Showing posts with label TREB-average-prices-toronto-2006-2007. Show all posts
Showing posts with label TREB-average-prices-toronto-2006-2007. Show all posts

Monday, October 27, 2008

blogger labels

I've figured out that my blogger labels continue to give errors in my google webmaster tools under sitemaps and broken links. the reason is that labels with spaces are not indexed properly, I knew this from a long time ago, but overlooked this with blogger, hense all y problems. the only rational solution is to rename all my labels and put dashes or underscores, I chose dashes, since they are easier to insert!

such as

moving-relocation,national-prices,power-of-sale,property-tax-sales,property-taxes,real-estate-humour,real-estate-market,real-estate-strategies

these all have dashes and seem to work better!



Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Thursday, June 05, 2008

GTA Single Family Residential Historic Price Graph

You may see the current prices in graphical format for the GTA, click the image below to see the full size version


Read more about:Homes for Sale

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987

( BUS 905-828-3434
mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

Homes for Sale

Wednesday, February 06, 2008

GTA Strong performance for Resale Housing Market Solid January!

Toronto Real Estate Board (TREB) Average Prices and GraphTREB just announced:

February 5, 2008 -- January's Greater Toronto Area resale housing market came within two per cent of a record performance for the month, Toronto Real Estate Board President Maureen O'Neill announced today.

A total of 5,073 properties changed hands last month, compared to the record 5,173 sales that took place in January 2007.

"This is a very positive start to the year but we will be watching closely to see how the City of Toronto's new land transfer tax and a proposed property tax increase affect the market," said Ms. O'Neill.

The average price, which currently stands at $374,449, rose six per cent compared to January 2007.

The strongest activity last month took place in Toronto's Central and East districts.

The Danforth (E03) experienced a 30 per cent increase in transactions compared to last January, driven by strong sales in all housing types.

In West Agincourt (E05) 32 per cent more homes changed hands, primarily as a result of a surge in condominium apartment sales.

Strong condominium apartment sales also lead the Downtown Core (C01) to a 19 per cent overall increase in transactions compared to a year ago.

North York Willowdale (C07) also saw a 19 per cent increase in sales, due in large part to condominium apartment transactions as well.

"While we are optimistic that the market will remain healthy throughout 2008, we recognize there are threats such as a U.S. economic slowdown and a land transfer tax in the City Toronto," said Ms. O'Neill. "Like other levels of government, municipalities should be considering options to help off-set these risks. TREB plans to be a strong voice for REALTORS® and homebuyers as GTA municipalities, particularly the City of Toronto, debate their budgets."

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 designed exclusively for REALTORS®. Serving more than 24,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada's largest real estate board.

See all Price Trends

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website. Homes for Sale

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987

( BUS 905-828-3434
2
FAX 905-828-2829 ÈCELL 416-520-1577
E-MAIL : mark@mississauga4sale.com
8 Website : Mississauga4Sale.com


Friday, January 11, 2008

Healthy December 2007 Sales equals Best Year Ever

Healthy December Sales = Best Year EverHomes for Sale

January 7, 2008 -- A healthy 4,646 sales in December propelled 2007 sales to a record setting 93,193 sales, TREB President Maureen O'Neill announced today. "Year-end sales are up 12 per cent over last year and up 11 per cent over the 84,145 recorded during 2005, the Toronto market's previous best-ever annual performance."

On a year-over-year basis, prices rose seven per cent to $376,236 from last year's $351,941. The annual time-on-market figure stood at 32 days versus 2006's figure of 34 days, meaning that over the course of the past two years it has taken homes within the GTA barely a month to sell on average.

Breaking down the total, 1,756 sales were reported in TREB's 28 West districts and averaged $357,711; 1,057 sales were reported in the 14 Central districts and averaged $531,366; 771 sales were reported in the 23 North districts and averaged $420,508; and 1,062 sales were reported in TREB's 21 East districts and averaged $302,113.

See all the latest details of Prices in the GTA

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website. Homes for Sale

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987

( BUS 905-828-3434
2
FAX 905-828-2829 ÈCELL 416-520-1577
E-MAIL : mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

Wednesday, January 02, 2008

2008 Predictions - How close were the 2007 Real Estate Predictions versus actual and my Real Estate Predictions for 2008

2008 Predictions for real estate, interest rates and the GTA economy.2007 Real Estate Market Predicitons for the GTA

Blogging is supposed to be personal writings that compel you to continue reading the story. All too often my blog has contained plenty of facts and information and been short on my personal views, observations and opinions. Part of this is due to time constraints, part due to the fact that I am a logical engineer thinker and mostly because I am not much of a creative writer. So here goes my shot at wowing you with words of wisdom and predictions for 2008.

