E.B.Dungey Realty Ltd. Brokerage

Competition Tribunal Dismisses Case against TREB

April 16, 2013 – On April 15, the Competition Tribunal
announced that it has dismissed an Application initiated by the Commissioner of
Competition against the Toronto Real Estate Board (TREB), and ordered costs
payable by the Commissioner of Competition to TREB.

The Competition Tribunal
stated that its decision is based on its finding that the Toronto Real Estate
Board was clearly not acting anti-competitively.

“The Tribunal’s decision
was the right decision,” said Ann Hannah, President of TREB. “TREB and its
Members will continue to offer the highest possible quality real estate service
without sacrificing the privacy rights of consumers.”

This is a substantive
decision which unequivocally allows TREB to continue with its current Virtual
Office Website (VOW) policy. These VOWs allow consumers to access REALTOR®
Members’ secure password-protected websites displaying MLS® listing data. TREB
is increasing access and competition while safeguarding the privacy rights of
consumers.

Throughout the hearings,
TREB stood up for the privacy rights of consumers and will continue to do so.
The result reinforces that protecting privacy is not anti-competitive.

“TREB fought against the
Competition Bureau’s actions that would have forced TREB to dismantle the
safeguards of the MLS® system,” said Von Palmer, Chief Privacy Officer.

“TREB and its Members
have a moral and legal obligation to protect consumers’ personal information.
Privacy matters, so we fought back.”

TREB appreciates the
efforts and support of The Canadian Real Estate Association on the matter.

TREB is committed to
protecting the quality of the MLS® system and the superior service TREB Members
offer their clients while safeguarding the privacy rights of consumers.

For information about Buyer Representation Agreements
(BRA) visit www.BRAFirst.ca

For Media/Public Inquiries: Mary Gallagher, Senior
Manager Media Relations.

Toronto
Real Estate Board 1400 Don Mills Road Toronto, ON M3B 3N1, Office: (416)
443-8158, Email:maryg@trebnet.com

Greater Toronto REALTORS are passionate about their work.
They adhere to a strict Code of Ethics and share a state-of-the-art Multiple
Listing Service. Serving over 36,000 Members in the Greater Toronto Area,
the Toronto Real Estate Board is Canadas largest real estate board. Greater
Toronto Area open house listings are available on www.TorontoRealEstateBoard.com

Article source: http://www.torontorealestateboard.com/market_news/release_market_updates/news2013/nr_case_dismissed.htm

TORONTO, ON, November 29, 2010 — The Government of Canada and community partners celebrated the official opening of a 29-bed affordable housing project today. The completed rooming house will provide affordable, supportive housing for individuals living with special needs in Toronto.

The Honourable Jim Flaherty, Minister of Finance, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), along with representatives of project sponsors Edgewood Villa Inc., made the announcement.

“The Government of Canada is committed to providing renovation funding for individuals living with special needs, as well as affordable and supportive housing in Ontario and across Canada,” said Minister Flaherty. “The individuals at Edgewood Villa will now be able to access safe, comfortable housing and live together in a supportive environment.”

The federal government provided $464,000 to Edgewood Villa Inc. through CMHC’s Rooming House Residential Rehabilitation Assistance Program (RRAP Rooming House). The new rooming house, located at 17 Edgewood Avenue, will provide 29 beds for individuals with special needs.

The Rooming House RRAP offers financial assistance to pay for repairs to rooming houses occupied by low-income tenants.

“In the realm of affordable and supportive housing, we need to be completely dedicated to the cause and collaborate with those around us to make these developments a reality,” said Ken McGowen, co-founder of Edgewood Villa Inc. “Here at Edgewood Villa, we see ourselves as simply a link in the chain of this project, and now 29 individuals have a safe place to call home.”

CMHC has been Canada’s national housing agency for more than 60 years. CMHC is committed to helping Canadians access a wide choice of quality, affordable homes, while making vibrant, healthy communities and cities a reality across the country.

