TORONTO, Friday September 3, 2010 - 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.
McGuinty urges Bank of Canada not to hike key interest rate
Premier Dalton McGuinty has a message for the Bank of Canada: don’t hike interest rates next week.
Canada’s economic recovery is still fragile and its leaders should be careful about doing anything that would increase expenses or drive up costs, McGuinty said Wednesday.
“My advice to the Bank of Canada is: Just no more interest rate hikes — not at this point in time,” he said.
“While we can say that the recovery has taken hold, it’s not by any means a vigorous and robust recovery. It is modest.”
The premier, who rarely wades into monetary policy, urged the central bank to put the brakes on any further hikes amid fears that the United States may slip into a double-dip recession.
“It points to the need for continuing prudence,” he said.
Come July 1st do you know the impact of the Ontario HST on the sale or purchase of your home? Do you know it's impact on your everyday purchases? For example, did you know basic groceries will not be subject to HST but alcoholic beverages will be. Please complete the form below and I will email you the latest information on what's taxable under the HST.
Click on one of the three neighbourhoods above for more info.
Schools in Ontario, Report Card
Do you know how your school is rated? Do you know how the schools in the school district you are moving to is rated? Let me share the Fraser Institute Report Cards on Ontario Elementary and Secondary Schools with you.
