GTA Real Estate sales up first two weeks of July 

TORONTO, July 20, 2009 - In the first two weeks of July; 4,437 real estate sales have been reported. This is an increase of 27% compared to the first two weeks of July 2008. The average price of these transactions is up 4% year-over-year.

The demand of home ownership that was experienced in the spring has continued into the summer.

Home buyer’s have continued to take advantage of the affordable market conditions in the first half of July.

July 2009 has the potential of being the best July on record.

The real estate market has held up very well this year, considering the current economic climate, especially relative to past economic slow-downs.

The Bank of Canada has been able to keep interest rates low, and keeping inflation in check. This was not an option during past recessions of the 1980’s or 1990’s.

June 2009-Best June on record-In June 2009, Greater Toronto REALTORS® reported a record 10,955 sales, up 27 per cent from June 2008. 

“The record result in June is testament to the fundamentally sound housing market in the GTA,” said TREB President Tom Lebour. “An increasing number of households have been confident in purchasing a home in the region’s affordable and diverse resale housing market.”

The average price for June transactions was $403,972 – up by two per cent compared to the same month last year. “The re-emergence of seller’s market conditions has exerted upward pressure on home prices,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis. “Look for sales to remain high relative to listings in the second half of the year. This will keep home prices growing.”

January 2009-Mid-Month January GTA Housing Resales at 888
Toronto, January 19, 2009-Greater Toronto REALTORS® reported 888 sales during the first half of January compared to 1,776 in the first 15 days of 2008. “According to Statistics Canada the economic situation throughout Canada changed noticeably over the past year with job losses in the fourth quarter of 2008. Toronto is not immune to this, the GTA housing market has been impacted,” according to TREB President Maureen O’Neill.

The average GTA price mid-way through January is $332,495 from $367,574 during the same period in 2008. The median GTA price was $301,000 compared to 316,000 last year. “While sales have declined, listings have remained high. GTA home buyers have benefitted from more choice,” explained Ms. O’Neill. “Historically, increased choice in the marketplace has equated to a moderation in price growth.”

In January 2009, stronger declines in sales and prices were experienced in the City of Toronto.  “Sales for January a year ago may have been elevated by the flurry of transactions completed before the city’s land transfer tax went
into effect,” added Ms. O’Neill. "The costs of home ownership in the 416 has increased due to the added land transfer tax many home buyers now face in the City of Toronto. Some households considering the purchase of a home in the city have either put their decision on hold or looked elsewhere in the GTA"

October 2008 - Prices are down about 3% and sales volumes is down about 6% comparing year over year figures. 

TREB is stating that the GTA Resale Housing Price and Sales were measured in September. 

On October 3, 2008 - TREB Members reported 6,424 sales of single family dwellings in September, which is down about 6% from the 6,866 sales recorded during September of last year, Toronto Real Estate Board President Maureen O'Neill announced today

However, the 6,424 sales reported for September 2008 is down just 3% from the 6,622 figure that was recorded in September 2006. To keep in perspective, September 2007's 6,866 sales was the second best figure ever recorded for that month.   

Breaking down the total, 2,539 sales were reported in TREB’s 28 West districts and averaged $352,249; 1,067 sales were reported in the 14 Central districts and averaged $464,397; 1,220 sales were reported in the 23 North districts and averaged $407,424; and 1,598 sales were reported in TREB’s 21 East districts and averaged $300,772. The overall transaction figure for September takes into consideration significant regional differences. Within the City of Toronto sales registered 2,546, down 11 per cent from the 2,854 figure recorded in September of 2007 but down 5% from the 2,680 recorded during the same month in 2006. In the 905 suburbs, the 3,878 sales that went through Toronto MLS were 3% from last year's 4,012 sales, and down 2% over the 2006 total of 3,942 sales.

With the average number of days on market increasing to 36 days from to 31 days a year ago, it is taking slightly longer for homeowners to achieve a sale.

“Even with respect to sales activity, each month we continue to see a handful of neighborhoods reporting increases compared to a year ago.”

 In Scarborough East (E08) transactions increased 22% compared to September 2007 based on strong sales of all housing types. Streetsville (W19) saw an 11% sales increase due primarily to strong detached home sales.

In Newmarket (N07) transactions increased 11% compared to a year ago, driven mainly by strong condominium townhouse sales.  “Given that these are trying times for the world economy, in context, the Greater Toronto

Area resale housing market continues to fare quite well,” said Ms. O’Neill. “From a long-term perspective, buying a home remains a sound financial decision.”            

September 2008- The Greater Toronto Area’s autumn resale housing market began with moderate activity, Toronto Real Estate Board President Maureen O’Neill announced today.

In the 905 Region, there were 1,728 sales, down 11 per cent from the first half of September 2007, when 1,939 transactions were recorded and within four per cent of the 1,795 sales recorded during the same timeframe in 2006. However, activity increased eight per cent during the first two weeks of September 2007 as compared to 2006.

In the 905 Region, the average price is $354,395; an increase of one per cent from $350,698 recorded a year ago and up seven per cent from $330,005 recorded in the first half of September 2006.

“The fact that prices have held firm despite moderate activity shows that consumers regard real estate as a sound investment,” said Ms. O’Neill.

The percentage of asking price that Sellers receive for their homes has also remained consistent. The list to sale price ratio is 98 per cent, as it was a year ago. We remain concerned about the Land Transfer Tax in the City of Toronto,” said Ms. O’Neill.

 “Although the market is not as robust as it was a year ago, homeowners are continuing to see strong returns on their investment,” said Ms. O’Neill. “On average, Sellers are achieving 97 per cent of their asking price.

Overall, GTA prices declined 3% from their year-ago levels to an average of $368,549 from the September 2007 figure of $380,132. As with sales, the GTA's regions fared quite differently on average price during the month. The average within The City of Toronto, at $393,647, fell 6% from September 2007's $420,182 but increased 6% from the $371,682 recorded in the same month of 2006. Meanwhile prices in the 905 districts, at $352,071, rose marginally from the $351,641 recorded in 2007, and was up 5% from 2006 September figure of $333,818.

Prices meanwhile, increased compared to the same timeframe last year. The current average price in the GTA is $373,844, up five per cent from the mid-August 2007 figure of $354,088.

In the City of Toronto the average price is currently $394,563, up seven per cent from the $370,037 figure recorded a year ago. In the 905 Region the average price is $360,325, up five per cent from the $343,210 recorded at mid-August 2007. Streetsville (W19) saw eight per cent more transactions driven by a significant increase in the sale of attached row houses.

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. 

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.
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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.