Bank of Canada raises overnight rate target by 1/4 percentage point to 4 1/2 per cent

OTTAWA – The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 4 1/2 per cent. The operating band for the overnight rate is correspondingly increased, and the Bank Rate is now 4 3/4 per cent.

Economic growth and inflation in Canada in the first half of this year have been stronger than expected in the April Monetary Policy Report (MPR). Final domestic demand has remained the key driver of economic growth in Canada, bolstered by firm commodity prices. The Bank judges that the economy is now operating further above its production potential than was projected at the time of the April MPR. Both total CPI and core inflation have been higher than projected in April and are above the 2 per cent inflation target. Longer-term interest rates have increased and the Canadian dollar has appreciated sharply, moving well above the trading range assumed in the last MPR.

The Canadian economy is now projected to grow by 2.5 per cent in 2007, somewhat stronger than was expected in April, and to grow somewhat more slowly in 2008 and 2009 than previously projected. In this new projection, higher interest rates across the yield curve and a higher assumed range for the Canadian dollar of 93 to 95.5 cents U.S. act to moderate growth in 2008 and 2009 to an average of about 2 1/2 per cent. This brings aggregate demand and supply in Canada back into balance in 2009.

Inflation is projected to be slightly higher and more persistent than in the April MPR. However, as excess demand diminishes, total CPI and core inflation should decline to 2 per cent by early 2009.

There are both upside and downside risks to the Bank's inflation projection. The main upside risk is that household demand in Canada could be stronger than expected. The main downside risks are related to the higher Canadian dollar and the ongoing adjustment in the U.S. housing sector. In the context of the Bank's new projection, these risks appear to be roughly balanced.
In line with this outlook, the Bank is raising the target for the overnight rate to 4 1/2 per cent. Some modest further increase in the overnight rate may be required to bring inflation back to the target over the medium term.

An analysis of the Bank's outlook for growth and inflation, including economic and financial developments and risks to the projection, will be set out in the Monetary Policy Report Update, to be published on 12 July 2007.Information note: The Bank of Canada's next scheduled date for announcing the overnight rate target is 5 September 2007.

Best June Ever

TORONTO - Friday, July 6, 2007 -- Last month the Toronto Real Estate Market recorded 10,451 sales for the best June performance ever, Toronto Real Estate Board President Donald Bentley announced today. "June's figure was up almost 20 per cent over the 8,730 sales recorded during the same month in 2006, and down only slightly (six per cent) from May's best-ever figure of 11,146 sales. To get some idea of the current strength of the market: there have been more sales in the last two months (21,597) than occurred in all of 1977 (20,512), thirty years ago this year."

While the sales pace remained brisk, average prices declined marginally (less than one per cent) from May to $383,963. The year-to-date average was $373,719, up five per cent over the first six months of 2006 ($356,977).

"Price increases remain only modest," noted the President. "Inventory, at 21,789, is robust enough to keep a lid on upward inflation. The current market is still accessible to first-time buyers, and should continue in this mode for the foreseeable future."

Breaking down the total, 3,936 sales were reported in TREB’s 28 West districts and averaged $351,513; 1,819 sales were reported in the 14 Central districts and averaged $513,491; 2,248 sales were reported in the 23 North districts and averaged $406,565; and 2,448 sales were reported in TREB’s 21 East districts and averaged $302,558.

Neighbourhood Corner

Etobicoke
In Etobicoke (W-6 to W-10) there have been 2,734 sales to date, up 13 per cent over the January to June period of 2006. The average price was $399,525, up four per cent over the $383,220 recorded during that earlier time frame.

Summer market begins with a bang

TORONTO, July 6th, 2007-- In June, the Toronto Area resale housing market was nearly 20 per cent more active than a year ago, Toronto Real Estate Board President Donald Bentley announced today. The 10,451 sales recorded in the month were also just shy of the 11,146 sales that made May TREB's most active single month ever.

"This market is very healthy and shows no signs of letting up," Mr. Bentley said. "The strong spring we've seen is carrying through to the summer months, and that has helped to push this year's total activity past 2006 by nearly 11 per cent."

Toronto's Danforth / Woodbine Heights area (E03) saw overall transactions jump by 32 per cent compared to last June, with gains across most housing types.

Strong sales of condominium apartments and town homes in Mississauga's Northwest Cooksville (W15) area contributed to an overall increase in activity of 57 per cent compared to June 2006.
Detached home sales in Bayview / Hillcrest Village (C15) nearly doubled as overall transactions increased by 39 per cent compared to June of last year. Just north of the city, Richmond Hill's southern portion (N03) saw a 48 per cent increase in transactions compared to the same timeframe one year ago.

"The current market is exceeding expectations because it has very solid fundamentals to build upon," TREB's President added. "We have seen good returns on investment, and a strong economy and low borrowing costs have kept homes accessible. It's a great time to be in the market."

