August 19, 2008

“We’re continuing to see consistent levels with respect to sales volumes and prices,” said Ms. O’Neill. “While the numbers are more conservative than those in recent years, the stability we’re experiencing should help sustain consumer confidence as we move into the fall market.”

With 3,019 transactions in the GTA during the first half of the month, sales were down 13 per cent compared to the 3,480 sales recorded at mid-August last year, and off eight per cent compared to the 3,290 sales recorded during the same period in 2006.

In the City of Toronto, 1,192 transactions were recorded, down 15 per cent from the 1,411 sales that took place in the first half of August 2007, and off six per cent compared to the 1,269 sales that occurred in the same timeframe two years ago.

“While 2007 was a record year, it is still worthwhile to note that sales in the City of Toronto increased 11 per cent between mid-August 2006 and mid-August 2007, before the Toronto Land Transfer Tax went into effect,” said Ms. O’Neill.

In the 905 Region there were 1,827 sales to mid-month, down 12 per cent from the 2,069 transactions that took place in the same period a year ago, and off 10 per cent from the 2,021 sales recorded in the first two weeks of August 2006.

Prices meanwhile, increased compared to the same timeframe last year. The current average price in the GTA is $373,844, up five per cent from the mid-August 2007 figure of $354,088.

In the City of Toronto the average price is currently $394,563, up seven per cent from the $370,037 figure recorded a year ago.

In the 905 Region the average price is $360,325, up five per cent from the $343,210 recorded at mid-August 2007.

There are currently 26,128 active listings, up 28 per cent from the 20,365 properties available for sale a year ago. This has resulted in homes remaining on the market for a slightly longer period of 35 days compared to 32 days last August.

Several GTA neighbourhoods however, experienced brisk sales throughout the first half of this month.

In Whitby (E15) transactions increased 12 per cent compared to the same period a year ago as a result of strong detached home sales.

Detached home sales also led Aurora (N06) to a 21 per cent increase in transactions.

Streetsville (W19) saw eight per cent more transactions driven by a significant increase in the sale of attached row houses.

In Downtown Toronto (C01) transactions increased six per cent compared to mid-August 2007 as a result of strong sales in all housing types.

“It’s encouraging to see strong activity levels in pockets throughout all four corners of the GTA.” Said Ms. O’Neill.

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Why agents will one day rule the real estate world

Karen is my travel agent.
Her services cost me $40.00 per flight.
Those services save my life. 

I email Karen my travel particulars.
Within the hour, she sends me an itinerary.
I approve, she books. Runs my card. Done. 

I have no interest in using the web for travel anymore.
It’s anything but empowering.
It’s not even fun.

Empowerment is delegating arduous tasks to a professional.
Someone who possess a core expertise in that which you are novice.
And produces results faster and better than you can.   

Spending time booking a hectic travel schedule is not empowering.
Zaps time better spent on other things.   
Playing Wii with the kids. Jogging. And after drink with my wife and wishing the moment could last forever.

Real estate.
I’m done searching for homes online.
It’s cumbersome, confusing and no longer fun. 

Search sites have now narrowed it down beyond simplicity.
With advanced search filters galore.
And maps with little blue markers

I struggle to get passionate about that.
Or believe that it is the best experience the web can provide.
Or that it gets users any closer to what they really want.

Survey’s say consumers research for months prior to calling an agent.
Then, during a ten minute phone call, they tell that agent what they are really looking for.
A home with an artistic vibe to it. Close to a Montessori school. In a neighborhood where there are other kids.

And I wonder, why don’t we just do that from the onset.

How can a web search possibly find vibe?

I’m sure it could.
I guess all those Stanford grads who now decide how we simple folk search haven’t thought of it. 
But an agent can do it for us. Especially a good one.

One that knows the neighborhood.
And understands what “vibe” means.
And send us an itinerary of vibey homes by email within the hour.

These days, my sands of time are dissolving into the bottom half of the hourglass.
At 51, having been at the Internet thing since the 80’s, I appreciate the immense value it offers.
I also appreciate its limitations.

For the last decade, through the web, real estate handed the agent’s work over to the consumer.
It was cool for a while. Some say empowering 
But now, I think for me anyway, I’d like to hand it back to the agent.

