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January 6, 2010 -- Greater Toronto REALTORS® reported 87,308 MLS® transactions in 2009 - a 17 per cent increase over 2008. This result included 5,541 sales in December. The 2009 result was in line with the healthy levels of sales experienced between 2004 and 2006, but lower than the record of 93,193 set in 2007.
"After a slow start to the year, existing home sales rebounded during the second half of 2009," said TREB President Tom Lebour. "As consumer confidence improved, many households moved to take advantage of affordable home ownership opportunities in the GTA. The strong residential real estate sector was a key contributor to overall economic recovery in Canada."
The average home price in 2009 climbed four per cent to $395,460. The average price for December transactions was $411,931.
"Market conditions became very tight in the latter half of 2009. Sales climbed strongly relative to the number of homes listed for sale, resulting in robust price growth that more than offset average price declines in the winter," said Jason Mercer, TREB's Senior Manager of Market Analysis. "A greater supply of listings in 2010 will see home prices grow at a sustainable pace."
Median Price
In December, the median price was $349,000, from the $305,000 recorded during December of 2008. |
GTA REALTORS® report resale record in July
TORONTO, August 6, 2009 -
In July 2009, Greater Toronto REALTORS® reported a record 9,967 sales, up 28 per cent from July 2008. The average price for July transactions was $395,414 - up by six per cent compared to the same month last year.
"Households confident in their positioning within the current economic environment have taken advantage of housing affordability in the GTA," said TREB President Tom Lebour. "The real estate sector has been one of the sectors making a positive contribution to economic growth in the GTA, not to mention Ontario and Canada more broadly."
Year-to-date sales, at 50,632 are down 1.2 per cent compared to the first seven months of 2008. Average price, at $385,808 is down by less than one-half of one per cent.
"The steep drop-off in sales experienced at the beginning of the year has all but dissipated," explained Jason Mercer, TREB's Senior Manager of Market Analysis. "With five months left to go in the year, it is probable that total existing home sales in 2009 will be at or above last year's level."
Greater Toronto REALTORS® Reported 4,120 Resale Housing Transactions in February
TORONTO, March 5, 2009
Toronto Real Estate Board Members reported 4,120 sales in February 2009 compared to 6,015 sales recorded in February 2008. The average home price was $361,305 last month compared to $382,048 during the same month last year.
"A considerable number of transactions continued to take place in February 2009. Motivated buyers and sellers, who were aware that market conditions changed over the past few months, were able to negotiate transactions acceptable to both parties," said Toronto Real Estate Board President Maureen O'Neill.
On a month-over-month basis, sales and average price were above January levels of 2,670 and $343,632 respectively. The housing market is seasonal. Traditionally, in the first half of every year, sales and average price climb to their highest levels in late spring before trending lower from July onward.
"While the economic downturn has had an impact, the GTA housing market is resting on a solid foundation. Current home prices and mortgage rates suggest that GTA homes have become more affordable on average," according to Jason Mercer, TREB's Senior Manager of Market Analysis. "A greater number of home buyers could take advantage of this affordability once their positioning in the economy becomes more certain."
Typically the spring real estate market tends to experience more activity and with the Canadian economy experiencing a period of low mortgage rates and strong immigration, this trend could continue. According to Statistics Canada, Canada welcomed 247,202 permanent residents in 2008, 70,000 more than in 1998, and well within the government's planned range of 240,000 to 265,000 new permanent residents for 2009.
The TREB President pointed out that Greater Toronto REALTORS® are an integral part of the real estate transaction process. "TREB Members are uniquely positioned to help home buyers and sellers adapt to changing market conditions," added Ms. O'Neill. "In addition, TREB continues to advocate public policies that do not threaten
affordability but support home ownership in the GTA such as lower taxation and less regulation."
SUMMARY OF FEBRUARY SALES AND AVERAGE PRICE 2008- 2009
February 2009 Sales Average Price 2008 Sales Average Price
City of Toronto ("416") 1,653 $392,919 2,310 $424,435
Rest of GTA ("905") 2,467 $340,122 3,705 $355,745
GTA 4,120 $361,305 6,015 $382,048
Source: Toronto Real Estate Board
Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Serving over 28,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada's largest real estate board. Greater Toronto Area open house listings are now available on www.TorontoRealEstateBoard.com.
Toronto Real Estate Board President's Message .
February 23, 2009 -- It has been a very busy start to the New Year for your President as we have issued eight news releases and responded to approximately 110 requests for interviews, which have resulted in 154 mentions in the media so far in 2009.
As a result of these efforts, TREB is widely recognized as a credible source of information on real estate in the Greater Toronto Area, and we will continue to pursue every available opportunity to disseminate positive messages on the market in the months ahead.
The following are a number of other important updates of which you should be aware.
In its recently announced budget, the federal government acknowledged what REALTORS® already know, that real estate is the heart of Canada's economic engine.
It is estimated that in Ontario, every resale transaction generates more than $33,000 in spin-off spending on renovations, furniture and appliances. Those purchases translate into thousands of jobs.
It is encouraging therefore, to see that the new federal budget includes programs to promote affordability for existing and potential homeowners.
A change to the Home Buyers' Plan for example, increases the amount that can be withdrawn tax free from RRSPs, to be put towards a down payment, from $20,000 to $25,000 per individual. This is an important change as the usefulness of this program, which was established in 1992, was diminishing because the withdrawal limit had not kept pace with inflation.
Those planning their first entry into the market also received some good news in the federal budget by way of a First Time Home Buyers' Tax Credit. It offers a 15 per cent credit on up to $5,000 worth of costs associated with the transaction, a credit of up to $750.
