GTA REALTORS® RELEASE MONTHLY RESALE HOUSING MARKET FIGURES

Toronto, December 6, 2011 – Greater Toronto REALTORS® reported 7,092 residential transactions through the TorontoMLS® system in November – up 11 per cent in comparison to November 2010. At the same time, the number of new listings was up by 14 per cent in comparison to last year.
“We have seen strong annual sales growth through the 2011 fall market. The increase in transactions has been broad-based, with strong growth across low-rise and high-rise home types throughout the Greater Toronto Area,” said Toronto Real Estate Board (TREB) President Richard Silver. “The market has also become better supplied, with annual new listings growth outstripping that of sales. As this trend continues into 2012, we will see more balanced market conditions.”
The average price for November transactions was $480,421, representing an increase of almost 10 per cent in comparison to $437,494 in November 2010.
“Despite strong price growth this year, the housing market remains affordable in the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The correct method of assessing affordability is to consider the share of the average household’s income that is dedicated to mortgage principal and interest, property taxes and utilities. Currently, this share remains in line with generally accepted lending guidelines. Given this positive affordability picture, average price growth is forecast to continue in 2012, albeit at a more moderate pace.”

Healthy Fall Market Continues in November

December 6, 2011 -- Greater Toronto REALTORS® reported 7,092 residential transactions through the TorontoMLS® system in November – up 11 per cent in comparison to November 2010. At the same time, the number of new listings was up by 14 per cent in comparison to last year.

“We have seen strong annual sales growth through the 2011 fall market. The increase in transactions has been broad-based, with strong growth across low-rise and high-rise home types throughout the Greater Toronto Area,” said Toronto Real Estate Board (TREB) President Richard Silver. “The market has also become better supplied, with annual new listings growth outstripping that of sales. As this trend continues into 2012, we will see more balanced market conditions.”

The average price for November transactions was $480,421, representing an increase of almost 10 per cent in comparison to $437,494 in November 2010.

"Despite strong price growth this year, the housing market remains affordable in the GTA," said Jason Mercer, TREB’s Senior Manager of Market Analysis. "The correct method of assessing affordability is to consider the share of the average household’s
income that is dedicated to mortgage principal and interest, property taxes and utilities. Currently, this share remains in line with generally accepted lending guidelines. Given this positive affordability picture, average price growth is forecast to continue in 2012, albeit at a more moderate pace."

TORONTO, November 16, 2011 -- Greater Toronto REALTORS® reported 3,379 transactions through the TorontoMLS® during the first two weeks of November.  This result represented more than a 13 per cent increase compared to November 2010.  New listings were up 16 per cent over the same period.

“The results for the first two weeks of November point to two important facts:  First, despite global economic uncertainty, buyers have remained confident in the affordable housing market in the GTA.  Second, stronger growth in new listings means that it is becoming easier for buyers to find a home that meets their needs,” said Toronto Real Estate Board President Richard Silver.

The average selling price through the first 14 days of November was $481,548 – up by 10 per cent compared to the average of $437,510 reported for the first two weeks of November 2010.

“Little or no movement is expected for mortgage rates through 2012.  Low rates coupled with the consensus outlook for continued economic growth next year suggests that homes will remain affordable in the GTA and households will remain confident in doing deals.  Look for the average selling price to advance to the $485,000 mark next year,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis

