Chris' Corner: TREB reports Good News on Toronto's continuing Real Estate Recovery

TREB reports Good News on Toronto's continuing Real Estate Recovery

The Toronto Real Estate Board reports that existing home sales jumped 23% year over year and that the rumoured (by a very few) demise of the Toronto Real Estate market seems to be greatly exaggerated.

Not only have the number of sales risen by almost a quarter over July 2010, but the average sale price has risen almost 10% year over year to $459,122.
Good News

If we continue at this pace, "we could see the second best year on record" reports TREB President Richard Silver.

Strong sales of both new and resale condominiums are helping to fuel the market with the average price of new condominiums rising 4.3 % to $529 per square foot while resale condominium rose 5.7% to $391 per square foot.

Another encouraging sign is that condominium rents have risen 5.5% year over year.  This news will keep investors in the market.

Are you looking to buy a home, but are finding Toronto and GTA prices too high?

Consider living in South Simcoe, where you can find affordable living in the "905" region with great commuter links to the GTA.  The South Simcoe communities of Tottenham, Beeton, Alliston, Cookstown, Innisfil and Angus might make an ideal home for your family.  Want to find out more?  Call me, Chris Smith @1.866.936.3500 and find out how I can help you make your Real Estate dreams come true.

Chris Smith CSSBB
          Sales Representative

Interested in Buying or Selling Real Estate?

  ph: 1.866.936.3500

Re/Max
Chay Realty Inc.,
Brokerage

Comment balloon 10 commentsChris Smith • August 08 2011 07:21AM

Comments

Good morning, Chris. Well, at least your post has not gone pear shaped nor has the housing market in your area... 

Posted by TeamCHI - Complete Home Inspections, Inc., Home Inspectons - Nashville, TN area - 615.661.029 (Complete Home Inspections, Inc.) about 9 years ago

Michael, regardless of the doomsayers, the market continues to build...

Posted by Chris Smith, South Simcoe, Caledon, King, Orangeville Real Esta (Re/Max Chay Realty Inc., Brokerage) about 9 years ago

H Chris,

Wow, talk about a strong Toronto real estate Recovery, those are huge numbers considering all the stuff and so called reasons why things supposedly are so lame....Excellent report Chris well done.

Posted by Peter Pfann @ eXp Realty Pfanntastic Properties in Victoria, Since 1986., Talk To or Text Peter 250-213-9490 (eXp Realty, Victoria BC www.pfanntastic.com) about 9 years ago

Peter and Linda, it is good news that most people are optimistic regardless of what some media tend to propogate.

Posted by Chris Smith, South Simcoe, Caledon, King, Orangeville Real Esta (Re/Max Chay Realty Inc., Brokerage) about 9 years ago

This is great news Chris. Despite all the media reports and Garth Turner's doom and gloom spin on the situation, the market is chugging along. 2 thumbs up.

Posted by Malcolm Johnston, Trenton Real Estate (Century 21 Lanthorn Real Estate LTD., Trenton, Ontario) about 9 years ago

Malcolm, as someone, like you, who tends to hear so much pessimistic news in the media, this is so refreshing...

Posted by Chris Smith, South Simcoe, Caledon, King, Orangeville Real Esta (Re/Max Chay Realty Inc., Brokerage) about 9 years ago

These results look good even if the average prices have turned down in the last couple of months.

Posted by Brian Madigan, LL.B., Broker (RE/MAX West Realty Inc., Brokerage (Toronto)) about 9 years ago

Chirs - I noticed Brians comment but what he does not mention is that they are following a well established seasonal trend that may be reflecting a certain segment of Buyers (the higher end) tend to shrink at this time of year. Barrie tracks the buyers (what they look at) on one of my web sites and tells me that the higher end buyer has all but disappeared.

Posted by Kathy Clulow, Trusted For Experience - Respected For Results (RE/MAX All-Stars Realty Inc. Brokerage) about 9 years ago

Brian, we get enough of the "other" type of news, this news is great ;-)

Posted by Chris Smith, South Simcoe, Caledon, King, Orangeville Real Esta (Re/Max Chay Realty Inc., Brokerage) about 9 years ago

Kathy, I seem to have "felt" similar in my market, that the majority of the sales are in the lower segment of the market...

Posted by Chris Smith, South Simcoe, Caledon, King, Orangeville Real Esta (Re/Max Chay Realty Inc., Brokerage) about 9 years ago

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