Toronto, February 16, 2012 – Greater Toronto REALTORS® reported 3,206 sales through the TorontoMLS® system through the first 14 days of February 2012 – up by more than nine per cent compared to the 2,933 sales reported during the same period in 2011. New listings were up by 13 per cent over the same period.
“The GTA resale home market became better supplied during the first 14 days of February. If growth in new listings continues to outstrip growth in sales this year, competition between home buyers will ease. More balanced market conditions on a sustained basis would result in a lower annual rates of price growth later in 2012,” said Toronto Real Estate Board (TREB) President Richard Silver.
The average selling price during the first 14 days of February was $491,493 – up by nine per cent compared to the first 14 days of February 2011. On average, sellers received 99 per cent of their asking price and their homes were on the market for an average of 25 days.
“Both buyers and sellers are aware of the substantial competition that exists for most listings in the GTA. There is not a mismatch in expectations, so homes sell quickly at close to the asking price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

OTTAWA, February 13, 2012 — Housing markets are expected to remain steady in 2012 and 2013, according to Canada Mortgage and Housing Corporation’s (CMHC) first quarter 2012 Housing Market Outlook, Canada Edition¹.

“With the Canadian economy set to expand at a moderate pace and mortgage rates expected to remain low, activity levels in 2012 in both new home construction and sales of existing homes will stay close to levels seen in 2011,” said Mathieu Laberge, Deputy Chief Economist for CMHC.

Housing starts will be in the range of 164,000 to 212,700 units in 2012, with a point forecast of 190,000 units. In 2013, housing starts will be in the range of 168,900 to 219,300 units, with a point forecast of 193,800 units.

Existing home sales will be in the range of 406,000 to 504,500 units in 2012, with a point forecast of 457,300 units. In 2013, MLS^®2 sales are expected to move up in the range of 417,600 to 517,400 units, with a point forecast of 468,200 units.

The average MLS^® price is forecast to be between $330,000 and $410,000 in 2012 and between $335,000 and $430,000 in 2013. CMHC’s point forecast for the average MLS^® price is $368,900 for 2012 and $379,000 for 2013. The moderate increases in the average MLS^® price are consistent with the balanced market conditions that occurred in 2011, and that are expected to continue in 2012 and 2013.

As Canada’s national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

CMHC Market Analysis standard reports are also available free for download at http://www.cmhc.ca/housingmarketinformation.

¹ The forecasts included in the Housing Market Outlook reflect information available as of January 18, 2012. Where applicable, forecast ranges are also presented in order to reflect financial and economic uncertainty.

² Multiple Listing Service^® (MLS^®) is a registered trademark owned by the Canadian Real Estate Association.

Information on this release:

Charles Sauriol, Media Relations 613-748-2799 csauriol@cmhc-schl.gc.ca

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OTTAWA — The seasonally adjusted annual rate¹ of housing starts was 197,900 units in January, according to Canada Mortgage and Housing Corporation (CMHC). This is down from 199,900 units in December 2011.

“The slight decrease posted in January was attributable to a decrease in Quebec and in Atlantic Canada”, said Mathieu Laberge, Deputy Chief Economist at CMHC’s Market Analysis Centre. “The multiple starts segment accounted for most of the reduction in those two regions.”

The seasonally adjusted annual rate of urban starts decreased by 2.8 per cent to 176,600 units in January. Urban single starts decreased by 7.8 per cent in January to 64,900 units, while multiple urban starts were slightly up by 0.4 per cent to 111,700 units.

January’s seasonally adjusted annual rate of urban starts decreased by 35.4 per cent in Atlantic Canada, and by 34.4 per cent in Québec. Urban starts increased by 28 per cent in British Columbia, by 11.1 per cent in Ontario, and by 2.3 per cent in the Prairies.

Rural starts² were estimated at a seasonally adjusted annual rate of 21,300 units in January.

As Canada’s national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

For more information, call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at www.cmhc.ca/housingmarketinformation.

¹ All starts figures in this release, other than actual starts, are seasonally adjusted annual rates (SAAR) — that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels. By removing seasonal ups and downs, seasonal adjustment makes it possible to highlight the fundamental trends of a series. Reporting monthly figures at annual rates indicates the annual level of starts that would be obtained if the monthly pace was maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.

² CMHC estimates the level of starts in centres with a population of less than 10,000 for each of the three months of the quarter, at the beginning of each quarter. During the last month of the quarter, CMHC conducts the survey in these centres and revises the estimate.

