GTA REALTORS® report sales up first two weeks of July

In the first two weeks of July, Greater Toronto REALTORS® reported 4,437 sales up 27 per cent compared to the first two weeks of July 2008. The average price for these transactions was up four per cent year-over-year to $394,750.

"The resurgence in home ownership demand experienced in the spring has continued into the summer. Home buyers continued to take advantage affordable market conditions in the first half of July," said TREB President Tom Lebour. "If the mid-month results carry forward, we may see the best July on record."

Year-to-date sales, at 45,213 are down four per cent compared to 2008. Average price, at $384,645 is down one per cent. "The GTA housing market has held up very well this year given the current economic climate, especially relative to past economic slow-downs," explained Jason Mercer, TREB's Senior Manager of Market Analysis."The cost of borrowing has been key. With inflation in check, the Bank of Canada has been able to aggressively lower interest rates – an option that wasn’t available in the early 1990s or early 1980s."

Source: Toronto Real Estate Board
For a complete copy of the Market Watch Report visit www.TorontoRealEstateBoard.com

Inpressed with How We Are Dealing with the Garbage Strike

I made my first visit to the garbage drop off down at Sunnybrook Park Sunday morning. I was very impressed by the courtesy shown by the City replacement workers and also by those dropping off their garbage. Seems the City had a few more workers on than necessary (e.g. 2 "greeters") but maybe it is understandable given security concerns. Overall, I have been impressed by how people have been dealing with the strike. As responsible taxpayers, we are managing our garbage so that there is no rush to satisfy the strikers' demands and end up with another rich contract.

GTA Resale Market Posts Best June on Record

In June 2009, Greater Toronto REALTORS® reported a record 10,955 sales, up 27 per cent from June 2008. The seasonally adjusted annual rate of sales in June was 100,700.

"The record result in June is testament to the fundamentally sound housing market in the GTA,"said the Toronto Real Estate Board’s newly appointed President Tom Lebour. "An increasing number of households have been confident in purchasing a home in the region’s affordable and diverse resale housing market."

The average price for June transactions was $403,972 – up by two per cent compared to the
same month last year. "The re-emergence of seller’s market conditions has exerted upward pressure on home prices," explained Jason Mercer, TREB's Senior Manager of Market Analysis. "Look for sales to remain high relative to listings in the second half of the year. This will keep home prices growing."