More Toronto Real Estate information and market news: www.househuntingintoronto.com.

No To Second Land Transfer Tax

TORONTO, July 5, 2007 -- Toronto’s REALTORS® have launched a web site (www.nohomebuyingtax.com) to help the public calculate what the proposed Toronto land transfer tax will cost them and to easily allow the public to let Mayor Miller and City councillors know what they think.

“As REALTORS®, it’s our job to give information to the public. As soon as we tell them about the City’s proposal to charge a second land transfer tax they ask us what it will cost them and what they can do to stop this bad idea. Our new web site shows them the exact cost of the tax and allows them to easily email the Mayor and City Councillors,” said Donald Bentley, President of the Toronto Real Estate Board (TREB).

The www.nohomebuyingtax.com site includes an easy-to-use calculator that tells the user exactly how much land transfer tax they now owe the province and what they will owe the City. In addition, it includes quick facts and easy options for the public to take action.
Even prior to launching the web site, Toronto’s REALTORS® have been communicating with the public to inform them of the City’s proposal. The public is very opposed to this tax and their reaction has been overwhelming.

“We are aware of over 1,000 emails that have been sent to Mayor Miller and all City Councillors, and most of those have come from the public in just the last week, after the City’s Executive Committee decided to push forward with this misguided idea. The public isspeaking; hopefully, City Hall won’t ignore them,” said Bentley.

The emails that have already been sent make it clear that the public believes that the City is headed in the wrong direction.

“Nobody likes taxes, but the public has been adamant that a second land transfer tax is not the right approach to addressing the City’s fiscal challenges because it could make the dream of home ownership more difficult to achieve for home buyers, while impactingproperty values for some current home owners. Generally, the public believes that this tax is unfair, that the City hasn’t justified it, and that the City should first focus on getting its own house in order,” Bentley added.

TREB notes that concern is being expressed by both people looking to buy a home and those who already own a home.

“Even though this tax will be paid by home buyers, current home owners understand that it could make their properties less marketable compared to homes in other municipalities where there is only one land transfer tax. This could hurt their property’s value, whichwould impact seniors the most because many of them rely on their property’s value to help with their retirement”, said Bentley.

TREB points out that the public has also indicated that, instead of focusing on new taxes, the City should continue to make fairer funding from the senior levels of government a priority.
“REALTORS® support a fair deal for Toronto, but City Council is putting the cart before the horse. Charging new taxes will simply let the senior governments off the hook”, said Bentley.

All Toronto Mortgages

Michael Pezzack, a Toronto based mortgage consultant for Mortgage Intelligence, the largest volume independent mortgage broker in Canada, has launched his own website today, All Toronto Mortgages (www.alltorontomortgages.com). Michael is a Preferred Partner of the House Hunting In Toronto real estate team.

All Toronto Mortgages is a website based on the same principles as House Hunting In Toronto: providing visitors with comprehensive and freely available information without asking an e-mail address or phone number first. We do not send Spam e-mails or call you without your request anyhow, so why ask for contact information when you are doing your research? We feel many prospective home buyers do appriciate this approach and remember it when they are ready to take the next step.

At All Toronto Mortgages, Michael has also published a free online mortgage seminar that outlines every detail of the mortgage process. You can download this free 3D Digital Mortgage Book at http://www.alltorontomortgages.com/free_online_mortgage_book.htm.

Home resales up 24 per cent in first half of June

TORONTO, June 19, 2007 -- During the first fifteen days of June, resale home transactions jumped 24 per cent compared to the same timeframe a year ago, Toronto Real Estate Board President Dorothy Mason announced today. The first half of the month yielded a remarkable 5,074 sales, an increase of 1,000 transactions from last year's mid-June figures. This total was also 12 per cent higher than the 4,522 sales recorded in the first half of May, which ended as the most active month ever.

“We are going through one of the strongest spring markets ever,” Mrs. Mason said. “There is a lot of momentum carrying over from that and it bodes well as we move into summer.”In Scarborough Centre / Woburn (E09), sales of detached homes doubled as 38 per cent more overall transactions took place compared to mid-June a year ago.

Alderwood / Mimico (W06) in Toronto's west end saw an overall increase in activity of 50 per cent compared to figures from last year.

Toronto's Annex neighbourhood (C02) saw the number of transactions to mid-June increase by 61 per cent compared to 2006.

Outside the city, brisk sales of town homes and detached homes in central Vaughan (N08) led the way as overall transactions increased 53 per cent over the same timeframe a year ago.
The average price of a resale home at mid-month was $384,576, an increase of seven per cent over the $358,648 recorded during the first half of June 2006. Inventory stood at 23,725 listings, reflecting a good amount of choice and helping to keep price increases under control.
“We have strong local and national economies, great value in the marketplace and solid returns on investment,” TREB's President said. “It's an excellent time to be in the market, and savvy consumers are taking advantage of these great conditions.”

www.househuntingintoronto.com/newsletter

Toronto Housing Market Reaches New Heights!

