“The record result in June is testament to the fundamentally sound housing market in the GTA,” said the Toronto Real Estate Board’s newly appointed 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.”

Source: TREB (Toronto Real Estate Board)

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• Under this program, first-time homebuyers are allowed to withdraw funds from their RRSP, tax-free, to put towards the down payment on a home. Amounts withdrawn under the HBP must be repaid over a 15-year period, starting the second year following the year of the withdrawal.

• Since 1992, an estimated 2 million Canadians have used the Home Buyers’ Plan to purchase approximately 900,000 homes, making this program a huge success. Unfortunately, as time has passed, the usefulness of this program eroded because withdrawal limits were not adjusted. For this reason, REALTORS® lobbied the federal government to increase the Home Buyers’ Plan withdrawal limit to $25,000.

 First-Time Home Buyers’ Tax Credit

• The Budget proposes a 15 per cent credit that would be applied to a $5,000 amount, and would provide up to $750 in tax relief to reduce costs associated with first home purchases.

• To assist first-time home buyers with the costs related to the purchase of a home such as legal fees, land transfer taxes, etc.

 Home Renovation Tax Credit

• The Budget proposes a 15 per cent credit to be claimed on the portion of eligible home renovation expenditures exceeding $1,000, but not more than $10,000, meaning that the maximum tax credit that can be received is $1,350.

• Will apply to eligible home renovation expenditures for work performed, or goods acquired, after January 27, 2009 and before February 1, 2010, pursuant to agreements entered into after January 27, 2009.

• Credit can be claimed on eligible expenditures incurred on one or more of an individual’s eligible dwellings, including houses, cottages, and condominium units owned for personal use.

• Additional information available here

Source:  TREB ( Toronto Real Estate Board)

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This represents a 35 per cent decline from the 7,915 sales reported in October 2007 and a 25 per cent decrease from the 6,876 transactions that took place during the same period two years ago.

In the City of Toronto, there were 2,136 sales, with sales activity down 38 per cent from the 3,455 transactions recorded last October.

In the 905 Region 3,019 sales were recorded, with sales activity down 32 per cent from a year ago when 4,460 homes changed hands.

With 68,570 transactions to date this year, sales are within 16 per cent of the 81,563 transactions noted a year ago. The 2007 market referred to was a record breaking year with each month breaking records for the entire year. Putting into perspective 2008 figures are indicative of a return to a more balanced market.

In the City of Toronto 27,324 sales year-to-date are within 18 per cent of the 33,441 transactions recorded last year at this time.

In the 905 Region the 41,246 sales to date are within 14 per cent of the 48,122 homes that changed hands up to this point a year ago.

In the City of Toronto, the current average price of a home is $376,896, down 13 per cent from last October’s average of $434,022 and within three per cent of the October 2006 average of $386,807.

In the 905 Region homes are selling for an average price of $336,049, a decline of eight per cent from October 2007’s average of $364,142. Prices in this area however, remain one per cent higher than the October 2006 average of $332,822.

“Earlier this year the International Monetary Fund undertook a study of housing markets in 17 countries and found that Canada was one of only two nations in which house prices are supported by the economy,” said Ms. O’Neill. “There’s no doubt that real estate will continue to be a solid long-term investment in our country.”

Source: TREB (Toronto Real Estate Board)

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Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007, when 3,297 transactions were recorded and are down 10 per cent compared to the same period in 2006 when 3,007 sales took place.

In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per cent decrease from the 1,312 transactions recorded in the first half of October 2006.

In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent decrease from the 1,851 transactions that took place during the same timeframe in 2007 and down eight per cent from the 1,695 homes sold during the first half of October 2006.

House prices declined throughout the GTA during the first half of the month. The average priceof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable period in 2007.

In the City of Toronto the current average price $375,804, a 15 per cent decrease from the $441,878 average recorded at mid-October 2007.

In the 905 Region the average price of a home is currently $337,671. This represents an eight per cent decline from the $365,527 average recorded during the first half of October 2007.

With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent more available stock from which to choose as compared to a year ago when 21,182 homes were listed.

“More choice can mean slightly longer wait times for sellers whose homes are now on average, selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The list to sales ratio is 97 per cent of the list price.”

Increased sales activity was noted in specific pockets located throughout the GTA.

Sales in Oshawa (E16) increased 15 per cent compared to the first half of October 2007, based mainly on solid sales of detached homes.

In Brampton West (W24) sales in the first half of October increased 21 per cent compared to the same period a year ago mainly due to strong attached row house sales.