Gladly.
I don’t want to do your job anymore.
I think, I am not alone.

You are the future of real estate.

I still believe in the web.
And there are some search sites I love.
And broker sites that help me source good agents.

They are the ones posting nice, quality pictures of their homes.
Posting them on the big national search sites.
Branding their efforts with their brokers

They are the ones who are making it easy for me to contact them.
Not through a form. Or some office number.
With a real email account. A cell number. A facebook link.

And live chat.

As for the 6% commission, I am at peace with that.
Especially in the wake of Exxon’s recent net profit report.
And the billions of bonus dollars all their execs will reap.

If my agent handles search, finds the right home or sells my home during a bad market, god bless them.
Here’s my check.
Thank you so very much for your service.

- Davison

Tags: realtor, real+estate+services

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TORONTO,

Prices remained stable throughout the GTA in July. At $371,427 the average price increased slightly more than one per cent from $366,012 recorded in July 2007 and nine per cent from the $342,034 figure of two years ago.

In the City of Toronto the average price of $395,342 increased less than one per cent from the July 2007 price of $395,044 and 10 per cent from the July 2006 figure of $360,409.

In the 905 Region the average price increased three per cent to $355,401 compared to the July 2007 figure of $345,967. This also represents an eight per cent increase from the July 2006 average of $329,644.

“Sales declined 12 per cent last month from the best-ever July 2007 record of 8,912 but increased 10 per cent from the 7,082 sales transacted in July 2006,” said Ms. O’Neill. “Comparing July 2007 with July 2006, sales increased by 26 per cent.”

In the City of Toronto 3,132 sales were recorded, down 14 per cent from July 2007’s 3,640 transactions but up 10 per cent from the 2,852 sales recorded two years ago in 2006. Comparing July 2007 with July 2006, a period before the Land Transfer tax went into effect in Toronto, sales increased 28 per cent.

In the 905 Region there were 4,674 transactions, down 11 per cent from July 2007’s 5,272 sales but up 10 per cent from the 4,230 sales recorded in July 2006. Comparing July 2007 with July 2006, sales increased 25 per cent.

From a year-to-date perspective, the GTA’s 51,249 sales in 2008 have declined 14 per cent from the 59,339 reached at this time a year ago.

Certain neighbourhoods throughout the GTA experienced increased sales activity in July.

In Whitby (E15) sales increased 22 per cent from July 2007, based on strong sales in most housing types.

Brampton East (W24) saw a 12 per cent increase, based primarily on semi-detached home sales.

Strong detached home sales drove Uxbridge (N16) to a 23 per cent increase compared to a year ago.

The Annex (C02) experienced a 29 per cent sales increase due to strong detached home and condominium apartment sales.

In addition to stable prices, the list to sale price ratio, at 98 per cent, remains unchanged from a year ago.

“While homeowners continue to see healthy returns, it is taking slightly longer to achieve a sale; the average time on market has increased to 33 days compared to 31 days a year ago,” said Ms. O’Neill. “This may be due to that fact that there is now more choice available to homebuyers; there are currently 26,543 active listings, a 28 per cent increase from a year ago.”

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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“The average price in the GTA during the first half of July was $379,072, which is a one per cent increase from the $374,254 recorded in the first two weeks of July 2007 and a nine per cent increase from $346,267 recorded during the same period in July 2006,” said Ms. O’Neill.

In the 416 area, the average price was $419,199, up one per cent from the $414,321 recorded during first half of July 2007 and up 14 per cent from the $367,541 recorded during the same period two years ago.

At $353,257 the 905 region’s average price was up two per cent from $345,741 recorded in the first half of July 2007 and up six per cent from $332,733 recorded during the same period in July 2006.

“Continued strength in house prices throughout the GTA indicates that consumers continue to recognize the value of real estate as a long-term investment,” said Ms. O’Neill.

Sales activity remained moderate in the first half of July, with 3,497 homes changing hands in the GTA. This is a decrease of 11 per cent from the 3,947 properties sold in the same period in 2007 but an eight per cent increase from the 3,251 transactions recorded in the first two weeks of July 2006. Sales in the first two weeks of July 2007 saw a 21 per cent increase from mid-July 2006.