One of the interesting things I've noticed is that as I approach 50 I feel I have a right to express my opinions more freely due to my earned right of experience. I teach a course to other 'newer' agents about the internet and the importance of having a presence on the web. Certainly I've tried to maintain a high profile on the web by uploading over 1700 pages on my site to date. That does not include my 353 blog posts to date. I digress.

After 20 years in the real estate business and having gone through the dark recession years for real estate from March 1989 to 1994 you can understand if I'm a little gun shy when I look at the current market. We've now experienced about 12 years of unprecedented growth in the real estate market. If you don't believe me, check out this graph. Old school business thinking was that economics went in 7 year cycles. Clearly this is NOT the case in the GTA real estate marketplace any longer. Long live Garth Turner. He was always an inspiration to me, good or bad, he would hang his thoughts on the line at any time. I miss his articles and predictions.

We've experienced year over year increases for 12 years in a row with no end in sight. I wrote this time last year and predicted a 4-6% increase in prices for 2007 Was I ever wrong! It seems that our prices will increase over 11% this year! Last year at this time I was worried that maybe our market was stalling a little due to increasing interest rates and slowing sales. Again I was a little too conservative.

So here we sit in Canada with low inflation, low unemployment, low interest rates and a strong economy. The US is faltering due to their sub-prime lending crisis and looks like it will last another 8-18 months, at least. November 2008 is a US election and in all US election years in the past 20 years our market has slowed in the 3 to 4 months preceding a US election. Canadian dollar all time highs. So with all these upcoming uncertainties you would think that I would predict lower increases or a softening of our marketplace. Nope. I think our market will continue to hum along due to low vacancy and rates and more buyers than sellers and continuing lack of land for new development.

For 2007 I am happy to report that I was wrong. I predicted an increase in the GTA average price of about 3-4% and the actual increase was about 11% Wow, was I ever wrong on that number, and many people are quite thrilled about that!

This is what I predicted that would happen last year this time for 2007



    • I believe that we will see a steady and 'normal' market in 2007. We will not see the huge price increases that we saw in 2004 and 2005. Prices should increase about 3-4%, a little better than inflation for the year. As always, if you are thinking of selling, February or March may be the best months in 2007.
    • This is what I predicted in December of 2005 for the real estate market in 2006. I was just a little lucky!
      It is interesting that many of the experts are predicting prices to rise only slightly for 2006, but nearly as not as much as they did in 2005. I would agree with this line of thinking. The last 4 months of 2005 showed signs of a more "normal" market. The market so far in 2006, up to the end of February has been normal, but nowhere near the sales volume or price increases that were experienced in early spring of 2005.
    • As long as rates stay about where they are we should see another year with a healthy real estate market for 2006 with modest price increases.
    • And sure enough, it appears that 2006 price increases will be about 5% compared to the nearly 10% we saw in 2005. The real estate boom in Toronto and the GTA is over, for the time being that is! We will have another real estate boom in Toronto, it's only a matter of time.


Read the entire post here:
http://www.mississauga4sale.com/newsletter/Toronto-GTA-Real-Estate-Market-Predictions-2007.htm


Mark's Crystal Ball for 2008

This is what I predict for 2008 in real estate, interest rates and more!

Mark's Predictions for 2007

Mark's Predictions for 2008


  • I see that our marketplace in the GTA will see price increases just above inflation, in the range of 4-6%

  • I believe that mortgage interest rates will come down in the beginning of the year and stay lower compared to today's rates and not increase again until just before the US election in the fall

  • Rental vacancy rates will decrease, thus rental rates will increase about 7-10% or more this year. A 'typical' 10 year old 3 bedroom townhome in Erin Mills currently rents for about $1400 to $1550 per month and this will
    increase by at least $100 per month by this time in 2008 This will only continue to make real estate investment properties more desirable and lucrative, it's time to buy another property if you can afford it!

  • The condo market will remain a strong part of our marketplace, due to affordability and lifestyle choices

  • I believe that the US will be just begin to see the light at the end of the tunnel by the end of 2008, their sub-prime mortgage crisis will have peaked and they will be on the road to recovery

  • A barrel of oil will have reached $120 per barrel sometime in 2008, mostly due to an international crisis and absurd speculation fueled by the pundits and the press

  • Along a similar vein to the last prediction, gasoline prices will peak at $1.20 per litre sometime in 2008 but will be $1.00 by year end.

