August 2008-
In the 905 Region there were 1,827 sales to mid-month, down 12 per cent from the 2,069 transactions that took place in the same period a year ago, and off 10 per cent from the 2,021 sales recorded in the first two weeks of August 2006.
July 2008-
Is the market slowing down? Or is it just stabilizing? 2007 was a record year for home sales in Canada with 520,192 sales through MLS. We really can't get spoiled and expect it to always be increasing at the same rate. So what is expected for 2008? The expected number of sales through MLS for 2008 is 476,000 units representing a decrease of 8.5% from 2007. In 2009, that number is expected to drop another 2.3% to 465,000 units. March 2008-
In 2007 sale were down 11%. They are in line with historical levels for the month, and should increase substantially as the GTA eases into the spring market. February 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. In February prices rose, with the average climbing to $382,048, up 4% from the $367,687 recorded in February of last year. Despite moderate sales, there is not an over-supply of homes on the market. Generally, properties that are listed are selling fairly quickly and with a list to sale price ratio of 99 per cent, for the most part, sellers are realizing their asking price. "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." January’s Greater Toronto Area resale housing market came within two per cent of a record performance for
the month, Toronto Real Estate Board President Maureen O’Neill announced today. A total of 5,073 properties changed hands last month, compared to the record 5,173 sales that took place in
January 2007. “This is a very positive start to the year but we will be watching closely to see how the City of Toronto’s new
land transfer tax and a proposed property tax increase affect the market,” said Ms. O’Neill. January’s Greater Toronto Area resale housing market came within two per cent of a record performance for
the month, Toronto Real Estate Board President Maureen O’Neill announced today. A total of 5,073 properties changed hands last month, compared to the record 5,173 sales that took place in
January 2007. “This is a very positive start to the year but we will be watching closely to see how the City of Toronto’s new
land transfer tax and a proposed property tax increase affect the market,” said Ms. O’Neill. The fact is, the economic fundamentals in Canada remain strong. We have a very high employment rate, rising incomes as a whole, and low mortgage rates. This represents a strong foundation for a solid housing market. Now, this is expected to trend downwards slightly over the next year and a half, but it is no where near as bad as some people make it out to be. Overall, the market is still relatively healthy. The average price of resale homes grew by 11% in 2007 and is expected to grow another 5.5% in 2008 and 3.3% in 2009, keeping the average MLS sale above the inflation rate. While the growth is slowing as the market stabilizes, it is important to keep in mind that it is STILL GROWING and DEMAND IS STILL STRONG by historical standards. Mortgage interest rates are expected to stay low through the end of 2009 with possible increase of only 25 to 50 basis points (1/4 to 1/2%) by the end of next year. The reasons for the stabilization are of course, tied to the US market, as well as increasing carrying costs due to home inflation. I am not going to say that the market or economy isn't slowing. It is. It is unrealistic to think that it will always stay at the same pace. Our economic growth is expected to slow to 1.8% in 2008, pick up to 2.3% in 2009 and by 2010 we are expected to be at 3.3%. Income levels are still increasing nicely, migration is still very strong and overall consumer confidence is still high as a whole, all fueling a strong market.
My source for the above numbers are CMHC and Bank of Canada.
On another note, The Bank of Canada had their rate meetings yesterday and there has been no change to the prime rate. Their next meeting is September 3rd. Today's low 5 year fixed rate remains at 5.45% and the variable at 4.15% January 2008-
2007 saw average house prices rise by 11%. For 2008 our marketplace in the GTA will see price increases just above the range of 4-6%. Mortgage interest rates should come down in the beginning of the year and remain steady
until just before the US election in the fall.
Rental vacancy rates should decrease, causing rental rates to increase by about 7-10%
or more this year.
The condo market will remain strong throughout 2008.
January 7, 2008 –December recorded a record 4,646 sales in December. 2007 sales also
had set a record of 93,193 sales, TREB President Maureen O'Neill announced today.
"Year-end sales are up 12 per cent over last year and up 11 per cent over the 84,145
recorded during 2005, the Toronto market's previous best-ever annual performance." November 2007-
The Toronto Real Estate Board reported 7,915 transactions of single-family homes in October, this was an all time record for the month, TREB President Maureen O'Neill announced earlier this month. It was reported that sales were up 15 per cent over the 6,876 figure recorded in October of 2006, "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; however, everyone is 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 4% (four) to $394,646 over September's $380,132, and up 11% over the $356,423 recorded in October of 2006.
---------------------------------------------------------------------------------------------------------- September 2007-
Toronto Real Estate Board President; Maureen O’Neill announced recently that the month of September continued its strong pace within GTA with 6,866 transactions taking place. This represents an increase of four per cent compared to September 2006 and is only 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 compared to the same year 2006. Resale housing numbers in the GTA have been consistently positive, reflecting a healthy market. We hope that the City of Toronto doesn't jeopardize this market by imposing a second land transfer tax on home buyers. |