Downtown East (C08) experienced a 16 per cent overall increase in activity compared to mid-October 2007 primarily as a result of condominium apartment sales.

Newmarket saw a 17 per cent increase in sales compared to the first half of October 2007 as a result of strong condominium apartment and semi-detached home sales.

Previous news releases have incorporated 2006 comparisons. This was necessary in order to place the market statistics in a broader context. We will be referencing 2006 in its entirety at the end of the month when it will be more relevant.

“While we continue to watch the economic picture globally, it is the local real estate climate that will determine our market place,” said Ms. O’Neill. “After the 2007 record highs, 2008 is an encouraging market for buyers.”

Source: TREB (Toronto Real Estate Board)

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Prices remained stable throughout the GTA in July. At $371,427 the average price increased slightly more than one per cent from $366,012 recorded in July 2007 and nine per cent from the $342,034 figure of two years ago.

In the City of Toronto the average price of $395,342 increased less than one per cent from the July 2007 price of $395,044 and 10 per cent from the July 2006 figure of $360,409.

In the 905 Region the average price increased three per cent to $355,401 compared to the July 2007 figure of $345,967. This also represents an eight per cent increase from the July 2006 average of $329,644.

“Sales declined 12 per cent last month from the best-ever July 2007 record of 8,912 but increased 10 per cent from the 7,082 sales transacted in July 2006,” said Ms. O’Neill. “Comparing July 2007 with July 2006, sales increased by 26 per cent.”

In the City of Toronto 3,132 sales were recorded, down 14 per cent from July 2007’s 3,640 transactions but up 10 per cent from the 2,852 sales recorded two years ago in 2006. Comparing July 2007 with July 2006, a period before the Land Transfer tax went into effect in Toronto, sales increased 28 per cent.

In the 905 Region there were 4,674 transactions, down 11 per cent from July 2007’s 5,272 sales but up 10 per cent from the 4,230 sales recorded in July 2006. Comparing July 2007 with July 2006, sales increased 25 per cent.

From a year-to-date perspective, the GTA’s 51,249 sales in 2008 have declined 14 per cent from the 59,339 reached at this time a year ago.

Certain neighbourhoods throughout the GTA experienced increased sales activity in July.

In Whitby (E15) sales increased 22 per cent from July 2007, based on strong sales in most housing types.

Brampton East (W24) saw a 12 per cent increase, based primarily on semi-detached home sales.

Strong detached home sales drove Uxbridge (N16) to a 23 per cent increase compared to a year ago.

The Annex (C02) experienced a 29 per cent sales increase due to strong detached home and condominium apartment sales.

In addition to stable prices, the list to sale price ratio, at 98 per cent, remains unchanged from a year ago.

“While homeowners continue to see healthy returns, it is taking slightly longer to achieve a sale; the average time on market has increased to 33 days compared to 31 days a year ago,” said Ms. O’Neill. “This may be due to that fact that there is now more choice available to homebuyers; there are currently 26,543 active listings, a 28 per cent increase from a year ago.”

Source: TREB (Toronto Real Estate Board)

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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.”

Source: TREB (Toronto Real Estate Board) 

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“The first half of April brought sales activity within five per cent of mid-April 2007,” said Ms. O’Neill.

In the City of Toronto sales are down 11 per cent compared to a year ago, with 1,514 transactions taking place. Inthe 905 suburbs, sales are down just over one per cent to 2,441 for mid-month April 2008 from 2,477 sales midmonth April 2007.

Throughout the GTA prices have risen seven per cent compared to the same timeframe last year, to an average of $399,117. In the City of Toronto the average stands at $454,211 up 10 per cent over mid-April 2007. The 905 Region has seen a six per cent increase compared to a year ago, with a current average price of $364,939.

The number of listings on the market is one per cent greater than last year with current inventory sitting at 22,985.

This indicates that inventory is on the rise. The positive news is homeowners are selling their homes with an average of 28 Days on Market compared to 30 a year ago. The slight increase in inventory levels and house prices are encouraging factors.

A number of GTA neighbourhoods showed strong sales activity during the first half of this month.

Willowdale (C07) saw a 75 per cent overall increase in transactions, driven by strong, detached, condo-apartment, and condo-townhouse sales.

In Vaughan/Thornhill (N02), transactions increased by 53 per cent compared to mid-April 2007, as a result of strong detached home sales.

Strong detached home sales also drove Brampton East (W24) to 37 per cent compared to the same timeframe a year ago.

In Riverdale (E01) transactions are up 10 per cent, also as a result of strong detached home sales.

