market watch: Canadian Banks Cut Rates
- 10/08/08 09:01 AM
On the heels of the Bank of Canada's announcement to cut its key overnight rate by half a percentage point (50 points, or 0.5%) to 2.5%, the big Canadian banks are also cutting their prime rate to 4.5% -- a reduction of only 25 points, no longer following the central bank in lockstep fashion. I'm curious to see where more nimble lenders will be offering for residential mortgages. Prior to the central bank's move, the best residential variable rate (3 yr and 5 yr terms) was 4.15%. … (0 comments)
market watch: Renovation and Home Purchase Survey
- 05/22/08 08:55 AM
The Canada Mortgage and Housing Corporation has released the results of its 2007 Renovation and Home Purchase Survey. Across these 10 major centres, (estimated) renovation spending in 2007 was up $2 billion from the previous year, to $19.7B. That's an average of $12,800 per household! In Toronto, we see intentions for 2008 are down from last year. Of those households surveyed, 6% responded that they intended to purchase a home as their primary residence in 2008 -- that's a decline from the 9% surveyed last year who also stated their intent to buy a home. Similarly, the percentage of households intending … (1 comments)
market watch: Mid-May Market Status
- 05/21/08 05:25 AM
Mid-month numbers have been crunched and it's a mixed bag of news from the Toronto Real Estate Board, although one could argue that there's a positive spin to it. In the GTA, compared to the first half of May 2007, the first half of this month saw a 12% decline in the number of sales. However, strong prices (average price is up 6% from the same last year) may fuel optimism that the 2nd quarter will be an improvement over Q1 '08. (A breakdown of the 416 and 905 shows similar percentage declines and increases.) However, we're now seeing an 11% … (0 comments)
market watch: April Resales Activity "Moderate"
- 05/12/08 09:21 AM
Resales activity for April '08 was described as "moderate" by the Toronto Real Estate Board in its latest market report, but looking at the numbers, we see: number of transactions down 7% from April '07 overall in Toronto, the number of transactions was down 10% outside Toronto, the number of transactions was down only 5% The bright side is that this still being described as a seller's market because: prices are up 5 to 6% over the same period last year while listing inventory is up 7% from a year ago, days on market is shorter (27 vs 30) lastly, the … (0 comments)
market watch: April Resales: Hint At Decline
- 04/22/08 04:49 AM
Mid-month figures have been released and the numbers point to another consecutive month decline in the Greater Toronto Area -- and this time, the weather can't be blamed. First, the bad news: Overall, the GTA saw a 5% decline over the same period in April 2007.The 416 (Toronto) saw an 11% decline over the same period a year ago.While, the 905 (surrounding areas) saw a 1% decline over the same period a year ago.However, on the bright side (i.e., the obligatory "good news") is that: prices are up 7% overall from a year ago10% in the 4166% in the 905The sentiment is that … (0 comments)
market watch: Building Permits: Up or Down?
- 04/07/08 02:39 AM
Building permits (a dollar value measure of construction intention) was a mixed bag in Ontario for Feburary. While "net" building permits saw a 16% decline from January's numbers, this statistic is comprised of: residential building permits up 21.3%non-residential building permits down 44.9%Nationwide, Ontario led the decline (along with New Brunswick and Saskatchewan) offseting gains made elsewhere. Strong demand for new housing powered the gain but wasn't enough to offset the drop in non-residential building permits (institutional, commercial, and industrial). Of the 15 census metropolitan areas in Ontario, only Hamilton and Barrie posted gains in non-residential building permits. (Toronto, Ottawa, and London led decliners.) StatsCan identified a … (0 comments)
market watch: GTA Resales in March Down Sharply
- 04/06/08 02:18 AM
Well, the numbers are in and at first glance, it looks gloomy. The Toronto Real Estate Board (TREB) reports that resale activity is down 22% (versus March 2007) in the GTA: -27% in Toronto, -18% in the surrounding "905". But let's frame this in the right context. Bad weather (resulting in inventory being down 8% from a year ago) and a likely spike in sales towards the end of 2007 (to avoid Toronto's new Land Transfer Tax) are both being blamed. However, while it is true that Canada is not the United States, our economies are linked. The credit crisis and economic slowdown … (1 comments)
market watch: GTA Resales Market Healthy Despite Weakness
- 03/05/08 01:53 AM
Compared to February 2007, last month's resales activity is reportedly down 11% overall (14% in Toronto vs 9% in the 905 burbs). But to frame this in the proper context, inventory is also down 7%. While these numbers are markedly down, there is good news: the average price is up 4% in the GTA,the average price is up 2% in the city of Toronto,and the average days on market is down to 30 versus 35 a year agoLinks: GTA Resale Housing Down But Healthy February resales slow as fewer owners put homes on market … (0 comments)
market watch: Condo Resales Powers Strong Finish to Record Year
- 01/07/08 10:45 AM
As expected, 2007 was a record year for the Toronto Real Estate Board. Above average condo resales activity and increased activity in Toronto (both likely attributeable to the Toronto Land Transfer Tax being introduced this year) were noticeably up in December. Congrats to our members! See also: Condo sales bring 2007 to a strong finish! (TREB) As for the new year, 2008 brings more incentives for buyers. We have a 1% reduction in the GST on new homes. Meanwhile, the land transfer tax rebate has been extended to first time homebuyers of resale homes. Also, some analysts are calling for 2008 … (0 comments)
market watch: Record Year - Here We Come!
