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 the 'Whitby' Category
Market More Balanced in June
July 7th, 2010 Categories: Ajax, Oshawa, Pickering, Pickering Village, Real Estate News, Whitby
July 6, 2010 — Greater Toronto REALTORS® reported 8,442 sales through the Multiple Listing Service® (MLS®) in June. This represented a 23 per cent decrease compared to the record 10,955 sales reported in June 2009. Sales for the second quarter of 2010 amounted to 28,810 – up one per cent annually. Year-to-date sales through June were up 23 per cent to 50,455 compared to the first six months of 2009.
“We experienced a record number of existing home sales during the first half of 2010, but these sales were weighted more towards the beginning of the year,” said Toronto Real Estate Board President Bill Johnston. “The pace of home sales has moderated from record levels over the past two months with the prospect of higher mortgage rates.”
The average price for June transactions was $435,034 – up eight per cent compared to the average of $403,972 recorded for June 2009.
“With more homes to choose from in the second quarter, many home buyers have been making less-aggressive offers. This has resulted in less upward pressure on the average selling price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The annual rate of average price growth in the second half of 2010 will be in the single digits.”
Median Price
In June, the median price was $367,750, from the $345,000 recorded during June of 2009.
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GTA REALTORS® Report Mid-Month Resale Housing Figures
June 17th, 2010 Categories: Ajax, Pickering, Pickering Village, Real Estate News, Whitby
TORONTO, JUNE 16, 2010 ‐ Greater Toronto REALTORS® reported 4,139 sales through the Multiple Listing Service® (MLS®) during the first two weeks of June 2010. This represented a 20 per cent decrease compared to the 5,185 sales recorded during the same period in 2009. New listings increased by 21 per cent annually to 7,985.
“The pace of existing home sales in the GTA has slowed to more normal levels following a record-setting start to 2010,” said Toronto Real Estate Board President Tom Lebour.
“Due to higher mortgage carrying costs, sales in the second half of 2010 will not be as high as what was experienced during the last six months of 2009.”
The average price for June mid-month transactions was $437,039 – up seven per cent compared to the average of $407,716 recorded during the first 14 days of June 2009.
“The seller’s market conditions experienced during the first few months of the year have given way to more balanced conditions. Home buyers are experiencing more choice,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “With more choice in the market place, price growth is starting to slow.”
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 30,000 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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Greater Toronto REALTORS® report Mid-April Resale Market Figures
April 16th, 2010 Categories: Ajax, Oshawa, Pickering, Pickering Village, Real Estate News, Whitby
TORONTO, April 16, 2010 – Greater Toronto REALTORS® reported 4,601 sales through the Multiple Listing Service® (MLS®) during the first two weeks of April.
This represented a 25 per cent increase compared to the 3,681 sales recorded during the same period in 2009. New listings increased by 48 per cent annually to 9,512.
“The fact that annual growth in new listings outstripped growth in sales suggests that the GTA existing home market is becoming better supplied,” said Toronto Real Estate Board President Tom Lebour. “Home owners are reacting to strong sales and price growth by listing their homes in greater numbers. They are confident they will receive offers in line with their asking price.”
The average price for April mid-month transactions was $430,271 – up 12 per cent compared to the average of $383,361 recorded during the first 14 days of April 2009.
“The average annual rate of price increase has declined and we are shortly going to see a return to sustainable single-digit rates of growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “As home buyers experience more choice in the marketplace, there will be less upward pressure on the average selling price in the GTA.”
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GTA Realtors Reporting March Mid-Month Housing Statistics
March 18th, 2010 Categories: Ajax, Oshawa, Pickering, Pickering Village, Real Estate News, Whitby
Toronto, march 17, 2010 - Greater Toronto Realtors reported 4,353 sales through the Multiple Listing Service (MLS) during the first two weeks of March.
This represented a seventy percent increase compared to the 2, 562 sales recorded during the same period in 2009 when resale transactions had dipped markedly due to the recession. The mid-month sales total was also sixteen percent higher than the previous march mid-month high reached in 2006.
“The spring-like weather in the first half of March brought the first green sprouts of the recurring spring market. Every year, monthly sales climb steadily through May,” said the Toronto Real Estate Board President, Tom Lebour. “People are buying homes because they are confident in the current economic recovery and mortgage payments on the average priced home remain affordable.”
the average price for march mid-month transactions are $440, 153 - a twenty percent increase over 2009. New listings within the Toronto Real Estate Board boundaries were up thirty-four percent to 8,540.
“Look for double digit annual price increases to cease later in 2010, as new listings rebound from the low levels experienced in 2009,” said Jason mercer, TREB’s Senior Manager of Market Analysis. “Increased listings will give buyers more choice, resulting in less upward pressure on home prices.”
