HawthorneVillager.com

The Canadian Real Estate Association has revised upward it forecast for national home sales in 2011, citing stronger than expected activity and prices in the second quarter.

However, CREA said Tuesday that the strong second-quarter performance and momentum going into the third quarter mean sales should finish this year slightly ahead of last year.

The national average home price is forecast to rise 7.2 per cent in 2011 to $363,500. This is an increase from the previous forecast, reflecting continued strong price growth in Vancouver in the second quarter of 2011 and acceleration in prices elsewhere, particularly Toronto.

does anyone really care what the CREA says? where i live the Red arrows continue to point down. price drops everywhere, i could show you again but you wont believe me. lol

TORONTO, ONTARIO -- (Marketwire) -- 08/16/11 -- There were 3,214 sales through the TorontoMLS® system during the first 14 days of August, representing more than a 22.5 per cent increase compared to the same period in August 2010. Year-to-date sales through the 14th of August were all but caught up to last year's total - down by half a per cent compared to 2010.

"The unsettled situation in financial markets over the past few weeks did not appear to sap the confidence of GTA home buyers during the first half of August," said Toronto Real Estate Board President Richard Silver. "Revised forecasts for future Bank of Canada interest rate decisions coupled with the recent announcement by the US Federal Reserve, suggest that interest rate hikes in Canada are on hold at least until sometime in 2012. This is a positive for affordability and should help sustain buyer confidence moving forward."

The average selling price was up by almost seven percent annually during the first 14 days of August to $440,150.

"The rate of price growth reported for the first two weeks of August continued to point to sellers' market conditions in the GTA," said Jason Mercer, TREB's Senior Manager of Market Analysis. "However, it should be noted that new listings grew at a slightly greater pace than sales. A better supplied market in the second half of 2011 will result in prices growing at a more sustainable pace."

Sales continued to spike in July with the GTA housing market recording 23 per cent more sales than the same month last year.
Nearly 8,000 homes sold across the GTA last month, about 1,600 of them in York Region, up 35 per cent from July 2010, according to the Toronto Real Estate Board’s latest numbers.

While the average price of a home in the board’s territory now sits just less than $460,000, it’s even higher in York Region, at $542,000, up more than 10 per cent from a year ago.

So far this year, York Region homes are selling in an average 23 days. Markham homes have averaged 19 days on the market, while Richmond Hill homes averaged 20.

For sure DTC, the mania is still in full swing in many areas. let it ride baby.

A 36' in HVE just went up for $499,900. I wonder how it'll do. I don't think I've seen a 36er go for that much yet. It has a really nice finished basement.

Grand prize for dab ills if u can give me 3 examples of declining prices in oakville, not overpriced houses, then reduced, but actual declines

There have been quite a few 36ers go for over half a mil.
Crazy! email for more info if you'd like.

Well F, how do we actually prove that? how do we prove they were overpriced and reduced? we cant. i guess its impossible really.I can show the next update i get from the RE agent with all the red arrows if you want? all i know is houses in desirable areas that were snapped up 2 years ago in weekends (i have lived here most of my life) are sitting and the prices are dropping.

yes DTC, 30-50 year old homes actually, not all need major repairs though. i am not sure about 10 year old or less, i am sure they are doing just fine.

cant time these things and nor should we waste time trying, we can just discuss how interesting and crazy it is for as long as we want. there were blogs in the states from 2004 and before on this topic. they were seen as morons, until one day they weren't.

http://www.onmatrix.ca/Matrix/Public/Portal.aspx?ID=2918042-13932350-52

there you go F, overpriced or not the arrows point down. after awhile quite a few of these get pulled off the market when they cant sell.

you might be right rock, all i am saying is its changed. old houses only a couple of years ago were seeing as opportunities to get the lot. for me it just emphasizes even more where we are today in our crazy credit driven world.

maybe people are much more interested in new builds in super suburbs. i just dont see that though, more often than not people strategize with new builds to try and get equity so they can move to the mature areas.