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 | Comments (10) | TrackBack
Toronto Real Estate Board:
GTA Resale Housing Sales Up 19% in the First Half of June
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."
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Source: The Toronto Real Estate Board
June 17, 2009 in Toronto Real Estate Update | Permalink | Comments (10) | TrackBack
Toronto Real Estate Board:
Over 600,000 Square Feet Leased in May
Toronto Real Estate Board Commercial Members reported 644,130 square feet of space leased in May through the TorontoMLS® system, reported Commercial Council Chair Garry Lander. "While still below 2008 levels, this figure represents an improvement over the first four months of the year," said Mr. Lander.
Prices declined for Industrial and Commercial space in May. Industrial space (all size categories) traded at $5.34 sfn, down 12 per cent from May of 2008 when the price was $6.08 sfn. Commercial space traded for $11.27 sfn, a 22 per cent decline from the same month last year.
Sales Market Highlights
Of the 50 IC&I sales recorded through TorontoMLS® last month, 28 were industrial properties, which averaged $69.20 per square foot. Non-MLS®.
See a complete copy of the Commercial Realty Watch for May »
June 17, 2009 in Toronto Real Estate Update | Permalink | Comments (1) | TrackBack
Toronto Real Estate Board:
GTA May Resale Housing Sales Higher Than Last Year
In May 2009, Greater Toronto Realtors reported 9,589 sales, up almost 2% from May 2008 - the first annual increase since December 2007. "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."
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June 2, 2009 in Toronto Real Estate Update | Permalink | Comments (5) | TrackBack
Toronto Real Estate Board:
Greater Toronto Resale Housing Sales Up in First Half of May
Greater Toronto Realtors reported 4,561 transactions in the first half of May - an increase of three per cent compared to May 2008. "Members reported a rise in buying activity this month," said TREB President Maureen O'Neill. "Many home buyers who were undecided about purchasing a home during the winter months are now proceeding with confidence as a result of the GTA housing market's affordability."
The average price for MLS® sales was in line with last year, down by less than one-half of one per cent at $399,811.
"More sales and fewer listings resulted in tighter market conditions which pushed the average selling price back up to last year's level," according to Jason Mercer, TREB's Senior Manager of Market Analysis. "Look for new listings to increase as home owners react to the positive news surrounding home sales and prices."
May 20, 2009 in Toronto Real Estate Update | Permalink | Comments (3) | TrackBack
Toronto Real Estate Board reports:
.Greater Toronto Area Realtors reported 8,107 resales in April
In April 2009, Greater Toronto Realtors reported 8,107 sales - down seven per cent from April 2008. While April sales remained lower than last year, the resale housing market gained momentum on a month-over-month basis. The seasonally adjusted annual rate of sales in April, at 80,900, was up 26 per cent from March and up two-thirds compared to January's ten-year low.
"Conditions in the resale housing market have improved markedly this spring," according to TREB President Maureen O'Neill. "Home purchases have increased as households have taken advantage of low interest rates and slightly lower home prices."
The average price for April transactions was $385,641 - down three per cent from last year.
"The rate of average price decline continued to diminish last month. This is due in large part to a tightening in the resale market," stated Jason Mercer, TREB's Senior Manager of Market Analysis. "The level of sales relative to new listings increased in April."
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Source: Toronto Real Estate Board
May 6, 2009 in Toronto Real Estate Update | Permalink | Comments (3) | TrackBack
Toronto Real Estate Board reports:
March resale housing results show year-over-year sales down 7% and median price down 2.5%.
In March 2009, Greater Toronto Realtors reported 6,171 sales – down seven per cent from March 2008, representing the smallest year-over-year decline in the last five months. The average price for March transactions was $362,052 – down less than five per cent from the same month last year.
“The Greater Toronto housing market has stood up very well given the challenging economic times the world has experienced in recent months,” commented TREB President Maureen O’Neill. “In fact, over the past two months, the situation in the housing market has improved.”
“Sales in March increased at a rate over and above what would be expected from the normal spring-time bump,” said Jason Mercer TREB’s Senior Manager of Market Analysis. “A greater number of households have taken advantage of increased affordability in the housing marketplace.”
The seasonally-adjusted annual rate of sales increased to 65,600 in March – up 36 per cent from the ten-year low reached in January. 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.
Median Price
The median price in March was $317,500 from the $326,000 recorded in March of 2008.
See the complete Toronto Market Watch report »
April 6, 2009 in Toronto Real Estate Update | Permalink | Comments (4) | TrackBack
Toronto Real Estate Decline Easing
The Toronto Real Estate Board reported 2,565 transactions in the first half of March 2009, a 19% drop from the 3,183 transactions reported during the same period last year. The mid-month March MLS sales increased compared to the 2,044 sales experienced in the first half of February -- and the year-over-year rate of decline decreased.
The average price for MLS sales was $365,499 compared to $385,405 last year — a decline of 5%
“As we move into the spring market, it appears that we are seeing stronger demand for ownership housing in the Greater Toronto Area,” said TREB President Maureen O’Neill. “Buyers are reacting to the market’s strong foundation of affordability.”
“Affordability has improved over the past few months due to a combination of lower home prices, near record lows for mortgage rates and rising earnings,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis.
March 19, 2009 in Toronto Real Estate Update | Permalink | Comments (7) | TrackBack
Toronto Real Estate Board:
GTA Housing Resales at 2,044 in Mid February
Greater Toronto Realtorsa reported 2,044 sales through the first 14 days of February, compared to 2,775 sales reported during the same period in 2008. “While sales have been lower, the housing sector remains one of the pillars of the GTA economy,” said TREB President Maureen O’Neill. “Each existing home transaction generates, on average, more than $33,000 in spin-off spending on renovations and other housing-related items. This spin-off spending translates into jobs.”
“The City of Toronto needs to do its part to encourage homeownership by reducing the tax burden on existing and potential home owners,” said TREB President Maureen O’Neill. “To this end, Greater Toronto Realtors are calling on the City to roll back the municipal land transfer tax. We presented our views to the City’s Budget Committee yesterday.” The average home price in the GTA was $364,748 compared to $385,735 in mid-month February last year.
“It is interesting to note that while the average price was down, the annual rate of price decline slowed compared to the previous four months,” according to Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. “If this trend continues into the spring, it could point towards average home prices leveling off between $360,000 and $370,000.”
February 19, 2009 in Toronto Real Estate Update | Permalink | Comments (6) | TrackBack
Toronto Real Estate Board reports:
Almost 12,000,000 Square Feet Leased In 2008
With 1,184,614 of square feet of space transacted in December, the TorontoMLS system saw a grand total of 11,961,934 square feet of space leased during the whole of 2008, Commercial Council Chair Garry Lander announced yesterday.
This is down eight per cent from the 13,000,883 figure recorded in 2007. "This result demonstrates that the commercial market has not escaped the downward economic pressures of the last several quarters. Nevertheless, it still compares favorably (up three per cent) with the 11,561,720 figure recorded in 2006."
Lease rates for Industrial properties (all size categories) rose marginally in December, to $5.40 sfn from December 2007's $5.38 sfn. Commercial properties leased for an average of $14.63 sfn, up 12% over last year's figure of $13.11 sfn.
Sales Market Highlights
TREB Members reported 32 Commercial/Industrial Sales in December. Of these, 18 were of Industrial properties in all size categories, which averaged $97.65 per square foot. This compares to a figure of $62.11 derived from non-MLS sources.
January 21, 2009 in Toronto Real Estate Update | Permalink | Comments (4) | TrackBack