In 2008, the Government of Canada committed more than $1.9 billion over five years to improve and build new affordable housing and to help the homeless. As a part of this investment, the renovation programs for low-income households, including the Residential Rehabilitation Assistance Program, were extended for two years. For Ontario this represents almost $73 million in federal funding for renovation programs off-reserve.

Canada’s Economic Action Plan builds on this with an additional one-time investment of more than $2 billion to build new and renovate existing social housing for low-income Canadians, plus up to $2 billion in low-cost loans to municipalities for housing-related infrastructure.

Media Inquiries:

Article source: http://www.cmhc.ca/en/corp/nero/nere/2010/2010-11-29-1330.cfm

TREB President’s Column as it appears every Friday in the Toronto Sun’s Resale Homes and Condos section.

April 26, 2013 –
If you have ever undertaken a home improvement project, like painting or floor refinishing, you know that preparation is the key to a successful outcome. The same applies to selling your home. It has been said, in fact, that a well-listed house is a house that is half sold.

If you are planning on making the transition to your next home in the coming months, the time to prepare is now. To begin, get outside for a critical look at your home’s curb appeal. First impressions are lasting ones, so ensure that your lawn and shrubs are neat, peeling paint is addressed, windows and doors shine and the entryway is free of all clutter.

Since Buyers must be convinced that a happier lifestyle awaits them in your home, disorganization is the enemy, and while de-cluttering is a crucial part of the process of preparing to list, this doesn’t mean that your closets should be bursting with your possessions. Pack non-essentials and neatly organize boxes in a garage, a basement area or ideally, at an offsite storage space.

A home in need of a multitude of minor fix-ups can overwhelm Buyers as well, so whether you need to replace the washer in a leaky faucet, reapply caulking or service storm doors, be sure to tackle each of the items on your household repair list.

Depending on the age and condition of your house, you might even consider arranging for your own professional home inspection. It will help you identify important areas to be addressed so that they don’t become stumbling blocks in the negotiation process.

Once your home is de-cluttered and repaired, getting it looking and smelling fresh is a next step. In particular, kitchens and bathrooms must be pristine for Buyers to envision your space as their future home. After your home is scrubbed from top to bottom, keeping up with routine chores will take the stress out of preparing for showings.

You can also make the process of selling your home simpler by gathering important documents in advance. These items are used to substantiate information that Buyers will need in the decision making process, such as your most recent property tax statement, heat and utility bills, floor plans and a property survey.

Once you are ready to take your home to market, be sure to consult with a REALTOR®, and listen to their objective advice throughout the process. They have the tools and skills to help you price your home right, and develop a strategy that will help you maximize the return on your investment.

When the process is underway, you may also find it beneficial to begin regarding your house as a product rather than a place where memories were built, and to start focusing on the happiness that awaits you in your next home. 

For more information on the home buying and selling process, visit www.TorontoRealEstateBoard.com, where you will find updates on the market, plain language explanations of commonly used real estate forms, information on government programs and more.

Ann Hannah is President of the Toronto Real Estate Board,
a professional association that represents 36,000 REALTORS®
in the Greater Toronto Area.

Follow TREB on www.twitter.com/TREBhome, www.Facebook.com/TorontoRealEstateBoard and www.youtube.com/TREBChannel

Article source: http://www.torontorealestateboard.com/market_news/president_columns/pres_sun_col/index.htm

ST. MARYS, ONTARIO, June 24, 2011 — The official opening of 12 new affordable rental housing units for seniors living on low-income was held today in St. Marys. The project received $1.44 million in funding from the federal and provincial governments.

Gary Schellenberger, Member of Parliament for Perth-Wellington, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), and John Wilkinson, Member of Provincial Parliament for Perth-Wellington, on behalf of the Honourable Rick Bartolucci, Ontario’s Minister of Municipal Affairs and Housing, along with Steve Grose, Mayor of St. Marys and Dan Mathieson, Mayor of Stratford, made the announcement.

