scarborough (E07) experienced a 12 per cent overall increase in sales compared to a year ago based primarily on strong condominium apartment sales.

Strong condominium apartment sales also allowed the Weston area in York (W04) to hold strong, with a 28 per cent overall increase compared to a year ago.

Toronto's Downtown core (C01) has also experienced healthy sales activity so far this month, due to strong condominium apartment sales as well. Overall sales in this area were up 11 per cent compared to a year ago.

“Condominium apartments have weathered the winter best so far this year, with 733 sales to date but we remain confident that once the snow has melted, we will see a very active spring market overall,” said Ms. O’Neill. “The land transfer tax in Toronto concerns us and we continue to keep a watchful eye on how this tax plays out in the market.”

March 5, 2008 -- While snow fell in almost record amounts, Toronto Real Estate Board Members recorded a respectable 6,015 sales during the month of February, TREB President Maureen O'Neill announced today.

"While sales were down over 2007 (11 per cent), they are in line with historical levels for the month, and they should increase substantially as the GTA eases into Spring."

Prices rose in February, with the average climbing to $382,048, up four per cent from the $367,687 recorded in February of last year. Days-on-Market stood at 30 days, and the list-to-sale price ratio was 99 per cent.

Activity within the City of Toronto generally matched that of the broader GTA. Sales moderated 14 per cent in the city to 2,310 from last year's figure of 2,697. Prices rose two per cent to $424,235.

Breaking down the total:

2,358 sales were reported in TREB’s 28 West districts and averaged $357,884;

1,017 sales were reported in the 14 Central districts and averaged $522,480;

1,185 sales were reported in the 23 North districts and averaged $409,155;

1,455 sales were reported in TREB’s 21 East districts and averaged $300,975.

January 2008 GTA Low Rise New Homes Sales Regain Momentum

There were 1,703 new home sales recorded in January 2008 in the Greater Toronto Area, down 16% from the same time last year. January 2008 Low Rise sales accounted for 60% (1,019) of the new home sales activity in the GTA, with an increase of sales of 10% from the previous month and a decline of 26% from the same month last year. According to the RealNet New Home Price Index the average asking price of a new Low Rise home increased by 8.2% within the last 12 months. January 2008 High Rise sales totaled 684 units sold, down 31% over the previous month and up 3% compared to the same time last year. Similar to Low Rise, the average asking price of a condominium unit increased by 11.1% since January 2007.

February 5, 2008 -- A strong performance within TREB's Central districts drove the Toronto area real estate market to a healthy 5,073 sales in January, off just two per cent from last year's record performance, President Maureen O'Neill announced today.

"While sales were strong, price increases remained modest, with the average rising six per cent to $374,449," said Ms. O'Neill. "There is clearly still a place for the first-time buyer in today's resale market."

Breaking down the total, 1,940 sales were reported in TREB’s 28 West districts and averaged $351,594; 945 sales were reported in the 14 Central districts and averaged $485,259; 966 sales were reported in the 23 North districts and averaged $410,289; and 1,224 sales were reported in TREB’s 21 East districts and averaged $296,838.

November 5, 2007 -- TREB Members recorded 7,915 transactions of single-family homes in October, an all time record for the month, TREB President Maureen O'Neill announced today. "Sales were up 15 per cent over the 6,876 figure recorded in October of 2006, and up about 10 per cent over the 7,227 transactions that took place in October 2003, which was our previous record."

"There is every indication that 2007 will be a banner year for resale housing activity in the Greater Toronto Area," said Ms. O'Neill. "The effects of the City of Toronto's new land transfer tax will definitely be felt in 2008 but we are also confident that consumers will continue to see the value of real estate as a solid long-term investment."

Prices rose in October, with the average climbing four per cent to $394,646 over September's $380,132, and up 11 per cent over the $356,423 recorded in October of 2006.

Breaking down the total, 2,964 sales were reported in TREB’s 28 West districts and averaged $367,139; 1,602 sales were reported in the 14 Central districts and averaged $522,800; 1,555 sales were reported in the 23 North districts and averaged $415,071; and 1,794 sales were reported in TREB’s 21 East districts and averaged $307,950.

