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Bank of Canada, Overnight Rate Target Announcement
Greater Toronto REALTORS® reported 6,564 sales in July – a 34 per cent dip from the record 9,967 sales reported in July 2009. New listings, at 10,825, dropped to the lowest level for the month of July since 2002.
"The level of July sales remained below the expected long-term trend. The market has become more balanced following record monthly sales through most of the winter and early spring," said Toronto Real Estate Board (TREB) President Bill Johnston.
Total sales through the first seven months of 2010 were up 12 per cent compared to the same period in 2009.
Notwithstanding the fact that price trends vary at the neighbourhood level in GTA, the average price for July transactions was $420,482, representing a six per cent increase over July 2009. Over the first seven months of 2010, the average selling price was up 12 per cent annually to $432,253.
"Market conditions promoting growth in the average selling price have remained in place. While July sales were down compared to last year, the number of new listings in the marketplace also fell. This means there was enough competition between buyers to exert upward pressure on price," said Jason Mercer, TREB`s Senior Manager of Market Analysis.
Median Price
In July, the median price was $361,000, from the $339,900 recorded during July of 2009.
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Date: July 20, 2010
Bank of Canada, Overnight Rate Target Announcement
Source: Bank of Canada
Link to Release:
http://www.bankofcanada.ca/en/fixed-dates/2010/rate_200710.html
Summary: The Bank Of Canada raised its target for the Overnight Lending Rate 25 basis points
(0.25 percentage points) to 0.75 per cent. At the same time, the Bank downgraded its forecast for
economic growth, stating that the economy will reach return to full capacity by the end of
2011 – six months later than forecast in its April Monetary Policy Report. The Bank also noted in i
ts release that “further reduction of monetary stimulus would have to be weighed carefully against
domestic and global economic developments.”
Analysis: The latest interest rate decision came as no surprise. In fact, the market consensus is
for at least two more 25 basis point rate hikes by the end of 2010. The bottom line is that the
recent rate hike and those likely to follow in the near term will result in higher borrowing costs,
especially in relation to variable rate mortgages and lines of credit. The trajectory of interest rates
beyond 2010 remains less certain. The Bank’s release suggested that further indicators of slower
than expected economic growth in Canada and/or abroad could alter the Bank’s outlook on
inflation and therefore the need for further interest rate hikes. Of specific interest over the next
few months will be economic reports from the United States. If news of consumer spending,
he housing market and overall GDP growth in the US continue to disappoint, this will have
implications for the Canadian economy, given that Canada and the US are each other’s largest
trading partners.
Sales and New Listings Down, Average Price up in July
Date : August 5, 2010
Source :Toronto Real Estate board
Sales and New Listings Down, Average Price up in July
Date : August 5, 2010
Source :Toronto Real Estate board
Greater Toronto REALTORS® reported 6,564 sales in July – a 34 per cent dip from the record 9,967 sales reported in July 2009. New listings, at 10,825, dropped to the lowest level for the month of July since 2002.
"The level of July sales remained below the expected long-term trend. The market has become more balanced following record monthly sales through most of the winter and early spring," said Toronto Real Estate Board (TREB) President Bill Johnston.
Total sales through the first seven months of 2010 were up 12 per cent compared to the same period in 2009.
Notwithstanding the fact that price trends vary at the neighbourhood level in GTA, the average price for July transactions was $420,482, representing a six per cent increase over July 2009. Over the first seven months of 2010, the average selling price was up 12 per cent annually to $432,253.
"Market conditions promoting growth in the average selling price have remained in place. While July sales were down compared to last year, the number of new listings in the marketplace also fell. This means there was enough competition between buyers to exert upward pressure on price," said Jason Mercer, TREB`s Senior Manager of Market Analysis.
Median Price
In July, the median price was $361,000, from the $339,900 recorded during July of 2009.