Market Watch

June Market More Balanced  July 4, 2008 -- TREB Members reported 8,600 sales in June, TREB President Maureen O’Neill announced today. “Sales were down 18 per cent from the 2007 total of 10,451, which was the best performance ever for that month,” noted the president. “Nevertheless, the 8,600 figure is the fifth best June on record, and indicative of an active, healthy market.” Sales within the City of Toronto totaled 3,481, down 18 per cent from the 4,238 recorded in June 2007. Sales within the 905 suburbs, at 5,119, were also down 18 per cent from the 6,213 recorded during the same period last year. On the pricing front, June’s GTA average came in at $395,866. This was up four per cent over the $381,963 recorded during June of 2007. Prices increases were roughly equivalent in both the City of Toronto and the surrounding suburbs. Within Toronto, prices averaged $433,082, up three per cent over the $421,139 recorded in June of 2007. Within the 905 suburbs, the average price came in at $370,559, up four per cent over the $355,240 recorded during the same period last year. “With summer coming, and a 22 per cent increase in inventory to nearly 27,000 this June over last, the market is slowly shifting towards balance after several years of favouring sellers,” said the President. Breaking down the total, 3,357 sales were reported in TREB’s 28 West districts and averaged $374,043; 1,483 sales were reported in the 14 Central districts and averaged $518,471; 1,697 sales were reported in the 23 North districts and averaged $430,498; and 2,063 sales were reported in TREB’s 21 East districts and averaged $314,755. May Sales at 9,411 TORONTO - Wednesday, June 4, 2008 -- TREB Members saw 9,411 sales of single family dwellings in May, TREB President Maureen O’Neill announced today. “While off last year’s pace, a 9,000 plus sales month is certainly indicative of a healthy market,” said the President. Prices trended upward on a year-over-year basis, with the overall average going to $398,148, up four per cent over the May 2007 figure of $382,787. The City of Toronto experienced a three per cent increase, to $434,271 over last May’s $422,163. The 905 suburbs averaged $374,629, up five per cent over the same time last year, when the corresponding figure was $355,341. “Furthermore, inventory has increased 15 per cent to 27,267 listings over May of 2007. This is good news for potential homebuyers as it should keep year-over-year price increases to the low single digits.” Sales GTA-wide declined 16 per cent from May of 2007, which saw 11,146 sales, a record month. However, this overall decline masked significant regional variations. Within the City of Toronto, sales fell 19 per cent to 3,711 from last May’s figure of 4,578. Within the 905 suburbs, on the other hand, the decline was a less pronounced 13 per cent, to 5,700 sales from last May’s figure of 6,568. Breaking down the total, 3,626 sales were reported in TREB’s 28 West districts and averaged $377,098; 1,606 sales were reported in the 14 Central districts and averaged $528,938; 1,938 sales were reported in the 23 North districts and averaged $430,240; and 2,241 sales were reported in TREB’s 21 East districts and averaged $310,724. Sales moderate in April but prices up  May 5, 2008 -- April statistics show that 8,762 houses sold in the Greater Toronto Area. “The market continues to experience a supply and demand situation and to-date it remains a sellers market," said TREB President Maureen O’Neill. The GTA market was down 7 per cent from last April’s record 9,452 transactions. However, it is showing signs for a healthy 2008 compared to the diminished activity during the first quarter of 2008. The sales pace however, did not take place evenly throughout the GTA. With 3,467 transactions in the City of Toronto, sales were down 10 per cent from a year ago. The 905 region was down five per cent from April 2007 sales, with 5,295 homes changing hands. Prices continued to appreciate last month, to a GTA average of $398,687, up eight per cent from last April's $367,968. The average price in the City of Toronto was $446,781, up six per cent from April 2007. The 905 region’s average price of $367,196 increased five per cent from a year ago. “For more than a decade, real estate has served as the economy’s engine,” said Ms. O’Neill. “It’s encouraging to see that consumers are continuing to put their faith in real estate as an excellent longterm investment.” Breaking down the total, 3,398 sales were reported in TREB’s 28 West districts and averaged $372,575; 1,531 sales were reported in the 14 Central districts and averaged $539,133; 1,768 sales were reported in the 23 North districts and averaged $429,262; and 2,065 sales were reported in TREB’s 21 East districts and averaged $311,350.   