Home Sales Up 84% First Two Weeks of November

The Greater Toronto REALTORS reported healthy home sales for the first two weeks of November. Home sales are up 84% with 3,666 sales compared to the same time span the year before.

Tom Lebour, President for the Toronto Real Estate Board says, "Increased interest in ownership housing has been widespread throughout the GTA and across all housing types."

The mid-month report provides a compartive summary on November sales and average prices for 2008 and 2009 for the City of Toronto.

Read the full summary, GTA Realtors Report - Mid November Housing Figures (Toronto Real Estate Board, November 18, 2009)

Sales of Luxury Homes Increase in the GTA

According to a Remax Ontario Atlantic Canada report, there were 1,706 luxury homes sales of $1 million or over in the greater Toronto area from January to September 2009, an increase of 1 per cent over the same period last year.

Amid a recession, the buyers of these million dollar homes are in fact local buyers. "A considerable shift is under way in the upper end," says Michale Polzler, executive vice president of Remax. "Conditions are more balanced across the board."

Read Tony Wong's full article "Sales of GTA luxury homes inch higher amid recession" (Toronto Star, November 3, 2009)

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August Sales in the GTA Boost Ontario Home Sales

Nationally, Canadian existing-home sales increased 18.5 per cent in August compared with the same time last year, according to figures released yesterday by the Canadian Real Estate Association.

Existing home sales in the GTA rose 27 percent in August helping to boost Ontario sales. "Record-low borrowing costs combined with the growing realization that the economic storm is passing have fuelled the remarkable turnaround." says BMO Capital Markets economist, Doug Porter.

Porter also remarks that Canada's housing market has "fully escaped the clutches of a potentially lengthy, harsh downturn."

Read Tony Wong's full article "August sales heat up our housing market" in the Toronto Star (Sept. 16, 2009)

Early Augst Home Sales Suprise Experts

Toronto housing market experts didn't expect the resale market to return so quickly when they had previously forecasted a dramatic slowdown for this year. "Its caught a lot of people by surprise," said Shaun Hildebrand, senior market analyst for the Canada Mortgage and Housing Corp.

In the first two weeks of August, realtors reported 3,843 sales, enough to put the year-to-date figure at 54,303 sales, up slightly from the 54,138 sales recorded in 2008.

The Toronto market started showing positive signs in May then really started to blast off in June and July with continuing upward trends in August.

Read Tony Wong's full article "GTA home sales exceed 2008 place" in the Toronto Star (August 19, 2009)