The Toronto Real Estate Board reported 6,232 sales through the Multiple Listing Service® (MLS®) in August 2010. This represented a 22 per cent decrease compared to the 8,035 sales recorded during the same period in 2009. New listings decreased by one per cent year-over-year to 10,488.

“The prospect of interest rate hikes and new mortgage lending rules prompted some households to purchase a home sooner than they otherwise would have this year. The result has been a larger than normal dip in sales over the summer months. With this said, it is important to recognize that sales on the year were eight per cent higher than in 2009,” said Toronto Real Estate Board President Bill Johnston.

The average price for August transactions was $411,012 – up six per cent compared to the average of $387,921 reported in August 2009.

“Market conditions have remained tight enough to support higher home prices in comparison to last year. Under current mortgage lending standards, a household earning the average income in the GTA can comfortably afford the mortgage payments on an average priced home. Market conditions and the affordability picture would have to change dramatically before a sustained drop in the average selling price would take place,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Median Price
In August, the median price was $358,000, from the $338,000 recorded during August of 2009.

Provided by the Toronto Real Estate Board.

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The Toronto Real Estate Board reported 6,564 sales in July – a 34 per cent dip from the record 9,967 sales reported in July 2009. New listings, at 10,825, dropped to the lowest level for the month of July since 2002.

“The level of July sales remained below the expected long-term trend. The market has become more balanced following record monthly sales through most of the winter and early spring,” said Toronto Real Estate Board (TREB) President Bill Johnston.

Total sales through the first seven months of 2010 were up 12 per cent compared to the same period in 2009.

Notwithstanding the fact that price trends vary at the neighbourhood level in GTA, the average price for July transactions was $420,482, representing a six per cent increase over July 2009. Over the first seven months of 2010, the average selling price was up 12 per cent annually to $432,253.

“Market conditions promoting growth in the average selling price have remained in place. While July sales were down compared to last year, the number of new listings in the marketplace also fell. This means there was enough competition between buyers to exert upward pressure on price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Median Price
In July, the median price was $361,000, from the $339,900 recorded during July of 2009.

Provided by the Toronto Real Estate Board.

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The Toronto Real Estate Board reported 8,442 sales through the Multiple Listing Service® (MLS®) in June. This represented a 23 per cent decrease compared to the record 10,955 sales reported in June 2009. Sales for the second quarter of 2010 amounted to 28,810 – up one per cent annually. Year-to-date sales through June were up 23 per cent to 50,455 compared to the first six months of 2009.

“We experienced a record number of existing home sales during the first half of 2010, but these sales were weighted more towards the beginning of the year,” said Toronto Real Estate Board President Bill Johnston. “The pace of home sales has moderated from record levels over the past two months with the prospect of higher mortgage rates.”

The average price for June transactions was $435,034 – up eight per cent compared to the average of $403,972 recorded for June 2009.

“With more homes to choose from in the second quarter, many home buyers have been making less-aggressive offers. This has resulted in less upward pressure on the average selling price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The annual rate of average price growth in the second half of 2010 will be in the single digits.”

Median Price
In June, the median price was $367,750, from the $345,000 recorded during June of 2009.

Provided by the Toronto Real Estate Board

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The Toronto Real Estate Board reported 9,470 sales through the Multiple Listing Service® (MLS®) in May, representing a one per cent dip from May 2009. In comparison to previous years, this was the third highest May sales result on record.

“The pace of transactions slowed in May following record-setting sales in February, March and April,” said Toronto Real Estate Board President Tom Lebour. “Buyers who otherwise would have been purchasing a home in May moved more quickly this year, likely to get ahead of mortgage rate hikes.”

New listings were up 38 per cent annually to 18,940. The average price for May transactions was $446,593 – up 13 per cent compared to the average of $395,609 recorded in May 2009.

“The gap between listings and sales has widened, which means there is more choice for buyers,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The annual rate of price growth will slow in the second half of 2010, from the current double digit pace into the single digits.”

Median Price
In May, the median price was $376,750, from the $337,000 recorded during May of 2009.

Provided by the Toronto Real Estate Board.

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The Panache

‘The Panache’ Chic Boutique-Type Building Located In The Vibrant High Demand Yonge & Eglinton And Mount Pleasant Village Neighbourhoods, Unobstructed View, Granite Counters, Stainless Steel Appliances, Near Fabulous Trendy Shops, Restaurants, Clubs, Schools And TTC At Your Door Step, Was Nominated For Toronto Pug Award For Outstanding Architecture In 2008.

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(719 sq ft) 1 bedroom plus den, 1 parking space, unfurnished, $1700/mth.

 MLS Listing

For more Toronto condo listings, visit www.TheCondoLife.com.

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*Rates are discounted by at least 1% and are subject to change without notice. Clients must meet discretionary pricing requirements. **Payment Factors: Multiply mortgage amount (per thousand) by “x” YR AM to calculate monthly mortgage payment. 

 i.e. – $200,000 mortgage at 5 year  fixed w/35 yr amortization; calculation as follows; 200 multiplied by 4.24 = $848/month. 