TORONTO, Tuesday, June 5, 2007 -- With an astonishing 11,146 sales in May, the Toronto Real Estate market put in its best performance since records have been kept, President Dorothy Mason announced today. "The Toronto Real Estate Board has been tracking the local housing market for over forty years, and there has never been a month that even approaches this level of activity," Ms. Mason stated. "May was up 18 per cent over April, our previous record month (9,452 sales), and also up 18 per cent over May of 2006 (9,434 sales), which now ranks as the third highest sales total recorded."
Ms. Mason further noted that, according to statistics compiled by the Canadian Real Estate Association, every home sale generates about $27,000 in economic activity (for renovations, furniture purchases, and so forth) over and above direct expenditures involved in the transaction. "This means that Realtors® and their clients have contributed over $300 million to the local economy in ancillary costs last month alone."
However, while sales sky-rocketed, price increases were restrained, with the average rising a mere five per cent to $382,787 from the $365,537 recorded during May of 2006.
Breaking down the total, 4,175 sales were reported in TREB’s 28 West districts and averaged $356,836; 2,038 sales were reported in the 14 Central districts and averaged $506,172; 2,323 sales were reported in the 23 North districts and averaged $408,391; and 2,610 sales were reported in TREB’s 21 East districts and averaged $305,168.
Neighbourhood Corner
Brampton
Year-to-date sales in Brampton have reached 3 ,620, up 10 per cent over the 3,296 sales recorded to May of last year. Of these, 2,038 were detached homes, which averaged $354,834, a four per cent increase over the first five months of 2006. Another, 749 transactions involved semi-detached homes, which sold for an average of $273,979, up three per cent over the same time one year ago.

www.househuntingintoronto.com/newsletter

April showers don’t dampen home sales

TORONTO, April 18, 2007 -- The GTA resale housing market got off to a strong start in April, with mid-month sales coming in one per cent ahead of mid-April 2006, Toronto Real Estate Board President Dorothy Mason announced today.

The 4,175 transactions recorded in the first half of the month surpass the mid-April total of 4,140 sales recorded in 2006. Meanwhile, year-to-date figures for 2007 are nearly two per cent ahead of last year’s pace.

“We are very encouraged by the stability of the GTA market,” Mrs. Mason said. “Activity is strong yet controlled, and great economic fundamentals continue to keep things moving in the right direction.”

The average price of a home in the GTA reached $372,169 in the first half of April, up one per cent over the same timeframe in April 2006 when prices averaged $366,878. The median price rose three per cent to $315,000. Active listings were down five per cent from the same time in 2006, to 22,711.

Strong activity across all housing types in the Beach (E02) helped push overall sales up 44 per cent compared to mid-April of 2006.

The condo boom in Mississauga’s city centre (W15) was largely responsible for an overall sales increase of 41 per cent in the area, compared to mid-April of last year.

Toronto’s Forest Hill neighbourhood (C03) saw 54 per cent more overall transactions than to the same point a year ago, fueled mostly by detached home sales.

In Bayview Village / Hillcrest Village (C15), overall transactions increased by 36 per cent compared to the same timeframe in 2006.

“Consumers are showing a lot of confidence in this market,” Mrs. Mason said. “Their investments are showing steady returns, yet the market is still accessible to a variety of buyers.”

www.househuntingintoronto.com/newsletter

Home sales stay steady

TORONTO, March 19, 2007 -- The Toronto Area resale housing market maintained a solid pace through the first half of March, Toronto Real Estate Board President Dorothy Mason announced today.

The first half of the month yielded 3,714 transactions, nearly on par with the 3,755 sales recorded in the same timeframe last year.

“The year has begun very well,” Mrs. Mason said. “The market hasn't lost any steam despite a very strong start, and to date, the sales pace for this year is still three per cent ahead of last year's pace.”

In Mimico / New Toronto (W06), a large increase in condominium activity and brisk detached home sales contributed to an overall sales increase of 54 per cent compared to mid-March of 2006.

East of Toronto in Ajax (E14), an increase in sales of detached homes and townhomes helped push overall sales 32 per cent higher than mid-March a year ago.

Detached homes were the most popular housing type in Thornhill (N02), as the area saw 22 per cent more overall transactions compared with the same timeframe last year.

The average price of a home rose in March, increasing two per cent to $367,531 over the $360,294 recorded during the first half of March 2006. It is also up two per cent over the $358,533 recorded during the same timeframe in February. The average time-on-market for a home was 31 days to mid-month, and the list-to-sale price ratio was 98%.