In the 416 area there were 1,369 sales, down 17 per cent from the 1,641 recorded during the first two weeks of July 2007 but up eight per cent from the 1,264 sales recorded in the same period in July 2006. Before the Land Transfer Tax went into effect, sales increased 30 per cent in the first half of July 2007 compared to the same period in July 2006.

Sales in the 905 region came in at 2,128 in the first half of the month, down eight per cent from the 2,306 recorded during the same period last year but up seven per cent from the 1,987 sales recorded during the first half of July 2006. Sales in the first two weeks of July 2007 saw a 16 per cent increase over mid-July 2006.

Activity in certain areas increased in the first half of this month.

Bowmanville (E17) saw a 12 per cent overall increase in sales due to an increase in detached home transactions.

Brampton (W24) sales increased 18 per cent, driven primarily by a significant increase in semi-detached home transactions.

The Annex (C02) experienced a 70 per cent increase in sales largely due to an increase in detached home transactions.

“Although the number of available properties has increased 25 per cent compared to a year ago, from 21,777 to 27,317 listings, the number of days on market remains the same at 32, which is a positive sign,” said Ms. O’Neill.

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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These are all great initiatives. 

When I reviewed the Greening Greater Toronto report, I noticed one aspect of the greening that seems to go against some of the decisions that the Ajax council has made recently, like approving another 1500 homes for north Ajax.

The Greening Report looks at “sustainable land use and expanded green space.”  This group is hoping to reduce the dependence on personal vehicles and keep the trees.

I am curious to see how the new home developments that are sprouting up all over the Durham Region are going to keep Durham green.

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How long have you been in residential real estate sales? Is it your full-time job? (While experience is no guarantee of skill, real estate, like many other professions, is mostly learned on the job.) 

Reprinted from REALTOR^® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS^®

Copyright 2005. All rights reserved.                        www.REALTOR.org/realtormag           

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At a recent city council meeting, Mattamy Homes tried to speed up the approval process by asking Pickering city councillors to allow them to start grading for their new home subdivision in Seaton.

Denied.

It seems that Mattamy Homes asked to jump over a couple of planning by-laws in order to get a jump on building.  City council actually said “no” to a big developer. 

It is not that the development is not going to happen.  It will.  It looks like the council is trying to avoid any chaining of protesters to trees or bulldozers by making sure that all the papers are filed in the right order.

It looks good on you, council.

We will keep you posted.

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Here is what I found:

1. In South Pickering:
   – 4 condo apartments were for sale and none sold.
   – 10 condo townhouses were actively for sale and 4 sold with the average sale price of $231,700.
   – 2 linked homes (attached by the garage) were for sale and none sold.
   – 5 freehold townhomes were listed for sale and 1 sold.
   – 6 semi-detached were for sale and 6 of them sold with an average price of $232,000.  That’s a rare site to see everything sold.
   – 48 detached homes were for sale and 27 of them sold.  That’s a solid 56% sell through rate.  We only worry if it stays below 40% for a number of months.
2. In North Pickering:
   – 15 condo apartments were listed for sale and 14 sold.  Pretty good odds.
   – 49 condo townhouses were for sale and 16 sold for an average sale price of $208,000.
   – 6 linked homes were for sale and 2 sold.  Not a popular option in Pickering this month.
   – 32 freehold townhomes were listed and 15 of them sold for an average of $253,000.
   – 18 semi-detached were actively listed and 3 sold.
   – 199 detached homes were listed for sale and 60 of them sold for a sell through rate of 30% and an average price of $339,390.
3. In Ajax:  (let’s start at the top)
   – 344 detached homes were listed and 124 sold for an average price of $318,750.
   – 29 semi-detached were for sale and 9 of them sold for an average of $255,500.
   – 53 freehold townhomes were actively listed and 22 of them sold.
   – 8 linked homes were for sale and 3 sold.
   – 31 condo townhomes were listed and 7 sold.
   – 3 detached condo were listed in south Ajax and one sold.
   – 17 condo apartments were for sale and 6 sold.