  • Gold will break $900 (and it does not matter whether it's US$ or CDN$ much anymore!) sometime in 2008 but settle to $735 by end of 2008

  • If the experts are now stating that 82% of all buyers begin their real estate search on the internet, I believe that it will be 90% by the end of 2008

  • Watch out for following the emotions of the marketplace and stick to your long range goals

  • I believe that Mississauga will continue to be one of the top cities in Canada and the world to live in and that people will continue to choose Mississauga as one of their top choices of places to live in the GTA Read about the psychology of ownership. Real estate will always be an excellent investment especially if you get a firm hold on your finances and will continue to be the best long term investments in your future and your children's future that you can make!



Read more 2008 predictions and information at my site.


Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website. Homes for Sale




Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,




Mark




A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2
FAX 905-828-2829 ÈCELL 416-520-1577
E-MAIL : mark@mississauga4sale.com
8 Website : Mississauga4Sale.com




Wednesday, December 26, 2007

Mississauga shows yearly growth in key areas

Mississauga shows yearly growth in key areas

Sales activity was down in the region served by the Mississauga Real Estate Board this September, according to MLS® statistics released by the Board.

Click Image below to see full size image



Click Image to see full size image

Home sales valuing a total of $309,279,301 were recorded in Mississauga this September. That's down 13 per cent from the August total, but up nine per cent from the total in September 2006. Over the course of the month, 886 residential properties traded hands in the area served by the Board. Although a decrease of 17 per cent from August, this represents a one per cent increase over September 2006.

The average price of homes sold this September through the local MLS® system in Mississauga was $349,074, which is five per cent higher than the average recorded in August 2007 and seven per cent above that recorded in September 2006. The Board cautions that the average residential price is a useful figure only for establishing trends and comparisons over a period of time. It does not indicate an actual price for a home due to the wide selection of housing available in the area


A total of 1,673 new residential listings were added to the local MLS® system in Mississauga this September, up 15 per cent from August. At the end of the month there were 2,452 active residential listings posted by Mississauga REALTORS® on the local MLS® system.


About the Mississauga Real Estate Board


Established in 1954, the Mississauga Real Estate Board represents more than 1500 real estate Brokers and salespersons from Mississauga and surrounding areas. Members of the Board may use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict Code of Ethics. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at

http://www.mreb.ca/

Read more about Mississauga Price Trends


Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website. Homes for Sale


Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,


Mark


A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate



Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX

Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2
FAX 905-828-2829 ÈCELL 416-520-1577
E-MAIL : mark@mississauga4sale.com
8 Website : Mississauga4Sale.com


Thursday, December 06, 2007

Toronto Real Estate Board reports that GTA is on Track for a Record-Breaking Year!

Toronto Real Estate Board on Track for a Record-Breaking Year!
Homes for Sale

December 5, 2007 -- Last month became the best November on record with 7,313 resale home transactions in the Greater Toronto Area, Toronto Real Estate Board President Maureen O'Neill announced today.

"I recently reported that 2007 became the best year ever for resale transactions in the Greater Toronto Area with six weeks left to go," said Ms. O'Neill. Even more astonishing though, is the fact that eight of the 11 months so far this year set new monthly records. No other year has shown as many record-breaking monthly performances."

Sales were up 16 per cent in November compared to the same timeframe last year.

At $393,757, November's average price increased 11 per cent as compared to a year ago and remained in line with the previous month.

Some of the most significant activity in November took place in the 416 area code.

Based on strong sales in all housing types, Riverdale (E01) saw a 56 per cent increase in transactions compared to November 2006.

In the Islington/Kingsway (W08), sales rose 55 per cent over last November, driven primarily by an increase in detached home sales.

In Willowdale (C07), transactions nearly doubled compared to the same timeframe a year ago, driven by strong condominium apartment and detached home sales.

In the West part of Markham (N01), strong detached home sales led to an overall increase of 86 per cent compared to November 2006.

"We expect 2007 to be the first year ever to exceed 90,000 transactions, said Ms O'Neill. These numbers reflect the fact that people who live in the Greater Toronto Area see real estate as an excellent long-term investment."

