Toronto Real Estate Board Housing Prices Summary - Newmarket March 2008

March sales were moderate as low inventory levels kept sales brisk, but well off record levels. With 6,631 transactions recorded during March, the overall Greater Toronto Area resale market was down 22 per cent from the 8,518 sales of March 2007.

So how many of those sales took place in the Northern districts? A total of 1,390 sales were reported in 23 Northern districts; and averaged a selling price of $424,742.

Here's a look at the March 2008 statistics for Newmarket:

Sales: 118
$Volume: $42,152,661
Average Home Price: $357,226
Average Days on Market: 29
Average List %: 98

Click the links below to see a brief March 2008 summary for:
Bradford
Innisfil
East Gwillimbury
Keswick/Georgina
King
Aurora


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Toronto Real Estate Board Housing Prices Summary - King March 2008

March sales were moderate as low inventory levels kept sales brisk, but well off record levels. With 6,631 transactions recorded during March, the overall Greater Toronto Area resale market was down 22 per cent from the 8,518 sales of March 2007.

So how many of those sales took place in the Northern districts? A total of 1,390 sales were reported in 23 Northern districts; and averaged a selling price of $424,742.

Here's a look at the March 2008 statistics for King:

Sales: 15
$Volume: $9,418,000
Average Home Price: $627,867
Average Days on Market: 66
Average List %: 96

Click the links below to see a brief March 2008 for:
Bradford
Innisfil
East Gwillimbury
Keswick/Georgina
Aurora
Newmarket

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Toronto Real Estate Board Housing Prices Summary - Keswick/Georgina March 2008

March sales were moderate as low inventory levels kept sales brisk, but well off record levels. With 6,631 transactions recorded during March, the overall Greater Toronto Area resale market was down 22 per cent from the 8,518 sales of March 2007.

So how many of those sales took place in the Northern districts? A total of 1,390 sales were reported in 23 Northern districts; and averaged a selling price of $424,742.

Here's a look at the March 2008 statistics for Keswick/Georgina:

Sales: 82
$Volume: $21,237,900
Average Home Price: $258,999
Average Days on Market: 40
Average List %: 97

Click the links below to see a brief March 2008 summary for:
Bradford
Innisfil
East Gwillimbury
Aurora
Newmarket
King

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Toronto Real Estate Board Housing Prices Summary - Innisfil March 2008

March sales were moderate as low inventory levels kept sales brisk, but well off record levels. With 6,631 transactions recorded during March, the overall Greater Toronto Area resale market was down 22 per cent from the 8,518 sales of March 2007.

So how many of those sales took place in the Northern districts? A total of 1,390 sales were reported in 23 Northern districts; and averaged a selling price of $424,742.

Here's a look at the March 2008 statistics for Innisfil:

Sales: 35
$Volume: $9,527,700
Average Home Price: $272,220
Average Days on Market: 40
Average List %: 96

Click the links below to see a brief March 2008 summary for:
Bradford
East Gwillimbury
Aurora
Newmarket
King

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Toronto Real Estate Board Housing Prices Summary - East Gwillimbury March 2008

March sales were moderate as low inventory levels kept sales brisk, but well off record levels. With 6,631 transactions recorded during March, the overall Greater Toronto Area resale market was down 22 per cent from the 8,518 sales of March 2007.

So how many of those sales took place in the Northern districts? A total of 1,390 sales were reported in 23 Northern districts; and averaged a selling price of $424,742.

Here's a look at the March 2008 statistics for East Gwillimbury:

Sales: 15
$Volume: $6,599,244
Average Home Price: $439,950
Average Days on Market: 44
Average List %: 97

Click the links below to see a brief March 2008 summary for:
Bradford
Innisfil
Aurora
Newmarket
King

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Toronto Real Estate Board Housing Prices Summary - Bradford March 2008

March sales were moderate as low inventory levels kept sales brisk, but well off record levels. With 6,631 transactions recorded during March, the overall Greater Toronto Area resale market was down 22 per cent from the 8,518 sales of March 2007.

So how many of those sales took place in the Northern districts? A total of 1,390 sales were reported in 23 Northern districts; and averaged a selling price of $424,742.

