Frank Steinhausen, Broker
FSteinhausen@REMAX.net
RE/MAX Rouge River Realty Ltd., Brokerage
Phone 905-428-6533
Fax 905-668-1850
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Archive for November, 2008
Greater Toronto Resale Housing at 2,000 Sales in Mid-November
November 21st, 2008 Categories: Ajax, Pickering, Pickering Village, Real Estate News
TORONTO, November 19, 2008 – Greater Toronto REALTORS® recorded 
1,991 resale transactions during the first half of November 2008 from 3,544 sales recorded during the same period a year ago, Toronto Real Estate Board President Maureen O’Neill announced today.
The Greater Toronto Area year-to-date figures show 70,474 sales in 2008 from 84,994 recorded during the same period in 2007. The year-to-date average price was recorded at $380,470 in 2008 from $374,678 in 2007.
In the 416 area, 830 homes changed hands in the first two weeks of November from 1,643 transactions recorded during the same time frame a year ago. The year-to-date figures show 28,126 compared to 35,045 recorded in 2007.
In the 905 Region there were 1,161 sales during the first half of the month from the 1,901 transactions recorded at mid-November 2007. The year-to-date figures show 42,348 compared to 49,949 recorded in 2007.
It’s particularly important to interpret the 416 area statistics in context given the market surge we saw a year ago when buyers moved to avoid the new Toronto Land Transfer Tax,” said Ms. O’Neill. “At mid- month a year ago, transactions in the 416 area had increased 24 per cent over the same period in 2006.”
In the first two weeks of November 2008, the average price of a home in the GTA was $375,712 compared to $393,084 recorded a year ago.
In the 416 area, homes are currently selling for an average of $400,305 from the $432,972 average recorded during the same time period in 2007. An average price of $383,029 was recorded in the first two weeks of November 2006.
In the 905 Region the average price is currently $358,130 from $358,610 recorded a year ago. During the
first half of November 2006 the average price was recorded at $336,576.
“As an investment, a home not only offers shelter and an environment in which life’s most important moments are shared, but also offers financial appreciation in the long term, said Ms. O’Neill.”
Currently there are 27,562 homes listed for sale on the TorontoMLS system compared to a year ago when 20,173 properties were available. As such, the average time homes are remaining on the market is 41 days from 31 days in 2007. Sellers are currently achieving 97 per cent of their list price.
Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Serving over 28,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board. Greater Toronto Area open house listings are now available on www.TorontoRealEstateBoard.com.
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Housing market in the Greater Toronto Area
November 19th, 2008 Categories: Ajax, Pickering, Pickering Village, Real Estate News
Toronto Real Estate Board stats for October created some heated dialogue in the industry in recent weeks. While many believe that the dismal statistics reflect the recent volatility in financial markets, some are now asking if they also identify an emerging trend in the Greater Toronto Area.
The simple answer is no. Although there are some serious negative factors influencing the marketplace, one month does not make a market. We need several consecutive months of momentum one way or another before we can really determine the direction of the market.
Make no mistake. 2008 has presented our industry with challenges across the board. Unit sales are down 16 per cent from one year ago, hovering at approximately 70,000, while average price at $380,654 is up marginally over year-to-date figures for the same period in 2007. And the prognosis will get worse before it gets better, considering the new land transfer tax rate implemented in January, 2008 artificially inflated housing values during the fourth quarter of 2007. Average price hovered close to $400,000 in October, November, and December of last year which will be the measuring stick in the months ahead.
Clearly, market conditions have shifted in favour of the buyer. There are more homes listed for sale than one year ago and houses are taking longer to sell. Our forecast for 2008 released in October of 2007 said as much.
Sellers are adjusting to new market realities albeit reluctantly while buyers are taking it all in. Some are sitting on the fence, waiting for housing values to fall further or interest rates to decline a percentage point or two more. The courageous are jumping into the market, taking advantage of lower prices, greater selection, and less competition.
For those that are trading in the same market, its all relative. Sellers may get less than they thought for their homes, but theyll also pay less on the other side of the transaction. With market conditions stabilizing, firsttime buyers now have the luxury of time in making their housing decisions. They also have greater purchasing power than they had one year ago and their dollar will go much farther.