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website. Homes for Sale

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987

( BUS 905-828-3434
2
FAX 905-828-2829 ÈCELL 416-520-1577
E-MAIL : mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

Thursday, November 08, 2007

Best October ever pushes 2007 toward a strong finish

October Sets New Record for TREB Real Estate Toronto Real Estate Board (TREB) Average Prices and Graph

Best October ever pushes 2007 toward a strong finish


TORONTO, November 5, 2007 --Greater Toronto Area resale housing activity set a new record for the month of October TREB President Maureen O'Neill reported today.


With 7,915 transactions, activity was up 10 per cent over the previous best for the month, set in 2003. Sales were also up 15 per cent over last October.


October's strong performance has pushed year-to-date activity 12 per cent ahead of last year.


"There is every indication that 2007 will be a banner year for resale housing activity in the Greater Toronto Area," said Ms. O'Neill. "The effects of the City of Toronto's new land transfer tax will definitely be felt in 2008 but we are also confident that consumers will continue to see the value of real estate as a solid long-term investment."


Prices also rose in October to an average of $394,646, a four per cent increase over the previous month.


In Pickering (E13), overall activity was up 34 per cent, led by strong detached sales and a doubling of condominium apartment transactions.


Willowdale (C07) experienced the same combination of strong detached sales and sizeable condominium apartment transactions, which led to a 67 per cent increase in overall sales.


Condominium apartment sales also pushed the South Humber area (W07) to a 60 per cent overall increase in activity.


In Central Richmond Hill (N04), a combination of detached sales and attached/row-house sales, contributed to an overall increase of 54 per cent..


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 more than 26,000 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 available on www.TorontoRealEstateBoard.com.


See the graph showing the latest Price Trends


Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website. Homes for Sale


Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,


Mark


A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate



Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX

Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2
FAX 905-828-2829 ÈCELL 416-520-1577
E-MAIL : mark@mississauga4sale.com
8 Website : Mississauga4Sale.com




Sunday, September 09, 2007

August Sets New Record, Breaks 8,000 Sales

Toronto Real Estate Board (TREB) Average Prices and Graph

August Sets New Record, Breaks 8,000 Sales

TORONTO - Thursday, September 6, 2007 -- August 2007 became the fifth record-setting month in a row, with 8,059 sales reported by TREB Members throughout the Greater Toronto Area, TREB President Donald Bentley announced today. "This figure is up 15 per cent over August of last year, and up seven per cent over the 7,498 sales recorded during the same month in 2005, which was the previous "best ever" performance for the month of August," said the President. "Summer of 2007 has been hands-down the most active holiday season for the resale market in the history of the Toronto Real Estate Board."

While sales roared ahead, prices remained affordable in August, with a recorded average of $361,890. This figure is up seven per cent over the $338,192 recorded during August of 2006. "While the last decade has seen five record breaking years, and a good possibility of a sixth in 2007, year-over-year prices increases have remained in the single digits. This kind of activity is sustainable for a long time."

Breaking down the total, 3,057sales were reported in TREB's 28 West districts and averaged $343,493; 1,444 sales were reported in the 14 Central districts and averaged $453,718; 1,653 sales were reported in the 23 North districts and averaged $403,539; and 1,905 sales were reported in TREB's 21 East districts and averaged $285,665.

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website. Homes for Sale

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2
FAX 905-828-2829 ÈCELL 416-520-1577
E-MAIL : mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

August sets the stage for a strong autumn market

Toronto Real Estate Board (TREB) Average Prices and Graph

August sets the stage for a strong autumn market

September 6, 2007 -- More people in the Greater Toronto Area bought resale homes last month than in any August before, Toronto Real Estate Board President Donald Bentley announced today.

The 8,059 sales reported last month exceeded the previous best performance for August, set in 2005, by seven per cent.

August also brought year-to-date figures up 13 per cent over the same period last year. So far this year 67,146 homes have sold as compared to 59,488 at this time in 2006. The pace is also 13 per cent ahead of the same timeframe in 2005, which became the best year on record.

"With five consecutive record-breaking months, spring and summer activity was unprecedented and given the strong economic fundamentals that remain in place, we have tremendous confidence in the autumn housing market," said Mr. Bentley.

The Greater Toronto Area's strongest sales activity in August took place in widely diverse neighbourhoods.

In West Agincourt (E05) a jump in the sale of detached homes and condo apartments resulted in a 34 per cent overall increase compared to last August.

An increase in the sale of detached homes and condo apartments also resulted in an overall increase of 52 per cent in High Park (W02).