Here's a look at the March 2008 statistics for Bradford:

Sales: 26
$Volume: $8,654,000
Average Home Price: $332,846
Average Days on Market: 40
Average List %: 98

Click the links below to see a brief March 2008 for:
Innisfil
East Gwillimbury
Aurora
Newmarket
King

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Toronto Real Estate Board Housing Prices Summary - Aurora March 2008

March sales were moderate as low inventory levels kept sales brisk, but well off record levels. With 6,631 transactions recorded during March, the overall Greater Toronto Area resale market was down 22 per cent from the 8,518 sales of March 2007.

So how many of those sales took place in the Northern districts? A total of 1,390 sales were reported in 23 Northern districts; and averaged a selling price of $424,742.

Here's a look at the March 2008 statistics for Aurora:

Sales: 64
$Volume: $30,692,103
Average Home Price: $479,564
Average Days on Market: 30
Average List %: 98

Click the links below to see a brief March 2008 summary for:
Bradford
Innisfil
East Gwillimbury
Keswick/Georgina
King
Newmarket

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Housing starts show surprising strength

The momentum in Canada's new housing sector still isn't showing any sign of fading, as figures showed another surprisingly strong month for housing starts in March.

The annualized rate of housing starts was 254,700 units, adjusted for seasonal variations. That's down slightly from 255,600 units in February, Canada Mortgage and Housing Corp. said Tuesday.

March's figure easily topped the expectations of economists, who had been forecasting housing starts to come in at 229,000.

Starts of single homes in urban areas hit an annualized rate of 80,500 last month, a decline from 82,900 in February, while starts of multiple-unit buildings, such as condominiums, rose to 141,000 from 139,500.

"The high level of starts posted in February continued in March, thanks to the multiple segment and particularly condominium starts, which registered a significant rise in Alberta," said Bob Dugan, chief economist at CMHC's market analysis centre.

"Nevertheless, the single-detached component, which is usually a strong trend indicator, decreased slightly. This is consistent with our view that the housing market will moderate gradually throughout 2008," Dugan said.

The annual rate of urban starts slipped 2.3 per cent in Ontario, 16.8 per cent in Quebec and 37.1 per cent in British Columbia. Urban starts grew by 75 per cent in Atlantic Canada and 52.5 per cent in the Prairie region.

"Residential construction in Canada isn’t letting up despite widespread expectations to the contrary," said Robert Hogue of BMO Nesbitt Burns.



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RBC survey points to home buying slowing down

A new RBC study indicates a potential shift in the Canadian home buying landscape. According to RBC Royal Bank's 15th Annual Homeownership Survey, significantly fewer Canadians intend to buy a home within the next two years.

Overall intentions to purchase a home have dropped by five percentage points to 23 per cent. The intensity to buy has also decreased with those very likely to buy slipping from nine per cent in 2007 to seven per cent in 2008, the lowest level since the survey was started 15 years ago.

However, the number of Canadians who would buy now, rather than wait until next year is still strong at 52 per cent. This has dropped from 58 per cent in 2007, suggesting a potential slowdown in the housing market. While the majority of Canadians (85 per cent) continue to believe purchasing a home is a good investment, the number is down from 90 per cent in 2007. But much stronger than it was 10 years ago (76 per cent), the survey says.

“Considering the flurry of activity we’ve seen over the last few years, this year’s results definitely signal a change,” says Catherine Adams, RBC Royal Bank vice-president. “While those very likely to buy a home might be at its lowest level in over a decade, we need to keep in mind that the overwhelming majority of Canadians still believe purchasing a home is a good investment. Canadians continue to be generally very optimistic about our housing market and it’s merely the degree of optimism which is down from last year.”


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Thinking of making your mortgage tax-deductible?

If you're thinking of making your mortgage tax-deductible you may want to read this article from the Toronto Star before jumping the gun.

For most homeowners, the idea of making your mortgage tax deductible sounds very attractive. This particular technique is called the Smith Manoeuvre.

According to Smith Manoeuvre Financial Corporation (smfc.com), "the Smith Manoeuvre is a financial strategy that simultaneously converts mortgage interest to tax deductions, shortens the amortization of your mortgage and builds a free and clear pension portfolio for your retirement – funded through your monthly mortgage payments and without requiring any additional monthly cash investment!"

The investment strategy is explained in a book called The Smith Manoeuvre: Is Your Mortgage Tax Deductible? by Canadian financial guru Fraser Smith (Outspan Publishing, $24.95).

In the March issue of REM (Real Estate Magazine, remonline.com), a monthly publication for industry stakeholders, tax specialist Dan White cautions homeowners about using the Smith Manoeuvre strategy.

Click here to read about Dan White's opinion about this strategy.


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