“Consumers are reaping the benefits of a strong economy, favourable interest rates and a very solid housing market,” Mrs. Mason said. “Right now is an excellent opportunity to take the plunge into a different home or get started in the market for the first time.”

www.househuntingintoronto.com/newsletter

February stays right on track

TORONTO, March 6, 2007 -- Resale housing activity in the month of February was slightly higher than a year ago, Toronto Real Estate Board President Dorothy Mason announced today. A total of 6,772 transactions took place in the month, as compared to 6,756 in February 2006.
“Sales activity has been strong to begin the year,” Mrs. Mason said. “Results from the first two months show that so far 2007 is five per cent ahead of last year's pace.”

“The important thing is that we are seeing strong results on a consistent basis, which speaks volumes about the stability of the market,” Mrs. Mason added. “As we head into the most active part of the year, it's an excellent time to get into the market for the first time or make a switch to a different home.”

In Scarborough Town Centre / Woburn (E09), a jump in sales of detached homes pushed overall activity up 22 per cent compared to February 2006.

Strong condominium apartment sales in Mimico / New Toronto (W06) contributed to a 29 per cent increase in overall transactions compared to a year ago.

Central Toronto's Davisville neighbourhood (C10) saw 20 per cent more transactions than the same month a year ago, with strong sales among most housing types.

North of Toronto in Newmarket (N07), detached homes were the most popular type as transactions increased 32 per cent compared to last February.

www.househuntingintoronto.com/newsletter

Second Best February Ever!

TORONTO - Monday, March 6, 2007 --TREB Members reported 6,772 sales in February, an increase over February 2006 (6,756 sales) and the second best total for this month ever recorded, TREB President Dorothy Mason announced today. "While the weather last month may have been cold, Toronto's resale housing market remained hot," noted Ms. Mason. "And while it is too early to make predictions, it is clear from the start of 2007 that the spring season is likely to produce sales numbers at east comparable to those of the past several years, which have been record or near-record performances."

Meanwhile, average prices climbed four per cent over the previous month to $368,687 as sales activity accelerated. They were also up four per cent from the February 2006 figure of $353,928.

The average time-on-market was a torrid 35 days.

Breaking down the total, 2,522 sales were reported in TREB’s 28 West districts and averaged $342,060; 1,224 sales were reported in the 14 Central districts and averaged $504,381; 1,395 sales were reported in the 23 North districts and averaged $389,306; and 1,631 sales were reported in TREB’s 21 East districts and averaged $290,392.

Neighbourhood Corner
Unionville
So far this year, 10 of the 14 sales in Unionville (part of N-11) were of detached homes. These averaged $641,390, up 22 per cent over the $523,188 recorded during the first two months of 2006.

www.househuntingintoronto.com/newsletter

Best January Ever!

TORONTO - Tuesday, February 6, 2007 -- The new year got off to a fast start, with 5,173 sales of existing homes in January, TREB President Dorothy Mason announced today. "This figure is up 13 per cent over last January, and up six per cent over the 4,869 sales recorded in January of 2002, which was the previous record for the month."

Meanwhile, average prices climbed in January to $353,724, up five per cent over December and up six per cent over the $332,687 recorded in January 2006. "While one shouldn't read too much into a single month's result," the President said. "January's record breaking performance is an encouraging sign for the year ahead."

Breaking down the total, 1,975 sales were reported in TREB’s 28 West districts and averaged $335,116; 878 sales were reported in the 14 Central districts and averaged $462,211; 1,082 sales were reported in the 23 North districts and averaged $383,806; and 1,238 sales were reported in TREB’s 21 East districts and averaged $280,178.

Neighbourhood Corner
Mississauga
In January, Mississauga (W12-W20) recorded 667 sales, a 10 per cent increase over the 2006 total for the same month. The average price was $335,252, up 10 per cent over the $305,464 recorded during January of 2006. In addition, there were 219 sales of Detached homes in the Mississauga, which averaged $478,889, a seven per cent increase over the same time period last year ($448,889).

www.househuntingintoronto.com/newsletter

Strong start for 2007

TORONTO, February 6, 2007 -- The January resale housing market was the best January ever, registering 13 per cent more transactions than a year ago, Toronto Real Estate Board President Dorothy Mason announced today. The 5,173 sales in the month were six per cent above the previous record set in January 2002.

“Sales have been very solid to start the year,” Mrs. Mason said. “It's a very good sign for the market to see a healthy level of activity carrying over from last year's strong finish.”
Scarborough's Birchmount Park / Cliffside area (E06) saw 55 per cent more overall sales compared to last January, with detached homes accounting for nearly all transactions.
In the Islington / Kingsway area of Etobicoke, a jump in condominium transactions helped to push overall sales 42 per cent higher than January 2006.

An increase in sales of condominiums and semi-detached homes helped lift Forest Hill to an overall increase of 56 per cent over January of last year.

North of the city, in Markham West / Langstaff (N01), 50 per cent more homes changed hands in January than during the same month a year ago.

