Toronto Real Estate Board news:
Before you start reading Mid October,2008 report,I wish to ask you to read my comment:
Recently I have some problems with the Treb reports. Having some numbers is something and Interpreting to a conclusion is something else.
Mid Oct,08 report says sales in the city of Toronto down 21%, and up in Newmarket 17% ( Mostly because of sales in condo and semi-detached homes), Oshawa up 15%,Brampton up21% (C8) up 16% for condo apartment sales.
It seems buyers are buying less expensive homes, perhaps it’s less risky to avoid buying expensive ones.
This is one of the reasons that the average prices of sold houses are less than it was at the same time last year. So this sentence in report which says” The average price of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable period in 2007.”is absolutely wrong .We cannot estimate the price of the current houses with these numbers, we can just calculate the average of sold prices that obviously have been sold in less expensive areas. In the other word prices are not less, but people buying less expensive ones.
Also I am pretty sure at the end of October when the detailed reports come out, we will see more sales of semi-detached, condo apartments and townhouses rather than detached ones.
I believe one of the reasons that market is not as strong as before is fear. These wrong reports feed the media to be more negative and spread fears and cause lower level of consumer confidence.
This comment is posted in Remax Hallmark BLOG as well, in The link below:
http://www.remaxhallmark.typepad.com/
Changing GTA Resale Housing Market Reflects Economic Times
October 17, 2008 -- Activity in the Greater Toronto Area resale housing market moderated considerably during the first half of October with 2,700 homes changing hands, Toronto Real Estate Board President Maureen O’Neill announced today.
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.”
GTA Resale Housing Market Measured in September
October 3, 2008 -- The Greater Toronto Area resale housing market continued at a measured pace through September, Toronto Real Estate Board President Maureen O’Neill announced today.
With 6,424 homes changing hands last month, activity in the GTA declined six per cent compared to the 6,866 sales that took place in September 2007 and declined three per cent compared to the 6,622 transactions that were recorded two years ago.
In the City of Toronto sales were less robust. The 2,546 transactions recorded last month declined 11 per cent from the 2,854 sales in September 2007 and declined five per cent from the 2,680 sales recorded in September 2006. Sales increased six per cent between September 2006 and September 2007.
“We remain concerned about the Land Transfer Tax in the City of Toronto,” said Ms. O’Neill.
In the 905 Region, the 3,878 sales recorded last month were within three per cent of September 2007’s 4,012 transactions, and within two per cent of September 2006’s 3,942 sales. Sales in this region increased two per cent between September 2006 and September 2007.
From a year-to-date perspective, the GTA resale housing market has declined 14 per cent from the 73,827 transactions recorded a year ago. To date, there have been 63,595 sales through the TorontoMLS system this year. In the City of Toronto year-to-date sales have declined 16 per cent from last year’s figure of 30,059 to 25,257 transactions this year. In the 905 Region year-todate sales have declined 12 per cent. So far this year there have been 38,338 sales in the 905
Region compared to 43,768 last year. Prices throughout the GTA however, have remained fairly stable. At $368,549, the average price of a GTA home in September has declined three per cent from $380,132 recorded a year ago.
In the City of Toronto, the current average price of $393,647 declined six per cent from the September 2007 average of $420,182. Compared to the September 2006 average of $371,682 though, prices in Toronto for September 2008 have increased six per cent.
In the 905 Region, the average price of $352,071, increased marginally from the $351,641 recorded in September 2007, and was up five per cent from 2006 September average of $333,818.
“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.
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 neighbourhoods reporting increases compared to a year ago.”
In Scarborough East (E08) transactions increased 22 per cent compared to September 2007 based on strong sales of all housing types.
Streetsville (W19) saw an 11 per cent sales increase due primarily to strong detached home sales.
In Newmarket (N07) transactions increased 11 per cent 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.”
Sales moderate in April but prices up
May 5, 2008 -- April statistics show that 8,762 houses sold in the Greater Toronto Area. “The market continues to experience a supply and demand situation and to-date it remains a sellers market," said TREB President Maureen O’Neill.
The GTA market was down 7 per cent from last April’s record 9,452 transactions. However, it is showing signs for a healthy 2008 compared to the diminished activity during the first quarter of 2008.
The sales pace however, did not take place evenly throughout the GTA. 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.
