Royal LePage Q2 2007 Survey - Real Estate Housing Market and Average Home Prices in Toronto Area

Submitted by Jasmina on Tue, 2007-07-17 23:43.

Helping You Is What We Do. Royal LePage Real Estate Services has just released our preliminary Q2 2007 report which highlights house price trends for the three most common types of housing in Canada in 80 communities across the country!

The most profound story in Canadian real estate today is the extraordinary interest that people across our country continue to have in buying and selling homes. The sheer number of homes trading hands this year has far exceeded consensus expectation. This market continues to show strength as we move into the second half of the year.

said Phil Soper, our President and CEO.

Toronto's Resale Housing Market

Experienced a strong second quarter, characterized by record-breaking activity and rising average house prices. Toronto's better than expected second quarter was defined by intense demand that was only barely met by inventory levels. Multiple offer situations occurred frequently on detached homes, resulting in decreased average listing periods from this time last year.

Toronto Real Estate Forecast

Looking ahead to the end of the year, the housing market is expected to continue to enjoy strong, yet slightly slower activity, accompanied by modest rates of price appreciation. An unseasonable spike in activity may occur in the fall as some buyers react to the city-proposed increase in land transfer taxes for the area, jumping into the market before the proposed taxes are to go into effect.

Average GTA House Prices

Home Type                   Q2 2007        Q2 2006    % Change
--------------------------------------------------------------
Detached Bungalows 398,647 376,223 6.0%
Standard Two Storey 517,659 474,766 9.0%
Standard Condominium 274,262 256,178 7.1%

These numbers are based on an average of all sub-markets examined in the area:

  • Beach District
  • Bloor West Village
  • Brampton/Bramalea
  • Burlington
  • Cabbagetown
  • Don Mills
  • Downsview
  • Etobicoke (Islington/Kingsway, North Etobicoke, South Etobicoke)
  • Forest Hill
  • High Park
  • Leaside
  • Markham
  • Meadowvale/Streetsville
  • Midtown Toronto
  • Mississauga
  • Moore Park
  • North Toronto
  • Oakville
  • Richmond Hill
  • Riverdale
  • Rosedale
  • Scarborough (Agincourt, Central, West Hill)
  • The Annex
  • Thornhill
  • Unionville
  • Waterfront
  • Woodbridge

Canada's Housing Market

Forecast to perform strong and steady through 2007, with astounding momentum from solid 2nd quarter. Average house prices set to rise by 9.5 per cent nationally.

A final printable version of the second quarter 2007 survey for all Canadian markets will be available on August 15, 2007. Feel free to contact me to request your copy.