Ted Tsiakopoulos, CMHC's Ontario regional economist, noted that Toronto's housing market has been a very stable sector of the economy. “The market remains resilient despite slower job growth, high energy prices, and a loss of migrants to western Canada,” Mr. Tsiakopoulos said. “Historically low interest rates, strong income growth and healthy consumer confidence are important factors keeping January home sales buoyant across the GTA.”

TREB's President added that while the results are preliminary, they should instill confidence in consumers. “The housing market is healthy and continues to be well supported by strong economic fundamentals,” Mrs. Mason said. “These are ideal conditions, and consumers can feel confident making a switch to another home or realizing their dream of home ownership for the first time.”

www.househuntingintoronto.com/newsletter

New year off to a brisk start

TORONTO, January 18, 2007 -- The first half of January yielded 1,592 resale home transactions in the Toronto Area, a six per cent increase over the same time period a year ago, Toronto Real Estate Board President Dorothy Mason announced today.

"The strong activity we saw in December has carried through into the new year," Mrs. Mason said. "Though these are very preliminary results, it is definitely an encouraging sign for the market to be so active this time of year."

Toronto’s Downtown East (C08) neighbourhood saw 32 per cent more homes change hands compared to mid-January of last year.

Outside of Toronto, the Meadowvale / Streetsville area of Mississauga saw 38 per cent more transactions compared to the first half of January 2006, while Richmond Hill South (N03) saw an increase of 37 percent over the same timeframe.

The average price of a home remained stable in the first half of January, dipping about one per cent to $340,793 from December, though up 10 per cent over the $310,547 recorded during the first half of January 2006. Active listings sit at 17,283, up slightly from 16,517 a year ago.
Ted Tsiakopoulos, CMHC’s Ontario regional economist, expects price increases to remain healthy.

"Home listings continue to trend higher across the GTA early in 2007," Mr. Tsiakopoulos said. "This bodes well for consumer choice, and rising inventories will help moderate the growth in home prices during the year. Favourable economic conditions and a healthy balance between demand and supply will ensure that home prices continue edging higher."

TREB’s President noted that all signs point to a healthy market in 2007.

"Activity, price increases and economic fundamentals are all very solid, and now is a great time to take advantage of lots of choice in the market."

Are you considering buying or selling a house, condo or loft in Toronto?Visit House Hunting In Toronto, Your Online Toronto Real Estate Agent.

Year Ends With A Stronger December

TORONTO, January 4, 2007 -- Resale housing activity in December increased by four per cent compared to the same month a year ago, Toronto Real Estate Board President Dorothy Mason announced today.
"All year long the market has remained very stable," Mrs. Mason said. "December’s strong showing gives consumers even more confidence that there is a solid foundation in place as we begin the new year."
The elevated activity at the end of the year helped propel 2006 to within just 1.2 per cent of the record sales total set in 2005.
Jason Mercer, CMHC’s Senior Market Analyst for the GTA, argued that a strong economy is behind the upbeat performance:
"Households remained confident in their ability to purchase a home last year," said Mr. Mercer. "Furthermore, steady job growth in a number of different sectors and very low mortgage rates will keep buyers upbeat about home ownership in 2007."
In Don Mills (C13), 54 per cent more overall transactions took place during the month compared to last December, fueled in part by strong condominium activity.
A 54 per cent increase in overall sales was recorded in Etobicoke’s South Humber neighbourhood (W07), also helped by elevated condominium transactions.
East of Toronto, Pickering (E13) showed an overall sales increase of 30 per cent compared to December 2005, while in West Markham / Langstaff (N01), strong condominium sales led to a 63 per cent increase in overall transactions during the month, compared to a year ago.
"The market is on solid footing and is in excellent shape heading into 2007," TREB’s President said. "The winter season is an excellent time to be active in this healthy market, whether starting out as a first time buyer or making a move to a different home."
TREB Members reported 4,447 sales in December, up four per cent over the 4,255 recorded last December, and the second best total ever recorded for the month, TREB President Dorothy Mason announced today. "December's performance is indicative of the whole year, which saw total transactions break the 83,000 level (83,084) for only the third time since records have been kept," noted the President.
Year-over-year, the average price in 2006 rose five per cent over the $335,907 recorded in 2005 to $351,941. "This means that prices continue to outpace inflation, making home-ownership a sound investment in today's economy and invariably in the long term."
Breaking down the total, 1,643 sales were reported in TREB’s 28 West districts and averaged $318,364; 779 sales were reported in the 14 Central districts and averaged $408,599; 941 sales were reported in the 23 North districts and averaged $382,065; and 1,084 sales were reported in TREB’s 21 East districts and averaged $271,463.

