April Market Shows Strength
The GTA housing market shows signs for a healthy remainder of the 2008 sales year compared to the slower first quarter of sales activity. Although sales were moderate in April at 8,762 houses sold in the Greater Toronto Area, prices were up. Prices continued to appreciate in April, with the GTA average home price of $398,678. This is up by 8% compared to April last year.
The market continues to remain a sellers market with several neighbourhoods experiencing strong sales activity in April.
April's numbers show we are headed for a relatively moderate/strong spring Toronto and Mississauga Real Estate market.
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posted by Leif Kalaas @ 7:37 PM
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.
The City of Toronto is proposing to charge a second land transfer tax to start in January 2008. The vote is scheduled for October 22, 2007. If passed, it will mean a 100% increase of the land transfer tax for home buyers. With the city of Toronto looking for additional money to help its budget shortfall, it will use the money for public transit and improving poor neighborhoods and perhaps other general municipal services.
Toronto Real Estate Board sales in September 2007 were strong with 6,866 transactions throughout the Greater Toronto Area. This is up 4% over September of last year.
