This image was uploaded with the post York Region Real Estate: Major Mac/Bayview 3+1 Bedroom House for Sale.

This image was uploaded with the post Thornhill House for Rent at Bathurst & Rutherford, Vaughan.

The Greater Toronto Area (GTA) communities that experienced strong activity in the first half of June are:

• Richmond Hill South (N03) experienced strong detached home sales, which resulted in a five per cent increase from mid-June 2007.
• In Caledon (W28) detached home transactions led to a nine per cent increase in sales over the same period a year ago.
• Condominium apartment transactions also drove West Agincourt (E05) to a 24 per cent increase in sales compared to the same timeframe a year ago.
• In Riverdale (E01) transactions increased 28 per cent compared to the first half of June 2007 driven by strong condominium apartment sales.

Resale home prices continued their upward trend in the first half of this month

The Greater Toronto Area (GTA) average price is currently $398,542, up four per cent over the $384,576 average from the same timeframe a year ago and up 11 per cent from the $358,648 recorded at mid-June 2006.

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:

This image was uploaded with the post 4 Bedroom Townhome for Sale in Central Richmond Hill near Yonge Street and Major Mackenzie.

This image was uploaded with the post Stunning Custom Built 5+2 Bedroom Home for Sale in Bayview and 16th Area of Richmond Hill.