Average GTA Sale Price Up 8.8%
Toronto Real Estate Board President Paul Etherington announced that residential sales reported through the TorontoMLS system during the first 14 days of October were up by 12.2 per cent compared to the same period in 2013. Over the same period, new listings entered into Toronto MLS® were up by a lesser 5.9 per cent.
“We have seen a strong hand-off from the third quarter into the fourth quarter, as sales for all major home types were up. This suggests that a great diversity of home buyers remain active in today’s market, from first-time buyers looking for affordable home ownership options through to high income households looking to purchase a luxury property,” said Mr. Etherington.
The average selling price for sales during the first two weeks of October was $583,719 – up by 8.8 per cent compared to the same period in 2013. Overall price growth continued to be driven by the low-rise market segments, including detached and semi-detached houses and townhouses.
“Strong annual rates of price growth for low-rise home types were sustained, as sales growth continued to outpace growth in new listings. Sellers’ market conditions are expected to remain in place for the remainder of 2014 and into 2015 as well. This means that high single-digit rates of price growth for singles, semis and townhouses will likely remain the norm over the next few months,” said Jason Mercer, TREB’s Director of Market Analysis.
How MLS® Works
Thousands of Realtors® - Hundreds of Real Estate Companies One Common Marketing Platform - the Multiple Listing Service
The Multiple Listing Service® (MLS®) is a cooperative marketing system which allows licensed Realtors® from all member real estate companies (also called brokerages), to share information about residential real estate that is for sale. Regardless of which brokerage an agent works for, he or she accesses the same database through their real estate board.
Toronto Real Estate Board (TREB) is the MLS® service provider in the GTA region from Clarington, to Georgina to Orangeville to Oakville.
After a Realtor® has listed a property, they are required to enter the listing into the MLS® database for all other Realtors® to view and consider. Therefore, when you list your home with a Realtor® on the MLS® system, you have immediately employed an army of salespeople to aid in the sale of your home.
In the Toronto area, the vast majority of MLS® transactions involve two Realtors®, the listing agent and a buyer's agent. The Toronto Real Estate Board is a cooperative association representing approximately 40,000 Realtors®.
Most, but not all, home buyers are represented by a Realtor® and if you want those Realtors® to show your property, you need to give them an incentive to do so. The amount of cooperation you receive from those Realtors® will depend, in part, on the amount of buyer's agent commission you offer. The most common buyer's agent commission offered in the Toronto area 2.5% of sale price (+HST).
While this may be the most common commission offered buyer agents, you may attract Realtors® to your home by offering less. Remember, many Realtors® may be left with no other option than to show your home. Their client may be insisting on seeing the property, and rather than losing the client and earning nothing, they will show your home.
So why do homeowners often pay thousands of dollars in commission to sell their property through the MLS® System? Because it works! Without rival, the MLS® System is the most powerful and effective marketing tool available to sell homes. Now, more than ever, the MLS® System is available to all types of home sellers.
You can search the residential properties listed on the Toronto Real Estate Board's MLS® system here »
October 9, 2014 | Permalink
Toronto home sales up 10.9%
Toronto Real Estate Board President Paul Etherington announced that there were 8,051 transactions reported through the TorontoMLS system in September 2014. This result represented a 10.9 per cent increase compared to September 2013. On a year-to-date basis through the first three quarters of the year, sales were up by 6.9% annually to 73,465.
"Despite a persistent shortage of listings in some market segments, we have experienced strong growth in sales though the first nine months of 2014. This is evidence that GTA households remain upbeat about purchasing a home. The majority of home buyers purchase a home using a mortgage. The share of the average household's income dedicated to their mortgage payment remains affordable, which is why buyer interest has remained solid," said Mr. Etherington.
The average selling price for September 2014 transactions was $573,676 – up by 7.7 per cent compared to the same period in 2013. Average year-over-year price growth was strongest in the City of Toronto, both for low-rise home types like detached and semi-detached houses and for condominium apartments. The average selling price year-to-date was $563,813 – up 8.5 per cent compared to the first nine months of 2013.
"If the current pace of sales growth remains in place, we could be flirting with a new record for residential sales reported by TREB Members this year. On the pricing front, the multitude of willing buyers in the marketplace coupled with the short supply of listings will continue to translate into very strong annual rates of price growth in the fourth quarter," said Jason Mercer, TREB's Director of Market Analysis.