Buying a Home? Get the Facts on HST
HST does not apply to resale homes
TORONTO – March 21, 2011 - Revenue Minister Sophia Aggelonitis and Toronto Real
Estate Board President, Bill Johnston, today released a video explaining to prospective
buyers the facts about the HST and the housing market.
The video highlights the fact that there is no HST on the purchase price of resale homes.
Sales tax did not apply to the purchase price of resale homes under the previous PST, and
it does not apply under the HST.
For new housing, additional tax only applies to the portion of the price above $400,000.
The Ontario Enhanced New Housing Rebate means that buyers of new homes receive a
rebate of up to $24,000 regardless of the price of the new home. Buyers of new homes
priced up to $400,000 (about three-quarters of new homes built in Ontario) on average
pay no more – and possibly even less – tax than under the previous PST, where sales tax
was hidden in the price.
“Buying a home is one of the most important investments a person will make in their
lifetime. That's why I'm pleased to be working with TREB to provide information about
purchasing a home in Ontario."
— Minister of Revenue Sophia Aggelonitis
“REALTORS® are happy to help inform the public about the HST. It is important that
the public understands that HST does not apply to the purchase price of a resale home.”
— Bill Johnston, President, Toronto Real Estate Board
QUICK FACTS
 The HST does not apply to the purchase price of resale homes.
 Sales tax did not apply to the purchase price of resale homes under the previous PST.
 In addition to not having HST on resale homes, a refund of Land Transfer Tax of up
to $2,000 is available to first-time home buyers of resale homes.

GTA REALTORS® Release Resale Market Figures

TORONTO, November 3, 2011 -- Greater Toronto REALTORS® reported 7,642 home sales through the TorontoMLS® in October 2011.  This represented an increase of 17.5 per cent compared to the 6,504 transactions reported in October 2010.

Monthly sales data follow a recurring seasonal trend that should be removed before comparing monthly results within the same year.  After adjusting for seasonality, the annualized rate of sales for October was 97,100, which was above the average of 90,700 for the first three quarters of 2011.

“The pace of October resale home transactions remained brisk in the GTA.  This bodes well for a strong finish to 2011,” said Toronto Real Estate Board President Richard Silver.  “Home buyers who found it difficult to make a deal in the spring and summer due to a shortage of listings have benefitted from increased supply in the fall.”

The average selling price through the TorontoMLS® in October was $478,137 – up eight per cent compared to October 2010.

“Sellers’ market conditions remain in place in many parts of the GTA.  The result has been above-average annual rates of price growth for most home types,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.  “Thanks to low interest rates, strong price growth has not substantially changed the positive affordability picture in the City of Toronto and surrounding regions.”  

GTA REALTORS® Release New Quarterly Condo Market Report

TORONTO, October 24, 2011 -- Greater Toronto REALTORS® reported 5,770 condominium apartment transactions through the TorontoMLS® system in the third quarter of 2011, representing a 24 per cent increase over the same period in 2010. The average selling price increased by almost nine per cent to $333,352.

"Condominium apartments have accounted for about one-quarter of total existing home sales in the GTA this year. This share is expected to increase moving forward, as new home sales and construction has become increasingly driven by high-rise construction," said Toronto Real Estate Board President Richard Silver.

In line with new home sales and construction trends over the last few years, condominium apartment completions have been high so far in 2011. When condo projects reach the completion stage, investors and end users whose housing needs have changed often list their units for sale or rent.

"The average annual rate of price growth remained strong in the third quarter, despite the upward trend in completions and active listings. This is because the pace of sales remained brisk, keeping sellers' market conditions in place," said Jason Mercer, the Toronto Real Estate Board's Senior Manager of Market Analysis.

Strong Condo Sales Growth in Q3 2011

October 24, 2011 -- Greater Toronto REALTORS® reported 5,770 condominium apartment transactions through the TorontoMLS® system in the third quarter of 2011, representing a 24 per cent increase over the same period in 2010. The average selling price increased by almost nine per cent to $333,352.

"Condominium apartments have accounted for about one-quarter of total existing home sales in the GTA this year. This share is expected to increase moving forward, as new home sales and construction has become increasingly driven by high-rise construction," said Toronto Real Estate Board President Richard Silver.

In line with new home sales and construction trends over the last few years, condominium apartment completions have been high so far in 2011. When condo projects reach the completion stage, investors and end users whose housing needs have changed often list their units for sale or rent.

"The average annual rate of price growth remained strong in the third quarter, despite the upward trend in completions and active listings. This is because the pace of sales remained brisk, keeping sellers' market conditions in place," said Jason Mercer, the Toronto Real Estate Board's Senior Manager of Market Analysis.

