Existing home sales as measured by the Multiple Listing service (MLS®) are expected to increase during 2007 by 7.6% to approximately 519,722 units, surpassing the previous record level of 483,344 set in 2005. In 2008, MLS® sales are expected to decrease by 3.9% to 499,650 units reflecting moderating demand due to rising mortgage carrying costs. Despite this forecasted decline, MLS® sales in 2008 will be at their second highest level on record. During 2009, continuing moderation is expected with growth falling by 2.3 per cent to 488,300 units.
The average MLS® house price is expected to grow by 10.6% for 2007, to about $306,000 as strong sales in Western Canada continue to put pressure on prices. In 2008, existing home markets will become more balanced and price pressures will begin to ease. The average MLS® price will increase by 5.2 per cent to about $322,000 in 2008. Looking ahead to 2009, the average MLS® price is forecast to increase by 3.8% to approximately $335,000.

April 3, 2008 -- RealNet Canada Inc. releases the February 2008 GTA New Home Market Report, providing insight into sales activity, index price and remaining inventory of Low Rise and High Rise projects by product type for each TREB district. February 2008 New Home Sales Increased by 48% Compared to January 2008 February 2008 Low and High Rise new home sales in the Greater Toronto Area totaled 2,562 units/lots sold, down 6% from the same time last year. February 2008 Low Rise sales accounted for 58% (1,495) of the new home sales activity in the GTA, with an increase of sales of 43% from the previous month and a decline of 19% from the same month last year. February 2008 High Rise sales totaled 1,067 units sold, up 55% over the previous month and up 20% compared to the same time last year.