Richmond Hill Real Estate Listings & Homes for Sale - W07

Toronto Resale Homes Market: Fall 2007 Summary and 2008 Housing Market Forecast

Jasmina — Thu, 22 Nov 2007 22:37:07 -0700

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

Where are the Hottest Parts of Toronto's Housing Market this Summer?

Jasmina — Fri, 10 Aug 2007 17:59:46 -0600

TORONTO, August 3, 2007 -- Last month, the local resale market was 26 per cent more active than during the same time in 2006, TREB President Donald Bentley announced today:

Transactions in Richmond Hill (N04) increased 77 per cent over July 2006, due to a 100 per cent increase in Attached / Row-House sales and strong performances in most other house types.
A large increase in Condominium Apartment sales was responsible for a 40 per cent increase in total sales for North York (C14). There were 5,115 sales in the North York area (C04,C06,C07 and C12 through C15) during the first seven months of 2007, up 12 per cent over the 4,583 sales recorded during the same time-frame in '06. The average price came in at $488,663, a five per cent increase over last year.
Strong sales of Detached Homes and Condominium Apartments in the South Humber part of Etobicoke (W07) contributed to a 116 per cent increase in total transactions over the same time last year.
Home Buyers are flocking to live in Riverdale area (E01), which saw a 73-per-cent increase in sales from the previous July.

Toronto Real Estate Board: Average price in 2006 rose five per cent making home-ownership a sound investment

Jasmina — Sun, 07 Jan 2007 19:36:16 -0700

Year ends with a strong December

TORONTO, January 4, 2007 -- Resale housing activity in December increased by four per cent compared to the same month a year ago, Toronto Real Estate Board President Dorothy Mason announced today.

Year-over-year, the average price in 2006 rose five per cent over the $335,907 recorded in 2005 to $351,941. “This means that prices continue to outpace inflation, making home-ownership a sound investment in today's economy and invariably in the long term”.

“The market is on solid footing and is in excellent shape heading into 2007,” TREB’s President said. The winter season is an excellent time to be active in this healthy market, whether starting out as a first time buyer or making a move to a different home.”