In Toronto's Davisville (C10) the sale of semi-detached homes and condo apartments pushed overall activity in the district to a 58 per cent increase over August 2006.

Richmond Hill South (N03) showed a 43 per cent increase, led by condo apartment and detached home sales.

"Prices moderated in August, down approximately one per cent from the previous month, meaning that there will be many opportunities within reach during this autumn market," said Mr. Bentley.

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website. Homes for Sale

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987

( BUS 905-828-3434
2
FAX 905-828-2829 ÈCELL 416-520-1577
E-MAIL
: mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

Thursday, August 16, 2007

Canadian Resale market is still sizzling

Resale home transactions still sizzling
Hit fourth straight monthly record in July, but construction of new units tailing off

Sales of existing homes in Canada set a blistering pace again last month, and show few signs of letting up for the rest of the year.

Resale home transactions hit a fourth straight monthly record in July, with the average price rising to $332,442, a 13.1-per-cent increase from the previous July, according to statistics released yesterday by the Canadian Real Estate Association.

Sales are expected to reach 514,450 units for the year, the highest level on record and a 6.5-per-cent increase over last year.

Before the U.S. subprime mortgage crisis and its impact on the credit markets, this strength may have tipped the scales in favour of an interest rate increase when the Bank of Canada meets next month, said Douglas Porter, managing director and deputy chief economist at BMO Nesbitt Burns Inc. Now, it will probably lessen the likelihood of an interest rate cut if the credit trauma worsens, he added.


"The latest resale data again show precisely zero signs of a let up. Absent the credit market turmoil, the bank would surely be tightening again in September ... but that's like saying absent John Wilkes Booth, Abe would surely have enjoyed the play," Mr. Porter said in a research note.

The average price of a resale home in 2007 is expected to rise 9.9 per cent over last year, primarily due to strength in Western Canadian markets, according to a report yesterday from Canada Mortgage and Housing Corp.

Higher house prices, however, along with mortgage rates that have risen about three quarters of a percentage point since the start of the year have started to put a damper on new home construction.

The number of new homes built this year will drop in every province except Manitoba, Quebec and Saskatchewan, all of which are being bolstered by steady economic growth and job creation, according to the CMHC's third-quarter outlook.

"Despite high employment levels, income gains and low mortgage rates, housing starts will trend downwards in 2007. The slight pull back in housing starts this year and next will be mainly due to the continued growth in house prices coupled with modest increases in mortgage rates," CMHC chief economist Bob Dugan said.

A total of 220,000 new housing units are expected to be completed this year, a 3.2-per-cent decrease from 2006. This is seen declining to 207,200 new units in 2008.

Mr. Porter said anything in the range of 200,000 housing starts a year still indicates a "very strong" real estate market. Existing home sales provide a better gauge of consumer confidence and discretionary spending on items including furniture and appliances than new construction does, Mr. Porter said.

Existing home sales and prices are expected to increase next year at a more moderate pace, with sales seen hitting 494,750 units in 2008 and prices rising 5.2 per cent, CMHC said.

Spending on home renovations is expected to increase by 9.8 per cent to $49.9-billion in 2007 compared with 2006, and by 6.8 per cent in 2008 to $53.3-billion.



Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Wednesday, August 15, 2007

Where is the market heading? In light of increased mortgage interest rates.


I received another email question today and thought I would post my long-winded answer below and share my thoughts with you too.


Enjoy! Mark

The question was:


Just wondering what is happening in the market after interest rates went
up.

Is there a lot of Townhomes on the market and are prices coming down.
Just wandering if is a good time to invest again.

Thanks

A.

Here's my answer:


Hi A.,

The market is quite fast these days. Normally, it slows down in the summer, but this summer has been quite active. Average prices are down a couple of percent which is typical for this time of year, but the volume of sales is hitting records. See the link below. Normally there are about 40-50 townhomes in Erin Mills for sale at any one time, but there are only 34 right now and many of them are conditionally sold.

Yes, this is a very good time to invest.


I realize the rates have increased but only marginally and it will likely only be short term. We are going short on all of our mortgages, time proves short term is by far the better option, see here, of course probably until I follow that method! :-))

There are not too many major scenarios that will cause real estate market to tank. One scenario is major global catastrophe or war or terrorist act. All could cause sudden and major drop in market, but the stock market would take a huge hit too. So would our entire economy, so all things being equal, anything major will affect everything, so real estate should still be a good long term investment. Time has proven real estate will recover and then some, so I am not worried, besides, it would just mean we get less rent, if we don't have to sell, all is fine, but more properties!