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GTA REALTORS® Report February Resale Housing Market Figures
March 4th, 2010 Categories: Ajax, Durham Region, Oshawa, Pickering, Pickering Village, Real Estate News, Whitby
March 3, 2010 — Greater Toronto REALTORS® reported 7,291 sales through the Multiple Listing Service® (MLS®) in February, representing a 77 per cent increase over February 2009. The average price for these transactions was up 19 per cent year-over-year to $431,509. Sales and average price increases represent both increased demand for ownership housing and the base year effect, which involves a comparison of economic recovery this year to a period of economic decline last year.
“Increases in existing home sales and average price were noted across the GTA in low-rise and high-rise home types. Similar rates of growth were experienced in the City of Toronto and surrounding 905 regions,” said TREB President Tom Lebour. “This suggests that first time, move-up and down sizing buyers are all active in the existing home marketplace.”
New listings also increased in February, climbing 24 per cent compared to the same month last year.
“Annual growth in new listings is expected to continue. New listings growth will start to outstrip sales growth as we move through 2010,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “As the market becomes better supplied, we will see more sustainable single-digit rates of price growth.”
Median Price
In February, the median price was $366,300, from the $312,900 recorded during February of 2009.
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GTA Realtors Report January Resale Housing Market Figures
February 5th, 2010 Categories: Ajax, Pickering, Pickering Village, Real Estate News, Whitby
TORONTO, February 3, 2010 — Greater Toronto REALTORS® reported 4,986 transactions through the Multiple Listing Service (MLS®) in January 2010. This result represented a large increase over the 2,670 sales in January 2009 when the home sales were in a recessionary trough. Last month’s sales were slightly higher than the January average in the five years preceding 2009.
“The GTA housing market has rebounded well from the lows in sales experienced at the beginning of 2009. Sales climbed back to healthy levels across the GTA because the cost of home ownership remained affordable in the Toronto area,” said TREB President Tom Lebour. “Increasingly confident consumers moved to take advantage of affordable home ownership.”
The average home selling price in January 2010 climbed 19 per cent to $409,058, compared to 343,632 in the same month last year.
“Expect strong annual growth rates for existing home sales and average price through the first quarter as we continue to make comparisons to the weak market conditions at the beginning of 2009,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The rate of sales and price growth will be lower in the second half of 2010.”
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 29,000 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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GTA Realtors Reporting January Mid-Month Housing Statistics
January 19th, 2010 Categories: Ajax, Oshawa, Pickering, Pickering Village, Real Estate News, Whitby
Toronto, January 18, 2010 - Greater Toronto Realtors reported 1,749 existing h0me sales on the Multiple Listing Service (MLS) during the first two weeks of January. This result was almost double the 888 sales reported for the same period in 2009, when sales had dipped to a recessionary low.
“We have had a strong start to 2010,” said Toronto Real Estate Board President Tom Lebour. “Widespread sales growth in terms of geography and housing type indicates that many households remain confident in their ability to purchase and pay for a home over the long term.”
The average price for transactions in the first two weeks of January was $395,307, compared to an average $332,495 for the same period in 2009.
“Double-digit average annual price growth will continue through the first quarter of 2010 as sales remain high relative to listings and we continue to make comparisons to last year’s winter downturn,” said Jason Percer, TREB’s Senior Manager of Market Analysis.
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Summary of January Sales and Average Price |
||||
| January |
||||
| 2010 |
2009 |
|||
| Sales |
Average Price |
Sales |
Average Price |
|
| City of Toronto |
708 |
$401,120 |
369 |
$350,835 |
| Rest of GTA |
1,041 |
$391,353 |
519 |
$319,455 |
| GTA |
1,749 |
$395,307 |
888 |
$332,495 |
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TREB: Signs of recovery? More listings in 2010
January 11th, 2010 Categories: Ajax, Pickering, Pickering Village, Real Estate News, Whitby
As seen in the National Post:
January 9, 2009 — I would like to take this opportunity to wish you all a Happy New Year. We have just crossed the threshold into 2010 and I think it is important to look back on the events that impacted the GTA housing market in 2009 and also consider what the future holds.
Last Thursday, the Toronto Real Estate Board (TREB) released MLS® figures for December resale home transactions in the GTA. There were 5,541 total transactions, with an average price of $411,931. The December results capped off what turned out to be a very impressive year. Sales increased 17 per cent annually to 87,308 – the second highest level of sales under the current TREB boundaries (the record of 93,193 was reached in 2007). Average price for the year climbed to $395,460 – a four per cent increase over 2008. However, simply looking at these numbers on their own masks the interesting ride we took over the last year.
In the first quarter of 2009, Canada was in a recession and existing home sales and prices suffered. In fact, sales had been dropping throughout 2008. According to Jason Mercer, TREB’s Senior Manager of Market Analysis, the balance of the housing downturn in the GTA actually took place in 2008:
“The housing market was and is a leading indicator of changing economic conditions. As we moved through 2008, Canadian consumers were hearing more and more bad news regarding the deteriorating state of the US economy and the problems this would pose for Canada. Households, unsure of what the future would hold in terms of employment and income, put their home purchasing plans on hold well in advance of reported GDP and employment declines. Essentially, downward trending home sales reflected eroding consumer confidence,” said Mercer.