“We’re also seeing sellers achieve on average 99 per cent of their asking price, which is one per cent higher than a year ago,” said Ms. O’Neill. “April’s numbers point to a stable, healthy market for the Greater Toronto Area this spring. However TREB still remains wary of the Land Transfer Tax in Toronto.”

Source: TREB (Toronto Real Estate Board)

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photo credit: theogeo

So you are trying to buy or sell your Toronto Real Estate. Maybe you have your home for sale or maybe you are looking to buy a condo or home.  Are you frustrated because you feel like you’re not communicating with your REALTOR®?  What options have you been given for communication?  With all the new technology and social networking that is going on now, there is no reason for you to feel like there is a lack of communication.

Just the fact that you are reading this article shows you that there are many different ways to communicate with a REALTOR®.   At the moment you can communicate with me by phone, fax, text message, e-mail, twitter, and facebook.  I also do instant messaging but I am not online often enough for that to be effective.

• Phone:  I can be reached by phone at the office or on my cell.  It does occasionally happen, that I don’t answer the phone.  Voice mail is returned within 30 minutes, unless I have told you differently in my message.
• E-mail:  You can e-mail me 24 hrs a day.  I am always checking e-mail during the day and respond quickly.
• Text:  Text messaging isn’t the easiest way for me, but I still do it happily.  It will be easier soon as I plan on upgrading to a full keyboard phone shortly.
• Facebook:  You can add me as friend on facebook.  I always like making new friends.  I even have widget on the sidebar for you to click to view my profile.  Go ahead and add me, but make sure you tell me why you wish to be my friend.
• Twitter:  My account is TO_Real_Estate,  feel free to follow me.  I usually follow anyone who follow’s me.
• Fax:  Really old school method of communication, but I do have it so if that’s what you want to use go ahead.

I sell Toronto Real Estate and being able to communicate with you is very important.  Let me know how you would like to be communicated with.  If I haven’t offered your preferred method of communication, let me know what it is so I can added it.  This is likely the most important transaction of your life;  you need to be able to get in contact with me anytime you feel the need.  Let’s communicate your way.

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 April 3, 2008 — RealNet Canada Inc. releases the February 2008 GTA New Home Market Report, providing insight into sales activity, index price and remaining inventory of Low Rise and High Rise projects by product type for each TREB district.

February 2008 Low and High Rise new home sales in the Greater Toronto Area totaled 2,562 units/lots sold, down 6% from the same time last year. February 2008 Low Rise sales accounted for 58% (1,495) of the new home sales activity in the GTA, with an increase of sales of 43% from the previous month and a decline of 19% from the same month last year. February 2008 High Rise sales totaled 1,067 units sold, up 55% over the previous month and up 20% compared to the same time last year.

Source: TREB (Toronto Real Estate Board)

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“Overall sales in the GTA declined 22 per cent compared to March 2007, 27 per cent in the City of Toronto and 18 per cent in the 905 suburbs,” said Ms. O’Neill. “It’s important to recognize though, that despite the worst winter in decades, 6,631 homes changed hands last month in the GTA and that is still a significant number.”

Diminished listing inventory, which at 20,533, was down six per cent from a year ago, kept prices strong in March.

Compared to last March, the average price in the GTA rose four per cent to $380,338 and two per cent in the City of Toronto to $404,361.

As well, a few neighbourhoods experienced increased sales activity last month.

Bowmanville (E17) saw a three per cent increase in transactions compared to March 2007, driven primarily by strong detached home sales.

Sales in Burlington (W25) were up 18 per cent compared to a year ago, with brisk activity in most housing categories.

Thorncliffe Park (C11) saw a six per cent overall increase in transactions, based mainly on semi-detached sales.

Increased semi-detached transactions also drove sales in Georgina (N17) up one per cent compared to last March.

Ms. O’Neill says March’s moderate performance isn’t disquieting given that Canadian economic fundamentals are holding steady.

“Forty per cent of international households that come to Canada settle in the GTA, giving us robust immigration levels; employment and wages continue to be strong; borrowing costs remain at historically low levels and there is a wide variety of mortgage products from which to choose,” she said.

“This means that there is a steady demand for housing and consumers should have the financial resources to buy homes; with such pent-up demand it is an excellent time to sell your home.”

“We remain concerned about the land transfer tax in Toronto and the economic slowdown in the United States,” added Ms. O’Neill. “Home sales in the City of Toronto spiked towards the end of 2007 probably in a bid to avoid the Toronto land transfer tax, but have since dropped off since the introduction of the tax.”

Source: TREB (Toronto Real Estate Board)

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