“Through Canada’s Economic Action Plan, our Government remains committed to giving a hand-up to those who need it most, including low-income seniors,” said MP Schellenberger. “Funding projects like this one, will not only improve the quality of life of its residents by keeping their homes safe and affordable, but it will also help stimulate the local economy and create the conditions for long-term growth.”

“Our community believes that seniors need the dignity of an affordable place to call home,” said MPP Wilkinson. For some seniors, this is beyond their reach. Thankfully, the new St. Marys Affordable Housing development will provide local seniors, living on low or fixed income, a new place to call home.

“As the Mayor of the City of Stratford, which has the role of Consolidated Municipal Service Manager, I am pleased to see the completion of another excellent Affordable Housing Project for our region,” said Mayor Mathieson. “The project in St Marys, constructed by Favoured Lands Inc., provides 12 new quality housing options to our citizens. It is indeed a model of intragovernmental cooperation between the federal, provincial and municipal levels of government.”

The 12 affordable rental units are part of a 30-unit project located at 50 Stoneridge Boulevard, which received $1.44 million. Residents began moving in as of June 1^st. The federal and provincial funding is complemented by over $110,000 in municipal financial incentives.

The Government of Canada wants to ensure that Canadians on fixed incomes can live with independence and dignity and remain in their communities, close to family and friends. Canada’s Economic Action Plan provides $400 million, over two years, to build new rental housing for low-income seniors. Overall, the Economic Action Plan includes $2 billion for the construction of new and the renovation of existing social housing, plus up to $2 billion in low-cost loans to municipalities for housing-related infrastructure. Canada’s Economic Action Plan builds on the Government of Canada’s commitment in 2008 of more than $1.9 billion, over five years, to improve and build new affordable housing and help the homeless.

Ontario continues to build new affordable housing and repair existing units for Ontarians with housing needs. Since 2009, the provincial government has provided nearly $183 million to build new rental housing units for low-income seniors and persons with disabilities. Ontario’s overall investment of over $2.5 billion has translated into the construction and repair of more than 270,000 housing units and the provision of 35,000 rent supplements for Ontario families on fixed incomes. The province’s Long-Term Affordable Housing Strategy sets a strong foundation for a more efficient, accessible affordable housing system in Ontario. 

Affordable housing is a key component of Ontario’s Poverty Reduction Strategy. Download a copy of the Government of Ontario’s Long-Term Affordable Housing Strategy. To find out more about affordable housing in Ontario, visit www.ontario.ca/housing.

More information on this and other measures in Canada’s Economic Action Plan can be found at www.actionplan.gc.ca. To find out more about how the Government of Canada and CMHC are working to build stronger homes and communities for all Canadians, call CMHC at 1-800-668-2642 or visit www.cmhc.ca/housingactionplan.

Media inquiries:

For more information visit: www.ontario.ca/housing

Article source: http://www.cmhc.ca/en/corp/nero/nere/2011/2011-06-24-1500.cfm

BRAMPTON, ONTARIO, June 29, 2011 — Ground was broken today for 200 new affordable rental housing units for low-income seniors, families and persons with disabilities in Brampton. The project received $24 million in funding from the federal and provincial governments. In addition, Peel Region has received more than $12.8 million over the last two years for the repair of 5,050 units of existing social housing, representing 50 projects.

Kyle Seeback, Member of Parliament for Brampton West, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), and Linda Jeffrey, Member of Provincial Parliament for Brampton Springdale, on behalf of the Honourable Rick Bartolucci, Ontario’s Minister of Municipal Affairs and Housing, along with Emil Kolb, Regional Chair, Region of Peel, and Susan Fennell, Mayor, City of Brampton, made the announcement.

“Through Canada’s Economic Action Plan, our Government remains committed to giving a hand-up to those who need it most, said MP Seeback. “Funding projects like these one will not only improve the quality of life of its residents by keeping their homes safe and affordable, but it will also help stimulate the local economy and create the conditions for long-term growth.”

