The seasonally-adjusted annual rate (SAAR) of total
housing starts for the Toronto Census Metropolitan Area increased by 19 per cent to  69,500 units in April, according to preliminary housing starts data released today by the Canada Mortgage and Housing Corporation (CMHC). The acceleration in activity over the past two months has led starts to strongly deviate above trend levels represented by the six-month moving average.
“Movement on construction sites has sped up and a lot of activity has been brought forward into the early part of the year” said Shaun Hildebrand, CMHC’s Senior Market Analyst for the GTA. “Strong buyer interest for new condo projects and the tightness in resale market conditions for low-rise homes have been big drivers” added Hildebrand.
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, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis
standard reports are also available free for download at CMHC Housing Market Information.

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Toronto, May 3, 2012 – Greater Toronto REALTORS® reported 10,350 transactions through the TorontoMLS System in April 2012. This level of sales was 18 per cent higher than the 8,778 firm deals reported in April 2011. The strongest sales growth was reported in the single-detached market segment, with transactions of this home type up by 22 per cent compared to a year ago.
“Interest in single-detached homes has been very high, both in the City of Toronto and surrounding regions. Growth in single-detached listings has not kept up with demand, which means competition between buyers in this market segment increased. With this in mind, it was no surprise that the strongest annual price increase was also experienced in the single-detached segment,” said Toronto Real Estate Board President, Richard Silver.
The average price for April 2012 transactions was $517,556 – up 8.5 per cent compared to April 2011. While price growth was strongest for single-detached homes, the better-supplied condominium apartment segment experienced a more moderate annual rate of price growth, at four per cent.
“Monthly mortgage payments remain affordable for home buyers in the Greater Toronto Area. While interest rates are generally expected to increase over the next two years, the extent and timing of rate hikes has been thrown into question by slower than expected economic growth in the first quarter of this year. On net, borrowing costs are expected to remain a positive factor influencing home sales through 2012,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

This information is provided for general information purposes only and is not to be relied upon or construed as legal, real estate, or other professional advice or opinion. While TREB has taken great care and consideration in preparing this information to provide general information to its members, TREB cannot guarantee that the information provided is accurate, complete or up-to-date. TREB does not make any representations or warranties, express or implied, as to the information provided. Under no circumstances shall TREB, its officers or employees, have any liability of any kind for the accuracy, use, or otherwise, of this information, all of which is provided on an “as-is” basis. Any reliance you place on such information is strictly at your own risk and liability. Members are strongly urged to seek professional advice on specific issues.

Greater Toronto REALTORS® reported 4,557 transactions through the TorontoMLS system during the first two weeks of April 2012. This result represented an increase of almost seven per cent in comparison to the same period in April 2011. The number of new listings grew over the same period, but by a lesser annual rate than sales, which means market conditions tightened compared to last year.
“Competition between buyers remained strong in many parts of the Greater Toronto Area during the first half of April, with many listings attracting a lot of attention. Strong competition meant that, on average, sellers priced within market value range received offers that matched their asking prices within three weeks,” said Toronto Real Estate Board President Richard Silver.
The average selling price during the first two weeks of April was $506,954 – up by five per cent compared to the first half of April 2011. The annual rate of price growth was stronger in the GTA regions surrounding the City of Toronto.
“Growth in listings has not kept up with growth in sales. In the City of Toronto, new listings for low-rise home types during the first half of April were actually down compared to last year. This helps explain why some of the tightest market conditions in the GTA can be found within the ‘416’ area code,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

The today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.

The profile for global economic growth has improved since the Bank released its January Monetary Policy Report (MPR). Europe is expected to emerge slowly from recession in the second half of 2012, although the risks around this outlook remain high. The profile for U.S. growth is slightly stronger, reflecting the balance of somewhat improved labour markets, financial conditions and confidence on the one hand, and emerging fiscal consolidation and ongoing household deleveraging on the other. Economic activity in emerging-market economies is expected to moderate to a still-robust pace over the projection horizon, supported by an easing of macroeconomic policies. Improved global economic prospects, supply disruptions and geopolitical risks have kept commodity prices elevated. In particular, the international price of oil has risen further and is now considerably higher than that received by Canadian producers. If sustained, these oil price developments could dampen the improvement in economic momentum.

