Toronto Real Estate Board reports:
October year-over-year MLS transactions up 64%.
In October 2009, Greater Toronto Realtors reported 8,476 sales, up 64 per cent from October 2008. The average price for October transactions was $423,559 - up by 20 per cent compared to the same month last year. "Strong sales growth has occurred across many property classes - from price ranges that would attract first-time buyers to luxury properties selling for over one million dollars," said TREB President Tom Lebour. "The highest rate of sales growth in October was experienced for properties selling for over $750,000. In contrast, luxury home sales declined at an above-average rate last year."
Year-to-date sales, at 74,721, were up nine per cent compared to the first ten months of 2008. Average price, at $392,264 was up by almost three per cent.
"After a short dip in the winter, the average home price in the GTA has rebounded because sales have been high relative to listings," according to Jason Mercer, TREB's Senior Manager of Market Analysis. "Watch for listings to rebound in 2010 as home owners react to the strong sales and price growth experienced in the latter half of this year."
Summary Of October Sales And Average Price
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October
2009 2008
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Average
Sales Price Sales Average Price
City of Toronto ("416") 3,554 $464,212 2,136 $376,897
Rest of GTA ("905") 4,922 $394,205 3,019 $336,049
GTA 8,476 $423,559 5,155 $352,974
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Source: Toronto Real Estate Board's Market Watch report »
November 5, 2009 in Toronto Real Estate Update | Permalink | Comments (1) | TrackBack
Luxury housing sales edge higher
Purchasers take advantage of buying opportunities in Ontario-Atlantic Canada, says RE/MAX
Luxury homes sales continue to accelerate as economic recovery takes hold in major markets in Ontario and Atlantic Canada, according to a report released by RE/MAX. The RE/MAX Upper End Report found that momentum is building in St. John's, Saint John, Halifax-Dartmouth, Ottawa, Kingston, Greater Toronto, Hamilton-Burlington, and London as purchasers realize that the best buying period in recent history is about to come to a close. Sales are already on par or ahead of last year's levels in 50 per cent of cities surveyed, while the remaining markets are set to reach 2008 figures by year-end.
"Twelve months of healthy home buying activity have clearly been crammed into five short months," says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. "It's hard to believe that the transition in the market began in May. We've seen steady upward momentum since that time, with solid year-over-year gains posted each and every month."
Pent-up demand and greater affordability have been the catalyst. Increased selection in all markets - except Greater Toronto - as well as record low interest rates have also helped fuel move-up activity from Ontario to Newfoundland.
Leading in terms of sales appreciation is London, Ontario where the number of homes sold, priced in excess of $500,000, has climbed 11 per cent from January to September 2009, compared to one year ago. Greater Toronto and Ottawa both reported a one per cent increase in the number of homes sold in the top end during the same period. Within the GTA, Richmond Hill/Thornhill is particularly heated, with sales up 24 per cent over 2008 levels, followed by Mississauga - up 10 per cent. St. John's, Newfoundland is on par with year-ago figures.
Of the six markets reporting a year-over-year decrease in sales, four are off by just a handful of transactions (10 units or less), including Halifax-Dartmouth (off eight units), Kingston & Area (off three units), Toronto - West End (off 10 units), and Oakville (off five units). Activity in the remaining two markets-Saint John and Hamilton-Burlington-is on the upswing, with the gap between 2008 and 2009 narrowing each month.
"A considerable shift is underway in the upper end," explains Polzler. "The price correction that we witnessed earlier in the year is over and prices have since firmed up. Conditions are more balanced across the board or leaning toward seller's territory once again. The one exception is the Greater Toronto Area -- now largely a seller's market -- with bidding wars making a comeback amid tight inventory levels. The strength of the luxury segment is evident. This is now a real estate market with all sectors working in tandem."
Highlights:
- Upper end sales started to move upward as positive indicators of economic recovery began to emerge. The momentum is expected to continue as Canada edges closer to positive periods of GDP growth in Q4 2009 and in 2010.
- Locals are fuelling luxury sales in the majority of markets surveyed. Activity among out-of-province and international purchasers has waned from one year ago, although their presence in still evident in some markets.
