Wednesday, December 20, 2006

Real Estate Sales Bring Happy Holiday!

TORONTO, December 19, 2006 -- The 2006 resale home market is closing the year strongly, with 2,585 sales to the 15th of December, TREB President Mason announced today. “Sales are six per cent ahead of mid-December 2005 and close to the pace of 2001, the best December ever.”
Meanwhile, 2006 has already broken 81,000 sales, and sits within one per cent of last-years’ record-setting pace.
The average price to mid-December stands at $343,048, a four per cent increase over the same period in December 2005. The year-to-date average is $352,515, up five per cent over the same timeframe last year.
Strong sales in all housing categories, especially link homes, drove Whitby (E15) to a 51% increase in overall sales compared to the same timeframe last year.
A jump in detached home sales powered Brampton East (W24) to a 45 per cent overall sales increase compared to the first half of December 2005.
Toronto’s downtown / Harbourfront area (C01) saw a 28 per cent overall increase in home sales, largely due to a 30 per cent increase in the sales of condominium apartments.
Overall sales in Markham West (N01) nearly tripled compared to mid-December last year, due to exceptionally strong condominium apartment sales.
Ted Tsiakopoulos, CMHC’s Ontario Regional Economist, noted that low interest rates and warm temperatures have kept the December market strong:
“If the mid-month sales pace is sustained, December activity will bring GTA home sales for the year just shy of last year’s record pace,” Mr. Tsiakopoulos said. “Confidence in Toronto’s real estate market remains high; low interest rates, steady job growth and an abundance of housing choices are ingredients for a healthy market. Milder than normal weather has also contributed to healthy activity so far in December.”
Active listings to mid-month stood at 20,230, down 16 per cent from mid-November, as some home sellers pulled their properties from the TorontoMLS® system in advance of the holiday season. The average time-on-market was 41 days.
“The market is coming into balance,” Mrs. Mason commented.
“Housing prices are rising above the rate of inflation, but not so quickly as to drive potential first-time buyers out of the market.”
Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service designed exclusively for REALTORS®. Serving more than 24,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada's largest real estate board. Greater Toronto Area open house listings are now available on www.TorontoRealEstateBoard.com.

Friday, December 08, 2006

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.”
Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service designed exclusively for REALTORS®. Serving more than 24,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada's largest real estate board. Greater Toronto Area open house listings are now available on http://www.torontorealestateboard.com/find_a_home/open_house/index.htm

Source: Toronto Real Estate Board