TORONTO, February 3, 2012

“A favourable affordability picture bolstered by very low posted fixed mortgage rates has kept home buyers confident in their ability to achieve the Canadian goal of home ownership,” said Toronto Real Estate Board President Richard Silver. “The buyer pool remains diverse in the GTA with strong interest in home types across the pricing spectrum,” continued Silver.

The average selling price for January 2012 transactions was $463,534 – up by almost nine per cent compared to January 2011.

“Low inventory levels have kept competition between buyers strong, resulting in robust annual rates of price growth over the last year. Strong price growth is expected to attract more listings. A better supplied market should result in a slower rate of price growth, especially in the second half of 2012,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.

THURSDAY, DECEMBER 1, 2011 – 7 pm
Metropolitan United Church, 56 Queen St. E.
Free, with suggested donation of $20.

Hosted by CBC’s Tom Allen with Rev. Dr. John Joseph Mastandrea.

THIS YEAR’S PERFORMERS: Dr. Draw, Prita Chhabra, Singing Out!, David Warrack, Douglas Rice with the Velvet Curtain, Christian Jeffries , The Metropolitan United Church Choir, The Jarvis Collegiate Senior Choir, and more!

Followed by a candlelight ceremony with hot apple cider and cookies in the courtyard.

Click here for photo highlights of the 2010 concert

For all of us who has a vested interest in the future of our Riverdale Farm and in our neighbourhood, this grassroots event demonstrates another importance of the farm, beyond the obvious. The farm programs enable local groups, like the Toronto Guild of Spinners and Weavers, to have a viable place to come together and in return, the Guild’s efforts enable a wider audience to connect with the farm and with our community in a meaningful way.

SAVE THE DATE: Sunday Dec 4th, 2011 – 1pm & 3pm

CREATIVE SPIN – TEXTILE ART SHOW & SALE

KENDALL & Co. and the Toronto Guild of Spinners & Weavers cordially invite you to our “Promote Our Local” in-store event – Creative SPIN aims to promote the craft of textile art and the Riverdale Farm programs.

Event details, directions and info about the Guild are available online at http://kendallandco.ca/fyi/promote-our-local/creative-spin/  

RSVP: creativespin@kendallandco.ca

From Farm to Fibre, please come for a good cause and a merry ole time at KENDALL & Co. 541 Parliament St on Winchester St, in the heart of Cabbagetown.

October 4, 2011

This year’s event, held at the Allstream Centre September 22nd welcomed 701 REALTORS® who joined previous 25 year members in our association, and more importantly serving their consumers. 

The event’s theme, Connecting, gave attendees the opportunity to reconnect and have portraits taken with former colleagues and competitors. Real Estate is one of the only careers that I know of where you sit down with your competition on an ongoing basis and negotiate solutions.

To illustrate how many years have passed since this year’s inductees began their careers, consider that when they did so the average price of a home in our city was $138,925 and 52,919 of them changed hands. Today, the average price of a GTA home is $451, 663 and sales are expected to reach 90,000 this year.
One Member, Gordon Eckersley, was welcomed into his 50th year of membership at this year’s celebration, joining 31 others who have been working in the profession for more than half a century. When Gordon began his career, in 1961, the average Toronto home cost $16,334 and the year saw a total of 9,264 transactions and there was no “rush hour”

When you consider that it is estimated the average person changes their career five times throughout their employment years, remaining in the same profession for two and a half decades or more is really quite an achievement especially with a 24/7 work schedule. The extensive number of Greater Toronto REALTORS® who achieve this distinction exemplifies our profession’s commitment to helping you make the move to a home that’s right for you.

REALTORS’® dedication to helping others often extends beyond real estate transactions as well, to a range of individual volunteer pursuits. We also work together, to cast a wider net in our efforts to help others. Throughout the past four years for example, every Member of the Toronto Real Estate Board (TREB) has participated in the REALTORS Care Foundation’s Every REALTOR® program, contributing more than $300,000 a year to the Foundation, which offers grants to shelter-based organizations throughout the province. Last year alone Greater Toronto REALTORS® presented Foundation grants to 35 different GTA housing-related charities.

The Toronto Real Estate Board hosts an annual fundraising event as well, the Charity Golf Classic, which raises approximately $20,000 each year for causes that have included Habitat for Humanity Toronto, the Salvation Army and Free the Children.