REALTORS® Calling for Reinstatement of Provincial Energy Efficiency Retrofit Rebates

TORONTO, September 23, 2011 -- With a provincial election approaching, REALTORS® are calling on all provincial political parties to commit to reviving provincial rebates for homeowners who make energy efficiency upgrades to homes.

"Summer is coming to an end and winter will be here before we know it. Homeowners can help to keep their heating bills down by making sure that their homes are as energy efficient as possible. Unfortunately, the up-front costs of doing so can be costly. That's why REALTORS® want to see provincial rebates for energy efficiency upgrades reinstated," said Richard Silver, President of the Toronto Real Estate Board (TREB).

Last spring, both the provincial and federal governments ended programs that provided up to $10,000 in rebates (half from the provincial government and half from the federal government) to homeowners who undertook energy efficiency retrofits to their homes. Since then the federal government has revived its program but the provincial government has not done the same. Encourage your provincial candidate to take a strong stand!

"Past federal and provincial rebate programs have been extremely successful. Over 90,000 home owners completed energy efficient retrofits to their properties with the assistance of those programs. The federal government has taken action to continue this success and now the provincial government should do the same. All of the provincial political parties should commit to reviving this program if elected this fall," said Silver.

REALTORS® believe that energy efficiency retrofits to homes are important for homeowners and for the whole Province.

"Not only do energy efficiency upgrades to homes benefit homeowners by helping them to keep their energy bills down, but they benefit all of us by helping to protect our natural environment and by reducing the strain on our energy producing facilities, which, in the long run, saves us all money," added Silver. "These kinds of Retrofit Rebates also go a long way to stimulate the economy by encouraging product purchases and job creation."

REALTORS® look forward to continuing to raise home ownership issues with provincial politicians during the provincial election campaign.   

GTA REALTORS® Calling for Provincial Renovation Rebate

TORONTO, October 7, 2011 -- REALTORS® are calling on provincial politicians to support a provincial rebate for all homeowners who undertake renovations.

"When home buyers are shopping for a home, they often consider its future potential in addition to its current condition. So, the need for renovations and upgrades, either out of necessity or desire, are often factored into their buying decisions. Frankly, this is a good thing because home renovations help to create jobs and generate tax revenue for the government, worthy goals that all provincial politicians should support and encourage," said Richard Silver, President of the Toronto Real Estate Board (TREB).

Home renovations undertaken by Ontario's 3.2 million home owners produced over $20.3 billion in economic activity last year. Unfortunately, a large amount of home renovation work in this province is conducted via the "cash deal" or through the underground economy. According to housing experts at Altus Group, 37 per cent or $5.2 billion of the output from the provincial home renovation industry in 2010 was conducted through the underground economy.

"When given the option, who has not been enticed into saving money by avoiding taxes but unlicensed workers hurt the reputations and competitiveness of legitimate renovation contractors and cost governments and the public greatly," said Silver.

The Ontario Home Builders Association (OHBA) estimates that the underground home renovation economy causes the loss of up to $298 million in HST revenue annually, $1.6 billion in income tax revenue annually and $767 million in other revenues such as CPP, WSIB, Employer Health Tax and Employment Insurance Premiums.

"The underground home renovation industry poses a number of serious risks to home owners. Underground contractors often do not meet health and safety standards, carry no liability insurance and do not offer warranties. Moreover, home owners have little to no recourse in the event of shoddy or unsafe workmanship," added Silver. "For example, if an uninsured worker gets injured while working on a property, the property owner may be held responsible," said Silver.

REALTORS® believe that the best way to mitigate the growth of the underground home renovation economy is to give home owners a financial incentive to use professional contractors. Specifically, REALTORS® are urging all provincial politicians to support the creation of a permanent Ontario Home Renovation Tax Rebate.

"If the provincial government were to institute a renovation rebate, payable to the homeowner, homeowners would be far more likely to insist on a receipt creating a paper trail that would deter underground economic activity. Furthermore, renovations lead to increases in property value, which leads to increases in property tax revenues that would mitigate any potential loss of tax revenue from the Renovation Tax Credit. A further bonus is that many upgrades increase the energy efficiency of properties. 

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