GTA Resale Housing Down but Healthy March 5, 2008 -- President Maureen O'Neill announced today, Toronto Real Estate Board Members recorded 6,015 resale home transactions last month, down 11 per cent in the Greater Toronto Area overall , 14 per cent in the City of Toronto and 9 per cent in the 905 suburbs compared to February 2007. “To get an accurate perspective of current market conditions, a number of factors have to be considered,” said Ms. O’Neill. “With 18,018 properties available for sale, inventory has decreased seven per cent from last February." “This indicates that despite moderate sales, there is not an over-supply of homes on the market. Generally, properties that are listed are selling fairly quickly and with a list to sale price ratio of 99 per cent, for the most part, sellers are realizing their asking price,” O’Neill added. Despite the decrease in the number of sales from this time last year, there was positive news with respect to prices in February. At $382,048 in the Greater Toronto Area and $424,235 in the City of Toronto, the average price increased four and two per cent respectively compared to February 2007. As well, the time on market in February was 30 days compared to 35 days a year ago. Despite the overall decline, some GTA neighbourhoods experienced strong sales in February. In Pickering (E13) sales rose 28 per cent overall compared to a year ago due to a strong increase in condo townhouse and condo-apartment transactions. Strong condo-apartment sales also drove transactions in Rexdale (W10) to an overall increase of 18 per cent compared to February 2007. Richmond Hill North (N05) experienced a 19 per cent sales increase compared to a year ago primarily as a result of strong detached home transactions. “All economic indicators are in place for an active year in the GTA, and as the weather improves sales are expected to increase as well,” said Ms. O’Neill. Healthy December Sales = Best Year Ever  January 7, 2008 -- A healthy 4,646 sales in December propelled 2007 sales to a record setting 93,193 sales, TREB President Maureen O'Neill announced today. "Year-end sales are up 12 per cent over last year and up 11 per cent over the 84,145 recorded during 2005, the Toronto market's previous best-ever annual performance." On a year-over-year basis, prices rose seven per cent to $376,236 from last year's $351,941. The annual time-on-market figure stood at 32 days versus 2006's figure of 34 days, meaning that over the course of the past two years it has taken homes within the GTA barely a month to sell on average. Breaking down the total, 1,756 sales were reported in TREB’s 28 West districts and averaged $357,711; 1,057 sales were reported in the 14 Central districts and averaged $531,366; 771 sales were reported in the 23 North districts and averaged $420,508; and 1,062 sales were reported in TREB’s 21 East districts and averaged $302,113. Second Best September  October 3, 2007 -- September put in another excellent performance, with 6,866 single family units changing hands through the TorontoMLS system, Toronto Real Estate Board (TREB) President Maureen O’Neill announced today. “This figure was up four per cent from last year (6,622 sales), and off only six per cent from the record 7,326 sales recorded during September of 2005.” Year-to-date sales, at 73,827, were up 12 per cent over 2006. “They are also,” the President went on to note, “up 11 per cent over the first nine months of 2005, which turned out to be the best year ever recorded in the history of TREB.” Prices rebounded in September, rising five per cent over August to $380,132. On a year-over-year basis they were up also up five per cent, to $371,848 from the $352,318 recorded during the first nine months of 2006.Breaking down the total, 2,613 sales were reported in TREB’s 28 West districts and averaged $351,328; 1,298 sales were reported in the 14 Central districts and averaged $501,419; 1,380 sales were reported in the 23 North districts and averaged $404,663; and 1,575 sales were reported in TREB’s 21 East districts and averaged $306,467 NEIGHBOURHOOD CORNER East York To date in 2007, there have been 1,136 sales in East York (E03), a six per cent increase over last year. Of these, 588 were detached homes which averaged $404,314, an 11 per cent increase over the $363,458 recorded during the first nine months of 2006. In addition, 252 semi-detached homes changed hands for an average of $388,595, up ten per cent over the same time last year. August Sets New Record, Breaks 8,000 Sales  September 6, 2007 -- August 2007 became the fifth record-setting month in a row, with 8,059 sales reported by TREB Members throughout the Greater Toronto Area, TREB President Donald Bentley announced today. "This figure is up 15 per cent over August of last year, and up seven per cent over the 7,498 sales recorded during the same month in 2005, which was the previous "best ever" performance for the month of August," said the President. "Summer of 2007 has been hands-down the most active holiday season for the resale market in the history of the Toronto Real Estate Board." While sales roared ahead, prices remained affordable in August, with a recorded average of $361,890. This figure is up seven per cent over the $338,192 recorded during August of 2006. "While the last decade has seen five record breaking years, and a good possibility of a sixth in 2007, year-over-year prices increases have remained in the single digits. This kind of activity is sustainable for a long time." Breaking down the total, 3,057sales were reported in TREB’s 28 West districts and averaged $343,493; 1,444 sales were reported in the 14 Central districts and averaged $453,718; 1,653 sales were reported in the 23 North districts and averaged $403,539; and 1,905 sales were reported in TREB’s 21 East districts and averaged $285,665. NEIGHBOURHOOD CORNER Rosedale There have been 100 total residential sales within Rosedale (part of C09) this year for an average of $1,208,414, up four per cent over the first eight months of 2006. Of these 34 were detached homes, which averaged $2,203,457. This is up four per cent over the $2,087,600 recorded during the same time last year. Best Day Ever, Best Month Ever!  