Toronto Condo and Real Estate Blog

GTA Resale Housing Remains Stable in August

The Greater Toronto Area real estate market remained stable throughout the first half of this month, Toronto Real Estate Board President Maureen O’Neill announced today.

“We’re continuing to see consistent levels with respect to sales volumes and prices,” said Ms. O’Neill. “While the numbers are more conservative than those in recent years, the stability we’re experiencing should help sustain consumer confidence as we move into the fall real estate market.”

With 3,019 transactions in the Greater Toronto Area during the first half of the month, sales were down 13% compared to the 3,480 sales recorded at mid-August last year, and off eight per cent compared to the 3,290 sales recorded during the same period in 2006.

In the City of Toronto, 1,192 transactions were recorded, down 15% from the 1,411 sales that took place in the first half of August 2007, and off six per cent compared to the 1,269 sales that occurred in the same timeframe two years ago.

“While 2007 was a record year, it is still worthwhile to note that sales in the City of Toronto increased 11% between mid-August 2006 and mid-August 2007, before the Toronto Land Transfer Tax went into effect,” said Ms. O’Neill.

In the 905 Region there were 1,827 sales to mid-month, down 12% from the 2,069 transactions that took place in the same period a year ago, and off 10% from the 2,021 sales recorded in the first two weeks of August 2006.

Prices meanwhile, increased compared to the same timeframe last year. The current average price in the GTA is $373,844, up five per cent from the mid-August 2007 figure of $354,088.

In the City of Toronto the average price is currently $394,563, up seven per cent from the $370,037 figure recorded a year ago.

In the 905 Region the average price is $360,325, up five per cent from the $343,210 recorded at mid-August 2007.

There are currently 26,128 active listings, up 28% from the 20,365 properties available for sale a year ago. This has resulted in homes remaining on the market for a slightly longer period of 35 days compared to 32 days last August.

Several GTA neighbourhoods however, experienced brisk sales throughout the first half of this month.

In Whitby (E15) transactions increased 12% compared to the same period a year ago as a result of strong detached home sales.

Detached home sales also led Aurora (N06) to a 21% increase in transactions.

Streetsville (W19) saw eight per cent more transactions driven by a significant increase in the sale of attached row houses.

In Downtown Toronto (C01) transactions increased six per cent compared to mid-August 2007 as a result of strong sales in all housing types.

“It’s encouraging to see strong activity levels in pockets throughout all four corners of the GTA.” Said Ms. O’Neill.

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

While some areas saw a remarkable increase in sales in July, average sales numbers dropped slightly in most areas throughout Canada. Homeowners continue to see a healthy return, however, it is taking a little longer to achieve a sale, and the average time on market has increased slightly, due to the fact that there are more choices available to homebuyers.

In the City of Toronto 3,132 sales were recorded, down 14% from the 3,640 transactions in July 2007, but up 10% from the 2,852 sales recorded two years ago in 2006. Comparing July 2007 with July 2006, a period before the Toronto Land Transfer Tax went into effect in Toronto, sales increased 28%.

In July, certain neighbourhoods throughout the GTA experienced a remarkable increase is sales activity. Whitby, Brampton, Uxbridge recorded a 23-25% increase in sales compared to a year ago, based primarily on semi-detached home sales. The Annex recorded a 29% sales increase due to strong detached home and condo sales.

“While homeowners continue to see healthy returns, it is taking slightly longer to achieve a sale. The average time on market has increased to 33 days compared to 31 days a year ago,” said Ms. Maureen O’Neill, President of the Toronto Real Estate Board. “This may be due to that fact that there are now more choices available to the homebuyer. There are currently 26,543 active listings: a 28% increase from a year ago.”

The average number of days on market for a residential property sold in June was 46, only slightly higher than the 44 day average from June 2007.

“With the market stabilizing, there has never been a better time to be looking for a home,” added Ann Cosens, RAHB President. “Consumers have more properties to choose from and less pressure to make a quick decision. Prices continue to rise yet the market has a lot to offer all buyers.”

For sellers right now, you’ll need every bit of expertise and knowledge from your Realtor to establish a competitive price. Your agent will show you how your home stacks up with the vast number of comparable homes on the market and he/she will make recommendations as to its presentation, price and marketing strategy to ensure it gets sold.

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

Moderate activity and strong prices continued to characterize the Toronto real estate market during the first half of July, Toronto Real Estate Board President Maureen O’Neill announced today.

“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,” said Ms. O’Neill.

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% 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,” said Ms. O’Neill.

Sales activity remained moderate in the first half of July, with 3,497 homes changing hands in the GTA. This is a decrease of 11% from the 3,947 properties sold in the same period in 2007, but an eight per cent increase from the 3,251 transactions recorded in the first two weeks of July 2006. Sales in the first two weeks of July 2007 saw a 21% increase from mid-July 2006.

In the 416 area there were 1,369 sales, down 17% from the 1,641 recorded during the first two weeks of July 2007 but up eight per cent from the 1,264 sales recorded in the same period in July 2006. Before the Toronto Land Transfer Tax went into effect, sales increased 30% in the first half of July 2007 compared to the same period in July 2006.

Sales in the 905 region came in at 2,128 in the first half of the month, down eight per cent from the 2,306 recorded during the same period last year but up seven per cent from the 1,987 sales recorded during the first half of July 2006. Sales in the first two weeks of July 2007 saw a 16% increase over mid-July 2006.

Activity in certain areas increased in the first half of this month.

Bowmanville (E17) saw a 12% overall increase in sales due to an increase in detached home transactions.

Brampton (W24) sales increased 18%, driven primarily by a significant increase in semi-detached home transactions.

The Annex (C02) experienced a 70% increase in sales largely due to an increase in detached home transactions.

“Although the number of available properties has increased 25% compared to a year ago, from 21,777 to 27,317 listings, the number of days on market remains the same at 32, which is a positive sign,” said Ms. O’Neill.

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