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GTA High-Rise Condo Sales Reach Record Highs

According to newly released statistics from the Building Industry and Land Development Association (BILD), 2011 has started off with a bang in GTA- in regards to the high-rise condo sector.

According to RealNet, their primary information source, 2,335 new homes and condominium suites sold in the GTA during January 2011. This does signal a 13 % decline from this time a year ago; however, high-rise sales skyrocketed, reaching the second highest level since 2000.

BILD President and CEO Stephen Dupuis indicated that 2,335 unit sales in January is quite respectable considering that most builders are using that month to sell inventory as they prepare to launch new phases and projects in February and March.

"January is not a heavily weighted month in the grand scheme of things, but sales of over 2,300 units in January bodes well for the Spring market," Dupuis said.

Regionally, low-rises in Toronto itself saw the greatest decline- dropping almost 45% from last January. The biggest increase for low-rises occurred in Halton, where there was actually an increase of 72.4%.

For high-rises, the greatest drop occurred in Halton, where sales fell by 45.7%. The greatest increase was in Peel, where sales went up by 23.3%.

Source: propertywire.ca

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Home sales pace hits 9-month high

Home sales in Canada increased 4.5 per cent in January over the previous month, their highest seasonally adjusted point since last April.

The Canadian Real Estate Association said Tuesday the Vancouver and Toronto markets led the way, but there were gains in more than half of all local markets during the month. "We anticipated the recent announcement of tighter mortgage regulations, which will come into effect this March, would pull forward sales activity into the first quarter of 2011, particularly in some of Canada’s more expensive housing markets,” CREA chief economist Gregory Klump said.

“The sharp rise in sales activity in Toronto following the announcement provides early evidence confirming this."

Klump was referring to Finance Minister Jim Flaherty's announcement in January that Ottawa will no longer insure mortgages of longer than 30 years.National sales activity has improved steadily since last summer, and now stands almost 25 per cent above the low point reached in July 2010, CREA said. The national average price for homes sold in January was $343,675. While little changed compared to the previous three months, much like the total sales numbers, the price figure is 4.5 per cent higher than the average price level in January 2010. New listings of homes for sale normally post their biggest month-over-month increase in January, and January 2011 was no exception.

New listings more than doubled in January compared to the previous month, the largest such gain since 2007.

Source: CBC.ca

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Canadian Real Estate Market Compared over last 10 years

Mississauga, ON (February 8th, 2011) - Tighter inventory levels helped to make the last decade one of the healthiest periods on record for Canadian real estate, insulating markets in major centres from the peaks and valleys characteristic of past decades, according to a report released by RE/MAX.
The RE/MAX Housing Barometer Report measured monthly sales-to-new listings ratios in 18 major centres across the country from January 2000 to December 2010. The report found strong seller's/balanced conditions prevailed for much of the time frame, prompting significant gains in housing values. The lone exception was when the market dipped into buyer's territory during the latter half of 2008 and early 2009. However, fewer listings served to offset diminished demand and provided greater stability. Average price increases from 2000 to 2010 ranged from an annually compounded rate of return of 4.82 per cent in London-St. Thomas to a high of 9.56 per cent in Regina. The national average was 6.82 per cent. By far the tightest market in the nation was Winnipeg, where seller's ruled the roost for 85 per cent of the decade, followed by Hamilton-Burlington (67 per cent), Regina (63.6 per cent), Kitchener-Waterloo (59.8 per cent) and Edmonton (57.5 per cent).