“The construction of this 225-unit building, which includes 200 affordable housing units, will provide safe, affordable and accessible housing for our seniors, families and people with disabilities,” said MPP Jeffrey.  “I am so proud of our governments’ commitment to our community and for the planning that everyone here has put into this housing project. I look forward to coming back to celebrate the opening.”

“Our partnership with Jasinski Legacy sets a new standard in the development of affordable housing,” said Peel Regional Chair Emil Kolb. “Together, we sought to create opportunities for the community by building much needed affordable, quality rental units for our seniors and families in Peel. This type of innovative approach helps make affordable housing a reality for those who need our support.”

“Our family and community vision has taken a substantial step forward with the generous support of the various government stakeholders — support that will never be forgotten,” said Chris Jasinski, President, Jasinski Legacy Non-Profit Residences Inc. “Our celebration of both the Polish heritage and faith will flourish while embracing the community at large through the residential experience offered by The Residences of Villa Polonia.”

The 200 affordable housing units are part of the Residences of Villa Polonia, a two- building project with a total of 225 units located at 30 and 40 Polonia Avenue in Brampton. The Residences of Villa Polonia received $24 million in federal and provincial funding. The development is led by the Jasinski Legacy Non-Profit Residences Inc. in consultation and mentorship from the Region of Peel. The Residences of Villa Polonia are the residential component of the Polonia Millennium 2000 Project, a landmark development for the Polish-Canadian community that is home to the St. Eugene de Mazenod Parish and to a community cultural centre in development.

The Government of Canada wants to ensure that Canadians on fixed incomes can live with independence and dignity and remain in their communities, close to family and friends. Canada’s Economic Action Plan provides $75 million, over two years, to build new rental housing for persons with disabilities and $850 million for the renovation and retrofit of existing provincially/ territorially administered social housing. Overall, the Economic Action Plan includes $2 billion for the construction of new and the renovation of existing social housing, plus up to $2 billion in low-cost loans to municipalities for housing-related infrastructure. Canada’s Economic Action Plan builds on the Government of Canada’s commitment in 2008 of more than $1.9 billion, over five years, to improve and build new affordable housing and help the homeless. As part of this commitment the Affordable Housing Initiative (AHI) was extended for two years. This results in a total $1.25 billion federal investment toward the creation of affordable housing since the inception of the AHI. For Ontario, this represents a joint investment of more than $907 million under the AHI and $1.1 billion under CEAP toward affordable housing by both levels of government.

Ontario continues to build new affordable housing and repair existing units for Ontarians with housing needs. Since 2009, the provincial government has provided nearly $183 million to build new rental housing units for low-income seniors and persons with disabilities. Ontario’s overall investment of over $2.5 billion has translated into the construction and repair of more than 270,000 housing units and the provision of 35,000 rent supplements for Ontario families on fixed incomes. The province’s Long-Term Affordable Housing Strategy sets a strong foundation for a more efficient, accessible affordable housing system in Ontario.

Affordable housing is a key component of Ontario’s Poverty Reduction Strategy. Download a copy of the Government of Ontario’s Long-Term Affordable Housing Strategy. To find out more about affordable housing in Ontario, visit www.ontario.ca/housing.

More information on this and other measures in Canada’s Economic Action Plan can be found at www.actionplan.gc.ca. To find out more about how the Government of Canada and CMHC are working to build stronger homes and communities for all Canadians, call CMHC at 1-800-668-2642 or visit www.cmhc.ca/housingactionplan.

Media inquiries:

For more information visit: 

www.ontario.ca/housing
www.peelregion.ca

See related speech

Backgrounder

Article source: http://www.cmhc.ca/en/corp/nero/nere/2011/2011-06-29-1000a.cfm

ST. CATHARINES, ONTARIO, August 16, 2012 — The official opening of 38 new affordable rental housing units for seniors living on low income was held today in St. Catharines. The project received $4 million in funding from the federal and provincial governments. The construction of this project created up to 95 jobs in St. Catharines.

