The Budget and Homeowners The 2010 Budget introduces two new measures that will benefit homeowners; the Northern Ontario Energy Credit and the Ontario Energy and Property Tax Credit. Northern Ontario Energy Credit The Province proposes to help low and middle income families and single people in Northern Ontario with their energy costs by introducing a new permanent Northern Ontario Energy Credit. Northern residents who pay rent or property tax for their principal residence would be eligible for an annual credit of up to $130 for a single person and up to $200 for a family. The credit will be reduced for a single person making over $35,000 and eliminated when income exceeds $48,000. Similarly for families, the credit will be reduced for a family with a net income of over $45,000 and eliminated when income exceeds $65,000. Eligible northern residents will be able to apply in 2010 for the credit through the Ministry of Revenue. Ontario Energy and Property Tax Credit In Budget 2010, the government proposes introducing legislation to convert the Ontario Property Tax Credit to the Ontario Energy and Property Tax Credit. Effective for the 2010 tax year, this tax credit will deliver $1.2 billion in annual support to low and middle income Ontarians. Beginning in 2011, the credit would be paid quarterly like the Ontario Sales Tax Credit. According to Budget 2010, low and middle income Ontarians could be eligible for up to $1,480 in property tax relief through the Ontario Energy and Property Tax Credit. For more information contact: Jim Flood Matthew Thornton Director of Government Relations Manager of Government Relations (416) 442-3408 (416) 385-6624 April, 2010 Resale Market GTA Realtors report 10,898 sales through ® (MLS®) in April, representing a 34 % increase compared to same period last year. There was an inventory of 20,683 fresh listings in April – a 59 % annual increase. Sale and new listings created a new record for the month of April 2010 for TREB.
“The GTA resale market is functioning properly. Sales were high as buyers continued to take advantage of affordable home ownership opportunities. Listings grew as home owners reacted to strong sales and price growth,” said Toronto Real Estate Board President Tom Lebour. “More balanced market conditions will result in sustainable rates of annual price growth in the second half of 2010.”
The average price for April transactions was $437,600 – up 13 per cent compared to the average of $385,641 recorded in April 2009.
“Home sales continue to be driven by many different segments of the market, with sales growth for all major home types in both the City of Toronto and surrounding 905 regions,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “Home sales will remain strong in the second half of 2010, but will slip from the current record pace as borrowing costs rise.”
Median Price
In April, the median price was $373,000, from the $330,000 recorded during April of 2009. Mid April, 2010 Resale Market Greater Toronto Area reported 4601 sales till mid April, 2010 through MLS. This shows an increase of 25% compared to the sales in the same period during 2009. An increase of 48% annually also noticed in new listings. Annual growth in new listings which is more than sales suggests that the Greater Toronto Area market is getting better supplied. Reasons for more listings coming to market are strong sales and price growth. The average price for mid month April, 2010 was $430,271 up by 12% compared to average price of 383,361 recorded in the same period last year. The average annual rate of price increase has come down and soon it is expected to see single digit rate of growth. Buyers will have now more choice in the market place. First Quarter Sales in Greater Toronto Area April 6, 2010 -- Greater Toronto Area reported 10,430 sales through the Multiple Listing Service in March, reaching total first quarter 2010 sales at 22,418 – the best result on record. The average price for March transactions was $434,696. The average price for the first quarter was $427,948. “The strong rebound in the existing home market was one of the initial drivers of economic recovery,” said TREB President Tom Labour. “While we don’t expect to see the same rates growth moving forward, GTA households will remain confident in ownership housing as a quality long-term investment, especially as economic recovery expands across all industries.” The annual rate of growth for new listings continued to accelerate in March. The number of new listings grew by 42 per cent compared to March of 2008. “The average home price in the GTA will continue to increase this year, but it will not maintain the same pace as we move through the spring,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “As growth in new listings starts to outstrip growth in sales, buyers will experience more choice, resulting in more sustainable single digit rates of average price growth.” Median Price
In March, the median price was $370,000, from the $317,500 recorded during March of 2009. Commercial Realty Watch GTA Commercial Market Benefitting from Recovery
May 5, 2010 -- In April, TREB Commercial Members reported 1,155,944 square feet of leased space, up 148 per cent over the 466, 837 square feet of leased space recorded during April 2009, Commercial Council Chair Garry Lander announced today.
“The above average rates of economic growth experienced over the past two quarters have benefitted the GTA commercial real estate market. Both goods producing and services producing sectors have rebounded strongly, resulting in steady employment growth,” Mr. Lander said. “April’s leased space figure, the best monthly result for 2010, points to the fact that GTA businesses are confident that growth will continue and are acquiring the necessary space.”
Industrial space in all size categories leased for an average of $4.79 per square foot net (sfn) compared to $5.43/sfn recorded in April 2009. Commercial space leased for an average of $12.34/sfn compared to $14.22 for the same month last year. The average lease rate for office space was $12.78/ sfn compared $12.12/sfn last year.
Sales Market Highlightss
TREB Commercial Members reported 58 sales of IC&I properties in April, including 23 industrial buildings of all size categories with an average selling price of $53.66 per square foot. Non-MLS sources provided an average selling price of $52.90 per square foot for the same time period.
August sales and new listings down, prices up 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.
Median Price
In August, the median price was $358,000, from the $338,000 recorded during August of 2009. |