Toronto Real Estate Board: Willowdale, Vaughan, Thornhill Home Sales were up over 50%

Submitted by Jasmina on Tue, 2008-04-29 14:49.

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

    Toronto Housing Market Heating Up 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%

compared to the same timeframe last year, to an average of $399,117:

  • In the City of Toronto the average stands at $454,211 up 10 per cent over mid-April 2007.
  • The 905 Region has seen a 6 per cent increase compared to a year ago, with a current average price of $364,939.

GTA Resale Housing Market within 5% of mid-April 2007

The Greater Toronto Area resale housing market saw 3,955 homes change hands in the first half of April, down 5 per cent from the same time period last year, Toronto Real Estate Board President Maureen O'Neill announced:

  • In the City of Toronto sales are down 11 per cent compared to a year ago, with 1,514 transactions taking place.
  • In the 905 suburbs, sales are down just over 1 per cent to 2,441 for mid-month April 2008 from 2,477 sales mid-month April 2007.

Toronto Area Real Estate Market Indicators

"April's numbers point to a stable, healthy market for the Greater Toronto Area this spring. However TREB still remains wary of the Land Transfer Tax in Toronto," said Ms. O’Neill:

  • The number of listings on the market is one per cent greater than last year with current inventory sitting at 22,985. This indicates that inventory is on the rise.
  • The positive news is homeowners are selling their homes with an average of 28 Days on Market compared to 30 a year ago. The slight increase in inventory levels and house prices are encouraging factors.
  • "We're also seeing sellers achieve on average 99 per cent of their asking price, which is one per cent higher than a year ago," said Ms. O'Neill.

GTA Resale Housing Market Outlook 2008

Our old predictions for Toronto Real Estate Market in 2008 now prove to be true:

  • On April 22, 2008, The Bank of Canada lowered overnight interest rate by half a percentage point, to 3 per cent to shield Canada from the effects of a sharp slowdown in the U.S. economy. This will boost Spring real estate market in The Greater Toronto Area as every small decrease in interest rates brings savings to home buyers. With real estate prices continuing to climb this year, every little bit will help buyers afford their new home.
  • Will Dunning, one of the most respected housing analysts in Canada, writes in his latest April 2008 Housing Market Digest: "Although the 2007 record won’t be repeated, 2008 should be a good year - continued strong job creation is very encouraging."