More Bad News from Toronto Real Estate Board

GTA May Resale Housing Sales Higher Than Last Year

TORONTO, June 3, 2009 - In May 2009, Greater Toronto REALTORS® reported 9,589 sales, up almost two per cent from May 2008 – the first annual increase since December 2007. The seasonally adjusted annual rate of sales in May was 81,301.

“The resale housing market in the GTA has remained resilient in the face of challenging times globally,” according to TREB President Maureen O’Neill. “Many home buyers have taken advantage of extremely low mortgage rates.”

The average price for May transactions was $395,609 – down less than one per cent compared to the same month last year.

“The average resale home price has moved in line with last year’s level because of tighter market conditions experienced this Spring,” stated Jason Mercer, TREB’s Senior Manager of Market Analysis. “Home sales have increased strongly relative to new listings, bolstering home prices.”

Complete market Watch is available for you here

With the number of listings reducing in the past few months and the interest rates remaining at historically low levels (almost 2.0%) people are realising the value in their decisions to buy.  Next years market may indeed be very different with the introduction of the Harmonized Sales Tax. (HST)

Woman Accused Of Using Kids To Help Steal From Open Houses

Tuesday June 2, 2009  CityNews.ca Staff

A woman is accused of using her own children to help in her quest to steal items from people's homes. And she's alleged to have done it right out in the open. Peel Police say the woman would go to open houses while the owners were away and only the real estate agent was inside.

When the realtor was distracted and with her kids as cover, they allege she would rifle through the possessions of the people who lived there, taking anything of value that could be easily be secreted, before finishing her tour of the home and walking out undetected.

In some cases, the owners only found out their items were missing when they returned. Others are still unaware of the thefts.

Cops contend her spree started on April 26th and continued until she was arrested on May 21st. All the houses said to be involved were in Brampton but cops admit it's possible the suspect could have travelled to other areas of the city. And they're still not sure how many homes may have been hit.

They're asking anyone who had an open house during that time period to look around and see if anything is missing.

Balance of Article.

David Pylyp;  This is just plain sad.  In 21 years of holding and hosting Open Houses through out the west GTA I have been rather fortunate in that only one book was ever taken, and that was by a child who helped themselves to a child's book out of interest.

There is none the less a need for vigilence. So when an agent askes for a name and address with phone, maybe there are reasons besides calling you back.  Some agents are requiring ID.  I hope that time hasn't arrived.

What are your thoughts?  Should we be collecting ID?

We can hope the HST will die

McGuinty Sticking With The Harmonized Sales Tax

Tuesday June 2, 2009  CityNews.ca Staff

It's the latest attempt by the provincial government to avoid a massive plunge into debt - and you're not happy about it.

The Harmonized Sales Tax (HST) combines the old GST (Goods and Services Tax) and PST (Provincial Sales Tax) into one 13 per cent entity. That means that goods that were previously exempt from PST will now be taxed.

The budget was on track until the money recently doled out to failing automakers like General Motors and Chrysler plunged the province even deeper into debt.

Despite that, Premier Dalton McGuinity said he's sticking with the controversial plan.

Read the balance of the article.

David Pylyp; This will only slow the already Rocky Canadian Real estate market.

If you are planning a purchase for later this year best you get going and hope for a summer slowdown.  Given the numbers that have been bantered about by the Toronto Real Estate board April and May have been as hot as 2008. Mortgage approvals exceeded last years figures according to my TD bank rep.

Where is that great depression that terrorized us 90 days ago?