September Resale Market Shows Strength

October 3, 2007 -- The Greater Toronto Area resale housing market continued its strong, stable pace in September with 6,866 transactions taking place, Toronto Real Estate Board President Maureen O’Neill announced today.

This marks an increase of four per cent as compared to September 2006 and is within six per cent of the record set for the month in 2005.

Prices increased to an average $380,132, up five per cent over the previous month.

“Year-to-date sales are up 11 per cent as compared to the same timeframe in our record year 2005,” said Ms. O’Neill. “This bodes well for a strong outcome to this year.”

In Scarborough Center (E09), sales were up 38 per cent as compared to September 2006, due to a significant increase in the number of detached homes sold.

Sales in High Park (W02) increased by 34 per cent as compared to last September, mainly as a result of a tremendous increase in the sale of semi-detached units.

Condominium apartment transactions led the way to a 64 per cent overall increase in sales in Willowdale (C07).

Richmond Hill South (N03) also saw a strong number of condominium apartment sales, which resulted in an overall increase of 26 per cent as compared to September 2006.

“Resale housing numbers in the GTA have been consistently positive, reflecting a healthy market,” said Ms. O’Neill. “We hope that the City of Toronto doesn't jeopardize this market by imposing a second land transfer tax on home buyers."

Autumn Market Going Strong

September 20, 2007 -- With 3,236 sales so far this month, re-sale housing activity has increased 11 per cent as compared to the first half of September 2006, Toronto Real Estate Board President Maureen O’Neill announced today.

The past five consecutive months have been record-breakers and September is on track to follow suit. It is four per cent ahead of the 3,112 recorded during the first half of September 2005, which became the best September ever.

“Some economists who predicted a soft landing may have to revise their forecasts, said O’Neill. The real estate market continues to prove its strength month after month. There simply is no better investment.”

The average price for a home in the Greater Toronto Area currently stands at $364,364, an increase of nine per cent compared to first half of September 2006.

Neighbourhoods throughout the Greater Toronto Area reported strong sales in the first two weeks of this month.

The High Park area of Toronto (W2) saw twice as many sales compared to mid-September 2006, due to a sizeable increase in the sale of semi-detached homes. West Agincourt in Scarborough (E04) saw 51 per cent more homes sell in the first half of September compared to the same timeframe a year ago, showing strength in all housing categories. In the downtown core (C01), condo-apartment activity pushed the area’s overall total 40 per cent higherthan sales to mid-September 2006.

Condominiums were also the driving force behind a 29 per cent increase in overall mid-month sales in South Richmond Hill (N03).

“The market is showing strength in a wide range of neighbourhoods and housing types, said O’Neill. We’re seeing strong activity and stable price growth so there is a lot to be positive about.”

August Prepares to Roar into Fall Market

August 17, 2007 -- Resale home transactions reached unprecedented heights in the first half of August, up 17 per cent from the same period in 2006, Toronto Real Estate Board President Donald Bentley announced today.

So far this month 3,838 properties have sold with an average price of $355,829.

"The market has shown tremendous strength in recent months," said Mr. Bentley. "Given that August sales have been brisk thus far and that the past four consecutive months have all set records, we are looking forward to a robust fall market."

The rate at which transactions are occurring has increased over 2006 as well. On average, properties are currently on the market 32 days before selling as compared to 38 Days during the first half of last August.

Sales were particularly swift in the neighborhood of West Agincourt (E05) where there was an overall increase of 71 per cent in sales compared to mid-August 2006 as detached home transactions doubled.

In Rexdale, the W10 district showed a 54 per cent increase in overall sales compared to mid-August a year ago due to large increases in both condominium apartment and detached house sales.

In the Downtown Core (C01), 27 per cent more transactions took place overall compared to the same period last year as a result of a 34 per cent increase in condominium apartment sales in August 2007.

Detached and condominium apartment sales in South Richmond Hill (N03) fueled an overall increased of 41 per cent as compared to the same timeframe a year ago.

Mr. Bentley offered one word of caution with respect to the market outlook, noting that the potential for a second land transfer tax in Toronto could be a wild card.

"The health of the current market is good news for Toronto’s economy. We hope that the City of Toronto doesn't jeopardize this market by imposing a second land transfer tax on home buyers," said Mr. Bentley.