We also roll up our sleeves daily to feed local children through the Children’s Breakfast Program, a partnership of the Toronto Real Estate Board and the Toronto District School Board. As part of the program Greater Toronto REALTORS® sponsor and serve 9600 nutritious meals to children in 17 different schools each month.

As you get together for fall’s many celebrations this year, I hope that you will take the opportunity to connect with others in your community as well.  As a Greater Toronto REALTOR® I can say with certainty that the strength of our city lies in the many diverse neighbourhoods and relationships that we have formed together.

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

September 16, 2011

Before I elaborate, I’d like to make a request: help yourself by going to www.NoHomeBuyingTax.com to send an email to City Council and tell them that City Hall needs to live within its means.  Tell them that City Hall needs to target waste, not home buyers.  Say no to the status quo.   

I understand that everyone is busy and, these days, it is difficult to find the time to take action, even on important issues like this, but a few seconds of your time today, could, literally, save you thousands of dollars of land transfer tax in your future home purchase.   City Council needs to hear from you so that they move forward with making City Hall live within its means, just like you do, instead of standing in the way of Mayor Ford’s promise to repeal the Toronto Land Transfer Tax. Some Councillors would prefer to keep this tax to avoid tough decisions on the City’s finances. To make it easier for you, we have set up a special web site, www.NoHomeBuyingTax.com, which allows you to send City Council your thoughts, in your own words, with one easy click.

Make no mistake, I understand that the decisions facing City Council are not easy. Home buyers and business owners want communities with a high quality-of-life, so REALTORS® understand the importance of municipal services; but getting the City’s finances in order is important to ensuring the City’s quality-of-life over the long-term.  The long-term vibrancy of our City depends on it. That’s why City Hall needs to re-think the way it operates, just like any household has to review its budget from time-to-time. Torontonians don’t want band-aids to the City’s financial challenges; they want long-term solutions.

It is no surprise to me that Mayor Ford was elected with an overwhelming mandate to make City Hall live within its means and to repeal the Toronto Land Transfer Tax.  He was, and is, supported by Torontonians who, for years, have been hollering that they are tired of wasteful spending at City Hall.  Unfortunately, there are some City Councillors who would prefer to maintain the status quo at City Hall, including the Toronto Land Transfer Tax, which is why it is so important for you to let them know what you think at www.NoHomeBuyingTax.com.

The Toronto Land Transfer Tax is paid up-front by the buyer when a property is purchased.  It costs the average Toronto home buyer about $6,000.  When added to the provincial version of this tax, average Toronto home buyers face over $12,000 in land transfer taxes, and it could be substantially more depending on the home.

When the City first proposed the Toronto Land Transfer Tax, REALTORS®, and the public, fought back and told City Council that it was unfair to be targeting home buyers and real estate transactions to solve the City’s financial problems.  Like then, we are continuing to tell them that they should target waste, not home buyers.  We hope that you will do the same. You can make a difference. Go to www.NoHomeBuyingTax.com and say no to the status quo.

Reprinted from the Toronto Sun

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

Toronto, September 7, 2011 –

“We say no to the status quo. Torontonians elected this City Council with a clear mandate to get the City’s finances in order and change the way City Hall operates, including repealing the Toronto Land Transfer Tax. The public does not expect to see Councillors’ convictions crumble when decision time approaches,” said Richard Silver, President of the Toronto Real Estate Board (TREB).

REALTORS® are contacting City Council to tell them to move ahead with the City’s service review process and are calling on the public to also contact City Council by visiting www.NoHomeBuyingTax.com.

“The public spoke loudly and clearly in last year’s municipal election. It is clear that they want change from City Hall and that they want the Toronto Land Transfer Tax gone. We are making sure that the public is aware that now is the time for City Council to take decisive action to improve the City’s finances,” said Silver.

A recent public opinion poll conducted by Ipsos Public Affairs found that 75 per cent of Torontonians support Mayor Ford’s commitment to repeal the Toronto Land Transfer Tax. Even when asked to consider the City’s budget shortfall, the public’s support remains very strong, with 68 per cent indicating that City Council should follow-through with the repeal of the Toronto Land Transfer Tax.