Another thing that could happen is that interest rates continue to climb. Once they reach 7 or 8 percent the economy will slow and then rates will stabilize and/or come down again. This may only last a year or two and then the economy will settle down again. Increasing rates certainly cut out the very bottom entry level buyers, but there seems to be enough buyers out there to sustain and continue to cause prices to rise and record sales month after month.

Another possibility is the US economy continues to be bad or gets worse. Although it used to be that "if the US got a sniffle Canada would get a cold or the flu", no longer seems to be the case. Our marketplace in the GTA, Ontario and Canada seems to have been insulated from events in the US since about 911 and seems to be able to sustain itself regardless of what happens to our friends south of the border.

Oil prices rise to $100 or more per barrel. Again, yes, this will have an impact on our marketplace, but maybe only short term. The demand for gasoline seems to be completely inelastic, regardless of how high gasoline and oil prices rise, we still drive large vehicles and conserve very little. We may complain like hell about the price at the pumps, but we pay it and keep driving.

US election years have almost always caused our market to slow, EXCEPT in 2004. Thus, it's your guess whether our market and economy slows next year or not.

Un-Employment rates rise, due to dollar, economy or overseas markets could cause our market to slow, people spend less money and the economy stalls, again, this would affect all markets, not just real estate.

Another scenario is that the baby boomers all get old in the next ten years and sell off their real estate and/or give it to their kids who cash out. Either way, if a flood of listings were to come on the market it could affect our prices in the short and long term. Personally, this does not worry me. There seems to be enough people out there to absorb any increase in inventory, but only time will tell on this one. I believe it will be much more gradual than people think. Fractional ownership worries me more than the boomers cashing out. I may be wrong on this and I've not researched the success or failure of fractional ownership in other parts of Canada or the world, but if time shares are any indication, I think that this may hurt more people than help them in the long run.

At any rate, these are some of the scenarios that the doomsayers are predicting and hopefully none of them will come to fruition and even if they do, I feel they will have less impact on our real estate market than some think.

There are other possible scenarios, I would like to hear your feelings and ideas, but these are some of the major reasons for large price swings in the market in the past and could be for the future too.

If history repeats itself again this fall, prices will likely escalate again in mid to late September until middle of November, see the graph here, so make your purchase soon or wait until December 10th to purchase and hope there are some listings on the market at that time that you like!

In summary, and I know it sounds corny, I still go by the old adage that the best time to buy real estate is yesterday.

Thanks,
Mark




Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Wednesday, August 08, 2007

TREB Real Estate Market Continues to set Fast Pace

Toronto Real Estate Board (TREB) Average Prices and Graph
August Report - More Records Broken
August 2, 2007 -- TREB Members reported 8,912 total sales in July, 26 percent ahead of the 7,082 sales recorded in July of 2006, and an all time record for the month.

Furthermore, July makes the fourth month in a row that sales have broken monthly records. "The local resale market is as healthy as it has ever been," said TREB President Donald Bentley. "Not only are we running 13 per cent ahead of last year's January - July total of 52,682, we are running 14 per cent ahead of the seven month total for 2005, which became our best year ever."

While sales have set a blistering pace, prices eased in July, down two per cent to $366,012 from June's average of $373,719. "This decline is seasonal in nature," said the President. "Prices tend to ease in July/August as potential homebuyers and sellers go on holiday." He went on to note that the year-to-date average, at $373,326, was up five per cent over the same time-frame in 2006.
See graphs of the average historic TREB prices

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Wednesday, July 18, 2007

Toronto Mansion sells for over $15million!


Mansion goes for a cool $15.8 million

In what is believed to be a record selling price for a residential property in Toronto, an opulent Forest Hill mansion has been purchased for $15.8 million.

The 16,000 square foot Dunvegan Rd. home has eight bedrooms, 13 washrooms and an indoor six-car garage.

The sale of the home in one of the city's toniest neighbourhoods demonstrates the strength of the luxury home market in Toronto, fuelled by stellar returns on Bay Street as the Toronto Stock Exchange hits record levels.

But a new high-water mark for homes has tongues wagging in real estate circles. How much further can we go?

The sale of the property this week comes on the heels of yesterday's Toronto Real Estate Board report that recorded 10,451 sales in June – the best such month ever, and up 20 per cent over June of 2006.

