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.

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.

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."

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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.

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