Are you considering buying or selling a house, condo or loft in Toronto?Visit House Hunting In Toronto, Your Online Toronto Real Estate Agent

November market on solid footing

TORONTO, December 6, 2006 -- The Greater Toronto Area’s resale housing market maintained its strong pace in November as 6,281 homes changed hands during the month, Toronto Real Estate Board President Dorothy Mason announced today.
"The market is holding very steady as we progress through autumn and we are seeing a good level of activity across the board," Mrs. Mason said. "Overall conditions are very healthy and 2006 remains within just one and a half percent of last year’s all-time record sales pace."
Despite a slight moderation from last November’s total of 6,646 transactions, the resale market remains on solid footing according to Jason Mercer, CMHC’s Senior Market Analyst for the GTA.
"Existing home sales have remained very respectable through the first two months of the fourth quarter," Mr. Mercer said. "Home buyers have remained confident in their ability to purchase a home due to low borrowing costs and steady employment and wage growth, on average."
In the city’s east end, Scarborough Town Centre / Woburn (E09) saw an increase in overall sales of 30 per cent compared to November 2005, led by a jump in condominium transactions.
A jump in transactions of semi-detached homes fueled an overall sales increase of 53 per cent in the York South area of Toronto (W03) compared to the same timeframe a year ago.
North of Toronto in Richmond Hill North (N05), detached homes were the most common housing type changing hands as the area saw an overall increase in sales of 29 per cent compared to last November.
"It’s a great time to be getting in the market or making your move," TREB’s President added. "Conditions in the GTA remain very stable, and that’s good news for consumers."

Are you considering buying or selling a house, condo or loft in Toronto?
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November Sales Break 6,000

TORONTO - Wednesday, December 6, 2006 -- November put in another solid performance, with 6,281 sales transacted through the TorontoMLS system, Toronto Real Estate Board (TREB) President Dorothy Mason announced today. "This 6,000 plus figure is in keeping with a generally healthy real estate market," said the President. "By the end of December, the Toronto area market will have exceeded 80,000 resales for only the third time in TREB history."
Prices remained stable in November, with the average moderating slightly to $355,727 from October's $356,423. The average was up four per cent over the November 2005 figure of $341,177.
Breaking down the total, 2,424 sales were reported in TREB’s 28 West districts and averaged $334,085; 1,223 sales were reported in the 14 Central districts and averaged $457,730; 1,152 sales were reported in the 23 North districts and averaged $391,959; and 1,482 sales were reported in TREB’s 21 East districts and averaged $278,785.

Neighbourhood Corner
Orangeville
Thus far in 2006, 559 sales have been recorded in the Town of Orangeville (W29) for an average of $261,234, a five per cent price increase over 2005. The majority of homes sold in the area were single-detached (422), which averaged $293,480, and semi-detached (79), which averaged $203,278.

Are you considering buying or selling a house, condo or loft in Toronto?
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Sales up in early November

TORONTO, November 17, 2006--Toronto Real Estate Board Members reported 3,008 sales during the first half of November, an increase of four per cent from the 2,886 sales recorded during the same timeframe in 2005, Toronto Real Estate Board President Dorothy Mason announced today.
"Although the holiday season is almost upon us, momentum from the autumn market has carried over and things remain very active," Mrs. Mason said, noting that sales this month are also marginally ahead of mid-October's mark of 3,007.
Bayview Village / Hillcrest Village (C15) in Toronto showed an increase in sales of 40 per cent compared to the midway point of last November.
A jump in sales of semi-detached homes in York South (W03) fueled a 70 per cent overall increase during the first half of November, compared to the same timeframe last year.
In Ajax (E14), east of Toronto, mid-November sales were double the pace of what they were to mid-November 2005, with gains in most housing types.
The average home price to mid-month had risen one per cent to $357,023 over October's $353,677. On a year-to-year basis, November's average was up five per cent compared to the first half of last November ($338,831).
Active listings stand at 24,155, down six per cent from mid-October, as some houses have been pulled from the market in advance of the holiday season. The average time on the market for a home is 37 days.
According to Jason Mercer, CMHC's Senior Market Analyst for the GTA, strong sales and solid price gains reflect a healthy Toronto Area housing market.
"Steady existing home sales, at close to last year's levels, are evidence of continued demand for ownership housing in the Toronto Area," Mr. Mercer said. "Above-average home sales have kept the annual rate of price growth above inflation."
TREB's President said, "The GTA market is performing well, and consumers can be confident that it's a good time to purchase their first home or move to a different home for a change in lifestyle."