Rick Dykstra, Parliamentary Secretary to the Minister of Citizenship and Immigration and Member of Parliament for St. Catharines, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC); the Honourable Jim Bradley, Minister of the Environment and Member of Provincial Parliament for St. Catharines, on behalf of the Honourable Kathleen Wynne, Ontario’s Minister of Municipal Affairs and Housing; along with Niagara Region Chair Gary Burroughs, and Brian McMullan, Mayor of St. Catharines, made the announcement.

“Our Government is proud to invest in affordable housing in St. Catharines and across the country to help create jobs and improve the quality of life for those who need it most,” said Parliamentary Secretary Rick Dykstra. “Through Canada’s Economic Action Plan, seniors have a stable, safe and affordable place to call home.”

“Our seniors deserve the right to live with dignity in a safe, affordable and accessible home,” said Minister Bradley. “This project is making a positive difference in the lives of our seniors in St. Catharines.”

The 38-unit City View Heights project located at 99 Merritt Street provides 28 one-bedroom units and 10 two-bedroom units. The federal and provincial funding is complemented by $174,800 in regional financial incentives.

“Safe and affordable housing is a pillar of healthy and strong communities,” said Regional Chair Gary Burroughs. “These 38 new affordable housing units will make a huge difference in the lives of the seniors who will live here and contribute to their community. Congratulations to PBG Homes, Niagara Regional Housing and the Canada Ontario Affordable Housing Program for working together to create this much-needed addition to the supply of affordable housing in Niagara.”

“As Niagara Regional Housing celebrates its 10^th Anniversary, affordable housing continues to dominate as a high priority for this Region,” said Niagara Region Housing Chair Karen Murray. “Congratulations to City View Heights and PBG Homes on your new 38-unit apartment building for seniors and for increasing the stock of affordable housing to those in our communityThe Government of Canada, through CMHC, will invest more than $2 billion in housing this year. Of this amount, $1.7 billion will be spent in support of almost 605,000 households living in existing social housing. In Ontario, this represents some 237,750 households. These investments are improving the quality of life for low-income Canadians and households living in existing social housing, including individuals who are homeless or at-risk of homelessness, seniors, persons with disabilities, recent immigrants and Aboriginal people.

Ontario continues to build new affordable housing and repair existing units for Ontarians with housing needs. Since 2009, the provincial government has provided nearly $183 million to build new rental housing units for low-income seniors and persons with disabilities. Ontario’s overall investment of over $2.5 billion has translated into the construction and repair of more than 270,000 housing units and the provision of 35,000 rent supplements for Ontario families on fixed incomes. The province’s Long-Term Affordable Housing Strategy sets a strong foundation for a more efficient, accessible affordable housing system in Ontario.  

Affordable housing is a key component of Ontario’s Poverty Reduction Strategy. Download a copy of the Government of Ontario’s Long-Term Affordable Housing Strategy. To find out more about affordable housing in Ontario, visit www.ontario.ca/housing.

To find out more about how the Government of Canada and Canada Mortgage and Housing Corporation are working to build stronger homes and communities for all Canadians, call CMHC at 1-800-668-2642.

Media inquiries:

Dean D’Souza
Canada Mortgage and Housing Corporation
416-250-2760

Kelly Baker
Office of Minister Wynne
416-585-6842

Marian Ngo
Office of Minister Finley
819-994-2482

MaryEllen MacLellan
Niagara Regional Housing
905-682-9201, ext.: 3938

www.ontario.ca/housing

Ribbon-cutting (L to R): Gary Burroughs (Niagara Region Chair), Honourable Jim Bradley (Minister of the Environment and Member of Provincial Parliament for St. Catharines), Rick Dykstra (Parliamentary Secretary to the Minister of Citizenship and Immigration and Member of Parliament for St. Catharines), Anthony Continelli (PBG – Premium Building Group).

