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Toronto Real Estate Board:
GTA Resale Housing Prices Up, Sales Down
Moderate activity and strong prices continued to characterize the Greater Toronto Area (GTA) resale housing market during the first half of July, Toronto Real Estate Board President Maureen O'Neill has announced in a mid-month report.
"The average price in the GTA during the first half of July was $379,072, which is a one per cent increase from the $374,254 recorded in the first two weeks of July 2007 and a nine per cent increase from $346,267 recorded during the same period in July 2006," said Ms. O'Neill.
In the 416 area, the average price was $419,199, up one per cent from the $414,321 recorded during first half of July 2007 and up 14 per cent from the $367,541 recorded during the same period two years ago.
At $353,257 the 905 region's average price was up two per cent from $345,741 recorded in the first half of July 2007 and up six per cent from $332,733 recorded during the same period in July 2006.
"Continued strength in house prices throughout the GTA indicates that consumers continue to recognize the value of real estate as a long-term investment," said Ms. O'Neill.
Sales activity remained moderate in the first half of July, with 3,497 homes changing hands in the GTA. This is a decrease of 11 per cent from the 3,947 properties sold in the same period in 2007 but an eight per cent increase from the 3,251 transactions recorded in the first two weeks of July 2006. Sales in the first two weeks of July 2007 saw a 21 per cent increase from mid-July 2006.
In the 416 area there were 1,369 sales, down 17 per cent from the 1,641 recorded during the first two weeks of July 2007 but up eight per cent from the 1,264 sales recorded in the same period in July 2006. Before the Land Transfer Tax went into effect, sales increased 30 per cent in the first half of July 2007 compared to the same period in July 2006.
Sales in the 905 region came in at 2,128 in the first half of the month, down eight per cent from the 2,306 recorded during the same period last year but up seven per cent from the 1,987 sales recorded during the first half of July 2006. Sales in the first two weeks of July 2007 saw a 16 per cent increase over mid-July 2006.
Activity in certain areas increased in the first half of this month.
Bowmanville (E17) saw a 12 per cent overall increase in sales due to an increase in detached home transactions.
Brampton (W24) sales increased 18 per cent, driven primarily by a significant increase in semi-detached home transactions.
The Annex (C02) experienced a 70 per cent increase in sales largely due to an increase in detached home transactions.
"Although the number of available properties has increased 25 per cent compared to a year ago, from 21,777 to 27,317 listings, the number of days on market remains the same at 32, which is a positive sign," said Ms. O'Neill.
July 18, 2008 in Toronto Real Estate Update | Permalink
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Comments
Toronto Real Estate Agent,
Wow, you call me an optimist...incredible sarcasm. You are obviously just as "clever" as the rest of your fellow real estate agents. I can't believe that you said "this is the time to buy". When isn't a time to buy according to a hack-job commission-seeking realtor? You and your "colleagues" comments about it always being the time to buy is downright pathetic, and you're not going to convince anybody intelligent enough to be doing independent research such as those on these blogs so save your breath.
Is it pessimistic to hope for time when home prices are once again affordable for the average person, not just to those people who got in early?
Start saving your pennies, you and most of your colleagues will be going the way of the travel agent in the upcoming crash. Your monopoly on listings will eventually crumble, competition will rear it's "ugly" face and you can say bye-bye to your smug arrogance and condescending know-it-all attitude.
Whether your commission likes it or not, it is NOT always the time to buy.
Posted by: Toronto Bear | Jul 25, 2008 8:28:44 AM
Well investment in RE is not a bad thing, even at a time like this. But you need to know how to play it right. If You`re just looking for a home, then this is the time to buy. If you`re and investor looking for a sale, well wait just a bit, the prices will go up. About all the comments on how it is stable and all, well some are a bit off, but it`s stiull a market that changes by the minute, so tomorrow the numbers might be different. And Bear. Don`t be so "optimistic".
Elli
Posted by: Toronto real estate agent | Jul 21, 2008 4:34:27 AM
You said it investor....price increases of 1% LOL!!! This is strong?? It's less than inflation!!!!!!!!!!!!!! And sales down 20%!! Inventory up 20%
The perfect storm is coming....once the specuflippers catch wind of this, they are going to bail only to see the market flooded with inventory, huge increases in days on market, and big price declines. I will laugh at all the idiots who bought at One Bloor after that whole sham went down. They are going to suffer. Bring it on. What goes up...
Posted by: Toronto Bear | Jul 18, 2008 4:14:43 PM
Well this report looks like a tipping point, but the real estate crew will keep spinning how real estate is a good long term investement. Sure once you get stuck in a asset most people will become long term investors.
Posted by: Investor | Jul 18, 2008 2:11:28 PM
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