Prices continued to appreciate last month, to a GTA average of $398,687, up eight per cent from last April's $367,968. The average price in the City of Toronto was $446,781, up six per cent from April 2007. The 905 region’s average price of $367,196 increased five per cent from a year ago.
“For more than a decade, real estate has served as the economy’s engine,” said Ms. O’Neill. “It’s encouraging to see that consumers are continuing to put their faith in real estate as an excellent longterm investment.”
Breaking down the total, 3,398 sales were reported in TREB’s 28 West districts and averaged $372,575; 1,531 sales were reported in the 14 Central districts and averaged $539,133; 1,768 sales were reported in the 23 North districts and averaged $429,262; and 2,065 sales were reported in TREB’s 21 East districts and averaged $311,350.
Best Year Ever with Six Weeks To Go!
November 19, 2007 -- With six weeks remaining, 2007 has already become the best year on record for resale homes in the Greater Toronto Area, Toronto Real Estate Board President Maureen O’Neill announced today.
“As I predicted last month, 2007 will indeed be a banner year for home sales in our city,” said Ms. O’Neill. “So far this year, 84,994 properties have changed hands, as compared to 84,145 sales in 2005, our previous best year.”
With 3,544 transactions to mid-month, November sales are also up five per cent compared the same timeframe last year.
The current average price is $393,084, a nine per cent increase over the first half of November 2006.
The year-to-date average price stands at $374,678, up six per cent over the $352,807 recorded during the first 111⁄2 months of 2006.
In West Agincourt (E05), transactions were up 39 per cent as compared to the same timeframe a year ago, driven by a significant increase in detached home sales.
Newmarket (N07) saw an increase of 50 per cent compared to the midway point of last November, due to a substantial number of detached and semi-detached home sales.
Northwest Cooksville (W15) experienced an overall sales increase of 27 per cent compared to mid- November 2006, mainly as a result of condominium townhouse sales.
In the downtown core (C01) condominium apartment transactions resulted in a 32 per cent overall increase as compared to the first half of last November.
“All of the economic conditions remain in place for a strong housing market in the GTA. The unemployment rate fell by approximately half a per cent last month, Statistics Canada anticipates sustained immigration throughout the next decade and mortgage rates remain historically low,” said Ms. O’Neill. “Toronto is a very vibrant city in which to live and compared to other urban centres like New York, Los Angeles and London, our housing is very affordable.”
Oct 25,2007- A second land transfer tax is unfair :
REALTORS® Disappointed that Public Opinion on Land Transfer Tax Ignored
October 24, 2007 -- Toronto’s REALTORS® are concerned about the potential impact of the City of Toronto’s recently approved second land transfer tax and disappointed that the public’s opinion of this tax was ignored.
“REALTORS® have been working hard to provide the facts about this unfair idea and the public responded with action. An overwhelming majority of Torontonians believe that this tax is a bad idea,” said Maureen O’Neill, President of the Toronto Real Estate Board (TREB). “The public made their voices heard loud and clear but, unfortunately, they were ignored.”
A poll conducted by the Environics Research Group, commissioned in part by TREB, showed that 62 per cent of Torontonians think that a land transfer tax is an unfair solution to the City’s financial challenge and that 61 per cent of Torontonians wanted their Councillor to vote against it.
“Torontonians deserve to be treated fairly. A second land transfer tax is an extremely unfair way to address the City’s financial challenges. It forces a relatively small group, home buyers, to pay for services for everyone. That, simply, is unfair,” added O’Neill.
TREB also raised concerns about the potential impact of a second land transfer tax.
“Home ownership is something that the City should be trying to encourage, not discourage. The second land transfer tax will make it more difficult for people to achieve that dream and it could hurt property values for some current home owners,” said O’Neill. “It could also have far-reaching impacts on the City’s whole economy by reducing the amount of money that home buyers have to spend on things like furniture, renovations, and energy-efficiency upgrades.”
TREB is disappointed that the City is choosing new taxes instead of more prudent solutions. Specifically, TREB believes that the City should have waited for the Mayor’s panel to report on alternative options. The Environics poll showed that 78 per cent of Torontonians think that City Council should have waited until the Mayor’s panel finished its work before deciding on new taxes.