Article source: http://www.cmhc.ca/en/corp/nero/nere/2012/2012-08-16-1400.cfm

PORT COLBORNE, ONTARIO, November 16, 2012 — The official opening of 23 new affordable rental housing units for people with disabilities was held today in Port Colborne. The project received more than $2.1 million in funding from the federal and provincial governments. The construction of this project has created up to 50 jobs in Ontario and helps to meet the housing needs of people with disabilities in the Niagara area.

Dean Allison, Member of Parliament for Niagara West – Glanbrook, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), and Jim Bradley, Member of Provincial Parliament for St. Catharines, on behalf of Bob Chiarelli, Ontario’s Minister of Municipal Affairs and Housing, along with Gary Burroughs, Regional Chair, Regional Municipality of Niagara, and Vance Badawey, Mayor of Port Colborne, made the announcement.

“Our Government is providing a hand-up to those who need it most here in Port Colborne and in all corners of the country,” said MP Allison. “We are committed to making communities stronger through projects like this one. These investments help create new jobs and stimulate the local economy, while providing more access to safe, affordable homes for persons with disabilities.”

“This project is another example of our government’s commitment to providing safe and affordable housing to those who need it most,” said MPP Jim Bradley. “We know that affordable housing projects will help St. Catharines residents as well as the entire Niagara region.”

“Ensuring that all of Niagara’s residents, including those dealing with mental illness, are granted equal access to affordable, safe, and accessible housing is a key priority of our community”, said Regional Chair Gary Burroughs. “Not only will these 23 new affordable housing units bring stability and support to the lives and families of the new inhabitants of the building, they will serve to further strengthen and grow our communities. Congratulations to the Gateway Residential and Community Support Services of Niagara, and all those who made this much-needed affordable housing project a reality.”

“The City of Port Colborne was excited to see the conversion of this building into 23 new affordable housing units,” said Mayor Badawey. “Gateway Residential and Community Support Service of Niagara have a proven track record for providing housing for those in need. We congratulate those involved in this true community partnership.”

The 23-unit project located at 569 King St. received more than $2.1 million in federal and provincial funding for the construction of 20 units. The remaining three units were funded by support from Niagara Regional Housing and private sector contributions.

“As Niagara Regional Housing celebrates its 10^th Anniversary, affordable housing continues to dominate as a high priority for this Region,” said Karen Murray, Niagara Regional Housing chair. “Congratulations to Gateway Residential and Community Support Services of Niagara on the new 23 unit apartment building for persons with mental illness and for increasing the stock of affordable housing in Niagara.”

The Government of Canada, through CMHC, will invest approximately $2 billion in housing this year. Of this amount, $1.7 billion will be spent in support of almost 605,000 households living in existing social housing. In Ontario, this represents almost 238,000 households. These investments are improving the quality of life for low-income Canadians and households living in existing social housing, including individuals who are homeless or at-risk of homelessness, seniors, persons with disabilities, recent immigrants and Aboriginal people.

Ontario continues to build new affordable housing and repair existing units for Ontarians with housing needs. Since 2009, the provincial government has provided more than $184 million to build new rental housing units for low-income seniors and persons with disabilities. Since 2003, Ontario’s funding commitment of nearly $3 billion is the largest affordable housing program in the province’s history. Ontario is supporting the creation of over 17,000 affordable rental housing units; making more than 263,000 repairs and improvements to social and affordable housing units; and providing rental and down payment assistance to over 81,000 households in need. The province’s Long-Term Affordable Housing Strategy sets a strong foundation for a more efficient, accessible affordable housing system in Ontario.

Affordable housing is a key component of Ontario’s Poverty Reduction Strategy. Download a copy of the Government of Ontario’s Long-Term Affordable Housing Strategy. To find out more about affordable housing in Ontario, visit www.ontario.ca/housing.

To find out more about how the Government of Canada and Canada Mortgage and Housing Corporation are working to build stronger homes and communities for all Canadians, call CMHC at 1-800-668-2642.