Unlike other investment vehicles, residential real estate serves two purposes. Its still considered an investment, but it is also a roof over your head. We know from past experience that housing appreciates at a rate of five per cent annually. Its cyclical, so it may rise and fall, but the risk involved will never be as steep or as serious as in the stock market, where the value of your portfolio can drop 30 per cent overnight and some of your stocks can fall to 0. You also cant live in your mutual fund.
Real estate in the Greater Toronto Area has faced many challenges over the years but continued to experience steady growth. In 2009, there are some announcements that are expected to have a positive impact on the housing market and they are as follows:
- The Bank of Canada has indicted that lending rates may fall further in 2009.
- Federal government intervention in the form of a $75 billion mortgage purchase from the CMHC will free up additional credit.
- Measures will be introduced by both the Federal and Provincial government to bolster the economy. In Ontario, that could mean a bailout package for the ailing manufacturing sector.
- A lower Canadian dollar hovering at 85 cents American may provide a muchneeded boost to manufacturing.
- Job employment rates continue to hold steady in the GTA, despite upward momentum at the provincial level. The unemployment rate was 6.8 per cent in October, down from 6.9 per cent in September.
- Population in the GTA continues to grow through migration, with 60,000 plus households expected to form in 2009.
Last, but not least, we must remember that the Greater Toronto Area generates about 10 per cent of the countrys total wealth thats comparable to what New York, Chicago, Boston, and San Francisco make to the US economy. Theres no question that we are a worldclass city in a havenot province. We may be in for some challenges over the next six to nine month period, but we should see clear signs of recovery by late 2009. The good news is that lifecycle events will continue to occur, whether real estate is experiencing a bull or bear market.
Michael Polzler
Executive Vice President and Regional Director
RE/MAX Ontario-Atlantic Canada Inc.
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Won’t You Be My Neighbour
November 13th, 2008 Categories: Pickering
I am in the fortunate position that I get to pick my neighbours. I have been living in this neighbourhood for 15 years and love it. I have the golden opportunity to pick who I have live across the street from me.
Think you might pass the test?
There are only 2 small roads into this neighbourhood and it is bordered on one side by the Rouge River and the other by Petticoat Creek. We walk to the beach, to the cement pond at Petticoat Creek, and play tennis at Rosebank Public School. We can walk to Sunday brunch at Kathryn’s or a Saturday night drink at The Fox Goes Free. It is not very often that 5 bedroom homes on 75 foot lots come available.
Check it out. If you like what you see, call me and I will give you a private viewing. And see if we would be good neighbours.
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GTA Resale Housing Market Continues to Reflect Economic Times
November 6th, 2008 Categories: Ajax, Durham Region, Pickering, Pickering Village, Real Estate News
TORONTO, November 5, 2008 — The Greater Toronto Area resale housing market reported 5,155 sales in October, Toronto Real Estate Board President Maureen O’Neill announced today.
This represents a 35 per cent decline from the 7,915 sales reported in October 2007 and a 25 per cent decrease from the 6,876 transactions that took place during the same period two years ago.
In the City of Toronto, there were 2,136 sales, with sales activity down 38 per cent from the 3,455 transactions recorded last October.
In the 905 Region 3,019 sales were recorded, with sales activity down 32 per cent from a year ago when 4,460 homes changed hands.
With 68,570 transactions to date this year, sales are within 16 per cent of the 81,563 transactions noted a year ago. The 2007 market referred to was a record breaking year with each month breaking records for the entire year. Putting into perspective 2008 figures are indicative of a return to a more balanced market.
In the City of Toronto 27,324 sales year-to-date are within 18 per cent of the 33,441 transactions recorded last year at this time.
In the 905 Region the 41,246 sales to date are within 14 per cent of the 48,122 homes that changed hands up to this point a year ago.
In the City of Toronto, the current average price of a home is $376,896, down 13 per cent from last October’s average of $434,022 and within three per cent of the October 2006 average of $386,807.
In the 905 Region homes are selling for an average price of $336,049, a decline of eight per cent from October 2007’s average of $364,142. Prices in this area however, remain one per cent higher than the October 2006 average of $332,822.
“Earlier this year the International Monetary Fund undertook a study of housing markets in 17 countries and found that Canada was one of only two nations in which house prices are supported by the economy,” said Ms. O’Neill. “There’s no doubt that real estate will continue to be a solid long-term investment in our country.”
Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Serving over 28,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board. Greater Toronto Area open house listings are now available on www.TorontoRealEstateBoard.com.
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