GTA Home Prices up 9%, sales down 1% in 2010

Greater Toronto REALTORS® reported 4,395 existing home sales for the month of December, bringing the 2010 total to 86,170 – down by one per cent compared to 2009.

"Market conditions were anything but uniform in 2010. We went from super-charged sales activity during the first four months of the year, to a marked drop-off in transactions in the summer and then in the fall saw sales climb back to levels that are sustainable over the longer term," said TREB President Bill Johnston.

The average home Selling price in 2010 was $431,463 – up nine per cent in comparison to the 2009 average selling price of $395,460. In December, the average annual rate of price growth was five per cent.

Here's a small Video on Market Watch by Jason Mercer, TREB's Senior Manager of Market Analysis.

Read the complete Market Watch Report here

Federal Finance Minister Jim Flaherty announced tighter Mortgage rules on Monday to combat concerns over high Canadian household debt.

Concern over rising consumer debt levels is prompting Ottawa to make three new changes to Canada's mortgage rules. Flaherty unveiled three main changes:

- The maximum number of years the government will back a mortgage was lowered from 35 to 30.

- The upper limit that Canadians can borrow against their home equity was lowered from 90 per cent to 85 per cent.

- Government insurance backing on home equity lines of credit, or HELOCs, has been removed.

Read the complete report by Bill Curry of The Globe and Mail at BNN's Site

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NBER marks end of U.S. recession

Business News Network reported today: The recession ended in June 2009, making it the longest downturn since the Great Depression of the 1930s, the National Bureau of Economic Research said on Monday.

September Mid Month Resale Homes Sales Down Prices Up

Greater Toronto REALTORS® reported 2,623 sales through the Multiple Listing Service® (MLS®) during the first two weeks of September 2010. This represented a 22 per cent decrease compared to the 3,361 sales recorded during the same period in 2009. Year-to-date sales amounted to 65,455, representing a six per cent increase compared to 2009.

“Sales remain below the record pace we experienced in the second half of 2009. The prospect of higher interest rates and new Mortgage lending guidelines resulted in higher than normal sales in the first few months of the year. To balance this out, the pace of sales has slowed in the second half,” said Toronto Real Estate Board President Bill Johnston.

“It is important to note that year-to-date sales remain above the number reported through the same period last year,” added Johnston.

Read the Complete Report here

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Bank of Canada increases overnight rate target to 1 per cent

OTTAWA –The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.

The global economic recovery is proceeding but remains uneven, balancing strong activity in emerging market economies with weak growth in some advanced economies. In the United States, the recovery in private demand is being held back by high unemployment and recent indicators suggest a more muted recovery in the near term.

Economic activity in Canada was slightly softer in the second quarter than the Bank had expected, although consumption and investment have evolved largely as anticipated.  Going forward, consumption growth is expected to remain solid and business investment to rise strongly. Both are being supported by accommodative credit conditions, which have eased in recent weeks mainly owing to sharp declines in global bond yields.

Visit Bank of Canada Website for complete Report

Homes Sales down, prices up in August

Greater Toronto REALTORS® reported 6,232 sales through the Multiple Listing Service® (MLS®) in August 2010.

This represented a 22 per cent decrease compared to the 8,035 sales recorded during the same period in 2009. New listings decreased by one per cent year-over-year to 10,488.

“The prospect of Interest rate hikes and new Mortgage lending rules prompted some households to purchase a home sooner than they otherwise would have this year. The result has been a larger than normal dip in sales over the summer months. With this said, it is important to recognize that sales on the year were eight per cent higher than in 2009,” said Toronto Real Estate Board President Bill Johnston.

The average price for August transactions was $411,012 – up six per cent compared to the average of $387,921 reported in August 2009. “Market conditions have remained tight enough to support higher home prices in comparison to last year. Under current Mortgage lending standards, a household earning the average income in the GTA can comfortably afford the mortgage payments on an average priced home. Market conditions and the affordability picture would have to change dramatically before a sustained drop in the average Selling price would take place,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Read the Market Watch Report

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Homebuyers e-Valuate Mortgage Options

The 2010 Mortgage Consumer Survey, released recently by Canada Mortgage and Housing Corporation (CMHC), shows that the Internet has become an important resource for first-time homebuyers with 89 per cent indicating that they looked online for mortgage-related information, while 84 per cent researched mortgage terms and conditions before deciding on a mortgage option.

Additionally, more than two-thirds (69 per cent) of first-time homebuyers used an online calculator to compare different options when shopping for a home. As a result, 85 per cent of first-time homebuyers noted they had a good understanding of the size of Mortgage they could afford before buying a home, with the average Canadian homebuyer taking 12 months to plan their purchase.

“Canadians confirmed that they take the time to do research prior to buying a home,” said Pierre Serré, CMHC Vice-President, Insurance Product and Business Development. “Informed homebuyers contribute to the continued strength of Canada’s housing system.”

The survey noted that 81 per cent of recent homebuyers indicate that they are comfortable with the level of their current Mortgage debt. 

More than two-thirds (68 per cent) of recent homebuyers feel there is a strong chance they will pay off their Mortgage sooner than required and more than a quarter (27 per cent) have already taken steps to pay down their mortgage through lump-sum payments or through increased regular payments.

The on-line survey, which polled more than 2,500 active Mortgage users, asked participants a series of questions designed to gauge the attitudes and sentiments of recent mortgage consumers in Canada. The survey has been conducted since 1999.

As Canada’s national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of high quality, environmentally sustainable, and affordable homes — homes that will continue to create vibrant and healthy communities and cities across the country.

For complete details of CMHC’s 2010 Mortgage Consumer Survey please visit: http://www.cmhc.ca/en/hoficlincl/moloin/cosu/index.cfm

Information on this release:

Charles Sauriol
CMHC Media Relations

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