Toronto Real Estate Info

DECEMBER 2007 (in depth): 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.

For maps of the Greater Toronto Area: Central | North | West | East

NEIGHBOURHOOD CORNER: TORONTO
The City of Toronto (E01 to E11, W01 to W10, and C01 to C15) recorded 39,052 sales in 2007, up 13 per cent over the 34,404 recorded in the previous year. Prices averaged $415,041, up 10 per cent over 2006.

NOVEMBER 2007 (in depth): A record-breaking November saw 7,313 sales, driving year-to-date totals to 88,695 sales, TREB President Maureen O'Neill announced today. "We have already exceeded the 84,145 sales recorded during 2005, which was our previous record," said the President. "By the end of December we will have crossed the 90,000 sales mark for the very first time. As 2007 winds down, the GTA resale home market is looking as healthy as it has ever been."

Prices were almost unchanged in November, with the average at $393,747, down marginally from the $394,646 recorded in the previous month. It was up 11 per cent over the $355,727 recorded during November 2006. Meanwhile, days-on-market came in at 32, and the list-to-sale price ratio was 98 per cent.

Breaking down the total, 2,725 sales were reported in TREB’s 28 West districts and averaged $362,272; 1,529 sales were reported in the 14 Central districts and averaged $519,841; 1,354 sales were reported in the 23 North districts and averaged $417,967; and 1,705 sales were reported in TREB’s 21 East districts and averaged $311,738.

For maps of the Greater Toronto Area: Central | North | West | East

NEIGHBOURHOOD CORNER: ORANGEVILLE
In the first 11 months of 2007, the town of Orangeville has experienced 679 sales, up 21 per cent over the same time-frame in 2006. The average price is $282,313, up eight per cent over the $261,234 recorded to November of last year. Detached homes formed the bulk of sales in Orangeville (488), and averaged $314,648. This is up seven per cent over last year.

OCTOBER 2007 (in depth): TREB Members recorded 7,915 transactions of single-family homes in October, an all time record for the month, TREB President Maureen O'Neill announced today. "Sales were up 15 per cent over the 6,876 figure recorded in October of 2006, and up about 10 per cent over the 7,227 transactions that took place in October 2003, which was our previous record.

"There is every indication that 2007 will be a banner year for resale housing activity in the Greater Toronto Area," said Ms. O'Neill. "The effects of the City of Toronto's new land transfer tax will definitely be felt in 2008 but we are also confident that consumers will continue to see the value of real estate as a solid long-term investment." Prices rose in October, with the average climbing four per cent to $394,646 over September's $380,132, and up 11 per cent over the $356,423 recorded in October of 2006.

Breaking down the total, 2,964 sales were reported in TREB’s 28 West districts and averaged $367,139; 1,602 sales were reported in the 14 Central districts and averaged $522,800; 1,555 sales were reported in the 23 North districts and averaged $415,071; and 1,794 sales were reported in TREB’s 21 East districts and averaged $307,950.

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.

For maps of the Greater Toronto Area: Central | North | West | East

NEIGHBOURHOOD CORNER: AGINCOURT
Within Agincourt (parts of districts E05 and E07) the dominant resale house types are detached and semi-detached units. So far this year detached homes averaged $376,047, up one per cent over the same time-frame in 2006. Semis averaged $313,337, a six per cent increase over the $295,800 recorded for the first ten months of 2006.

Real Estate in the News

Existing-home sales set record in GTA
TONY WONG, The Toronto Star (posted 01/09/2008)

A flurry of last-minute purchases in December by home buyers trying to avoid the City of Toronto's new land transfer tax helped to make 2007 the best year on record for resale housing.

But the rush to beat the tax and uncertain economic conditions will probably mean a softer 2008 as demand cools in the Toronto area this year, real estate agents say.

Year-end sales of 93,193 were 12 per cent higher than in 2006 and 11 per cent higher than the previous record set in 2005, according to figures released yesterday by the Toronto Real Estate Board. With the average price of a resale home at the end of December up 7 per cent from a year earlier to $376,236, the new tax adds $3,487 to the total cost.

It's hard to gauge exactly how many home buyers tried to beat the deadline, but unit sales in the City of Toronto were up 21 per cent, compared with 13 per cent overall, suggesting that the tax did have an impact. Some expect sales to drop 4 per cent in 2008, partly because of home buyers who have purchased earlier than expected, but mostly because of a softening economy.

A credit crunch has caused house prices to fall dramatically in some areas of the United States, and average home values in the United Kingdom fell 0.8 per cent in the fourth quarter, the first drop since 2000, according to figures released yesterday. In fact, last year was a high-water mark upon which some realtors may look back with nostalgia, because the market is not likely to be duplicated in the near future, analysts say.

"I think that's the end of the cycle for now," said housing analyst Will Dunning. "We've certainly been wrong before, but I can't see it going higher from here." Dunning said higher house prices, rising interest rates and a softening employment picture will contribute to dampening the real estate market in 2008.

Still, some forecast that the average resale-home prices will increase a moderate 3.5 per cent in 2008.

A separate report released shows the average price of a standard two-storey home in Toronto crossed the psychological threshold of half a million dollars, to $506,900. (According to this report, a standard two-storey home is defined as being 1,500 square feet, with three bedrooms and a detached garage.) The survey, which examines 23 popular Toronto-area neighbourhoods, shows family-friendly urban areas had the most appreciation in 2007.

The biggest gainer was North Toronto, where a two-storey detached home now costs an average of $695,000, up 18.4 per cent. A similar-sized home in midtown Toronto is now $1.2 million, up 16.5 per cent. And a typical two-storey home in Bloor West Village costs $617,000, up 12.8 per cent.

The only neighbourhood that did not show appreciable improvement was Downsview, where home prices stood at $372,000, up 0.5 per cent from last year.

Overall, condominiums showed the best return of all housing classes. A standard 900-square-foot condo in Toronto now costs an average of $240,395, up 11.7 per cent year over year.

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Copyright 2003. Michael A. Reis, Coldwell Banker Platinum Realty, Canada. All Coldwell Banker offices are independently owned and operated. Powered by Look Communications Inc. and compiled by The Corporate Ninja.