“This is a classic example of putting the cart before the horse: tax now, save later. That, simply, doesn’t make sense,” said O’Neill. “The Mayor appointed a panel to look for savings and other options and we applaud him for that. The panel is something that TREB, and the public, called for, but they should have been allowed to finish their work so that fair options could have been considered instead of a land transfer tax.”
TREB has consistently supported fair options for dealing with the City’s financial challenges, including a more fair deal with senior levels of government, and continues to support City efforts in this regard.
“Unfortunately, we disagree with the City on the land transfer tax, and we will continue to oppose it. We continue to believe that it is not fair,” said O’Neill. “Let’s not forget that this tax doesn’t solve the City’s financial challenge. We look forward to working with the City towards fair solutions. We will continue to push for a fair deal for Toronto from senior levels of government, as we always have.”
August 17, 2007 -- Resale home transactions reached unprecedented heights in the first half of August, up 17 per cent from the same period in 2006, Toronto Real Estate Board President Donald Bentley announced today.
So far this month 3,838 properties have sold with an average price of $355,829.
Resale market shows strongest summer performance
August 3, 2007 -- Last month, the local resale market was 26 per cent more active than during the same time in 2006, recording a July record 8,912 sales, TREB President Donald Bentley announced today.
"Currently, year-to-date transactions stand at 59,339, up 13 per cent over the first seven months of last year," Mr. Bentley said. "And with June and July both setting records, we are now seeing the strongest summer performance by our local resale market since records have been kept."
July 26, 2007 -- The fight against the proposed Toronto land transfer tax is not over. As a result of REALTOR® and public pressure, City Council postponed making a decision on this proposal, but it will come forward again in October.
No new land transfer tax in toronto
July 5, 2007 -- TREB has launched a website to help the public understand what the proposed Toronto land transfer tax will cost them
Best June Ever!
July 6, 2007 -- Last month the Toronto Real Estate Market recorded 10,451 sales for the best June performance ever, Toronto Real Estate Board President Donald Bentley announced today. "June's figure was up almost 20 per cent over the 8,730 sales recorded during the same month in 2006, and down only slightly (six per cent) from May's best-ever figure of 11,146 sales. To get some idea of the current strength of the market: there have been more sales in the last two months (21,597) than occurred in all of 1977 (20,512), thirty years ago this year."
While the sales pace remained brisk, average prices declined marginally (less than one per cent) from May to $381,963. The year-to-date average was $373,719, up five per cent over the first six months of 2006 ($356,977).
"Price increases remain only modest," noted the President. "Inventory, at 21,789, is robust enough to keep a lid on upward inflation. The current market is still accessible to first-time buyers, and should continue in this mode for the foreseeable future."
Home resales up 24 per cent in first half of June 2007
June 19, 2007 -- During the first fifteen days of June, resale home transactions jumped 24 per cent compared to the same timeframe a year ago, Toronto Real Estate Board President Dorothy Mason announced today. The first half of the month yielded a remarkable 5,074 sales, an increase of 1,000 transactions from last year's mid-June figures. This total was also 12 per cent higher than the 4,522 sales recorded in the first half of May, which ended as the most active month ever.
“We are going through one of the strongest spring markets ever,” Mrs. Mason said. “There is a lot of momentum carrying over from that and it bodes well as we move into summer.”
In Scarborough Centre / Woburn (E09), sales of detached homes doubled as 38 per cent more overall transactions took place compared to mid-June a year ago.
Alderwood / Mimico (W06) in Toronto's west end saw an overall increase in activity of 50 per cent compared to figures from last year.
Toronto's Annex neighbourhood (C02) saw the number of transactions to mid-June increase by 61 per cent compared to 2006.
Outside the city, brisk sales of town homes and detached homes in central Vaughan (N08) led the way as overall transactions increased 53 per cent over the same timeframe a year ago.
The average price of a resale home at mid-month was $384,576, an increase of seven per cent over the $358,648 recorded during the first half of June 2006. Inventory stood at 23,725 listings, reflecting a good amount of choice and helping to keep price increases under control.
“We have strong local and national economies, great value in the marketplace and solid returns on investment,” TREB's President said. “It's an excellent time to be in the market, and savvy consumers are taking advantage of these great conditions.”
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245 Fairview Mall Dr., Ste. 108 Toronto, On Office: (416) 494 - 7653