Toronto Condo and Real Estate Blog

Greater Toronto Area Resale Housing Moderate in September

The Greater Toronto Area’s autumn resale housing market began with moderate activity, Toronto Real Estate Board President Maureen O’Neill announced today.

With 2,726 sales during the first half of this month, activity has declined 16% from the 3,236 recorded during same time period a year ago. Compared to the 2,913 transactions recorded during the first half of September 2006, activity has declined six per cent.

In the City of Toronto, 998 sales were recorded, which represents a 23% decline from the 1,297 transactions recorded in the first half of September 2007 and an 11% decline from the 1,118 homes that changed hands in 2006. However, activity increased 16% in the first half of September 2007 from the same period in 2006.

In the 905 Region, there were 1,728 sales, down 11% from the first half of September 2007, when 1,939 transactions were recorded and within four per cent of the 1,795 sales recorded during the same timeframe in 2006. However, activity increased eight per cent during the first two weeks of September 2007 as compared to 2006.

“Although housing activity in the GTA remains moderate, we’re continuing to see a consistent pattern, and this stability is certainly positive news compared to markets in other sectors and in other world cities,” said Ms. O’Neill.

At $366,158 the average price of housing in the GTA has increased marginally from the $364,364 recorded a year ago and is up nine per cent from $335,208 recorded in September 2006.

In the City of Toronto, the average price is $386,524 up marginally from the $384,796 recorded in the first half of September 2007 and up 12% from the $343,561 average from the same period in 2006.

In the 905 Region, the average price is $354,395; an increase of one per cent from $350,698 recorded a year ago and up seven per cent from $330,005 recorded in the first half of September 2006.

“The fact that prices have held firm despite moderate activity shows that consumers regard real estate as a sound investment,” said Ms. O’Neill.

The percentage of asking price that sellers receive for their homes has also remained consistent. The list to sale price ratio is 98%, as it was a year ago.

The 26,299 properties listed for sale on the Toronto MLS system have increased 26% from a year ago when 20,841 homes were available. The time that homes remain on the market has increased as well, to an average of 37 days compared to 31 days a year ago.

In a few areas though, activity heated up during the first two weeks of the month.

Transactions in Bowmanville (E17) increased 66% from a year ago, as a result of strong detached home sales.

In Streetsville (W20) activity increased seven per cent compared to mid-September 2007 due mainly to semi-detached sales.

Vaughan (N02) saw a 20% increased in transactions from a year ago due to strong sales of all housing types.

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Contact the Jeffrey Team for more information - 416-388-1960

GTA Resale Housing Remains Steady Throughout Summer Months

The Greater Toronto real estate market closed out the last full month of summer at a steady pace, Toronto Real Estate Board President Maureen O’Neill reported today.

The Greater Toronto Area (GTA) average price increased one per cent, to $364,886 when compared to last August’s figure of $361,890. Compared to the $338,192 figure recorded two years ago though, the average GTA has increased eight per cent.

In the City of Toronto the average price declined one per cent to $377,990 from last August’s $381,681. Compared to the August 2006 figure of $344,419 however, the average price in the City of Toronto has increased 10%.

In the 905 Region the average price increased two per cent to $356,657 from last August’s $348,563. Compared to the August 2006 figure of $334,245 the average price in the 905 Region has increased seven per cent.

“These healthy figures substantiate that when undertaken as a long term investment, buying a home is one of the smartest financial moves you can make,” said Ms. O’Neill.

With 6,318 transactions recorded last month, sales in the GTA declined 22% compared to the record August 2007 figure of 8,059. Volumes were off just nine per cent however, from the 6,976 sales recorded in August 2006.

In the City of Toronto, there were 2,437 sales in August, a 25% decline from the 3,243 transactions recorded a year ago.

Compared to the 2,706 sales recorded in August 2006 though, this represents only a 10% decline. Sales increased 20% between August 2006 and August 2007.

The 905 Region’s 3,881 sales last month were 19% off the August 2007 figure of 4,816 but declined nine per cent from two years ago, when 4,270 sales were recorded.

“Despite August’s moderate sales, the 57,364 transactions that have occurred this year are within 14% of the 67,146 figure recorded a year ago,” said Ms. O’Neill. “In light of the fact that 2007 was a record year, our current market can certainly be characterized as stable.”

There are currently 25,076, properties available for sale in the GTA, which represents a 31% increase from the 19,145 active listings a year ago. Increased choice has resulted in properties remaining on the market for an average of 36 days compared to 33 days a year ago.

Several neighbourhoods throughout the GTA experienced increased sales activity last month compared to August 2007.

In Pickering (E13) transactions rose six per cent based primarily on strong semi-detached home sales.

In Halton Hills (W27) strong attached/row house sales activity lead to a three per cent increase in transactions overall.

Condominium apartment and detached home transactions drove Rosedale (C09) to an 81% increase in overall sales.

Detached home transactions also contributed to an 11% overall increase in sales in Aurora (N06).

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Contact the Jeffrey Team for more information - 416-388-1960

GTA Resale Housing Remains Steady Throughout Summer Months

The Greater Toronto real estate market closed out the last full month of summer at a steady pace, Toronto Real Estate Board President Maureen O’Neill reported today.

The Greater Toronto Area (GTA) average price increased one per cent, to $364,886 when compared to last August’s figure of $361,890. Compared to the $338,192 figure recorded two years ago though, the average GTA has increased eight per cent.

In the City of Toronto the average price declined one per cent to $377,990 from last August’s $381,681. Compared to the August 2006 figure of $344,419 however, the average price in the City of Toronto has increased 10%.

In the 905 Region the average price increased two per cent to $356,657 from last August’s $348,563. Compared to the August 2006 figure of $334,245 the average price in the 905 Region has increased seven per cent.

“These healthy figures substantiate that when undertaken as a long term investment, buying a home is one of the smartest financial moves you can make,” said Ms. O’Neill.

With 6,318 transactions recorded last month, sales in the GTA declined 22% compared to the record August 2007 figure of 8,059. Volumes were off just nine per cent however, from the 6,976 sales recorded in August 2006.

In the City of Toronto, there were 2,437 sales in August, a 25% decline from the 3,243 transactions recorded a year ago.

Compared to the 2,706 sales recorded in August 2006 though, this represents a 10% decline. Sales increased 20% between August 2006 and August 2007.

The 905 Region’s 3,881 sales last month were 19% off the August 2007 figure of 4,816 but declined nine per cent from two years ago, when 4,270 sales were recorded.

“Despite August’s moderate sales, the 57,364 transactions that have occurred this year are within 14% of the 67,146 figure recorded a year ago,” said Ms. O’Neill. “In light of the fact that 2007 was a record year, our current market can certainly be characterized as stable.”

There are currently 25,076, properties available for sale in the GTA, which represents a 31% increase from the 19,145 active listings a year ago. Increased choice has resulted in properties remaining on the market for an average of 36 days compared to 33 days a year ago.

Several neighbourhoods throughout the GTA experienced increased sales activity last month compared to August 2007.

In Pickering (E13) transactions rose six per cent based primarily on strong semi-detached home sales.

In Halton Hills (W27) strong attached/row house sales activity lead to a three per cent increase in transactions overall.

Condo and detached home transactions drove Rosedale (C09) to an 81% increase in overall sales.

Detached home transactions also contributed to an 11% overall increase in sales in Aurora (N06).

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Contact the Jeffrey Team for more information - 416-388-1960