GTA Resale Housing Sales - Stable in July
There was moderate activity in July with over 7000 real estate transactions recorded. House prices slightly increased to less than 1% from a year ago in Toronto (GTA at $395,000 the average price) and 3% in the Mississauga, Oakville, Brampton and other 905 regions (the average price at $355,000). This indicates that prices are leveling off and are becoming stable.Housing prices continue to be stable and sales are at a slower but moderate pace. There was a 12% decline in the number of homes sold when compared to the record set last July in Toronto.
Certain neighborhoods throughout the GTA experienced increased sales activity in July such as Whitby, Brampton East, Uxbridge and the Annex.
Price remain stable with the list to sale price ratio at 98% and the average time on the market at 33 days.
There is now more choice available to homebuyers as there is currently over 26,000 active listings. This is a 28% increase from a year ago.GTA homebuyers continue to recognize the value of real estate as a long-term investment and are enjoying the selection of the increased available properties to choose from.
Planning to buy or sell? Call Leif Kalaas Your Right at Home Realty - Realtor
posted by Leif Kalaas @ 3:21 PM
The retail housing market continued at a healthy pace through June with the average price of a GTA home up four percent from last year to around $398,000.
The GTA housing market shows signs for a healthy remainder of the 2008 sales year compared to the slower first quarter of sales activity. 
The near record snowfall for February in the GTA had a cooling affect on resale homes. Sales were down 11% in the Greater Toronto Area. This comprised of 14% in the city of Toronto and 9% in the 905 areas (Mississauga, Oakville, Milton etc.) of the GTA compared to February of 2007. The winter weather and heavy snowfalls had a negative impact on both sales and inventory.
The Toronto, Mississauga and the GTA experienced many record breaking real estate benchmarks in 2007. Sales transactions for the year exceeded 90,000 transactions - the first time on record. 
With less than four weeks remaining for this year, 2007 has already became the new record for sales in the Greater Toronto Area. The previous record was set in 2005 with over 84000 sales, this year, over 85000 sales with time still remaining this year. November sales are also up five percent compared the same time span last year. The economic numbers in Ontario remain positive, and thus a strong housing market continues in Mississauga, Oakville, Milton, Toronto and the GTA. Statistics Canada reports that the unemployment rate fell by 0.1% to 5.8% in October 2007, the lowest rate for 33 years. Employment increased by 63,000 jobs during the month. Mortgage rates remain historically low and sustained immigration is anticipated to continue.
This years Mississauga and Toronto Real Estate market has been the strongest to date with October numbers confirming that this hot real estate market is continuing. October 2007 sales were up 15% compared to last October and the year-to-date sales have reached a solid 12% increase over the same time last year. Although the new Toronto land transfer tax increase that will come into effect next year might put a damper on this hot market, we can definitely say that 2007 is ending for a strong finish.
The condo market is very strong in downtown Toronto, as many investors anxiously waited the opportunity to purchase a part of the new 80 storey building that will be the tallest in Toronto. Some stood in line for a week to be one of the first to purchase a unit. The prices of the units are currently range from 500k to 8million. Definitely, this hot real estate market continues, as investors are willing to pay top dollar to secure a suite in this new luxury building at 1 Bloor street Toronto.
