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Toronto Real Estate News

Here’s a few recent words and Real Estate numbers from the President of the Toronto Real Estate board. 

Greater Toronto REALTORS® reported 10,955 sales last month, making it the best June on record. Compared to June 2008 when 8,600 homes changed hands, last month’s sales increased an incredible 27 per cent.

The news with respect to house prices is also favourable. The average price of a home in the GTA was $403,972 last month, up two per cent from a year ago when the average price was $395,866.

In the City of Toronto there were 4,362 sales compared to 3,481 transactions a year ago. The average price meanwhile, was $441,703 compared to $433,082 last June.

In the 905 Region there were 6,593 transactions in contrast to 5,119 sales a year ago, while the average price was $379,008, up from $370,559 a year ago.

With 18,704 properties available for sale, June’s active listings were down 30 per cent from a year ago when 26,697 properties were on the market.

Limited availability can have a positive effect on the market but it is only one factor in the equation. Most significantly, low borrowing rates continue to make home ownership more affordable. Currently the five-year fixed rate remains at about five per cent.

As we move into the autumn months, we may see some seasonal moderation however; June’s numbers demonstrate the GTA resale housing market has weathered the global economic climate with remarkable resiliency.

From a broader perspective the news is also encouraging. In Ottawa the province’s second biggest city, housing sales increased 12.5 per cent in June and the average price grew three per cent compared to a year ago.

On the national front, the Canadian Real Estate Association reported 49,521 sales in May, within one per cent of last May’s total. The average house price in Canada meanwhile, peaked to a monthly record of $319,757 in May.

The Organization for Economic Co-operation and Development, a British based think tank, also expressed cautious optimism with respect to the world economy recently.

Its latest report, which covers more than 80 per cent of the world economy, is the first in two years to see previous projections for economic growth revised upwards rather than downwards. After the deepest decline since WWII, global economic activity is showing signs of stabilization and in fact, Gross Domestic Product is expected to increase moderately in all of the G7 nations in 2010.

One key concern at home and abroad is employment. Canada’s unemployment rate in May was 8.4 per cent – the highest rate in 11 years, and some forecasts project it to rise to 9.3 per cent by the end of the year. This is favourable though, compared to estimates of a 10 per cent global unemployment rate at the year’s close.

Given that we’re all inextricably linked, the most significant factor from a global perspective will be the timing that world leaders choose to scale back economy fuelling measures; doing so too soon could cut off growth while leaving it too late could cause government deficits to skyrocket.

From nearly every perspective, the road ahead won’t be completely free of bumps but it can be stated with relative certainty that we can look forward to a much brighter picture in real estate and the economy in general in the months ahead.

Tom Lebour is President of the Toronto Real Estate Board, a professional association that represents 28,000 REALTORS® in the Greater Toronto Area.

June Real Estate Market News

TORONTO – Monday, July 6, 2009

In June 2009, Greater Toronto REALTORS® reported a record 10,955 sales, up 27 per cent from June 2008.

The seasonally adjusted annual rate of sales in June was 100,700.1 “The record result in June is testament to the fundamentally sound housing market in the GTA,” said TREB 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.”

Toronto Real Estate Stats

 

June 2009 Toronto Real Estate Market Watch

 

Hot Housing Market

Just a quick update and a few words on the market and what I’ve been seeing.  
 
The market is extremely busy again.  December, January and February were the best months to buy.  Those days are gone….If you’re waiting for better prices, we may not see them again soon.  The good news is that the market is solid and home prices are rising.
 
Over the past 5 days….I’ve sold 3 properties all of which were multiple offer situations. This has not happened in the past 6 months but it is a clear indication of what is happening in the market now!   The buyers market is almost gone or disappeared altogether.   Multiple offers and more favourable conditions are leaning towards the sellers now. If you’ve been waiting to sell your place, now is the time to start the process.
 
Regarding mortgages:  Get pre-approved if you haven’t done so already.  The five-year fixed rate has been steadily increasing the last couple weeks.  Rates are still ridiculously low, although they were much better just a couple weeks ago.  There seems to be no indication that the variable rate will change this year…only the fixed rate will rise.
 
I’ve highlighted the mid month housing stats for the GTA below:  
 
  
GTA Resale Housing Sales Up 19 Per Cent in the First Half of June TORONTO, June 17, 2009 - Greater Toronto REALTORS® reported 5,185 transactions in the first half of June – an increase of 19 per cent compared to the same period last year.
 
“Households in the GTA have become more confident in purchasing a home over the past three months,” said TREB President Maureen O’Neill. “Affordability, due in part to very low borrowing costs, has played a key role.”
 
The average price for MLS® sales was $407,716, up by two per cent compared to last year. “Heightened interest in ownership housing this spring has solidified resale home prices,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “The number of home buyers has been high relative to the number of listings, pushing the average price above last year’s level.”

As always, feel free to call or email me if you have any real estate related question.

If you have an interest in Renting, Buying or Selling in the Toronto area and would like to discuss the current market, please fill out this contact form or call me directly at (416) 457-1722.

GTA May Resale Housing Higher

GTA May Resale Housing Sales Higher Than Last Year

TORONTO, June 3, 2009 - In May 2009, Greater Toronto REALTORS® reported 9,589 sales, up almost two per cent from May 2008 – the first annual increase since December 2007. The seasonally adjusted annual rate of sales in May was 81,3001.

“The resale housing market in the GTA has remained resilient in the face of challenging times globally,” according to TREB President Maureen O’Neill. “Many home buyers have taken advantage of extremely low mortgage rates.”

 The average price for April transactions was $395,609 – down less than one per cent compared to the same month last year. “The average resale home price has moved in line with last year’s level because of tighter market conditions experienced this Spring,” stated Jason Mercer, TREB’s Senior Manager of Market Analysis. “Home sales have increased strongly relative to new listings, bolstering home prices.”

Contact me for the full report.