Existing homeowners who plan to undertake renovations within the next year will also receive a helping hand. The Home Renovation Tax Credit provides a 15 per cent credit that can be claimed on a portion of eligible fix ups between $1,000 and $10,000, a credit of up to $1,350.
These programs are a direct result of REALTOR® efforts to encourage the government to recognize the significant impact real estate has on the broader economy.
As REALTORS® though, we have never been ones to rest on our laurels. There is still much work to be done to provide greater affordability for existing and potential homeowners and the Toronto Real Estate Board is doing everything possible to achieve this goal.
For more than two years TREB's Government Relations Committee has lobbied vigorously to oppose the Toronto land transfer tax.
A recent study conducted by the C.D. Howe Institute and University of Toronto economics professors found that the municipal land transfer tax is having a profoundly negative impact on the real estate market. The study determined that the tax reduced sales by 16 per cent and house values by 1.5 per cent last year alone. This translates to approximately $200 million in lost consumer spending and $3.5 billion in lost equity for Toronto homeowners.
Rising costs related to water usage and garbage disposal further add to the burden on Toronto homeowners. Despite this, the City is considering a four per cent increase in property taxes. Mayor Miller pledged never to raise taxes more than inflation however; the proposed property tax increase is more than double the current inflation rate of 1.7 per cent.
On February 18th, TREB made a deputation to the City's Budget Committee, urging them to make homeowners a priority. I promise you that we will continue to pursue every possible opportunity to champion homeowners' interests. If you have questions or suggestions regarding our lobbying efforts or any other TREB initiative, please feel free to write to me at trebpres@trebnet.com .
Housing Starts Moderate in December
The seasonally adjusted annual rate of housing starts was 177,300 units in December, down marginally from 178,000 units in November, Canada Mortgage and Housing Corporation said in January (CMHC).
"Housing starts in December were almost unchanged compared to November," said Bob Dugan,Chief Economist at CMHC's Market Analysis Centre.
Pent-up housing demand which built up over the 1990s enabled Canadian housing starts to exceed long run demographic demand for the majority of this decade. This excess demand has gradually decreased and CMHC expects construction levels in 2009 to be more aligned with long run demographic demand.
The annual rate of new homes built in urban areas in December, seasonally adjusted, decreased 0.5 per cent to 150,100 units across Canada, but Ontario urban starts climbed 8.6 per cent to 60,300 units.
Rural starts were estimated at a seasonally adjusted annual rate of 27,200 units in December.
Royal LePage: Economy and Consumer Confidence Causes a Drop in Home Prices
During the fourth quarter of 2008, Canada's real estate market posted a decline in both unit sales and house prices, according to a House Price Survey released by Royal LePage Real Estate Services.
The combination of a global economy in recession and shrinking employment figures did much to dampen consumer confidence, diminish home sales and cause house prices to drop.
In Ontario, residents of Toronto reported that the average price of detached bungalow dropped 8.2 per cent to $411,483, while standard two storey homes dropped 6.8% in price to $513,417. On the other hand, residents of Ottawa reported price increases from 2007 to 2008, of 4.1 per cent to $321,333 on detached bungalows and 3.5 per cent to $317,083 on standard two storey homes.
Greater Toronto Resale Housing at 2,000 Sales in Mid-November
November 19, 2008 --
Greater Toronto REALTORS® recorded 1,991 resale transactions during the first half of November 2008 from 3,544 sales recorded during the same period a year ago, Toronto Real Estate Board President Maureen O'Neill announced today.
The Greater Toronto Area year-to-date figures show 70,474 sales in 2008 from 84,994 recorded during the same period in 2007. The year-to-date average price was recorded at $380,470 in 2008 from $374,678 in 2007.
In the 416 area, 830 homes changed hands in the first two weeks of November from 1,643 transactions recorded during the same time frame a year ago. The year-to-date figures show 28,126 compared to 35,045 recorded in 2007. In the 905 Region there were 1,161 sales during the first half of the month from the 1,901 transactions
recorded at mid-November 2007. The year-to-date figures show 42,348 compared to 49,949 recorded in
2007.
'It's particularly important to interpret the 416 area statistics in context given the market surge we saw a year ago when buyers moved to avoid the new Toronto Land Transfer Tax," said Ms. O'Neill. "At midmonth a year ago, transactions in the 416 area had increased 24 per cent over the same period in 2006."
In the first two weeks of November 2008, the average price of a home in the GTA was $375,712 compared to $393,084 recorded a year ago.
In the 416 area, homes are currently selling for an average of $400,305 from the $432,972 average recorded during the same time period in 2007. An average price of $383,029 was recorded in the first two weeks of November 2006.
In the 905 Region the average price is currently $358,130 from $358,610 recorded a year ago. During the first half of November 2006 the average price was recorded at $336,576.
"As an investment, a home not only offers shelter and an environment in which life's most important moments are shared, but also offers financial appreciation in the long term, said Ms. O'Neill."
Currently there are 27,562 homes listed for sale on the TorontoMLS system compared to a year ago when 20,173 properties were available. As such, the average time homes are remaining on the market is 41 days from 31 days in 2007. Sellers are currently achieving 97 per cent of their list price.
GTA Resale Housing Market Continues to Reflect Economic Times
TORONTO, November 5, 2008 --
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."
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."
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Note to users: Although TREB endeavours to ensure the accuracy and timeliness of information, it is not guaranteed. TREB accepts no responsibility for any loss arising from any use or reliance on the information contained herein.
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Courtesy of the Toronto Real Estate Board
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