Moderate activity and strong prices continued to characterize the Greater Toronto Area (GTA) resale housing market during the first half of July.
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.
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.
Source: Toronto Real Estate Board
Prices continued their upward trend in the first half June. The GTA average price is currently $398,542, up four per cent over the $384,576 average from the same timeframe a year ago and up 11 per cent from the $358,648 recorded at mid-June 2006.
In the City of Toronto the current average price is $439,469, up three per cent over the $424,888 average a year ago and up 14 per cent over the $386,960 average in the first half of June 2006.
In the 905 Region the average price is $371,686 up four per cent from the $357,359 average a year ago and up 10 per cent from the $338,578 recorded at mid-June 2006.
In the City of Toronto 1,733 sales took place to mid-June 2008. This represents a 15 per cent decrease compared to the 2,045 properties sold a year ago but a two per cent increase over the 1,690 transactions in the first half of June 2006. A different story emerges when you compare the first half of June 2007 before the Toronto Land Transfer Tax went into effect to the same period in June 2006, a period showing a 21 per cent increase in sales.
With employment and interest rates holding steady and a 17 per cent increase in available listings compared to a year ago, it is an ideal time to take advantage of all that the market has to offer.
Source: Toronto Real Estate Board
TREB Members saw 9,411 sales of single family dwellings in May, TREB President Maureen O’Neill announced today. “While off last year’s pace, a 9,000 plus sales month is certainly indicative of a healthy market,” said the President.
Prices trended upward on a year-over year basis, with the overall average going to 398,148, up four per cent over the May 2007 figure of $382,787.
The City of Toronto experienced a three per cent increase, to $434,271 over last May’s $422,163. The 905 suburbs averaged $374,629, up five per cent over the same time last year, when the corresponding figure was $355,341.
Source: TREB Market Watch
Slightly more than one-third of Torontonians (34%) would consider owning a condo solely for investment purposes rather than as their primary residence. 8% have already made this kind of investment.
Across Canada, condo popularity is steadily increasing. Almost half of urban Canadians (48%) indicate they would consider buying a condo as their primary residence, up from 39% in 2007
Toronto is blessed with one of the most vibrant condo markets in Canada in terms of price ranges, building styles and amenities The fact that Torontonians have a wide range of pricing preferences, from low-end to high-end, reflects the variety available to buyers.
With economists predicting improved affordability in Canadian housing markets this year and next, this should make condos even more affordable for Torontonians entering the market for the first time
Less maintenance is still the main attraction for Torontonians
- Energy efficiency is high and growing in importance
- Lowest in importance: "owning a brand new condo"
Source: TD Economics
Moderate sales and healthy price increases continued to characterize the GreaterToronto Area resale housing market during the first half of May,With 4,422 sales throughout the GTA in the first two weeks of this month, activity has declined 12 per cent compared to the 5,003 homes sold during the first half of May 2007, Prices however, continue to be strong, averaging $400,817 in the GTA, up six per cent from the $377,612 reported a year ago.
In the City of Toronto, there were 1,734 sales, representing a 15 per cent decline from the 2,053 homes sold during the first half of May 2007 and an 11 per cent decline from 006. The average price in the 416 is $437,205, up six per cent from $412,701 a year ago.
Source: Toronto Real Estate Board
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Downtown, Toronto - The apartment at 3606-30 Grand Trunk Cres. has been sold.
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April statistics show that 8,762 houses sold in the Greater Toronto Area. “The market continues to experience a supply and demand situation and to-date it remains a sellers market," The GTA market was down 7 per cent from last April’s record 9,452 transactions. However, it is showing signs for a healthy 2008 compared to the diminished activity during the first quarter of 2008.
The sales pace however, did not take place evenly throughout the GTA. With 3,467 transactions in the City of Toronto, sales were down 10 per cent from a year ago. The 905 region was down five per cent from April 2007 sales, with 5,295 homes changing hands.
Prices continued to appreciate last month, to a GTA average of $398,687, up eight per cent from last April's $367,968. The average price in the City of Toronto was $446,781, up six per cent from April 2007. The 905 region’s average price of $367,196 increased five per cent from a year ago.
Source: Market Watch, TREB
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Toronto's Downtown core (C01) has also experienced healthy sales activity so far this month, due to strong condominium apartment sales as well. Overall sales in this area were up 11 per cent compared to a year as opposed to resale homes sale that declined by 14% compared to last year.
Condominium apartments have weathered the winter best so far this year, with 733 sales to date but we remain confident that once the snow has melted, we will see a very active spring market overall.
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Lake Shore/ Parklawn, Toronto - The apartment at 2269 Lake Shore Blvd. West has been sold.
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While snow fell in almost record amounts, Toronto Real Estate Board Members recorded a respectable 6,015 sales during the month of February, TREB President Maureen O'Neill announced today. "While sales were down over 2007 (11 per cent), they are in line with historical levels for the month, and they should increase substantially as the GTA eases into Spring."
Prices rose in February, with the average climbing to $382,048, up four per cent from the $367,687 recorded in February of last year. Days-on-Market stood at 30 days, and the list-to-sale price ratio was 99 per cent.
Activity within the City of Toronto generally matched that of the broader GTA. Sales moderated 14 per cent in the city to 2,310 from last year's figure of 2,697. Prices rose two per cent to $424,235.
Breaking down the total, 2,358 sales were reported in TREB’s 28 West districts and averaged $357,884; 1,017 sales were reported in the 14 Central districts and averaged $522,480; 1,185 sales were reported in the 23 North districts and averaged $409,155; and 1,455 sales were reported in TREB’s 21 East districts and averaged $300,975.
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Source: Toronto Real Estate Board ~ Market Watch