Overall, economic momentum in Canada is slightly firmer than the Bank had expected in January. The external headwinds facing Canada have abated somewhat, with the U.S. recovery more resilient and financial conditions more supportive than previously anticipated. As a result, business and household confidence are improving faster than forecast in January. The Bank projects that private domestic demand will account for almost all of Canada’s economic growth over the projection horizon. Household spending is expected to remain high relative to GDP as households add to their debt burden, which remains the biggest domestic risk. Business investment is projected to remain robust, reflecting solid balance sheets, very favourable credit conditions, continuing strong terms of trade and heightened competitive pressures. The contribution of government spending to growth is expected to be quite modest over the projection horizon, in line with recent federal and provincial budgets. The recovery in net exports is likely to remain weak in light of modest external demand and ongoing competitiveness challenges, including the persistent strength of the Canadian dollar.

The Bank projects that the economy will grow by 2.4 per cent in both 2012 and 2013 before moderating to 2.2 per cent in 2014. The degree of economic slack has been somewhat smaller than the Bank had anticipated in January, and the economy is now expected to return to full capacity in the first half of 2013.

As a result of this reduced slack and higher gasoline prices, the profile for inflation is expected to be somewhat firmer than anticipated in January. After moderating this quarter, total CPI inflation is expected, along with core inflation, to be around 2 per cent over the balance of the projection horizon as the economy reaches its production potential, the growth of labour compensation remains moderate, and inflation expectations stay well-anchored.

Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate at 1 per cent. In light of the reduced slack in the economy and firmer underlying inflation, some modest withdrawal of the present considerable monetary policy stimulus may become appropriate, consistent with achieving the 2 per cent inflation target over the medium term. The timing and degree of any such withdrawal will be weighed carefully against domestic and global economic developments.

Dear Friends,
There are so many crazy stories about real estate these days; houses selling above asking price, multiple offers and new condominiums selling out overnight. It is no wonder people get confused and concerned about the future of the real estate market. The fact is that real estate is much in demand, but for good reason. Let me review some of those reasons for you.
First and foremost, let’s remember this is Canada! With so much turmoil around the world, Syria, Africa, Asia, the economic woes of Europe, Canada stands as a safe refuge from war, famine and religious persecution. Our doors are open to new immigrants, and up to 300,000 per year are settling in Canada with the majority in Ontario. Those immigrants with money to invest in real estate and business endeavours are preferred by Canadian Immigration Services, and thus real estate comes under greater demand as new immigrants often buy where previous generations would have rented.
Secondly, our economy is very strong with many jobs and opportunities. As Toronto and the GTA have grown in population, services, restaurants and stores have expanded to meet the new demand.
Third, our interest rates are at all time lows, making homeownership more affordable than ever before.
The fourth factor is supply. Immigration is outstripping new construction efforts, and builders cannot build fast enough to supply the demand. The supply is tighter still as very few rental units have been constructed since the 1970’s. Houses and condominiums are being used to generate rental income and are taken out of the supply inventory for those interested in purchasing. Combined with the fact that the GTA is limited in growth south due to the lake or north due to the Oak Ridges Moraine, you can now appreciate why supply is at all time lows.
Will it continue for ever? If the above factors change, the market will change. If the interest rates go up, if immigration slows down, if, if, if. Know one knows, and everyone has 2 opinions. My philosophy is hope for the best and prepare for the worst. Should one buy, definitely! Owning your own home is not only a major source of pleasure and satisfaction but generally the only source of retirement funds for the average Canadian. So buy, but plan on higher interest rates should they occur. Purchase a rental home provided it creates no financial pressure on you. Populations always grow and people must live somewhere!
There are over 34,000 real estate agents who are members of the Toronto real estate Board. As real estate heats up, more people enter the industry. Last year, about 26,000 sold fewer than 8 homes (about 7,000 did not sell 1 house in 2011). It is critical to have the right person on your real estate team. I hope you have made me your person! Please feel free to call me should you have any questions and I truly appreciate your referrals!
Have a great April!

Your Friend in Real Estate.
PS. So far, over 21,000 homes have been sold in 2012. We are 9.2% above 2011’s numbers and on pace to the busiest year ever for real estate in Toronto.

Toronto, April 4, 2012 – Greater Toronto REALTORS® reported 9,690 sales through the TorontoMLS System in March 2012. This result was up by almost eight per cent in comparison to the 8,986 deals reported during the same period in 2011.
“The GTA resale market has not suffered from a lack of willing buyers this year. Buyers have been spurred on by the positive affordability picture brought about by low mortgage rates,” said Toronto Real Estate Board President Richard Silver. “The challenge has been a lack of inventory. Many listings have attracted multiple interested buyers. Strong competition has led to annual rates of price growth well above the long-term average.”
The average selling price in the GTA was $504,117 in March – up by 10.5 per cent in comparison to March 2011.
“The number of new listings was up last month in comparison to March 2011. However, based on the historic relationship between price and listings, the GTA resale market should be better supplied. If competition between buyers remains as strong as it is right now, we will almost certainly see an average selling price above $500,000 for 2012 as a whole,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Major Canadian real estate markets continued to show exceptional resiliency throughout the first quarter of the year, with strong demand and diminished supply setting the stage for a heated spring 2012, according to a report released by RE/MAX.