Are you considering buying or selling a house, condo or loft in Toronto?
Visit House Hunting In Toronto, Your Online Toronto Real Estate Agent

Housing market stability continues

TORONTO, November 3, 2006--Toronto resale housing activity remained strong in October, as 6,876 homes changed hands during the month, Toronto Real Estate Board President Dorothy Mason announced today.
"The market has shown strong overall numbers despite having normalized from record activity," Mrs. Mason said. "Yeartodate figures show this year within one and a half per cent of 2005’s record pace, and October sales were four per cent higher than September’s, indicating a solid autumn market."
In The Beach neighbourhood of Toronto (E02), overall sales were 45 per cent higher than October 2005, led by a large increase in semidetached housing transactions.
A jump in condominium activity in Rexdale (W10) contributed to 23 per cent more overall transactions in October, compared with October of a year ago.
Outside the city, Richmond Hill North (N05) showed an overall increase of 32 per cent compared to last October, with detached homes the most common housing type.
Jason Mercer, CMHC’s Senior Market Analyst for the Greater Toronto Area, noted that the GTA’s stable housing market benefits from solid economic conditions overall.
"The annual rate of existing home sales remains near record levels," Mr. Mercer said. "Home buyers remain confident in their ability to purchase and pay for a home, due to steady growth in jobs and relatively low borrowing costs."
The average price of a home in the GTA in October was $356,423, two per cent higher than September and four per cent higher than October 2005.
"Prices and activity are very consistent," TREB’s President said. "This indicates that the market is firmly anchored on a solid foundation. It’s a great time to take advantage of all the choice in the marketplace."

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October Running Strong

TORONTO, October 18, 2006 -- In the first half of October, Toronto Area housing activity kept pace with mid-October results from a year ago, Toronto Real Estate Board President Dorothy Mason announced today.
"There were 3,007 sales reported to mid-month, essentially on par with the 3,012 sales reported during the same period in 2005," Mrs. Mason said. "Adding to this strong result is the fact that transactions are up three per cent from the 2,913 recorded during the first part of September which is a good sign for the stability of the autumn market."
In Northeast Scarborough (E11), the number of transactions to mid-month jumped 24 per cent compared to the same timeframe a year ago.
Rexdale (W10), in Toronto’s west end, saw a significant increase in condominium activity which helped to push overall sales up 59 per cent compared to mid-October 2005.
Condominiums were also the driving force behind a 43 per cent increase in overall mid-month sales in Toronto’s central downtown core (C01).
North of the city, Thornhill’s western half (N02) showed an overall increase in transactions of 48 per cent compared to the midpoint of last October, with detached homes being the most popular type.Meanwhile, the average price rose to $353,677, up six per cent over the $335,208 recorded to the middle of September. This figure is also three per cent higher than the $341,865 recorded during the first part of October last year.
Inventory stands at 25,839 listings, up two per cent over mid-September. The average number of days on the market for a home is 35.
Jason Mercer, CMHC’s Senior Market Analyst for the GTA, said, "Steady demand for resale homes has kept average prices rising above inflation, albeit at a lower annual rate, as buyers have benefited from increased choice in the marketplace."
TREB’s President agreed that market conditions are favourable for consumers.
"It’s a great combination to have solid activity, good price growth and an increased level of inventory to choose from," Mrs. Mason said. "There has never been a better time to move up to your dream home or get in the market for the first time."

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Toronto's healthy market rolls along

TORONTO, October 4, 2006 -- The Toronto Area resale housing market showed solid activity throughout September with 6,622 sales to maintain the year's strong performance, Toronto Real Estate Board President Dorothy Mason announced today.
"Though the overall sales pace is at more normalized levels, 2006 remains within one per cent of 2005's all-time record pace for the year," Mrs. Mason said.
The average price of a home during September was $349,142, up five per cent from the $335,334 recorded last September.
According to Jason Mercer, Senior Market Analyst for the Canada Mortgage and Housing Corporation, good economic conditions continue to provide strong support for the housing market.
"While trending lower, sales are forecast to remain near record levels through 2007," Mr. Mercer said. "Steady job creation and low borrowing costs are key factors underlying continued strong demand for existing homes."
In Toronto's east end, Guildwood / Scarborough Village (E08) showed 37 per cent more overall transactions than the previous September as condominium sales in the area nearly doubled from the year before.
Strong results were seen in North York during the month, including a 27 percent jump in overall transactions in North York City Centre West / Willowdale (C07) compared to September 2005. Strong detached home sales contributed to the increase.
"We are still seeing healthy sales levels consistent with a housing market that is in very good shape," Mrs. Mason said. "Prices are increasing steadily and demand is based on real need. It's an excellent time to take advantage of these conditions by getting into the market or making a move to another home."

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Prices Show Gains in September

TORONTO - Wednesday, October 4, 2006 -- In September, TREB's average price climbed to $349,142, a three per cent increase over August, and also up three per cent over the $338,267 recorded in September of 2005. "Year-over-year prices currently show a five per cent increase over last year," TREB President Dorothy Mason added. "Home ownership as an investment continues to provide returns well above the rate of inflation."
As prices rose, sales continued at a more normalized pace, with 6,622 transactions of single-family dwellings sold through the TMLS system. "While down from the 7,326 sales recorded in September of 2005, last month was still the 3rd best September performance ever recorded," said Mrs. Mason. "Toronto's autumn market remains solid and strong, and by year-end our final sales numbers will exceed 80,000 transactions."
Breaking down the total, 2,552 sales were reported in TREB’s 28 West districts and averaged $331,006; 1,166 sales were reported in the 14 Central districts and averaged $443,881; 1,312 sales were reported in the 23 North districts and averaged $386,360; and 1,592 sales were reported in TREB’s 21 East districts and averaged $278,154.