Information on this release:

Charles Sauriol CMHC Media Relations 613-748-2799 csauriol@cmhc-schl.gc.ca

Dear Friends,

This past week at City Hall there has been much debate about the future of public transit.

Last spring, I signed a Memorandum of Understanding (MOU) with Metrolinx and the Government of Ontario. This MOU put in place the framework to move forward on the Sheppard subway expansion, the Eglinton-Scarborough Crosstown and the Finch West Express Bus Service. Each of these projects will provide Toronto residents with unprecedented rapid transit options.

Earlier this week, I joined a number of Scarborough Councillors for a press conference at the corner of Eglinton Avenue and Victoria Park Avenue. Councillors Crawford, Berardinetti, Kelly and Del Grande spoke to the urgent need for real rapid transit for Scarborough. Each Councillor spoke passionately about the importance of rapid transit to the prosperity of Toronto’s fastest growing area – which still does not have access to seamless rapid transit.

Councillors from Scarborough are not the only ones voicing support for the underground Eglinton-Scarborough Crosstown. Earlier this week a number of Toronto Transit Commissioners put their support behind the project as did a number of Scarborough Members of Provincial Parliament.

Scarborough-Rouge River MPP Bas Balkissoon noted that above-ground LRTs are “glorified above-ground streetcars” and that “without the subway, an LRT will not bring you economic growth [and people] won’t get out of their car for an above-ground system.”

Scarborough Southwest MPP Lorenzo Berardinetti said he is “100% in support of tunnelling… Eglinton has become more and more congested and if you throw an above-ground train, it will create more congestion and confusion on Eglinton Avenue.”

In a recent poll almost 65% of Scarborough respondents said they support the Eglinton-Scarborough Crosstown.

Encouraging information on expanding rapid transit came this week from Dr. Gordon Chong’s interim report, “Toronto Transit: Back on Track”. The report explains that the Sheppard subway line could be completed at a cost of $3.7 billion – $500 million less than originally forecasted. It outlines a number of possible revenue tools to help cover the cost of the Sheppard expansion, including the possibility of attracting private investment that could finance upwards of 60% of the Sheppard subway project.

I would also like to give you a brief update on the current labour negotiations at City Hall. We have being working hard to negotiate a collective agreement that is fair, reasonable and affordable for taxpayers and employees. The City Manager has advised that new terms of employment will be implemented on the members of Local 416 if a deal is not reached by February 5, 2012 at 12:01 am. These terms include wage improvements over the next four years and adjustments to employee benefit plans.

Lastly, as my brother and I continue our Cut the Waist Challenge, please join me tomorrow at the Scarborough Town Centre at 1:00 p.m. for our third community walk. I welcome you to come out and get some exercise as we walk through the mall. Remember you can participate in the Cut the Waist Challenge by signing up online at www.cutthewaist.ca.

Yours truly,
Mayor Rob Ford

– Toronto Real Estate Board Commercial Division Members reported 464,008 square feet of total leased commercial space in January 2012. This result was down by 41 per cent in comparison to January 2011. Industrial space accounted for 86 per cent of total square footage leased, or 397,649 square feet – down 46 per cent compared to January 2011.
Despite the decline in the amount of space leased, average industrial lease rates held up well. The average lease rate for industrial properties was $4.73 per square foot net (calculated for transactions where pricing was disclosed). This figure was up by more than 12 per cent in comparison to the average of $4.21 cents reported for January 2011.
“Firms in the GTA industrial sector have a very cautious outlook right now. While the prospects for the United States economy are looking more positive, there continues to be substantial concern surrounding economic recession in Europe and what the implications could be for the global economy. In the short term, this means that unless it is absolutely necessary for a firm to move or take on more space, real estate decisions will likely be on hold,” said Commercial Division Chair Larry Purchase.
Commercial real estate sales were up year-over-year in January, both for the industrial segment (+13 per cent) and other commercial property types (+10.5 per cent). Average selling prices per square foot (for transactions with pricing disclosed) were down for both property categories in January compared to a year earlier.
“While the number of industrial and other commercial property sales was up over last year, the exact nature of these deals likely varied in terms of location, size and exact property use between January 2012 and January 2011. The changing composition of deals from one year to the next often has a substantial impact on overall average selling prices,” added Purchase.