September 2007 Online eNewsletter
Dog Days of August
Continues Setting New Records
The August 2007 became the fifth record-setting month in a row, with
8,059 sales reported by TREB Members throughout the Greater Toronto
Area the Toronto Real Estate Board announced. This figure is up 15 per
cent over August of last year, and up seven per cent over the 7,498
sales recorded during the same month in 2005, which was the previous
"best ever" performance for the month of August. Summer of 2007 has
been hands-down the most active holiday season for the resale market
in the history of the Toronto Real Estate Board.
While sales roared ahead, prices remained affordable in August, with a
recorded average of $361,890. This figure is up seven per cent over the
$338,192 recorded during August of 2006. While the last decade has seen
five record breaking years, and a good possibility of a sixth in 2007,
year-over-year prices increases have remained in the single digits. This
kind of activity is sustainable for a long time.
Breaking down the total, 3,057 sales were reported in TREB’s 28 West
districts and averaged $343,493; 1,444 sales were reported in the
14 Central districts and averaged $453,718; 1,653 sales were
reported in the 23 North districts and averaged $403,539; and
1,905 sales were reported in TREB’s 21 East districts and averaged
$285,665.
Oh just in case you were wondering, the phrase dog days come
to us from the ancient Romans and the phrase the dog days of
summer comes to us from the Farmer’s Almanac.
Neighbourhood Corner - Rosedale
There have been 100 total residential sales within Rosedale
(part of C09) this year for an average of $1,208,414, up 4%
over the first 8 months of 2006. Of these 34 were detached homes,
which averaged $2,203,457. This is up 4% over the $2,087,600
recorded during the same time last year.
Neighbourhood Corner - Falgerwood in Oakville
Falgarwood is ideally located for commuters looking for easy access
to the 403 and the QEW. Bounded by Trafalgar Road, Upper Middle Road
and the QEW, it is a mature neighbourhood with many ravines, treed
pathways and parks. It offers excellent value with a wide range
of home styles from bungalows to two stories to freehold town
homes, all averaging 20 to 40 years old. It is close to Sheridan
College and has excellent public and separate schools in its
boundaries. The average home price for Falgarwood was $303,952 in
August 2007.
Thanksgiving Wellness Tips
“Thanksgiving Day comes, by statute,
once a year; to the honest man it
comes as frequently as the heart
of gratitude will allow.”
~Edward Sandford Martin
American editor, critic, essayist, and poet, 1856 - 1939
“An optimist is a person who starts a
new diet on Thanksgiving Day."
~Irv Kupcinet
Chicago Sun-Times columnist & broadcaster, 1912 - 2003
“A thankful heart is not only
the greatest virtue, but the parent
of all the other virtues.”
~Marcus Tullius Cicero
Roman statesman, lawyer, orator & politician, 106 BC - 43 BC
“As we express our gratitude,
we must never forget that the
highest appreciation is not to
utter words, but to live by them.”
~John Fitzgerald Kennedy
Thirty-Fifth President, United States of America, 1917 - 1963
“O Lord, that lends me life, Lend me a
heart replete with thankfulness!”
~William Shakespeare
English poet and playwright, 1564 - 1616
Online Gems & Links
www.apples4teacher.com
Great Fall Drives In Ontario
Canadian cities rekindle railway love affair
RE/MAX Upper-End Market Trends 2007
RE/MAX Upper-End Market Trends 2007 reports that homebuyers in the Greater Toronto
Area continue to take luxury sales to new limits. The number of properties sold over
$1.5 million has climbed close to 28 per cent year-to-date, rising from 395 between
January and July 2006 to just over 500 units this year. Upper-end activity has maintained
a steady clip throughout the traditionally slower summer months, with multiple offers
still occurring on quality product.
While the central core of the city remains most popular with today's upscale purchasers,
more and more districts are reporting sales over the $1.5 million price point, including
the Beach, Port Credit, Kingsway, and Leaside. York Mills, Hogg's Hollow, and Bridle
Path (C12) lead the GTA in sales over $1.5 million. In the first seven months of the
year, close to 100 properties changed hands in C12, including a multiple offer on a
property listed for sale at $4.95 million that sold over the $5 million threshold.
Upper-end sales in the desired Forest Hill (C03) area were up 78 per cent from one year ago (66 vs. 37), with 56 per cent of homes selling at or above list price. The most expensive sale recorded to date in the GTA occurred in June-a $15.8 million estate in the heart of Forest Hill. Sixty sales have taken place in the tony Rosedale area so far this year, an increase of 13 per cent over one year ago.
Upper-end sales in coveted Oakville (W21) area were up 15 per cent from one year ago (47 vs. 41 sales), with 11 per cent of homes selling at or above list price. The top price in 2007 for this time period was $3,920,000 with the average sold price being $2,108,702 and the median price being $1,950,000. Of the homes, 45 were detached, one was a lakefront townhouse and one an harbour condominium apartment.
Despite tight inventory levels, virtually all upper end neighbourhoods reported an upswing in sales this year. The million-dollar benchmark, however, no longer carries the unique cache it once did and the definition of upper-end continues to evolve, especially in the central core of the city where entry level luxury homes now start closer to $2 million.
Financiers, entrepreneurs, corporate executives, and professionals are fuelling sales of high-end property across the board. Affluent, aging baby boomers are making lateral moves to luxury condominium units in the core while younger boomers and generation x drive sales for detached homes. An influx of international purchasers has also contributed to the mix.
Strong consumer confidence levels characterize the GTA at present. Many boomers, flush with stock market gains accumulated in recent years, have moved to convert paper wealth to material wealth. New volatility in capital markets may influence boomers to take further advantage of the upswing in real estate.
Current and Previous Newsletters in PDF format
- 2007 -
September 2007 Newsletter
Fall Special 2007 Newsletter
August 2007 Newsletter
July 2007 Newsletter
June 2007 Newsletter
May 2007 Newsletter
April 2007 Newsletter
March 2007 Newsletter
February 2007 Newsletter
January 2007 Newsletter
- 2006 -
December 2006 Newsletter
November 2006 Newsletter
October 2006 Newsletter
September 2006 Newsletter
August 2006 Newsletter
Thanks for visiting here and have a great day!
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