C02

Submitted by Jasmina on Mon, 2008-05-26 23:06.

Past weeks were unbelievably busy for me and I didn't have time to post some great news about Richmond Hill Real Estate Market and just released Scotiabank Real Estate Forecast for Canada:

(1) Real Estate Outlook: No Major Correction in Canada's Housing Market

The latest Real Estate Trends Report issued by The Bank of Nova Scotia explains why the market has a more stable base than it did prior to the crashes of the 70s and 80s. Adrienne Warren, senior economist at Scotiabank, said there are a variety of reasons for confidence in the continued health of the housing market:

  1. Unlike in the US, home prices in Canada are not substantially overvalued
  2. Speculative home buying is not widespread
  3. The real estate market is not overbuilt
  4. Households are not over-leveraged and
  5. Overall mortgage quality is still sound.

Still, the 10 per cent average annual increase in home prices over the past half decade was unsustainable, and a return to more historical norms is a welcome development, she said. "We predict a soft landing for the Canadian housing market, with somewhat lower sales and construction, and a period of relatively flat inflation-adjusted home prices... We expect overall sales volumes in 2008 to total about 15% below last year’s record levels, and home prices to increase on average by about 5%," Ms. Warren said.

The past decade has been one of the best on record for residential real estate in the Toronto area. Housing boom is ending, but there is no bubble to burst in The Greater Toronto Area real estate market.

(2) Toronto Real Estate Board: GTA Resale Housing Market Highlights

Greater Toronto Area neighbourhoods that experienced heightened activity during the first half of May are:


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Submitted by Jasmina on Fri, 2007-08-03 12:55.

Single-detached average price in excess of $500,000

in close to half Toronto Real Estate Board's MLS districts! Unprecedented demand for single-detached homes along the Yonge Street corridor prompted double-digit price increases in the GTA's top performing neighbourhoods in the first six months of 2007, finds new Re/Max report. "To date, 51 per cent of districts reported double-digit sales gains for detached homes and 44 per cent for condominiums. It's been another banner year for real estate, and it's far from over" says Michael Polzler.

Detached Houses

Demand is particularly evident in the central core - from Bloor St. north to Highway 7 - where average price ranges from $565,000 to well over a million. In fact, nearly 60 per cent of 'C' districts reported double-digit increases in unit sales for the first half of the year." Last year at this time, appreciation had slowed in the central core as the average price approached $830,000. Buyers were investigating more affordable alternatives east, north, and west of the city centre. This year, despite an average closer to $875,000, demand for properties is at an all-time high in the district and a limited supply of product has purchasers vying for homeownership. In June, four central districts (C02, C10, C11 and C15) reported a sales-to-listings ratio above 100 per cent. Multiple offers remain commonplace on quality, well-priced product, with detached homes selling for 100 per cent of list price or more in all but one central district in June.

Top five Toronto Real Estate Board (TREB) Districts by Average Price Appreciation are:


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