The RE/MAX Market Trends Report, highlighting sales, price, trends and developments in 15 markets across the country, found that 12 of 15 Canadian centres (80 per cent) were reporting year-to-date (January-February) sales activity ahead of last year’s levels, with more than half reporting double-digit increases. Low interest rates, coupled with strong consumer confidence levels and a mild winter, played a significant role in the upswing, ushering in an early start to the spring market.  Average price climbed in 14 of 15 markets (93 per cent) examined, yet appreciation was more tempered, with only three markets posting gains in excess of 10 per cent.  Tighter inventory levels at entry-level price points have sparked bidding wars—particularly in Winnipeg and the Greater Toronto Area—with similar conditions starting to emerge in Saskatoon, Regina, London-St. Thomas, Hamilton-Burlington, Ottawa, St. John’s, and Halifax-Dartmouth.

Given the current economic climate, the strength of the country’s housing market clearly reflects the value Canadians place on homeownership.   One driving factor has been the overall performance of the market over the past decade. Existing homeowners have realized substantial equity gains, especially in recent years, and many are taking advantage of the combination of historically low interest rates and equity to upgrade. Perhaps more importantly, housing has outperformed just about every other asset class – and a principle residence is capital gains exempt – a fact that’s not gone unnoticed.

In terms of sales appreciation, the best performing markets heading into the traditionally busy spring season were Halifax-Dartmouth (35 per cent), Saskatoon (21 per cent), Saint John (20 per cent), Regina (16 per cent), St. John’s (12.5 per cent), Greater Toronto Area (12 per cent), London-St. Thomas (11 per cent), and Edmonton (11 per cent).  Only Vancouver, Kitchener-Waterloo, and Winnipeg have experienced softening in housing activity so far this year.  Sales are down 16 per cent in the Greater Vancouver, 4.5 per cent in Kitchener-Waterloo, and almost on par in Winnipeg.

Housing values are escalating at a steady pace in most major markets.   Yet, gains are, as predicted, much more moderate than in years past.  We expect this will remain the trend moving forward—in line with the Canadian economy, as GDP growth also moves ahead at a more subdued pace.  Conditions will vary locally, with some markets exceeding expectations, largely due to the fact that the significant influx of inventory expected never materialized or, in the case of Saskatchewan and Newfoundland, the local economy has shown extraordinary strength.  On the whole, this is a very stable and healthy housing market in line with traditional norms, with few exceptions.

Year-to-date average price in most major centres is also on the upswing.  Winnipeg, Greater Toronto and St. John’s each posted a percentage increase of 10 per cent in the first two months of 2012.  Values in Kitchener-Waterloo followed at nine per cent, while Regina and Saskatoon escalated six per cent.

Purchasing intentions have largely been driven by confidence in a buyer’s own employment and financial picture, followed by major lifecycle events.  While global uncertainties caused some to pause in recent years, purchasers will only sit on the fence so long before the need to make a move becomes a stronger impetus.  That reality is starting to fuel momentum, along with the domino effect of an enthusiastic entry-level segment.  First-time buyers are driving demand in both the smaller and major markets, in turn sparking strong sales activity among move-up purchasers at the higher price points.  As a result, the upper-end of the market has also held up well.  There’s no question that the spring 2012 market will see all segments working in tandem.

Highlights:

• Halifax-Dartmouth’s residential real estate market is firing on all cylinders thanks to the $25 billion shipbuilding contract awarded in the last quarter of 2011.  Renewed confidence has bolstered homebuying activity, with sales up 35 per cent over one year ago.
• Markets in Saskatchewan are also red-hot, with Saskatoon (21 per cent) and Regina (16 per cent) supported by strong economic fundamentals and increasing population levels in the province.
• Tight market conditions have seriously hampered sales activity in Winnipeg, but purchasers remain undaunted.  In February, 44 per cent of single-family homes sales sold above list price, while 31 per cent of condominium sales sold for more than ask.
• In Greater Toronto, multiple offers are commonplace in blue-chip neighbourhoods, with an estimated 50 per cent of detached homes priced in the $600,000 to $900,000 price range selling for more than list price.
• The First-Time Buyer’s Tax Credit and remediation of the Harmonized Sales Tax (HST) issue in British Columbia is expected to breathe new life into housing markets this spring.