The days on market is holding steady at about 30 days giving buyers the chance to be sure of their decisions.

Want the magnifying glass to deeper and find out about your neighbourhood, I can give you what you need.

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July 4, 2008 — The trend toward more balanced market conditions continued in June with 8,600 properties changing hands, Toronto Real Estate Board President Maureen O’Neill announced today.

It is important to note that in this release you will also find market numbers specific to the resale housing activity in 2006 and 2007. This comparison is provided to help present a more accurate perspective of the resale housing market of 2008.

At $395,866, the Greater Toronto Area average price for last month increased by four per cent compared to June 2007 when it was $381,963. The City of Toronto’s average price of $433,082 last month increased three per cent from $421,139 in June 2007. In the 905 Region, last month’s average was $370,559, an increase of four per cent, from $355,240 in June 2007.

In the first two quarters of 2008, the average GTA price increased four per cent to $390,054 from $373,719 during the same time period in 2007, and up 9 per cent from the $356,977 recorded in the same period in 2006.

In the City of Toronto, the average price in 2008 increased four per cent to $427,198 from $411,530 in 2007, and up 10 per cent from $389,313 during the same period in 2006. In the 905 Region the increase was five per cent to $365,536 from $347,852 a year ago, up 9 per cent from
$334,220 in 2006.

“Although June 2008 sales in the Greater Toronto Area (GTA) have declined 18 per cent to 8,600 from the June 2007 total of 10,451, June 2007 was the best performance ever for that month,” said Ms. O’Neill.

“This year we’re seeing a return to calmer conditions but the market remains healthy. When compared to the 8,730 transactions in June 2006, GTA sales activity in June 2008 decreased by only one per cent.” Record month June 2007 saw a 20 per cent increase over June 2006.

In the City of Toronto there were 3,481 transactions last month, a decline of 18 per cent from June 2007 with 4,238 sales but down 4 per cent over the 3,641 transactions in June 2006. When you compare record month June 2007 with June 2006, a period before the Toronto Land Transfer Tax went into effect, sales increased 16 per cent.

The 905 Region experienced an equivalent decline of 18 per cent, with 5,119 sales last month compared to 6,213 transactions in June 2007 but a one per cent increase over the 5089 properties sold in June 2006. When you compare record month June 2007 with June 2006, sales in the 905 Region increased by 22 per cent.

In the first two quarters of 2008, GTA sales declined 14 per cent to 43,685 transactions from 50,648 during the same time a year ago and down five per cent from the 45,797 recorded in the same period in 2006. When you compare the first two quarters of 2007 with the same period in 2006, GTA sales increased by 11 per cent.

In the City of Toronto, sales for the first two quarters declined 15 per cent to 17,370 from 20,574 in 2007 and down 8 per cent from 18,917 in 2006. In the 905 Region sales declined 12 per cent to 26,315 from 30,074 in 2007 and down 2 per cent from 26,880 in 2006. However, when you compare the first two quarters of 2007 with the same period in 2006, sales increased by 9 per cent in the City of Toronto and by 12 per cent in the 905 Region.

“The increase in listings we have seen in recent months has resulted in a slightly longer period during which homes are on the market, from 29 days a year ago to 34 days currently,” said Ms. O’Neill. “This has given buyers and sellers a little more time to make well-considered decisions.”

In certain pockets however, the pace of sales remained brisk this June. Brooklin (E19) experienced a 35 per cent increase in overall sales based on strong detached home transactions.

Burlington (W25) saw a 65 per cent increase in activity, driven by detached home transactions and even more robust attached/row house sales.
In Downtown East (C08), activity was up four per cent due to attached/row house and condominium apartment sales.

“We expect to see balanced market conditions continue in the coming months,” said Ms. O’Neill. “When you look at it from a long-term perspective real estate invariably provides stable returns.”

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Home owners and landlords, if they meet the criteria for application, can receive up to $3500 in a forgivable loan to adapt the living environment for a senior living there.  You don’t have to re-pay the loan, as long as you meet the conditions of the loan.  The senior must be a permanent resident there for at least six months.

Interested in finding out more information, check it out at the CMHC web site.

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