Toronto Condo and Real Estate Blog

Although the Canadian economy remains fundamentally strong with stable mortgage rates, low unemployment and consistent population growth, home buyers and sellers took a “wait and see” approach this past summer.

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 1%, to $364,886 when compared to last August’s figure of $361,890.

In the City of Toronto the average price declined 1% 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 2% 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 7%.

“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.

Several neighbourhoods throughout the GTA experienced increased sales activity last month compared to August 2007. In Pickering transactions rose 6% based primarily on strong semi-detached home sales. And in Halton Hills strong attached/row house sales activity lead to a 3% increase in transactions overall.

Condominium apartment and detached home transactions drove Rosedale to an 81% increase in overall sales. Detached home transactions also contributed to an 11% overall increase in sales in Aurora.

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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

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