"It has been a good year," said Ilenna Tai, the listing agent who now holds the distinction of selling the most expensive home in Toronto. Tai says the sale is a city record according to Multiple Listing Service records. The listing service, however, does not include private sales, which are not on the public record.

Without irony, the agent calls the home a "great bargain" at the price, since a 2004 appraisal came up with a home replacement value of $14 million – without the land.

The sellers were Raymonde Sacklyn and Cecilia Ying Lee, who previously lived in Hong Kong. Sacklyn heads a financial information service in Hong Kong and has written extensively about the history of the Hong Kong stock exchange. The couple has also donated millions to local charities in Toronto.

The couple bought the home at the bottom of the market in 1997, when it was the former home of George Eaton, of Eaton's department store fame.

Sacklyn and his wife spent millions refurbishing the home, including almost a million dollars of Muskoka peach granite just for the driveway.

The house sits on two normal Forest Hill lots stretching 150 feet by 170 feet, and has a bar, a home theatre, gym, massage room and sauna. There are, of course, separate cellars for red and white wines. The eccentric owner has also placed some whimsical touches around the home, including bits of his poetry carved on the granite rocks in the garden, and parking spaces for visitors that say "For Rolls-Royces only."

"The buyers were wowed by the grandeur of the home, the gardens, and the location," said buying agent Elli Davis.

So wowed, in fact, that it took the buyers, who wish to remain anonymous, only a week to make an offer after they initially viewed the property, said Davis.

The home was originally on the market for several months in 2004, at the unheard of price of $25 million. It was listed again in May of this year for $16 million.

"They weren't interested in it at $25 million, but certainly at $16 million they decided to take a look," said Davis. "So even at this level – price does matter."

Tai says the high Canadian dollar helped with the sale, since the Hong Kong dollar is pegged to the U.S. dollar. With the loonie closing in at par with the U.S. dollar, the vendors are getting roughly the return they expected back in 2004, said Tai.

Still, analysts have warned that any downturn in the fortunes of the TSX will have a big impact on the luxury market, since discretionary purchases are usually the first on the chopping block.

Bay Street financiers, flush with bonus money, have been spending on cars and homes.

It is believed that former Bank of Montreal CEO Tony Comper, for example, paid $15 million for a new, yet-to-be-occupied 8,500 square foot penthouse at One St. Thomas St. – the most yet for a condo in the city.

Meanwhile, a forecast by Royal LePage released this week estimates that the average Torontonian will see a much more moderate increase in house prices. Average resale homes by the end of 2007 will have increased by a moderate 5 per cent, according to the firm.

With the Bank of Canada poised to increase interest rates next week to cool inflationary pressures that include the heated real estate market, economists are calling for a slowdown in the second half of the year. Meanwhile, the new home owners, who are expected to close the sale this year, will likely escape a controversial real estate levy in Toronto that would double the provincial land transfer tax.

If the buyers had chosen to close on the deal next year, they would have had to pay an extra $312,000 in land transfer taxes.

Read more on Toronto Real Estate Prices


Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Tuesday, July 10, 2007

Canadian National Housing prices since 1990 to 2005

MLS® Average Residential Price - Canada and Provinces 1990–2005 (dollars)

Toronto Real Estate Board (TREB) Average Prices and GraphCanada Housing Observer

Now in its fourth year of publication, the Observer is a flagship CMHC publication that presents a detailed annual review of housing conditions and trends in Canada and the key factors behind them.

The 2006 edition included an enlightening chart comparing housing costs across the country over the past 15 years, a sampling of which follows:

MLS® Average Residential Price - Canada and Provinces 1990–2005 (dollars)



See Toronto and GTA average price graphs

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com


Wednesday, June 06, 2007

Toronto Housing Market for June 2007 - another blistering month!

Toronto Real Estate Board (TREB) Average Prices and Graph

June Report: Toronto Housing Market Reaches New Heights!

June 5, 2007 -- With an astonishing 11,146 sales in May, the Toronto Real Estate market put in its best performance since records have been kept, President Dorothy Mason announced today. "The Toronto Real Estate Board has been tracking the local housing market for over forty years, and there has never been a month that even approaches this level of activity," Ms. Mason stated. "May was up 18 per cent over April, our previous record month (9,452 sales), and also up 18 per cent over May of 2006 (9,434 sales), which now ranks as the third highest sales total recorded."