May 4, 2007 -- With 581 sales reported on April 30, the highest single day total ever documented, April's total transactions reached an astounding 9,452, the best single-month total ever recorded, TREB President Dorothy Mason announced today. "The Greater Toronto Area's resale housing market has showed sustained strength and these phenomenal numbers bode well for the remainder of this year's spring market." Average prices climbed three per cent in April, to $379,025 from last April's $366,683. "Despite the torrid sales pace," Ms. Mason said. "Overall price increases are holding at marginally above the inflation rate, which means that potential first-time buyers are not being pushed out of the market."   Prices Rise In March  April 4, 2007 -- Prices increased moderately in March, with the average up three per cent over 2006 to $365,285. "Prices are rising above the rate of inflation (currently about two per cent), but not so rapidly that first-time buyers will be pushed out of the market," said TREB President Dorothy Mason. During last month TREB Members reported 8,518 sales of single-family dwellings across the GTA. "While down modestly (two per cent) over last year's total of 8,707, any result over 8,000 must be considered a strong performance," noted the President, "We expect a similarly robust showing from the remainder of the spring market." Breaking down the total, 3,233 sales were reported in TREB’s 28 West districts and averaged $343,475; 1,521 sales were reported in the 14 Central districts and averaged $471,804; 1,706 sales were reported in the 23 North districts and averaged $400,392; and 2,058 sales were reported in TREB’s 21 East districts and averaged $291 ,721. Second Best February Ever!  March 6, 2007 -- TREB Members reported 6,772 sales in February, an increase over February 2006 (6,756 sales) and the second best total for this month ever recorded, TREB President Dorothy Mason announced today. "While the weather last month may have been cold, Toronto's resale housing market remained hot," noted Ms. Mason. "And while it is too early to make predictions, it is clear from the start of 2007 that the spring season is likely to produce sales numbers at east comparable to those of the past several years, which have been record or near-record performances." Meanwhile, average prices climbed four per cent over the previous month to $368,687 as sales activity accelerated. They were also up four per cent from the February 2006 figure of $353,928. The average time-on-market was a torrid 35 days. Breaking down the total, 2,522 sales were reported in TREB’s 28 West districts and averaged $342,060; 1,224 sales were reported in the 14 Central districts and averaged $504,381; 1,395 sales were reported in the 23 North districts and averaged $389,306; and 1,631 sales were reported in TREB’s 21 East districts and averaged $290,392.   January 4, 2006 -- 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. NEIGHBOURHOOD CORNER City of Toronto With 34,404 sales recorded in 2006, the City of Toronto (E-1 to E-11, W-1 to W-10, and C-1 to C-15) saw its most active resale market, up one per cent over the 33,963 recorded in 2005, the previous best-ever performance. Meanwhile, the average price rose five per cent to $378,775. See Full Report [in PDF format*]. November market on solid footing 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.” Almost 7,000 Sales in October  Housing market stability continues November 3, 2006 -- The Toronto Residential market put in another solid performance in October, with 6,876 homes changing hands through the TMLS system, TREB President Dorothy Mason announced today. "This is up about four per cent over September's 6,622 figure. And, though it has moderated slightly from October of 2005, we are still looking at an annual total of well over 80,000 homes transacted. This is a very healthy, active market." Prices continued their upward trend in October, rising two per cent over September to $356,423. They were also up four per cent over the $342,450 recorded in October of 2005. In The Beach neighbourhood of Toronto (E02), overall sales were 45 per cent higher than October 2005, led by a large increase in semi-detached housing transactions. A jump in condominium activity in Rexdale (W10) contributed to 23 per cent more overall transactions in October, compared with October of a year ago. Outside the city, Richmond Hill North (N05) showed an overall increase of 32 per cent compared to last October, with detached homes the most common housing type. Jason Mercer, CMHC’s Senior Market Analyst for the Greater Toronto Area, noted that the GTA’s stable housing market benefits from solid economic conditions overall. “Prices and activity are very consistent,” TREB’s President said. “This indicates that the market is firmly anchored on a solid foundation. It’s a great time to take advantage of all the choice in the marketplace.”