- 12/16/07 03:03 AM
The Toronto Real Estate Board posted its strongest November ever, with the average price up 11% and number of resales up 16% over November 2006. Parts of Toronto and Markham experienced notable upticks in activity that month. Moreover, overall market activity has already surpassed the record set in 2005 for total resales. Source: Toronto Real Estate Board on Track for a Record-Breaking Year! (TREB) … (4 comments)
market watch: Best October Ever
- 11/05/07 02:51 PM
The numbers have been crunched and the Toronto Real Estate Board is reporting October 2007 as the best October on record (breaking the record previously set in 2003). While it remains to be seen what 2008 bodes for us (especially in light of Toronto's recently approved land transfer tax), 2007 year-to-date is up 12% over the same period last year, and up 15% compared to October '06. Surprisingly, the average price is up 4% from September. Source: Best October ever pushes 2007 toward a strong finish … (0 comments)
market watch: Strong September Resales - Record Forecasted
- 10/04/07 05:53 AM
While only the second-best September on record, the Toronto Real Estate Board is reporting September resales up 4% from the same month last year. With year-to-date sales up 9% and 12% from 2005 and 2006, respectively, 2007 is being forecasted to be a record breaking year. Nonetheless, analysts are pointing to signs of a slowdown in 2008, with housing starts trending down and a declining number of respondents contemplating home improvements in the next 12 months. Sources: Home resales set for a record (The Star) September resale market shows strength (Toronto Real Estate Board) … (1 comments)
market watch: Strong Start to Autumn Market
- 09/21/07 12:38 AM
The Toronto Real Estate Board is reporting a strong start this Fall with the average price and number of resales in the first half of September besting the same period last year by 9% and 11%, respectively. TREB President Maureen O’Neill is already forecasting September to be a record breaking month. Sources: Autumn Market Going Strong … (1 comments)
market watch: RealNet and TREB Reports
- 09/12/07 02:15 PM
Yup, there's a long lag time for RealNet reports. RealNet is now posting its June and 2nd quarter results -- highlights include: June 2007 - record breaking sales volume in high rise sales, crediting the high degree of cooperation between builders and brokers Strong commercial activity (e.g., land, industrial, retail) - 3rd highest quarter since '95 Meanwhile, the Toronto Real Estate Board's Commercial Division is reporting over 800,000 square feet leased in August, with Summer 2007 (3.07M s.f.) up 13% over Summer 2006 (2.72M s.f.). Sales of ICI properties averaged $100.30 per s.f. … (0 comments)
market watch: Hot Summer - Strong Fall Anticipated
- 09/06/07 02:40 PM
The Toronto Real Estate Board posted a new August record, making this the 5th consecutive record breaking month. While prices are down 1% from last month, year-to-date sales are 12% ahead of 2006, and 13% ahead of 2005 (the best year on record). Source: August sets the stage for strong autumn market (TREB) … (0 comments)
market watch: July Records Smashed
- 08/04/07 07:44 AM
The Toronto Real Estate Board is reporting July 2007 as the best July ever -- well, since records were kept -- and 26% more active than July '06. And year-to-date transactions are up 13% from the same time last year. Notable increases were reported in Toronto's Riverdale, Etobicoke's South Humber, North York, and Richmond Hill. Source: Resale market shows strongest summer performance! (TREB) July: More Records Broken (TREB) … (0 comments)
market watch: Toronto Area Resale Housing Market - Best June Ever! Summer Market Begins With Bang!
- 07/06/07 04:26 PM
In two separate, but related media announcements, the Toronto Real Estate Board reports June 2007 as the best June performance on record for resale housing (sales up 20% over June 2006), and only down slightly from May 2007. Read more... Reference: June 2007 Market Watch Report (pdf) Similarly, the National Post published "There's No Stopping' Hot Market" ("Toronto's Housing Market Sizzles in Second Quarter"), following a report released by franchise operator, Royal LePage Real Estate Services. Read more... … (0 comments)
On the heels of the Bank of Canada's announcement to cut its key overnight rate by half a percentage point (50 points, or 0.5%) to 2.5%, the big Canadian banks are also cutting their prime rate to 4.5% -- a reduction of only 25 points, no longer following the central bank in lockstep fashion. I'm curious to see where more nimble lenders will be offering for residential mortgages. Prior to the central bank's move, the best residential variable rate (3 yr and 5 yr terms) was 4.15%.;)
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