Ms. Mason further noted that, according to statistics compiled by the Canadian Real Estate Association, every home sale generates about $27,000 in economic activity (for renovations, furniture purchases, and so forth) over and above direct expenditures involved in the transaction. "This means that Realtors® and their clients have contributed over $300 million to the local economy in ancillary costs last month alone."

However, while sales sky-rocketed, price increases were restrained, with the average rising a mere five per cent to $382,787 from the $365,537 recorded during May of 2006.

Breaking down the totals,
4,175 sales were reported in TREB’s 28 West districts and averaged $356,836
2,038 sales were reported in the 14 Central districts and averaged $506,172
2,323 sales were reported in the 23 North districts and averaged $408,391
2,610 sales were reported in TREB’s 21 East districts and averaged $305,168

See district areas

NB: the average price rose 1% in May compared to April

See a graph of this month and previous months sale prices


For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Tuesday, June 05, 2007

First time in Canada - Average home sale tops $300,000

Average home sale tops $300,000 for first time
Last Updated: Tuesday, May 29, 2007 4:49 PM ET

The average price of a resale home in Canada has moved above the $300,000 level for the first time ever.
Data from the Multiple Listing Service show that the average home sold for $305,542 in April, according to the Canadian Real Estate Association.
Average MLS price for resale home
Region
Apr/07
Increase from Apr/06
B.C.
$431,909
11.1%
Alberta
$359,640
29.8%
Saskatchewan
$163,811
23.8%
Manitoba
$171,130
8.2%
Ontario
$299,796
4.7%
Quebec
$208,693
6.0%
Nova Scotia
$191,076
6.6%
N.B.
$139,138
3.6%
P.E.I.
$135,019
7.5%
N.L.
$142,497
1.1%
Yukon
$250,255
23.9%
N.W.T.
$328,904
15.0%
Canada
$305,542
9.3%
Source: Canadian Real Estate Assn.

That's up 9.3 per cent (or $26,000) from the average sale a year ago.
New record highs were recorded in every province from Quebec westward, as well as in Nova Scotia.

The highest provincial average can still be found in British Columbia. Its $431,909 average is up 11.1 per cent year-over-year as the average resale price in Vancouver topped $564,000 last month.

Alberta's average resale price of $359,640 was up 29.8 per cent over the April 2006 figure — the biggest percentage increase among any province. Put another way, that means that the average homeowner in Alberta made $82,500 on paper simply by living in their home over the past year.

Data released earlier this month showed average resale prices in Calgary had reached $420,000 in April.
Saskatchewan posted a 23.8 per cent price hike to $163,811.
But Manitoba, Ontario, Quebec, and the Atlantic provinces reported much more modest, single-digit price increases.
"Anecdotal evidence suggests that resale housing activity in westernmarkets is being boosted by a shortage of lots and by buyers who are ready to move up but don’t want to wait for a newly constructed home to be completed," said Gregory Klump, chief economist for the Canadian Real Estate Association.
MLS stats also showed year-to-date sales at a record high. In the first four months of 2007, 172,421 homes were sold in Canada through the MLS system. That's up 6.7 per cent from the same period last year.

See average Toronto and GTA prices at this pageToronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Friday, April 06, 2007

Strong Start to Spring Real Estate Market in the GTA


Strong start to GTA real estate spring market


April 4, 2007 -- Strong resale housing activity in March got the spring market off to a healthy start, Toronto Real Estate Board President Dorothy Mason announced today. A total of 8,518 transactions took place in the month, nearly on par with the 8,707 sales reported last March.

“The market is in great shape, and we’re seeing very strong results on a consistent basis,” Mrs. Mason said. “So far 2007 is slightly ahead of last year’s sales pace, and we’re right on track for another solid year.”

In Scarborough’s West Hill neighbourhood (E10), strong sales of detached homes led to an overall sales increase of 27 per cent compared to March 2006.

Etobicoke’s Mimico / New Toronto neighbourhood (W06) saw transactions increase by 45 per cent compared to last March, fueled by strong detached home and condo apartment activity.

A jump in condominium activity in North York Centre (C14) helped overall sales to a 14 per cent increase compared to March of a year ago.

Overall sales in Thornhill (N02) increased by 16 per cent compared to last March, led by detached home sales.

“The GTA continues to have strong employment numbers and a healthy economy,” Mrs. Mason added.

“Housing activity is solid and prices are steadily on the rise, so it remains an excellent time to be in the market.”

Read more about the real estate market and see prices

Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com