GTA Housing Resales at 2,044 in Mid February

Greater Toronto REALTORS® reported 2,044 sales through the first 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.”

Over 3,600 Greater Toronto Area Resale Housing Sales in November

Greater Toronto REALTORS® recorded 3,640 transactions last month, from 7,313 sales in November 2007, Toronto Real Estate Board President Maureen O’Neill announced today.

Year-to-date sales figures for the Greater Toronto Area show 72,086 transactions in 2008, from 88,695 sales recorded in the same January to November period a year ago. By contrast, the 2008 year-to-date average price in the GTA is $379,489, from $375,445 in 2007.

“Its important for the public to understand that while sales activity has moderated in 2008, due to current economic conditions, the average price of homes has increased from 2006 still making real estate a solid long term investment,” said O’Neill.

In the 416 area, 1,523 transactions took place last month, from 3,426 sales recorded in November 2007. From a year-to-date perspective, there have been 28,806 sales in the 416 area this year, from 36,804 transactions a year ago.

In the 905 Region 2,117 homes changed hands last month, from November 2007’s 3,887 sales. The 905 Region’s year-to-date figures show 43,280 transactions this year, from 51,891 sales recorded during the same period in 2007.

“Homeownership in the Greater Toronto Area continues to be an affordable, stable and secure investment,” said Ms. O’Neill. “Home buyers and sellers should be confident about their bricks and mortar investment which provides shelter and a place to raise a family.”

“Home prices are affordable, interest rates are at historical low levels and the supply of homes for sale is good providing additional reasons for buyers thinking of entering the market,” added O’Neill.

The average price of a home in the GTA last month was $368,582, from $393,747 noted in November 2007. In November 2006 the average price was recorded at $355,727.

In the 416 area, last month’s average price was $390,225, from $433,859 noted in November 2007. The average price recorded in November 2006 was $381,188. From a year-to-date perspective the 2008 average price in the 416 area is $411,155, from last year’s $411,640.

In the 905 Region, the average price recorded last month was $353,012, from $358,391 recorded in November of 2007. In November 2006 the average price was $335,522. The year-to-date average price in the 905 Region this year is $359,245, from $349,774 in 2007.

The average number of days a home currently remains on the market in the GTA is 41, from an average of 32 days last November. There are currently 27,037 homes listed on the TorontoMLS system compared to 18,309 available properties in November 2007.

“While homeownership offers immediate benefits and long term value by way of equity, it also provides tax benefits over time,” said Ms. O’Neill. “If you bought a house five years ago, it would be worth more than 20 per cent more today.”

“As REALTORS®, we help build communities and will continue to do so even during challenging economic times,” added Ms. O’Neill. “It’s important to consult with a REALTOR® to get accurate local market information.”

GTA Resale Housing Market Continues to Reflect Economic Times

The Greater Toronto Area resale housing market reported 5,155 sales in October, Toronto Real Estate Board President Maureen O’Neill announced today.

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.”

5155 Sales in October 2008 vs. 7915 Sales in October 2007

TREB Members reported 5,155 sales in October, down 35 per cent from the 7,915 sales reported in October of 2007, and also down 25 per cent from the 6,876 sales reported during October 2006.

Within the City of Toronto, 2,136 sales were recorded. This was down 38 per cent from the 3,455 sales recorded in October of last year. In the 905 suburbs, however, the 3,019 sales recorded were down 32 per cent from October 2007’s figure of 4,460.

GTA-wide, prices declined 10 per cent to $352,974 from last October’s average of $394,646. They were down one per cent over the average recorded in October 2006 of $356,423. As with sales, price declines differed according to region.The City of Toronto average was $376,896, down 13 per cent from the $434,022 recorded during the same month in 2007, and down about three per cent from the $386,807 recorded in October 2006. Meanwhile, the average for the City’s 905 suburbs was $336,049.This is down eight per cent from the $364,142 recorded last October, and up one per cent from the $333,166 recorded in October 2006.

Breaking down the total, 2,064 sales were reported in TREB’s 28 West districts and averaged $335,329; 892 sales were reported in the 14 Central districts and averaged $450,437; 946 sales were reported in the 23 North districts and averaged $382,032; and 1,253 sales were reported in TREB’s 21 East districts and averaged $290,719.

You can download and review the complete market report here.

Toronto Condominium Prices Week #1

Description:

In this new segment, each week I will gather statistics on condominiums in various Toronto districts.  Although I will only be reporting on 1-2 random condos per district each week, hopefully this will provide some insight into the condominium market that we’re currently in.  Certainly, 1 or 2 condos will not be indicative of the overall market or even the neighbouring market for that matter, but week after week recurring themes and trends should gradually pop up.

Please email us or leave a comment if you wish to have us send you detailed PDF reports for any of the condos below.

* Note: Statistics are Year-to-Date and other districts to be added.

 

C01 District

18 Yonge (18 Yonge Street)
	Beds	Baths	Parking	Avg. $	Median $	% of List	Days on Market
	0	1	N	$189,500	$189,000	99%	25
	1	1	N	$256,250	$256,500	97.25%	29
	1	1	Y	$282,576	$283,500	96.2%	29
	Most recent sale (6 weeks ago): $301,000, 97% of list, 24 days on market
	1+1	2	Y	$317,867	$320,000	97.5%	17
	Most recent sale (7 weeks ago): $330,000, 98% of list, 36 days on market
	2	2	Y	$388,127	$385,000	97.5%	42
	Most recent sale (3 weeks ago): $387,000, 97% of list, 16 days on market

C08 District

King’s Court (230 King St. E.)
	Beds	Baths	Parking	Avg. $	Median $	% of List	Days on Market
	0	1	N	$197,300	$194,875	102.75%	11
	0	1	Y	$232,000	$232,000	97.5%	25
	Most recent sale (3 weeks ago): $241,000, 96% of list, 16 days on market
	1	1	N	$239,800	$239,500	100.3%	9
	Most recent sale (2 weeks ago): $277,500, 99% of list, 9 days on market
	1	1	Y	$288,700	$290,200	111.33%	6
	1+1	1	Y	$316,500	$316,500	99%	14
	1+2	1	N	$290,500	$291,500	99.3%	23
	2	1	Y	$347,167	$347,000	100.7%	10
	Most recent sale (1 week ago): $347,000, 97% of list, 14 days on market
	2	2	Y	$421,500	$432,500	100.7%	27
	2+1	2	Y	$4100,800	$389,000	98.75%	45