“Torontonians want the Toronto Land Transfer Tax abolished; they don’t want excuses. Unfortunately, some City Councillors are still targeting home buyers and would prefer to keep this tax. Getting the City’s finances in order requires comprehensive efforts; it can’t and shouldn’t be done by relying on the Toronto Land Transfer Tax, which unfairly targets one segment of Torontonians: homebuyers,” added Silver.

REALTORS® are also telling City Council that the Toronto Land Transfer Tax impacts Toronto’s economy.

“The Toronto Land Transfer Tax is a job killer: economic analyses have shown that about 40,000 Toronto jobs rely specifically on the economic activity that is generated when people buy and sell homes in the City. For resale housing alone, spin-off spending related to home buying, on things like renovations and moving services, pumped $1.4 billion into Toronto’s economy last year,” said Silver.

REALTORS® also believe that getting the City’s finances in order is an important step to ensuring the long-term sustainability of Toronto’s quality of life.

“Home buyers want communities with a high quality-of-life, so REALTORS® understand the importance of municipal services. However, just as any household must review its budget from time-to-time, City Hall must get its finances in order,” added Silver.

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 31,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada’s largest real estate board.

Strong economy sees numbers boosted

August 26, 2011 — As one of the world’s most diverse cities, Toronto welcomes nearly 100,000 newcomers to Canada each year. These people have chosen Toronto to begin building a better life. A report released recently by CIBC World Markets confirmed that the reasons for embracing Toronto are well founded.

The report assessed the performance of Canada’s largest cities in the first quarter of this year, and while Toronto didn’t come out on top in any individual category, the cumulative effect gave Toronto top position in the report’s ranking of Canadian cities.

The Toronto Real Estate Board’s figures on July’s resale housing market are testament to the strength of our local economy. 

A total of 7,992 homes changed hands in July, representing a 23 per cent increase over the 6,564 sales from a year ago.  While sales were robust in July, it is important to note that the sharp increase is relative to July 2010, when higher lending rates, new mortgage regulations and misconceptions about the Harmonized Sales Tax dampened activity.

Including July transactions, there have been 55,863 transactions so far this year, within 1.3 per cent of last year’s performance.  Total sales for the year are expected to move above the 2010 total by the end of August.

Sales activity in the 905 Region outpaced that of the City of Toronto last month, with year-over-year increases of nearly 25 per cent and 21 per cent respectively.

The amount of time it took to sell a home, on average, declined compared to last year.  Homes that sold this past July were on the market for an average of 26 days – down by 21 per cent from an average of 33 days a year ago.  This decline in selling time is largely due to a dip in listings in comparison to last year.  Less supply has led to more competition amongst home buyers, which has decreased the decision time for offers.

Tighter market conditions continued to drive strong annual growth in the average selling price.  The average price of a resale home in the GTA increased by almost 10 per cent year-over-year to $459,122.  Gains were slightly stronger in the city’s surrounding area, with the 905 average price climbing 11 per cent to $448,612.  The average price in Toronto increased seven per cent to $475,717.

Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis suggested that market may become more balanced in the second half of the year: “We did see some year-over-year improvement in new listings in July, but sales continued to grow at a faster clip.  As we move toward the end of 2011 and into 2012, expect more households to list their home for sale, prompted by the strong price growth reported during the first half of 2011.”

Homeownership remains affordable in the Greater Toronto Area.  Low mortgage rates and steady income growth have kept homebuyers confident in their ability to purchase and pay for a home over the long term.  This is why the number of transactions and the average selling price has continued to grow.  However, some of our REALTOR® Members serve consumers in the City of Toronto putting their clients at a disadvantage. Consumers could be doing even better with the repeal of the backbreaking and unfair upfront costs brought about by Toronto’s additional land transfer tax.  Mayor Rob Ford has promised to do away with the tax.  All Members of the Toronto Real Estate Board, especially residents in the 416 area code, look forward to the fulfillment of this promise.

With the recent volatility of the financial markets, the strength of home ownership has become a great topic for discussion. Variations can occur but your home is where you enjoy your family and friends. Living in the Greater Toronto Area is a very wise long term investment with lots of options in terms of housing type and neighborhoods.

Richard Silver is President of the Toronto Real Estate Board, a professional association that represents 32,000 REALTORS® in the Greater Toronto Area.

Reprinted from the Toronto Sun.