OTTAWA, May 15, 2008 — New home construction will begin to slow in 2008, but remain high by historical standards, according to Canada Mortgage and Housing Corporation’s (CMHC) second quarter Housing Market Outlook, Canada Edition report.
Existing home sales, as measured by the Multiple Listing Service (MLS®)1, are expected to fall by 8.5 per cent in 2008 to 475,900 units. In 2009, the trend will continue with a decrease to 465,000 units (-2.3 per cent). Despite a slowdown of MLS® sales, demand remains strong by historical standards. For 2008 and 2009, MLS®price growth will remain above inflation. Prices will reach $323,000 (+5.1 per cent) in 2008 and $333,500 (+3.3 per cent) in 2009.
The Ontario economy is expected to improve slightly during 2008 and this will help sustain housing demand across the province. New home construction activity will be moderate between now and the end of 2008. Housing starts will move up to 72,175 units in 2008 from 68,123 units last year given an increase in new condominium projects; however starts will decrease to 65,000 units in 2009. The average MLS® price in Ontario rose by 7.6 per cent in 2007. For 2008 and 2009, the increases will be more modest at 3.5 per cent and 2.4 per cent respectively.
Canada Mortgage and Housing Corporation (CMHC)
For more information, call 1-800-668-2642.
1 The term MLS® stands for Multiple Listing Service and is a registered trademark of the Canadian Real Estate Association (CREA).
Information on this release:
Kristen Scheel
Media Relations
CMHC
T elephone: 613-748-4632
Sunday, May 25, 2008
Monday, May 19, 2008
GTA resale housing market moderate in April, but prices up
TORONTO, May 5, 2008 -TREB
With 8,762 houses sold in the Greater Toronto Area, April’s resale housing activity was down seven per cent from the record 9,452 transactions from the same timeframe a year ago, Toronto Real Estate Board President Maureen O’Neill announced today.
“The market is showing signs for a healthy 2008 compared to the diminished activity we saw in the first quarter of the year,” said Ms. O’Neill. “We continue to experience a supply and demand situation and to-date, it remains a sellers market."
Sales activity however, was markedly different in the 416 and 905 regions. With 3,467 transactions in the City of Toronto, sales were down 10 per cent from a year ago. The 905 region was down five per cent from April 2007 sales, with 5,295 homes changing hands.
April’s GTA average price was $398,687, up five per cent from the same period a year ago. In the City of Toronto, the average price was $446,781, up six per cent from last April. In the 905 region the average price increased five per cent compared to a year ago, to $367,196.
Several neighbourhoods experienced strong sales in April.
Scarborough East (E08) saw an five per cent overall sales increase compared to April 2007, driven by robust detached home sales.
Caledon (W28) experienced a 15 per cent increase compared to the same timeframe a year ago as a result of strong condominium sales.
Condominium sales also drove Willowdale (C07) to a 32 per cent increase from a year ago.
In Thornhill sales increased eight per cent from last April due to strong detached home sales.
“The number of listings on the Toronto Real Estate Board’s Multiple Listing Service has increased to 24,539, up seven per cent from a year ago, which is good for homebuyers, who will find a greater range of options in the market,” said Ms. O’Neill. “With prices continuing to appreciate and increased listing inventory there are favourable factors in today’s market for consumers.”
With 8,762 houses sold in the Greater Toronto Area, April’s resale housing activity was down seven per cent from the record 9,452 transactions from the same timeframe a year ago, Toronto Real Estate Board President Maureen O’Neill announced today.
“The market is showing signs for a healthy 2008 compared to the diminished activity we saw in the first quarter of the year,” said Ms. O’Neill. “We continue to experience a supply and demand situation and to-date, it remains a sellers market."
Sales activity however, was markedly different in the 416 and 905 regions. With 3,467 transactions in the City of Toronto, sales were down 10 per cent from a year ago. The 905 region was down five per cent from April 2007 sales, with 5,295 homes changing hands.
April’s GTA average price was $398,687, up five per cent from the same period a year ago. In the City of Toronto, the average price was $446,781, up six per cent from last April. In the 905 region the average price increased five per cent compared to a year ago, to $367,196.
Several neighbourhoods experienced strong sales in April.
Scarborough East (E08) saw an five per cent overall sales increase compared to April 2007, driven by robust detached home sales.
Caledon (W28) experienced a 15 per cent increase compared to the same timeframe a year ago as a result of strong condominium sales.
Condominium sales also drove Willowdale (C07) to a 32 per cent increase from a year ago.
In Thornhill sales increased eight per cent from last April due to strong detached home sales.
“The number of listings on the Toronto Real Estate Board’s Multiple Listing Service has increased to 24,539, up seven per cent from a year ago, which is good for homebuyers, who will find a greater range of options in the market,” said Ms. O’Neill. “With prices continuing to appreciate and increased listing inventory there are favourable factors in today’s market for consumers.”