Neighbourhood Corner
East York
To the end of September of this year, East York (E03) has seen 1,072 sales, down five per cent from the 1,131 recorded during the first nine months of 2005. Of this total, 529 were detached homes which sold for an average of $363,458, up five per cent over the $345,117 recorded during the same time period last year. There were also 268 semi-detached houses sold, for an average of $351,746. This is a seven per cent increase over the $329,546 sold between January and September in 2005.

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Toronto’s housing market remains steady

TORONTO, September 6, 2006 -- The August performance ever with 6,976 transactions recorded during the month, Toronto Real Estate Board President Dorothy Mason announced today.
The total number of transactions was within seven per cent of the alltime record of 7,498 sales set last August. Year-to-date figures show 2006 to be marginally ahead of the record pace for annual sales also set in 2005.
"Positive results like these show that the market is in good shape," Mrs. Mason said. "Relative to other segments of the economy real estate is very locally driven, and the Toronto Area market has long been supported by strong economic fundamentals."
"Consistent activity and steady price gains over an extended period of time have shown that housing demand in the GTA is based on real need," TREB’s President added. "Slight moderations in sales to more normalized levels help to keep the market from overheating," Ted Tsiakopoulos, Ontario regional economist for CMHC, noted that the good overall health of the market produces a variety of benefits.
"While home sales across the GTA have been healthy, listings have also been rising," said Ted Tsiakopoulos, CMHC`s Ontario regional economist. "A steady increase in new home listings is a good news story for Toronto’s residential real estate market. Rising new listings provide more choice for buyers and ensures discipline among those pricing their homes for sale," added Mr. Tsiakopoulos.
Some of the most active neighbourhoods during the month were located outside the city core. In the East, the Scarborough Town Centre / Woburn area •E09• showed a 27 per cent overall increase in transactions compared to last August, led by a jump in condominium sales. West of Toronto, Milton •W22• showed an overall increase of 72 per cent compared to August 2005, led by strong sales of detached and semidetached homes.
"It’s a great time to be in this market whether starting out or making a switch," Mrs. Mason said. "There is a lot of choice out there as we gear up for the busy autumn market."

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August Shows Strong, Stable Results

TORONTO - Wednesday, September 6, 2006 -- TREB President Dorothy Mason announced today that the Toronto resale homemarket continued its run of healthy showings in August, with 6,976 homes changing hands through the TorontoMLS system.
"Last month was the second best August ever recorded, off moderately from the record 7,498 figure achieved in 2005. In addition, the year as a whole has seen 59,488 single-family dwelling sales, up marginally from 2005's January to August performance. As people return from their summer holidays, we are looking forward to an even more active autumn market."
Prices remain stable in August, with the Average coming in at $338,192, less than one per cent lower than the July figure of $342,034. This figure is up five per cent over the $323,255 recorded during August of 2005.
Breaking down the total, 2,627 sales were reported in TREB’s 28 West districts and averaged $321,415; 1,181 sales were reported in the 14 Central districts and averaged $401,244; 1,493 sales were reported in the 23 North districts and averaged $388,674; and 1,675 sales were reported in TREB’s 21 East districts and averaged $275,050.

Neighbourhood Corner
Rosedale
Within Rosedale, there have been 116 properties sold to-date in 2006, for an average of $1,163,804. Of these, 44 have been detached homes, which averaged $2,087,600. This is a one per cent increase over the $2,072,854 recorded during the same time-frame in 2005.

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Solid Summer Sales

TORONTO, July 20, 2006-- In the first half of July, the Toronto Area resale housing market outperformed last year’s midJuly sales pace by three per cent, Toronto Real Estate Board President Dorothy Mason announced today.
The 3,251 transactions recorded to the 15 th of the month eclipsed the 3,145 sales recorded to the same time in July of 2005.
"As we progress through the summer, the market is demonstrating a great deal of stability," Mrs. Mason said. "The strong, consistent activity we are seeing is certainly a positive sign."
The price of a home in the Greater Toronto Area at midmonth was $346,267, up five per cent from the same period last year when the price was $329,478. "Price increases are steady," Mrs. Mason noted, "and a healthy 25,875 listings at midmonth means they will likely remain at a sustainable level."
Overall sales in Toronto’s downtown / Harbourfront area through the first half of the month outpaced last year’s midJuly performance by 30 per cent on the strength of a very active condominium market.
A jump in condominium activity also helped fuel an overall sales increase of 56 per cent in
"Consumers can find a lot to be confident about in terms of activity, prices and inventory," TREB’s President said. "Things are moving in the right direction so it’s a great time to be in the market."

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