We have also re-drawn and improved the maps showing the boundaries of the neighbourhoods. Our goal is to introduce you to each major West Toronto neighbourhood so check back regularly.

West Toronto Neighbourhoods section updated

Post from: West Toronto Realtor

Resale activity in the Toronto area remained strong in September, although with a large expansion of listings, price growth has slowed sharply, the latest edition of the Dunning Housing Market Digest reports:

"Expanded resale inventory is clearly hurting the market for new low-rise homes. I expect that there will soon be a slowdown for both Toronto and Canada."

Resale market activity dipped in August. August’s actual sales (6,318) equate to 77,300 seasonally adjusted.
The trend is close to the 80,000 level. In contrast to the health of the resale market, the new homes market has weakened very sharply this year. August actual sales (1,776) equate to 24,500 after seasonal-adjustment, which is the lowest monthly tally in 11 years, the Dunning report concludes.

Resale in Toronto remains strong

Post from: West Toronto Realtor

Canadian housing prices are decelerating quickly with the steepest decline in more than a decade, The Star reported. Analysts say homeowners in some regions should prepare for further depreciation. The average price of a residential home was $316,052 in August, a year over year drop of 5.1 per cent and the most since 1996. These figures were released by the Canadian Real Estate Association. Millan Mulraine, economics strategist for TD Securities said:

"The report underscores the current shift in the Canadian housing market, as the tone of activity moves slightly closer to a buyer's market"

In August, the city of Toronto also recorded a slight 1 per cent decrease in housing prices – the first negative number in more than a decade, The Star article reads.

Housing boom is over in Canada

Post from: West Toronto Realtor

July’s new home sales were only slightly changed from June’s, as actual sales (3,135) equate to 40,400 after seasonal-adjustment, up from 39,000 in June. Low-rise sales dropped sharply, with 850 actual sales equal to 11,300 seasonally-adjusted. Will Dunning explains:

"A variety of factors explain this, including reduced supply of new product, but also a sharply expanded resale inventory and uncertainty about the economy."

Resale market activity has exceeded 80,000 for four consecutive months and is now similar to levels seen in 2005 and 2006, the Dunning report concludes.

Low-rise market weakens sharply in August

Post from: West Toronto Realtor

The Greater Toronto resale housing market closed out the last full month of summer at a steady pace, Toronto Real Estate Board President Maureen O’Neill said in a press release. The Greater Toronto Area (GTA) average price increased one per cent, to $364,886 when compared to last August’s figure of $361,890. Compared to the $338,192 figure recorded two years ago though, the average GTA has increased eight per cent. Ms O’Neill is happy to see these figures:

“These healthy figures substantiate that when undertaken as a long term investment, buying a home is one of the smartest financial moves you can make.”

With 6,318 transactions recorded last month, sales in the GTA declined 22 per cent compared to the record August 2007 figure of 8,059.

Despite August’s moderate sales, the 57,364 transactions that have occurred this year are within 14 per cent of the 67,146 figure recorded a year ago, Ms. O’Neill concluded.

You can read the whole press release and more detailed stats by clicking here.

Resale housing remains steady

Post from: West Toronto Realtor

Click here to view our lists of closing costs for buyers and closing costs for sellers.

Prepare yourself for closing costs

Post from: West Toronto Realtor

For the Buyers section of our website we have prepared a chart to help you calculate Ontario & Toronto land transfer taxes. These are payable by the buyer of a property through their lawyer upon closing of the transaction. As you may know, first time buyers do not pay the city of Toronto tax on the first $400,000 of a property purchase. We'll also give you the right formula for calculating land transfer tax.

Land transfer tax

Post from: West Toronto Realtor

You have just bought your new home and found out that it needs some improvements? So you may wonder how much that new chimney or plumbing job will cost you. Well, it won't be for free, even if you're good at DIY. But the work of a skilled contractor can be even more expensive.
As the latest addition to our Buyer's Guide, we have compiled a list of possible home improvements and their estimated cost for a typical three-bedroom house.

Home improvement costs in a nutshell

Post from: West Toronto Realtor

Resale market activity has rebounded from the slump this winter, according to Will Dunning.  While sales are below the 2007record, recent activity is comparable to figures seen during 2004 to 2006 when sales averaged about 85,000 per year, Dunning points out:

"The increased resale supply is negatively affecting the new low-rise market and the outlook for house price"

New home sales improved somewhat in June. The recovery in June was centered in high rises - 2,092 actual sales equate to 21,300 seasonally adjusted. The year-to-date sales rate remains very robust at 17,200, his  Housing Market Digest report concludes.

Housing demand in July still at 2006 level

Post from: West Toronto Realtor

"The volume of listings has increased sharply this year (currently about 15% above year ago levels), signaling a probable shift to an end-of-cycle psychology. In addition to reducing price pressure, increased resale supply is negatively affecting the new homes market."

In the latest edition of his Housing Market Digest, Dunning reports that resale market activity has rebounded from the slump this winter. While sales are below the 2007 record, recent activity is comparable to figures seen during 2004 to 2006. In June this year, 8,600 actual sales equated to 83,800 seasonally adjusted, slightly below May’s 86,900, his report says.

Housing demand on healthy level of 2006

Post from: West Toronto Realtor