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LATEST NEWS IN REAL ESTATE
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| Obtaining the lastest news in the market place allow buyers and sellers make a better choice when it comes to real estate. The information presented comes from sources such as Toronto Real Estate Board, Newspapers, Business Television among others. |
Canadian Housing Starts, October 2009 Results
Canadian housing starts trended upward in October, rising five per cent month-over-month to a seasonally adjusted annual rate of 157,300 units – the highest level this year. Within the GTA, starts increased 13 per cent to a seasonally adjusted annual rate of 34,200 units. The Canadian and GTA increases were driven by starts for multiple-family dwellings, which rose 21.3 per cent in the GTA and 13.8 per cent nationally.
The upward trend in housing starts makes sense when considered alongside the general tightening in the Canadian existing home market over the same period. When existing home sales increase strongly relative to listings, which has been the case in many Canadian centres including the GTA, a greater number of buyers looking to broaden their home ownership alternatives start to spill over into the new home market. As long as tight market conditions remain in place in the GTA and other Canadian centres, expect the recovery in new home construction to continue. This will be beneficial to the Canadian economy through the creation of well-paid construction trades jobs and through considerable economic spin-offs to other sectors of the economy like manufacturing and various professional services.
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GTA REALTORS® Report November Resale Housing Market Figures
TORONTO, December 3, 2009 - Greater Toronto REALTORS® reported 7,446 sales in November
– slightly more than double the November 2008 result when GTA home sales had dipped
markedly due to the economic downturn. Year-to-date sales were up 14 per cent compared to
the first 11 months of 2008.
“This year in the GTA home sales will be in line with the healthy levels experienced between
2004 and 2006,” said Toronto Real Estate Board President Tom Lebour.
“Increased resale home transactions in the Toronto area and country-wide played a key role in
pushing the Canadian economy out of recession in the third quarter.”
The average price for November transactions was up 14 per cent year-over-year to $418,460.
The average price year-to-date was up four per cent to $394,464.
“Very strong annual growth rates for sales and average price should be expected through the
first quarter of 2010, because we will be comparing the current recovery to the housing market
decline experienced last winter," according to Jason Mercer, TREB's Senior Manager of Market
Analysis. “As we move into the spring, growth rates will move to more sustainable levels.”
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