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Toronto Real Estate Board reports:
GTA Resale Housing Market Posts Best June on Record.
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 the Toronto Real Estate Board’s newly appointed 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." Summary Of June Sales And Average Price.
Seasonally adjusting TREB MLS® data removes recurring seasonal trends observed each year. For example, MLS® sales are highest in late spring each year and lowest in the winter months. Removing the recurring seasonality, allows for the analysis of a meaningful trend reflecting actual changes in market conditions. By multiplying the monthly seasonally-adjusted figure by 12, creating an annual rate, we can compare how the current month relates to historical annual figures.
See a complete copy of the Toronto Market Watch Report »
July 6, 2009 in Toronto Real Estate Update | Permalink
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Comments
John, grow up. How does that add anything to the conversation about Toronto real estate market? The cliched response would be some blathering on my part about 'rent is a waste of money' when in fact both renting and owning have their good and bad points and I'm just trying to have someone, anyone, explain to me why they think the toronto market is going to crash so severely. I'm not saying that a decline isn't possible, though it's increasingly looking like that story won't be told this year. MAybe it will though, just trying to get some data that isn't pre-selected to prove an existing hypothesis.
Posted by: Geoff | Jul 10, 2009 9:35:26 AM
{QUOTE](And no, I didn't buy a house this year, or even last year, nor do I want to sell my beautiful little house, etc etc, nor am I realtor, blah blah blah)[/QUOTE]
OK Geoff, keep slaving away to the bank then :)
Posted by: John | Jul 9, 2009 3:55:18 PM
Ok, but Chris not everyone wants to rent to live for 3 - 5 years, depending on their life stage. When I was in my 20s, no problem. Like many people in their 30s with a wife and a baby though, there's some comfort in knowing I won't have to subject my wife to an inferior landlord, being forced to move (ever had to move with kids? frigging nightmare), and being able to renovate a bathroom to our liking. This is not to say that there's anything wrong with renting, but that home ownership, especially at such low rates as today, is not all bad either. If you are flipping properties that's one thing, but if you're expecting to live in the same house for at least the next 7 years, it seems like a reasonable gamble. Witness the real estate market in the Summer of 2009 (the summer of the crash, according to a poster on this very blog last year) --- because not everyone HAD to sell, listings went down while demand remained stagnant or increased due to interest rates. Buy high / sell low is often visible only in retrospect.
Posted by: Geoff | Jul 8, 2009 9:27:30 AM
When we are buying a new home your present one, it is wise to do some comparison shopping among lenders. A low interest rate isn't the only criterion by which to evaluate a loan. You should also consider the terms of the mortgage, what your closing costs will be and the reputation of the lender.
Posted by: costa rica condos | Jul 8, 2009 2:16:38 AM
There's nothing civil about what is happening today in real estate. Prices have doubled since 2001. What do you want me to say. Have incomes doubled? Nope. So what I am saying is to be productive, buyers should wait for prices to come down to earth. Real estate going up because time has elapsed is non-sense. Everyone needs to buy commodities properly or they will go bankrupt. Real estate is a commodity like everything else and you don't buy high and sell low. If you do, you lose. The real estate game is done until prices come back to the historic trendline. The US experienced just this. If you can't wait 3-5 years for this to happen over a 25 year payment structure, then I guess a sucker is born everyday. To the patient, goes the spoils.
Posted by: Chris L. | Jul 7, 2009 5:56:57 PM
Ok but Chris let's try to be productive. So you're saying the peak is now June, 2009. I've heard that the peak was May 2008. And before that, September 2007. People who are buying homes because they like them, can afford them, and want to live in a nice neighbourhood (cause that's what you're paying for). There will be some who are probably overextended and will be burnt but most will probably be ok unless everyone loses their jobs, in which case the world ends. A home is just a home, but some people value home ownership over other forms of investments.. and judging from the Dow the past few weeks, it's not such a terrible choice, is it? It's awfully hard to predict the future. I just find calling one group of people 'suckers' not very conductive in a civilized conversation.
Posted by: Geoff | Jul 7, 2009 9:08:32 AM
It takes no genius to realize who the suckers are in the situation. I'm don't rationalizing why they're the biggest suckers in recent history. If you buy at peak...you are not wise and you get what you are asking for. It's just a shame they'll take the rest of use and the economy down with them as they did in the U.S. Go media go, we are different! Yay!
Posted by: Chris L. | Jul 7, 2009 8:34:40 AM
Highly interesting post on real estate industry. It's been a not so favorable world of real estate nowadays but there are ways to still make money out of it. I found real estate coach who might be able to help many. Thanks for sharing your great post here. Keep up the good work.
Posted by: Bing | Jul 7, 2009 5:37:24 AM
Wow, good insight Chris. Did it take you a while to come up with that, or was it just a flash of genius?
Who are the suckers? The buyers? The sellers? Not everyone who buys a house this year is going to get roasted alive you know....
(And no, I didn't buy a house this year, or even last year, nor do I want to sell my beautiful little house, etc etc, nor am I realtor, blah blah blah)
Posted by: Geoff | Jul 6, 2009 11:41:24 AM
SUCKERS!
Posted by: Chris L. | Jul 6, 2009 10:37:37 AM
