GTA resale housing market down but still healthy

The Greater Toronto Area resale housing market saw 3,955 homes change hands in the first half of April, down five per cent from the same time period last year, Toronto Real Estate Board President Maureen O’Neill announced today.

“The first half of April brought sales activity within five per cent of mid-April 2007,” said Ms. O’Neill.

In the City of Toronto sales are down 11 per cent compared to a year ago, with 1,514 transactions taking place. Inthe 905 suburbs, sales are down just over one per cent to 2,441 for mid-month April 2008 from 2,477 sales midmonth April 2007.

Throughout the GTA prices have risen seven per cent compared to the same timeframe last year, to an average of $399,117. In the City of Toronto the average stands at $454,211 up 10 per cent over mid-April 2007. The 905 Region has seen a six per cent increase compared to a year ago, with a current average price of $364,939.

The number of listings on the market is one per cent greater than last year with current inventory sitting at 22,985.

This indicates that inventory is on the rise. The positive news is homeowners are selling their homes with an average of 28 Days on Market compared to 30 a year ago. The slight increase in inventory levels and house prices are encouraging factors.

A number of GTA neighbourhoods showed strong sales activity during the first half of this month.

Willowdale (C07) saw a 75 per cent overall increase in transactions, driven by strong, detached, condo-apartment, and condo-townhouse sales.

In Vaughan/Thornhill (N02), transactions increased by 53 per cent compared to mid-April 2007, as a result of strong detached home sales.

Strong detached home sales also drove Brampton East (W24) to 37 per cent compared to the same timeframe a year ago.

In Riverdale (E01) transactions are up 10 per cent, also as a result of strong detached home sales.

“We’re also seeing sellers achieve on average 99 per cent of their asking price, which is one per cent higher than a year ago,” said Ms. O’Neill. “April’s numbers point to a stable, healthy market for the Greater Toronto Area this spring. However TREB still remains wary of the Land Transfer Tax in Toronto.”

Charlie - condos that love you - Agents' Sales Event

Condos that love you.

Charlie is more than just a place.
It’s a vibe that defines the way you
live. Fashionable. Elegant. Unique
and undeniably sexy. You can feel
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Charlie defines mile high style.
An urban ornament designed by
Diamond + Schmitt Architects, Charlie
represents the latest in architectural
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glass stretches along the tower’s
aluminum frame, while heritage
brick, reminiscent of historic
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Drenched in designer details inside
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Charlie’s neighbourhood is happening.
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The Great Gulf Group is an international
group of companies whose activities
span the entire real estate spectrum,
from land acquisition and assembly, to
the design and construction of high-rise
condominiums, resorts and single family
homes in master-planned communities
throughout North America. Here in Toronto,
the following properties reflect our diverse
approach to condominium design.
The luxury of The Saint James at King &
Jarvis and The Regency at Bloor & Royal
York. The polished stone and art deco
detailing of The Morgan at Spadina &
Richmond. The towering contemporary
icon at 18 Yorkville. The urban elegance
of The Hudson at King & Spadina and
the exciting design development of
X The Condominium at Charles and Jarvis.
All are testaments to our commitment
to design and construction excellence.
Charlie, Great Gulf’s new condominium
community at King and Charlotte will
soon share the spotlight.

--------------------------------------------

Charlie is a fabulous new condominium at King and Charlotte (one block east of Spadina). Centrally located: at the intersection of two streetcar lines, in King West and Entertainment district, walking distance to financial district and all that downtown Toronto has to offer.

Be one of the first to purchase a unit at the exclusive agent's sale. Priced from $219,990. Contact me for floor plans and additional info and to be invited to this exclusive sale. Buyers attending this sale as my client will also receive a certificate for $5,000 off the purchase price of the condo at closing.

Deposit Structure: $5,000 with offer, Balance of 5% in 30 days, 5% in 60 days, 2.5% in 180 days, 2.5 % in 270 days

Occupancy: Fall 2011

Maintenance: $0.45 per square foot
(including heat, air conditioning, water, building insurance and the upkeep of common areas)
Hydro metered separately

Parking: $37,500 per parking space (not available for purchase with all units)
Locker: $3,500 per locker

Please contact me at 416-450-0529 or email torontocondohomes@gmail.com for more info and to attend the sale!