GTA Housing Resales at 2,044 in Mid February
TORONTO, February 19, 2009 - Greater Toronto REALTORS® reported 2,044 sales through thefirst 14 days of February, compared to 2,775 sales reported during the same period in 2008.
"While sales have been lower, the housing sector remains one of the pillars of the GTA
economy," said TREB President Maureen O'Neill. "Each existing home transaction generates,
on average, more than $33,000 in spin-off spending on renovations and other housing-related
items. This spin-off spending translates into jobs."
"The City of Toronto needs to do its part to encourage homeownership by reducing the tax
burden on existing and potential home owners," said TREB President Maureen O'Neill. "To this
end, Greater Toronto REALTORS® are calling on the City to roll back the municipal land
transfer tax. We presented our views to the City's Budget Committee yesterday."
The average home price in the GTA was $364,748 compared to $385,735 in mid-month
February last year.
"It is interesting to note that while the average price was down, the annual rate of price decline
slowed compared to the previous four months," according to Jason Mercer, the Toronto Real
Estate Board's Senior Manager of Market Analysis. "If this trend continues into the spring, it
could point towards average home prices leveling off between $360,000 and $370,000."
GTA resale housing market down but still healthy
TORONTO, April 17, 2008 -- The Greater Toronto Area resale housing market saw 3,955 homes change hands in the first half of April, down five per cent from the same time period last year, Toronto Real Estate Board President Maureen O'Neill announced today.
"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. In the 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."
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."
Toronto Real Estate Board reports sales near 3,000 at mid-month
February 20, 2008 -- Resale home transactions in the Greater Toronto Area declined in the first two weeks of February, Toronto Real Estate Board President Maureen O'Neill announced today.
The first half of the month yielded 2,775 transactions, down 14 per cent from the 3,240 sales recorded in the same timeframe last year. The moderation in sales was more pronounced within the City of Toronto--down 18 per cent to 1,066 from last February's 1,308-than in the 905 suburbs, which saw transactions off 11 per cent.
"It's important to recognize that the mid-month report provides an indication of market conditions based on a very brief period," said Ms. O'Neill.
"However, we believe the harsh winter weather we've experienced in the early part of the month has had a negative impact on both sales and inventory levels. If you can't get buyers out to your open house, then you are less inclined to list. And fewer listings means less appealing product for the potential home-buyer. It's a compound effect."
Although sales eased, several positive factors were also noted. At $385,735, the average price in the GTA rose seven per cent compared to $358,533 recorded in mid-February 2007. Within the City of Toronto, the average rose 11 per cent to $434,657, although pockets within the East end (Agincourt, for example) rose at the more affordable pace of around five per cent. As well, properties are remaining on the market fewer days.
The average number of days on market is currently 31 versus 35 days at the same time last year.
Furthermore, a few neighborhoods both within and outside of the 416 area code saw increased sales over the first half of February, 2007.
In Ajax (E14) sales were up 11 per cent compared to mid-February 2007, based mainly on an increase in detached home sales.
In the West region, the W3 (York South) district saw a 41 per cent increase in transactions, driven by strong sales of semi-detached homes.
Central Richmond Hill (N04) also experienced a notable increase in sales compared to the same timeframe last year. Transactions were up 21 per cent, primarily due to an increase in attached row sales.
"We are optimistic that we will see a strong spring market because the economic fundamentals remain in place," said Ms. O'Neill. "Prices are still particularly affordable in Toronto's East end."
GTA Resale Housing Market Solid in January TORONTO, February 5, 2008 -- 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 average price, which currently stands at $374,449, rose six per cent compared to January 2007.
The strongest activity last month took place in Toronto's Central and East districts.
The Danforth (E03) experienced a 30 per cent increase in transactions compared to last January, driven by strong sales in all housing types.
In West Agincourt (E05) 32 per cent more homes changed hands, primarily as a result of a surge in condominium apartment sales.
Strong condominium apartment sales also lead the Downtown Core (C01) to a 19 per cent overall increase in transactions compared to a year ago.
North York Willowdale (C07) also saw a 19 per cent increase in sales, due in large part to condominium apartment transactions as well.
"While we are optimistic that the market will remain healthy throughout 2008, we recognize there are threats such as a U.S. economic slowdown and a land transfer tax in the City of Toronto," said Ms. O'Neill. "Like other levels of government, municipalities should be considering options to help off-set these risks. TREB plans to be a strong voice for REALTORS® and homebuyers as GTA municipalities, particularly the City of Toronto, debate their budgets."
News Release articles from TREB at Torontorealestateboard.com
