Manoj Arora

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September 17, 2008 -- The Greater Toronto Area's autumn resale housing market began with moderate activity, Toronto Real Estate Board President Maureen O'Neill announced today.

With 2,726 sales during the first half of this month, activity has declined 16 per cent from the 3,236 recorded during same time period a year ago. Compared to the 2,913 transactions recorded during the first half of September 2006, activity has declined six per cent.

In the City of Toronto, 998 sales were recorded, which represents a 23 per cent decline from the 1,297 transactions recorded in the first half of September 2007 and an 11 per cent decline from the 1,118 homes that changed hands in 2006. However, activity increased 16 per cent in the first half of September 2007 from the same period in 2006.

In the 905 Region, there were 1,728 sales, down 11 per cent from the first half of September 2007, when 1,939 transactions were recorded and within four per cent of the 1,795 sales recorded during the same timeframe in 2006. However, activity increased eight per cent during the first two weeks of September 2007 as compared to 2006.

"Although housing activity in the GTA remains moderate, we're continuing to see a consistent pattern, and this stability is certainly positive news compared to markets in other sectors and in other world cities," said Ms. O'Neill.

At $366,158 the average price of housing in the GTA has increased marginally from the $364,364 recorded a year ago and is up nine per cent from $335,208 recorded in September 2006.

In the City of Toronto, the average price is $386,524 up marginally from the $384,796 recorded in the first half of September 2007 and up 12 per cent from the $343,561 average from the same period in 2006.

In the 905 Region, the average price is $354,395; an increase of one per cent from $350,698 recorded a year ago and up seven per cent from $330,005 recorded in the first half of September 2006.

"The fact that prices have held firm despite moderate activity shows that consumers regard real estate as a sound investment," said Ms. O'Neill.

The percentage of asking price that Sellers receive for their homes has also remained consistent. The list to sale price ratio is 98 per cent, as it was a year ago.

The 26,299 properties listed for sale on the TorontoMLS system have increased 26 per cent from a year ago when 20,841 homes were available. The time that homes remain on the market has increased as well, to an average of 37 days compared to 31 days a year ago.

In a few areas though, activity heated up during the first two weeks of the month.

Transactions in Bowmanville (E17) increased 66 per cent from a year ago, as a result of strong detached home sales.

In Streetsville (W20) activity increased seven per cent compared to mid-September 2007 due mainly to semi-detached sales.

Vaughan (N02) saw a 20 per cent increased in transactions from a year ago due to strong sales of all housing types.

Mississauga, ON (September 17, 2008) - An increasingly competitive housing environment is prompting a significant number of Ontario homeowners to invest in renovation before their homes for sale, according to a recent survey by RE/MAX Ontario-Atlantic Canada.

The RE/MAX Survey of Home Buying and Selling Trends in Ontario, conducted by COMPAS Research, in the first half of 2008 found 79 per cent of sellers said they made improvements to their homes two years prior to and more than one third (39 per cent) of them did so with selling in mind. Further indicative of how sophisticated sellers and buyers are becoming, 37 per cent of sellers made upgrades to their home after their property for sale. Home sellers are typically spending $21,000 on average in renovations; the most popular of which are updating kitchens, hardwood flooring, and new windows.

"Investing in renovation for the purpose of selling a home continues to grow in 2008," says Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. "Changing market conditions are largely responsible for the upward momentum in residential investment which is up four per cent to $6.9 billion in Ontario for the first half of this year, compared to last year at the same time. We are seeing two clear trends emerging with some homeowners looking to boost resale value by renovating and others choosing to bring their home up to today's standards by upgrading areas that are dated. In either case, the end result is a product that will more likely yield top dollar when it is time to sell."

Renovations can drastically influence a home's market value. The RE/MAX Survey found the wealthiest homeowners (those with an income of $150,000 or more) spent the most on renovation at $37,663 on average, while those earning under $30,000 spent the least at $8,263. Renovation costs typically increased with housing values, with the cost of refurbishing a home priced at $500,000 or more topping out at $55,974.

"With buyers visiting an average of nine before settling on the one they want to call their own, sellers need a distinct advantage over the competition," says Polzler. "Location is still the primary factor for buyers, but a property's condition also plays an important role. Our Survey found with updated kitchen cabinetry, hardwood flooring, new windows, an openconcept and a finished basement appeal most to today's selective purchaser."

Most Appealing Upgrades - All Sellers

Kitchen cabinet upgrade

Hardwood floor upgrade

New windows

Removing walls to create open-concept living

Finishing the basement

Kitchen appliance upgrade

New shingles

New bathroom tiles

The RE/MAX Survey of Home Buying and Selling Trends in Ontario surveyed close to 1,000 Ontario home sellers using data provided to COMPAS Research by RE/MAX. Samples of this size are deemed accurate to approximately three percentage points 19 times out of 20.