More Balanced Resale Housing Market in this Apri
OTTAWA – May 14th, 2008 – Canadaian Real Estate Association
The number of new listings of homes for sale on the Multiple Listing Service® (MLS®) in Canada's major markets reached its highest level ever in April 2008, according to statistics released by The Canadian Real Estate Association (CREA). The rise in new listings outpaced a small gain in sales activity, resulting in a more balanced market.
The number of newly listed properties on the MLS® systems of Canada's major markets numbered 52,775 units on a seasonally adjusted basis, up 1.8 per cent from the previous month. Actual (unadjusted) new listings were up 17.7 per cent from April 2007.
The new record resulted largely from unprecedented numbers of new listings in Toronto and Saskatoon. The rise in new listings in these markets more than offset a decline in new listings in Edmonton and Calgary, where new listings retreated from record levels reached in March.
Seasonally adjusted MLS® sales activity in Canada's major markets edged up 0.8 per cent month-over-month to 27,039 units in April. The small monthly gain resulted from rising activity in Quebec City, Toronto, Winnipeg, Halifax-Dartmouth, Hamilton-Burlington, St. Catharines and Newfoundland & Labrador. Activity gains in these markets offset fewer transactions in Vancouver, London & St. Thomas, Calgary and Victoria.
New listings rose by more than sales activity, resulting in a more balanced resale housing market this April than in any other month in the past nine years.
"This means buyers face less competition in their search for a home," notes Calvin Lindberg, President of The Canadian Real Estate Association. "It also means more competition among home sellers, so presentation factors such as prudent pricing are necessary for faster sale. That is expertise a REALTOR® can provide."
A surge in new listings caused the resale housing market to become significantly more balanced in Regina and Saskatoon. By contrast, strong sales activity caused the resale housing market to tighten in Thunder Bay and in Newfoundland & Labrador. These areas and Winnipeg were the three tightest major markets in April. Edmonton, Calgary and Windsor remain the most balanced of Canada's major markets.
The major market MLS® residential average price rose 3.2 per cent year-over-year to $334,293 in April. This is the smallest year-over-year price increase in over six years, and again reflects a more balanced housing market.
"An increase in listings is resulting in a more balanced resale housing market in Vancouver, Calgary, Toronto and Montreal, the four most active of Canada's major markets," said CREA Chief Economist Gregory Klump. "New listings are forecast to rise further as sales activity continues retreating from the peak last year, resulting in an increasingly balanced resale h
The number of new listings of homes for sale on the Multiple Listing Service® (MLS®) in Canada's major markets reached its highest level ever in April 2008, according to statistics released by The Canadian Real Estate Association (CREA). The rise in new listings outpaced a small gain in sales activity, resulting in a more balanced market.
The number of newly listed properties on the MLS® systems of Canada's major markets numbered 52,775 units on a seasonally adjusted basis, up 1.8 per cent from the previous month. Actual (unadjusted) new listings were up 17.7 per cent from April 2007.
The new record resulted largely from unprecedented numbers of new listings in Toronto and Saskatoon. The rise in new listings in these markets more than offset a decline in new listings in Edmonton and Calgary, where new listings retreated from record levels reached in March.
Seasonally adjusted MLS® sales activity in Canada's major markets edged up 0.8 per cent month-over-month to 27,039 units in April. The small monthly gain resulted from rising activity in Quebec City, Toronto, Winnipeg, Halifax-Dartmouth, Hamilton-Burlington, St. Catharines and Newfoundland & Labrador. Activity gains in these markets offset fewer transactions in Vancouver, London & St. Thomas, Calgary and Victoria.
New listings rose by more than sales activity, resulting in a more balanced resale housing market this April than in any other month in the past nine years.
"This means buyers face less competition in their search for a home," notes Calvin Lindberg, President of The Canadian Real Estate Association. "It also means more competition among home sellers, so presentation factors such as prudent pricing are necessary for faster sale. That is expertise a REALTOR® can provide."
A surge in new listings caused the resale housing market to become significantly more balanced in Regina and Saskatoon. By contrast, strong sales activity caused the resale housing market to tighten in Thunder Bay and in Newfoundland & Labrador. These areas and Winnipeg were the three tightest major markets in April. Edmonton, Calgary and Windsor remain the most balanced of Canada's major markets.
The major market MLS® residential average price rose 3.2 per cent year-over-year to $334,293 in April. This is the smallest year-over-year price increase in over six years, and again reflects a more balanced housing market.
"An increase in listings is resulting in a more balanced resale housing market in Vancouver, Calgary, Toronto and Montreal, the four most active of Canada's major markets," said CREA Chief Economist Gregory Klump. "New listings are forecast to rise further as sales activity continues retreating from the peak last year, resulting in an increasingly balanced resale h
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