Provided by MortgageBrokers.com

Shant Kaltakjian |  Mortgage Professional

www.MortgageBrokers.com/Shant

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The Toronto Real Estate Board reported 10,898 sales through the Multiple Listing Service® (MLS®) in April, representing a 34 per cent increase compared to April 2009. There were also 20,683 new listings in April – a 59 per cent annual increase. Both the sales and new listings results amounted to new records for the month of April under the current Toronto Real Estate Board (TREB) boundaries.

“The GTA resale market is functioning properly. Sales were high as buyers continued to take advantage of affordable home ownership opportunities. Listings grew as home owners reacted to strong sales and price growth,” said Toronto Real Estate Board President Tom Lebour. “More balanced market conditions will result in sustainable rates of annual price growth in the second half of 2010.”

The average price for April transactions was $437,600 – up 13 per cent compared to the average of $385,641 recorded in April 2009.

“Home sales continue to be driven by many different segments of the market, with sales growth for all major home types in both the City of Toronto and surrounding 905 regions,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “Home sales will remain strong in the second half of 2010, but will slip from the current record pace as borrowing costs rise.”

Median Price
In April, the median price was $373,000, from the $330,000 recorded during April of 2009.

Provided by the Toronto Real Estate Board

For more market information visit www.TheCondoLife.com.

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Below are the TREB resale numbers for the last 5 months and their counterparts for a year ago.
March 2010            10,430        March 2009                6171        +69%
February 2010          7291        February 2009            4120        +77%
January 2010            4986        January 2009             2670        +87%
December 2009        5541        December 2008        2577        +115%
November 2009        7446        November 2008        3640        +105%
October 2009             8176        October 2008             5155        +64%

Below are the days on market for the past 6 months and their counterparts for a year earlier.
March 2010                 20            March 2009                   40
February 2010            22            February 2009              45
January 2010             28            January 2009                49
December 2009         27            December 2008            45
November 2009         26            November 2008            41
October 2009             26            October 2008                 37

It is clear what we are seeing here – a total and complete recovery in our resale market. Where is it going now? Consider this, in the GTA there are very few new houses being built. The inventory is fixed. Expect single family home prices to rise. Expect buyers to be forced into the condo world for the following three reasons:
1. Lifestyle choice
2. The high cost of a freehold home
3. The lack of inventory of freehold homes and the fact that the inventory around the core is fixed.

While condo prices will continue to rise, it will be at a slower pace than freehold homes due to the lack of inventory of the latter and the potential for growth of the former.
Expect real estate to perform well in Toronto while the economy grows. We have just started a recovery from an awful, but short, recession. It is very unlikely that prices will fall in a period of economic growth and prosperity. We will not see a continuation of the stratospheric rise in pricing. Prices will continue to rise, but at a slower pace.

For condo listings and other valuable condo market information visit www.TheCondoLife.com.

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The long predicted rush to beat the HST seems to be in full effect. Developers who have nearly finished buildings are rushing to get their remaining inventory over $400K sold and closed (building registered) before June 30th. If they do not, they will either have to absorb a MASSIVE hit from the inclusion of the 8% extra HST, or they will have to raise prices on all units significantly.

On the resale side, buyers and sellers alike are trying to get their closings in before June 30th even though the impact will not be nearly as great as on the new build side. Let’s just say that all the real estate lawyers in the city will be very busy the last week of June and completely bored the first week of July.

Here’s what the actual impact of the HST will look like for both buyers and sellers of a typical $400K transaction:

For Sellers, closing before July 1st will save you 8% on your real estate fees (assuming fees at 5%, that’s $1600). Legal fees on a typical sale will be about $1000 (HST would be $80 extra here).

For Buyers, closing before July 1st will save you 8% on your legal fees (assuming fees at $1500, that’s $120).

Other miscellaneous expenses to think about that will cost more come July 1st include home inspections and moving expenses.

Tip For Buyers: If you are buying a condo, check the status certificate to ensure that the budget includes an accounting for the HST and the impact it will have on the services the condo uses regularly. If the condo board has not planned for the increase, this is not a good sign. As far as rebates go, all new-home buyers will now qualify for the PST rebate on the first $400,000 of the purchase price, regardless of the final cost.

If you are still confused about HST, you can read this HST Article from CBC.ca.

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The Toronto Real Estate Board reported 10,430 sales through the Multiple Listing Service® (MLS®) in March, pushing total first quarter 2010 sales to 22,418 – the best result on record under the current Toronto Real Estate Board (TREB) boundaries. The average price for March transactions was $434,696. The average price for the first quarter was $427,948.

“The strong rebound in the existing home market was one of the initial drivers of economic recovery,” said TREB President Tom Lebour. “While we don’t expect to see the same rates growth moving forward, GTA households will remain confident in ownership housing as a quality long-term investment, especially as economic recovery expands across all industries.”

The annual rate of growth for new listings continued to accelerate in March. The number of new listings grew by 42 per cent compared to March of 2008.

“The average home price in the GTA will continue to grow this year, but the pace will slow as we move through the spring,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “As growth in new listings starts to outstrip growth in sales, buyers will experience more choice, resulting in more sustainable single digit rates of average price growth.”

Median Price
In March, the median price was $370,000, from the $317,500 recorded during March of 2009.

Provided by the Toronto Real Estate Board

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