Toronto Real Estate Board reports:
GTA resale housing market down but still healthy
The Greater Toronto Area resale housing market saw 3,955 homes change hands in the first half of April, down five per cent from the same time period last year, Toronto Real Estate Board President Maureen O’Neill announced today. “The first half of April brought sales activity within five per cent of mid-April 2007,” said Ms. O’Neill.
In the City of Toronto sales are down 11 per cent compared to a year ago, with 1,514 transactions taking place. Inthe 905 suburbs, sales are down just over one per cent to 2,441 for mid-month April 2008 from 2,477 sales midmonth April 2007.
Throughout the GTA prices have risen seven per cent compared to the same timeframe last year, to an average of $399,117. In the City of Toronto the average stands at $454,211 up 10 per cent over mid-April 2007. The 905 Region has seen a six per cent increase compared to a year ago, with a current average price of $364,939.
The number of listings on the market is one per cent greater than last year with current inventory sitting at 22,985.
This indicates that inventory is on the rise. The positive news is homeowners are selling their homes with an average of 28 Days on Market compared to 30 a year ago. The slight increase in inventory levels and house prices are encouraging factors.
A number of GTA neighbourhoods showed strong sales activity during the first half of this month.
Willowdale (C07) saw a 75 per cent overall increase in transactions, driven by strong, detached, condo-apartment, and condo-townhouse sales.
In Vaughan/Thornhill (N02), transactions increased by 53 per cent compared to mid-April 2007, as a result of strong detached home sales.
Strong detached home sales also drove Brampton East (W24) to 37 per cent compared to the same timeframe a year ago.
In Riverdale (E01) transactions are up 10 per cent, also as a result of strong detached home sales.
“We’re also seeing sellers achieve on average 99 per cent of their asking price, which is one per cent higher than a year ago,” said Ms. O’Neill. “April’s numbers point to a stable, healthy market for the Greater Toronto Area this spring. However TREB still remains wary of the Land Transfer Tax in Toronto.”
April 17, 2008 in Toronto Real Estate Board | Permalink | Comments (3) | TrackBack
Toronto Real Estate Board:
A bright start to the New Year
The first half of January saw 1,776 resale homes in the Greater Toronto Area change hands, an 11% increase over the same period a year ago Toronto Real Estate Board President Maureen O'Neill announced today. "This early indication certainly gives us reason to be optimistic about the 2008 resale housing market," said Ms. O'Neill. "We are still looking forward to a strong, steady year ahead. Toronto's land transfer tax will come into effect on February 1, so we are watching this issue."
The average price also increased considerably compared to the first half of January 2007. It currently stands at $367,574 an eight per cent increase over the $340,793 recorded at mid-January a year ago.
Strong activity was noted in several areas of the GTA. Bowmanville (E17) experienced a 65 per cent overall increase in transactions compared to the first half of January 2007, primarily due to detached home sales. In Downsview (W05) sales nearly doubled compared to the same timeframe a year ago, with activity in all housing types.
The Lawrence Manor area (C04) also saw transactions double compared to year ago, driven largely by detached homes sales. entral Richmond Hill (N04) showed a 59 per cent overall increase in sales compared to mid-January 2007, mainly as a result of attached/row house transactions.
The average time a property is currently on the market is 41 days, down 13 per cent as compared to a year ago. "These are all solid gains that point to a stable, healthy market for 2008," said Ms. O'Neill.
January 18, 2008 in Toronto Real Estate Board | Permalink | Comments (1) | TrackBack
Toronto Real Estate Board in 2007
Phantom bidding ignites firestorm
It was the summer of the "wars" in Toronto – the real estate bidding wars, that is. The battlefield? A practice called phantom bidding, in which a seller's realtor concocts bogus offers to help boost a property's selling price or spook buyers into rushing their offers.
The issue hit the headlines after Michael Manley, owner of Prudential Properties in the Beach, ran for head of the Toronto Real Estate Board (TREB) promising to stamp out the practice.
Maureen O'Neill, who refused to acknowledge the practice even existed, eventually won the election. But within months she had to reverse her stand when the Toronto Star reported proof unethical bidding practices have indeed been occurring.
Several realtors also told us about phantom bids, saying that they're not only unfair to buyers, but they're a threat to the whole industry's reputation.
O'Neill has since established a blue-ribbon task force of industry insiders to investigate ways to put an end to unethical practices, likely by implementing a system to formally register bids.
"I have hand-picked these people and they are the best in the industry. They have no bias," O'Neill said recently.
Manley said he's happy the industry's professional association is finally looking at some form of offer registration system. "What TREB is doing is exactly what they should be doing," he said.
Source: As reported by Gail Swainson in the Toronto Star:
December 30, 2007 in Toronto Real Estate Board | Permalink | Comments (1) | TrackBack
Toronto Real Estate Board:
"Best Year Ever With Six Weeks to Go!"
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 11 1/2 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."
November 20, 2007 in Toronto Real Estate Board | Permalink | Comments (2) | TrackBack
Toronto asked to “Axe the Tax”
A Toronto Real Estate Board directive to its members:
Strong public attendance at the upcoming Toronto City Council meeting can influence the vote! Council is scheduled to debate and vote on this tax on Monday October 22, 2007. It is very important that as many people as possible attend this meeting to demonstrate to City Councillors that the public does not want this tax.
The City of Toronto wants to charge a second land transfer tax that would DOUBLE the current provincial land transfer tax. REALTORS® have shown City Council that there is strong opposition to this tax. Your continued help is needed. What you can do?
Attend the Meeting! Anyone from the public is allowed to attend the City Council meeting to OBSERVE (City Council’s meeting rules do not allow public deputations). The Toronto Real Estate Board encourages you to attend this meeting to continue the strong opposition that Realtors and the public have shown.
Or in other words: Real Estate commissions are at stake here folks!
October 17, 2007 in Toronto Real Estate Board | Permalink | Comments (5) | TrackBack
Toronto Board Announcement
Changes to TREB's Board of Directors
The Toronto Real Estate Board has announced that Maureen O’Neill of Bosley Real Estate has taken office as TREB President. Ms. O’Neill, who was previously serving as President-Elect, will be President for the remainder of the 2007/2008 term due to the resignation of Donald Bentley.
Ms. O’Neill will also serve as President for the 2008/2009 membership year.
Tom Lebour of Royal LePage Real Estate Services was appointed to fill the position of President-Elect. A membership election for the position of President-Elect for the 2008/2009 term will take place in June.
Stuart Braund of Sutton Group Professional Realty was appointed to fill the position vacated by Mr. Lebour. An election for the position of West Non-Brokerage Director for the 2008/2009 term will take place in June.
As well, Garry Lander of J.J. Barnicke Limited has joined the Board as Chair of the Executive Council Commercial Division. Mr. Lander, who was previously serving as Vice-Chair of the Executive Council Commercial Division, has moved into the position due to a resignation.
President-Elect Tom Lebour is a Past President of the Mississauga Real Estate Board and has been a TREB director since 2004. He is a Broker with Royal LePage Real Estate Services and has been a REALTOR® for 30 years. Mr. Lebour has chaired TREB's Professional Standards Appeals & Value and New Services Task Force, served on Communications and Executive Committees and, most recently, contributed to the MLS Display Task Force and served as Vice-Chair of the Finance Committee. Mr. Lebour is also a member of RECO's Discipline and Appeals Committees and OREA's Education Committee.
September 29, 2007 in Toronto Real Estate Board | Permalink | Comments (1) | TrackBack
