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TREB mid-April existing-home sales figures wash away fears of Toronto real estate collapse and prove 'doomsayers' wrong. It was nasty winter weather and recently introduced Toronto Municipal Land Transfer Tax (LTT) that kept both buyers & sellers on the fence and contributed to the sluggish first quarter.

GTA Real Estate Market Heating up: Top Performing Neighbourhoods this Spring

• Willowdale (C07) saw a 75 per cent overall increase in transactions, driven by strong, detached, condo-apartment, and condo-townhouse sales.
• In Vaughan/Thornhill (N02), transactions increased by 53 per cent compared to mid-April 2007, as a result of strong detached home sales.
• Strong detached home sales also drove Brampton East (W24) to 37 per cent compared to the same timeframe a year ago.
• In Riverdale (E01) transactions are up 10 per cent, also as a result of strong detached home sales.

Greater Toronto Area Home Prices have Risen 7%

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A strong performance within TREB's Central districts drove the Toronto area real estate market to a healthy 5,073 sales in January, off just two per cent from last year's record performance, Toronto Real Estate Board President Maureen O'Neill announced yesterday.

While sales were strong, price increases remained modest, with the average rising six per cent (compared to January 2007) to $374,449. There is clearly still a place for the first-time home buyer in today's resale market, said Ms. O'Neill.

The strongest activity last month took place in Toronto's Central and East MLS districts:

Sales of existing homes in Greater Toronto Area set an annual record early!

TREB, November 19, 2007 -- 2007 has already become the best year on record for resale homes in the Greater Toronto Area. 84,994 properties have changed hands, as compared to 84,145 sales in 2005, our previous best year, Toronto Real Estate Board (TREB) President Maureen O’Neill announced today. "All of the economic conditions remain in place for a strong housing market in the GTA. The unemployment rate fell by approximately half a percent last month, Statistics Canada anticipates sustained immigration throughout the next decade and mortgage rates remain historically low," said Ms. O’Neill. "Toronto is a very vibrant city in which to live and compared to other urban centres like New York, Los Angeles and London, our housing is very affordable."

Toronto Star, November 20, 2007 -- "Generally speaking, it's odd to see a real estate cycle last this long," says Ted Tsiakopoulos, Ontario regional economist for the Canada Mortgage and Housing Corp. "It seems we've reached a new paradigm where low interest rates, low inflation and a steady job market have kept this going a while longer than most people thought." Other factors at play in 2007 include the introduction of longer-term amortizations in the market, which has allowed new buyers to get a foot in the door, and higher new-home prices that have pushed people back into the resale market, says Tsiakopoulos.

November GTA Home Sales Highlights

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:

Toronto Real Estate Board's Market Watch for October 2006 provides the latest statistical data from TREB:

As prices rose, sales continued at a more normalized pace, with 6,622 transactions of single-family dwellings sold through the TMLS system. "While down from the 7,326 sales recorded in September of 2005, last month was still the 3rd best September performance ever recorded," said Mrs. Mason. "Toronto's autumn market remains solid and strong, and by year-end our final sales numbers will exceed 80,000 transactions.
Breaking down the total, 2,552 sales were reported in TREB’s 28 West districts and averaged $331,006; 1,166 sales were reported in the 14 Central districts and averaged $443,881; 1,312 sales were reported in the 23 North districts and averaged $386,360; and 1,592 sales were reported in TREB’s 21 East districts and averaged $278,154.

CNW Group (TORONTO, Sept. 18): "The resale housing market in the Toronto Area performed solidly in the first half of September, Toronto Real Estate Board President Dorothy Mason announced today... There is a good balance in the market," Mrs. Mason said. "Prices have risen but an increase in active listings is helping to avoid rapid price escalation. This benefits the market by maintaining affordability. It's an excellent time to be in the housing market."