Sales Juggernaut Continues in Toronto

GTA Resale Housing Market Posts Best June on Record

TORONTO, July 6, 2009 - In June 2009, Greater Toronto REALTORS® reported a record10,955 sales, up 27 per cent from June 2008. The seasonally adjusted annual rate of sales inJune 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 anddiverse resale housing market."

The average price for June transactions was $403,972 – up by two per cent compared to thesame 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."

Incredible News:

Using the sales numbers for June '09 alone, we are selling one house for every 1.78 homes available for sale. This is coupled with a reduction in the number of homes available for sale of appraoximately 14% and the combination will result in continued price increases and a sellers markets moving into the doldrums of summer.

Table Last 16 month

Will this continue? As long as interest rates are low, and the Harmonized sales Tax is on the horizon, informed people will want to make the move sooner not later.

What do you think?

Luxury Homes Sales Rebound

May 2009 strongest month on record for luxury home sales, says RE/MAX 

Sales of luxury properties in the Greater Toronto Area posted their strongest performance on record in May 2009, according to RE/MAX Ontario-Atlantic Canada.

Two hundred and seventy-three high-end homes changed hands in May 2009, up six per cent from 258 reported during the same period one year earlier, and the highest number of sales over $1 million in a one-month period in the history of the Toronto Real Estate Board. The previous record was set in May of 2007 at 266 sales.

"Confidence is slowly returning to the marketplace," says Michael Polzler, Executive Vice President, Regional Director, RE/MAX Ontario-Atlantic Canada. "Traditional market indicators are in place - the stock market has made tremendous gains in recent months, crude values have risen significantly, and the Canadian dollar has gained almost 10 points in the past month. Combine these influences with pent-up demand and growing economic stability and you have the ingredients for solid sales in the top-end of the market."

Further evidence of a rebound is the recent sale of a Bridle Path home priced at over $13 million, the first sale over the $10 million price point in more than a year. The 18,000 sq. ft. gated estate, situated on more than two acres, was listed by Barry Cohen, Broker, RE/MAX Realtron, and featured a spectacular backyard with a negative edge waterfall pool, fountains, hot tub, and tennis court.

Demand for homes priced in excess of $1 million has increased steadily since the beginning of the year, says Polzler, mimicking the overall real estate market. Seven hundred homes have changed hands year-to-date, compared to 944 in January to May of 2008. Given current momentum, however, it's likely that activity will continue at a healthy pace for the remainder of the year - with sales at year-end at least on par or ahead of 2008 levels.  

RE/MAX is Canada's leading real estate organization with over 17,600 sales associates situated throughout its more than 677 independently-owned and operated offices across the country. The RE/MAX franchise network, now in its 36th year, is a global real estate system operating in more than 70 countries. Over 6,700 independently-owned offices engage nearly 100,000 member sales associates who lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral, and asset management. For more information, visit: www.remax.ca 

David Pylyp  Specific review of the W08 neighbourhood revealed 11 sales between 1.0 and 1.5MM in the last 30 day period (eom May 09)