- Sixty-one properties in Canada are currently priced over $10 million, with 18 of those located in Ontario. The priciest Ontario home is nestled in Toronto's prestigious Bridle Path area, listed at $23 million.
- Three hundred properties currently listed for sale are priced over $5 million in Canada.
- In Atlantic Canada, there are 22 listings in excess of $2 million - 13 in Nova Scotia, five in New Brunswick and two in Prince Edward Island. The most expensive property in Atlantic Canada is a $7.75 million estate on a bluff fronting the Atlantic Ocean on PEI's north coast.
See the full RE/MAX Upper End Report 2009 »
November 4, 2009 in Toronto Real Estate Update | Permalink | Comments (0) | TrackBack
Toronto new home prices higher
Toronto new housing prices rose by 0.2 per cent in August over July, as developers reported more traffic at their showrooms. While the uptick is encouraging, new home prices are still down by 0.1 per cent year over year, according to figures released by Statistics Canada today.
Toronto prices beat the national average, where the index rose by 0.1 per cent. "Despite the rebound in the housing market and the dramatic turnaround in existing home prices in recent months, new home prices remain fairly weak," said Millan Mulraine, an economics strategist with TD Securities.
Prices increased the most in St. John's, Quebec, and Regina. The largest monthly decrease in housing prices was in Hamilton.
"Some builders lowered their prices to encourage sales while others offered bonus upgrade packages," said Statistics Canada. Windsor and Edmonton also experienced declines.
Source: Tony Wong in the Toronto Star
October 13, 2009 in Toronto Real Estate Update | Permalink | Comments (4) | TrackBack
Toronto Real Estate Board reports:
GTA Housing Market Rebound Continues in September
In September 2009, Greater Toronto Realtors reported 8,196 sales, up 28 per cent from September 2008. The average price for September transactions was $406,877 – up by 10 per cent compared to the same month last year.
“We have experienced an increasing rate of existing home price growth in the GTA as sales have continued outpace 2008 results,” said TREB President Tom Lebour. “Consumers have remained confident in ownership housing as a long-term investment.” Year-to-date sales, at 66,437 were up 4.5 per cent compared to the first nine months of 2008. Average price, at $388,417 was up by almost 1.5 per cent.
“Existing home sales will finish strong this year, pushing through the 80,000 mark and moving in line with some of the best years on record under the current TREB market area,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis.
Median Price
In September, the median price was $347,000, up from the $322,000 recorded during September of 2008.
Source: Toronto Real Estate Board - Market Watch Report »
October 5, 2009 in Toronto Real Estate Update | Permalink | Comments (4) | TrackBack
Toronto Real Estate Board reports:
GTA Realtors Report Sales and Price Growth in September
In the first two weeks of September, Greater Toronto Realtors reported 3,361 sales – up 23 per cent compared to the first two weeks of September 2008. The average price for these transactions was up eight per cent year-over-year to $393,818.
"An increasing number of positive reports pointing to economic recovery coupled with low interest rates have kept households confident in purchasing a home," said TREB President Tom Lebour.
Year-to-date sales, at 61,676 are up three per cent compared to 59,971 in 2008. Average price, at $386,302, is up by one per cent from $383,776.
"Tighter market conditions since May, as evidenced by rising sales relative to listings and declining average days on the market, have resulted in stronger average price growth," explains Jason Mercer, TREB's Senior Manager of Market Analysis.
September 17, 2009 in Toronto Real Estate Update | Permalink | Comments (2) | TrackBack
Toronto home sales rise again
GTA Realtors report August real estate market activity up.
In August 2009, Greater Toronto Realtors reported 8,035 sales, up 27% per cent from August 2008. The average price for August transactions was $387,921 – up by six per cent compared to the same month last year.
"The increase in demand for existing homes has been widespread across different housing types and price ranges," said TREB President Tom Lebour. "This suggests many categories of home buyers have chosen to make a long-term investment in housing, from first-time buyers to move-up buyers or buyers who are seeking a lifestyle change."