With this back-drop, many people were surprised to see a strong rebound in resale housing demand commence in the late spring of 2009 when unemployment was still rising. Mercer further suggests that the quick recovery made a lot of sense and, in fact, was a key driver to broader economic recovery:
“The Bank of Canada reduced interest rates to record lows in response to the economic downturn. This monetary stimulus had the desired effect. Households that were confident in their employment situation moved quickly to take advantage of the affordable housing market in the GTA. The spin-off consumer spending on housing-related items like furniture, home improvement products and renovation services certainly helped economic recovery,” continued Mercer.
With broader economic recovery seemingly in place, what will the future hold for residential real estate in 2010? I asked Jason Mercer to comment both on the short-term and the long-term prospects in the Toronto area. Here is what he had to say: “The big story in 2010 will be listings. Homes available for sale were in short supply during much of 2009. As home owners react to strong sales and price increases seen in 2009, listings will increase over the next year. With more choice in the market, annual average price growth should moderate into the single digits,” said Mercer.
“Long-term prospects remain positive. Sustained demand for ownership housing is based on population growth, which in Canada comes from immigration. The GTA remains Canada’s single greatest beneficiary of immigration. With Toronto’s ethnic, cultural and labour market diversity, this should continue. Many newcomers will eventually find their way into the home ownership market, helping sustain long-term growth in sales and prices,” continued Mercer.
I know we will all be watching the economic situation closely in the coming year, including changes in the housing market. I look forward to discussing housing market trends with you throughout 2010.
Tom Lebour is President of the Toronto Real Estate Board, a professional association that represents 28,000 REALTORS® in the Greater Toronto Area.
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Canadian housing markets buck recession and trend upwards, says RE/MAX
September 24th, 2009 Categories: Ajax, Durham Region, Oshawa, Pickering, Pickering Village, Real Estate News, Whitby
Mississauga, Ontario (September 24, 2009) - With the worst of the recession over, residential real estate markets in major Canadian centres are poised for growth in the final quarter of 2009, according to a report released today by RE/MAX.
The RE/MAX Bricks and Mortar Report found the bounce back that began in early Spring has made this recession one of the shortest on record for real estate. Low interest rates, pent-up demand, and improved affordability levels have all played a role in the recovery now well-underway. Percentage increases in sales from January to August 2009 were led by Vancouver, (up a substantial 14 per cent to 23,158), Victoria (up 7.4 per cent to 5,266), Edmonton (up 6.2 per cent to 13,691), Regina (up five per cent to 2,597), Ottawa (up 2.4 per cent to 10,830) and Toronto (up 1.8 per cent to 58,421). Housing values are already ahead of record-breaking 2008 levels in seven of the 11 markets surveyed, including Newfoundland-Labrador (18.1 per cent year to $203,584), Regina (6.4 per cent to $244,088), Halifax-Dartmouth (3.5 per cent to $239,633), Winnipeg (3.5 per cent to $207,006), Ottawa (3.3 per cent to $301,684), and Toronto (up 0.3 per cent to $385,978). Nationally, average price hovers at $312,585, up 0.5 per cent over one year ago.
“Markets are heating up across the country,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. “Purchasers are clearly taking advantage of affordable prices and rock bottom interest rates. Those who missed the boat in years past have found that sitting on the sidelines can be a costly move. Prices are on the upswing and inventory levels are tightening, so the push toward homeownership is expected to continue throughout the Fall and possibly into early 2010.”
For complete press release, chick here.
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Sales Break 8,000 in April
May 7th, 2009 Categories: Ajax, Durham Region, Oshawa, Pickering, Pickering Village, Real Estate News, Selling real estate, Whitby
TORONTO - May 6, 2009 — In April 2009, Greater Toronto REALTORS® reported 8,107 sales – down seven per cent from April 2008. While April sales remained lower than last year, the housing market gained momentum on a month-over-month basis. The seasonally adjusted annual rate of sales in April, at 80,900, was up 26 per cent from March and up two-thirds compared to January’s ten-year low.1
“Conditions in the resale housing market have improved markedly this Spring,” according to TREB President Maureen O’Neill. “Home purchases have increased as households have taken advantage of low interest rates and slightly lower home prices.”
The average price for April transactions was $385,641 – down three per cent from last year.
“The rate of average price decline continued to diminish last month. This is due in large part to a tightening in the resale market,” stated Jason Mercer, TREB’s Senior Manager of Market Analysis. “The level of sales relative to new listings increased in April.”
1Seasonally adjusting TREB MLS® data removes recurring seasonal trends observed each year. For example, MLS® sales are highest in late spring each year and lowest in the winter months. Removing the recurring seasonality, allows for the analysis of a meaningful trend reflecting actual changes in market conditions. By multiplying the monthly seasonally-adjusted figure by 12, creating an annual rate, we can compare how the current month relates to historical annual figures.
Median Price
The median price in April was $330,000 from the $334,950 recorded in April of 2008.
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