Media inquiries:

Dean D’Souza
Canada Mortgage and Housing Corporation
416-250-2760

Kelly Baker
Office of Minister Chiarelli
416-585-6842

Marian Ngo
Office of Minister Finley
819-994-2482

Maryellen Maclellan
Niagara Region
905-682-9201, ext.: 3938

For more information visit:

www.ontario.ca/housing
www.nrh.ca

Ribbon-cutting (Front Row — L to R): John Osczypko (Executive Director, Gateway); Gary Burroughs (Regional Chair, Regional Municipality of Niagara); Barb Robinson (Vice President, Gateway Board); Dean Allison (MP for Niagara West – Glanbrook); Beverly Nigh (Tenant, Repei Place); Jim Bradley (MPP for St. Catharines); Vance Badawey (Mayor, Port Colborne); Karen Murray (Chair, Niagara Regional Housing).

Article source: http://www.cmhc.ca/en/corp/nero/nere/2012/2012-11-16-1200.cfm

TREB President’s Column as it appears every Friday in the Toronto Sun’s Resale Homes and Condos section.

April 12, 2013 –
Sales through the TorontoMLS system covering the Greater Toronto Area were down 17 per cent year-over-year in March with 7,765 transactions compared to 9,385 in March 2012. It is important to note, however, that unlike last year, this March included a statutory holiday.

March also marked the end of the first quarter.  There were 17,678 sales reported during the first three months of the year – down 14 per cent compared to last year.

Sales activity was marginally stronger in the areas surrounding the City of Toronto, with 4,874 transactions reported in the ‘905’/’705’ regions within the TREB market area, representing a year-over-year decrease of nearly 16 per cent. The City of Toronto’s 2,891 sales represented a decline of 19 per cent compared to a year ago.

As has been the case over the better part of the last year, the number of active listings at the end of the month have been up compared to the previous year.  Buyers have benefitted from more choice, which helps explain why the average number of days a home remained on the market before selling has edged up.  In March, the average days on market was 24 days versus 21 days a year ago.  With this said, active listings continue to trend below levels experienced in the pre-recession period.

On a year-over-year basis, the average price of a GTA home sold through TorontoMLS increased by nearly four per cent in March to $519,879. Gains were slightly better in the City’s surrounding area with average price climbing by more than four per cent to $493,238. The City of Toronto’s average price of $564,793 represented an increase of nearly three per cent compared to March 2012.

The average TorontoMLS home price was up three per cent annually compared to the first quarter of 2012.

Townhouse prices in the City of Toronto saw the most significant year-over-year price gains in March, climbing by nearly eight per cent. Semi-detached homes in the City of Toronto followed, growing by nearly seven per cent. Detached homes in the City’s surrounding area also showed healthy price gains, increasing by five per cent compared to a year ago.

One key factor that may prompt buyers to enter the market as we move further into spring is the affordability that five-year fixed rate mortgages offer, at approximately three per cent. Less promising though, was the March unemployment rate in Toronto, which remained stalled last month at 8.4 per cent, identical to that of the previous month.

The long-term picture for our City’s real estate market, however, remains positive, supported by the Greater Toronto Area’s favourable reputation. Recently, three GTA municipalities – Newmarket, Oakville and Burlington – ranked within the top ten of MoneySense magazine’s annual “Best Places to Live in Canada” report, which examines factors that contribute to quality of life including employment, incomes, housing affordability, weather, crime rates and access to medical treatment. In fact, eight GTA municipalities, including the City of Toronto, ranked within the top 30 on the report’s list of 200 cities.

To explore all of the housing options available to you throughout the GTA, talk to a Greater Toronto REALTOR® and visit www.ToronoRealEstateBoard.com where you’ll find market updates, open house listings, information on government programs and more.

Ann Hannah is President of the Toronto Real Estate Board,
a professional association that represents 36,000 REALTORS®
in the Greater Toronto Area.

Follow TREB on www.twitter.com/TREBhome, www.Facebook.com/TorontoRealEstateBoard and www.youtube.com/TREBChannel

Article source: http://www.torontorealestateboard.com/market_news/president_columns/pres_sun_col/index.htm

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