Year-to-date sales, at 58,421 were up two per cent compared to the first eight months of 2008. Average price, at $385,978 was up by less than one-half of one per cent.
"We have heard more positive economic news lately. The improved housing market has played a key role,” explained Jason Mercer, TREB's Senior Manager of Market Analysis. "Home sales have helped other sectors of the economy through home buyers’ spending on things like financial and legal services, moving, renovations and home furnishings."
See Toronto Real Estate Market Watch report »
September 3, 2009 in Toronto Real Estate Update | Permalink | Comments (9) | TrackBack
Toronto Real Estate Board reports:
August Mid-Month Residential Resale Market Figures.
In the first two weeks of August, Greater Toronto Realtors reported 3,832 sales – up 27 per cent compared to the first two weeks of August 2008. The average price for these transactions was up three per cent year-over-year to $383,796.
"The results for the first half of August indicate that many households in the GTA remain confident in their ability to purchase and pay for a home over the long term," said TREB President Tom Lebour.
Year-to-date sales, at 54,303 are up slightly compared to 54,138 in 2008. Average price, at $385,603 is down by less than one half of one per cent.
"Strong resale housing demand will contribute to broader economic recovery as each transaction results in substantial spin-off benefits to other sectors of the economy," explained Jason Mercer, TREB's Senior Manager of Market Analysis.
Source: Toronto Real Estate Board »
August 18, 2009 in Toronto Real Estate Update | Permalink | Comments (9) | TrackBack
Toronto Real Estate Board:
GTA Realtors report resale record in July.
Greater Toronto Realrors 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."
See the Toronto Real Estate Board's July Market Watch Report »
Source: Toronto Real Estate Board
August 6, 2009 in Toronto Real Estate Update | Permalink | Comments (3) | TrackBack
New Toronto condo sales surge
The Toronto area's new condominium market rebounded in the second quarter of 2009 as consumer confidence improved and developers offered incentives to move their units. But analysts say the market isn't on firm ground yet. Thousands of units are still under completion and there is a backlog of unsold units.
After three consecutive quarters of negative growth, sales of condos hit 2,963 units in the second quarter, up 223 per cent from the dismal 917 first-quarter sales, according to market research firm Urbanation inc. in a report yesterday.
"This is certainly better than most people had expected," said Ben Myers, executive vice-president of Urbanation.
He said figures for July are also expected to be positive, noting "sales seemed to be going well."
Myers said low interest rates and first-time buyers flocking to condos have helped drive the numbers. Developers were also quick to react to the recession by changing floor plans to offer smaller units and giving fewer amenities at a lower price point. "I think developers are a little more optimistic after the second quarter," said Myers.
See article by Tony Wong in the Toronto Star »
August 5, 2009 in Toronto Real Estate Update | Permalink | Comments (2) | TrackBack
Toronto Commercial Real Estate
Over 500,000 Square Feet Leased In June.
Last month, Toronto Real Estate Board Members reported 560,425 square feet of leased space, in comparison to the 1,017,518 leased square feet recorded in June of 2008, Commercial Council Chair Garry Lander reports. "The pace of activity remains below last year, in line with the performance of the general economy," Mr. Lander noted.
Prices were mixed in June. Industrial space in all size categories leased for $4.79 sfn, down 17% from the $5.78 recorded in June 2008. Commercial space traded for $13.47 sfn, down 20% from the $16.75 figure seen during the same month last year. Finally, office space traded for $14.69, up 24% from last June's $11.81 sfn figure, a possible indicator that higher quality office space is being listed on the MLS in the face of a challenging market.
Sales Market Highlights
Toronto Real Estate Board Members recorded 59 sales of IC&I properties in June, including 28 industrial buildings of all size categories which averaged $82.91 per square foot. This compares to the $65.26 per square foot obtained from non-MLS sources.
Members of the Toronto Real Estate Board's Commercial Division adhere to a strict Code of Ethics and Standards of Business Practice, only those who have met the standards established by their peers are eligible to become Members.
Source: Toronto Real Estate Board
July 21, 2009 in Toronto Real Estate Update | Permalink | Comments (6) | TrackBack
