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Dear Friends,
Greetings! I'm sending you this electronic newsletter with hopes to keep you updated with current real estate market and mortgage rates.
If you're thinking of making a move, or are just curious as to real estate trends in your area, please feel free to call me anytime at my Cell. 416-917-6787, or email me at franleemail@yahoo.com. It's always good to hear from you!
<Not intended to solicit any listing already under contract> |
| Real Estate Market |
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Greater Toronto Area Resale Housing Remains Stable in August
August 19, 2008 -- The Greater Toronto Area (GTA) resale housing market remained stable throughout the first half of this month.
We're continuing to see consistent levels with respect to sales volumes and prices. 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 effectl.
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.
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.
- The Toronto Real Estate Board |
| Real Estate News |
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Census Highlights Ownership Trends
More then two-thirds of Canadian households own their home, the highest rate of homeownership since the government started keeping track of that information.
Between 2001 and 2006, homeownership rose for all income groups, even those in the lowest 20 per cent. Immigrants who have been in Canada for more than 40 years are more likely to own a home than Canadian-born people of the same age. And for the first time, more than half of lone-parent households headed by women owned their own home in 2006.
These figures and many more are part of a Statistics Canada report called "Changing Patterns in Canadian Homeownership and Shelter Costs, 2006 Census". The report confirms long-established real estate trends as well as providing some hints of some shifts in homeownership patterns.
A look at any of Canada's urban centres confirms that condominiums have become increasingly popular in recent years. The Census shows that the number of condo owners jumped by 36.5 per cent from 2001 to 2006. In 1981, fewer than four per cent of homeowners lived in condominiums. By 2001 it accounted for nine per cent of households, and in 2006 it reached 10.9 per cent.
Immigrants to Canada generally become homeowners. By the time they have been here for six to 10 years, 66.7 per cent are homeowners. About two-thirds of immigrants lived in Toronto, Montreal or Vancouver in 2006. The report says that immigrants are twice as likely as Canadian-born people to live in a condominium.
- REM September 2008 |
| Mortgage Rates |
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| August 14, 2008
TERM POSTED BEST
1 Year 6.65% 4.80%
3 Year 6.70% 5.14%
5 Year 6.85% 5.34%
7 Year 7.30% 5.80%
10 Year 7.65% 5.90%
Variable Rate 4.00%
Prime Rate = 4.75%
*Rates are subject to change without notice
(Mortgage rates provided by Mortgage Alliance)
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Best Regards,
Fran Lee
Broker
Accredited Buyer Representative
Accredited Seller Representative
Accredited Senior Agent
Certified Neighborhood Specialist
e-PRO
Member of The Chartered Institute of Linguists
RE/MAX Goldenway Realty Inc. |
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