See the Toronto Real Estate Board's Market Watch Report [pdf] →
Toronto home sale price up 8.5%
Toronto Real Estate Board President Paul Etherington announced that Greater Toronto REALTORS® reported 3,297 sales through the Toronto MLS system during the first 14 days of September 2014. This result represented an 8.3 per cent increase compared to the same period in 2013. Year-to-date sales through September 14, at 68,731, were up by 6.6 per cent compared to the same period in 2013.
“The sales result for the first two weeks of September showed strong growth for most major home types, indicating that home buyers continue to find homes that meet their needs and budgets. With a lot of buyers active in the marketplace relative to the number of homes for sale, average selling prices were up strongly for most low-rise and high-rise home ownership options,” said Mr. Etherington.
The average selling price for September mid-month sales was $555,890, which represented an increase of 8.1 per cent compared to the average price for the first two weeks of September 2013. Average price growth was strongest for single-detached and semi-detached homes.
The average year-to-date selling price was up by 8.5 per cent year-over-year to $562,244.
“Average prices in the low-rise market segments, including singles, semis and towns, continued to experience the impact of strong competition between buyers. It is also clear that while the condo apartment market segment remains comparatively better supplied, there are enough buyers relative to available condo listings to prompt very strong average price growth for this type of ownership housing as well,” said Jason Mercer, TREB’s Director of Market Analysis
Toronto home selling price up 8.9%
Toronto Real Estate Board President Paul Etherington reported 7,600 sales through the TorontoMLS system in August 2014. This result was up by 2.8 per cent compared to 7,391 transactions reported in August 2013. Year-to-date sales through the end of August amounted to 65,454, which represented an increase of 6.5 per cent compared to the same period in 2013.
“The last full month of summer ended on a high note. As we look toward the fall market, I expect that demand for ownership housing will remain strong. Home buyers will continue to benefit from a diversity of affordable home ownership opportunities throughout the GTA. The fact that sales were up for all major home types in August suggests that first-time buyers and existing home owners remain very active in today’s marketplace,” said Mr. Etherington.
The average selling price in August 2014 was $546,303 – up 8.9 per cent in comparison to the average of $501,677 reported in August 2013. The year-to-date average price through August was $562,504, which represented an increase of 8.5 per cent in comparison to the same period in 2013.
“The number of listings in August was down in comparison to last year, while the number of sales increased. This means that sellers’ market conditions remained in place with a lot of competition between buyers. This is why we continued to see strong price growth last month. Looking forward, if sales growth continues to outstrip listings growth, the average selling price should continue to increase on a year-over-year basis,” said Jason Mercer, TREB’s Director of Market AnalysisSee the Toronto Real Estate Board's Market Watch Report for August »
Summer Market Stays Hot in Toronto
Toronto Real Estate Board President Paul Etherington announced mid-month figures for August 2014 that point to continued strength in the GTA housing market. There were 3,504 sales reported through the TorontoMLS system during the first 14 days of August. This result was up by 7.6 per cent compared to the same period in August 2013.
“Sales were up strongly for all major home types across the GTA through the first two weeks of August. This means that many different types of buyers were active in the marketplace, including first-time buyers purchasing newly listed condominium apartments and existing homeowners changing their housing situation to meet their current needs,” said Mr. Etherington.
Tight market conditions, especially for detached and semi-detached houses, drove strong price growth in the first half of August. The overall average selling price was up by 9.4 per cent year-over-year to $538,530. The strongest price growth was experienced in the detached market segment, with the average detached price up by 12.3 per cent year-over-year.
“During the first 14 days of August, the number of home sales grew at a faster pace year-over-year compared to the number of homes listed for sale. This means that competition between buyers increased relative to the same period last year, which explains the continuation of very strong average price growth in the GTA,” said Jason Mercer, TREB’s Director of Market Analysis.
July Sale for Toronto Up 10%
Toronto Real Estate Board President Paul Etherington reported strong year-over-year growth for July 2014 sales and the average selling price. Sales reported by TREB Members through the TorontoMLS system were up by 10% to 9,198. This was the second-best July result on record.
“The second half of 2014 started where the first half left off, with very strong demand for the diversity of affordable home ownership options in the Greater Toronto Area. Sales were up strongly for most major home types and market conditions actually tightened, with sales growth outpacing listings growth. The result was average price growth well-above the rate of inflation,” said Mr. Etherington.
The average selling price for July 2014 sales was $550,700 – up by 7.5 per cent compared to July 2013. The strongest rate of price growth was reported for the detached market segment in the City of Toronto, with a year-over-year change of 11 per cent. The better-supplied condominium apartment segment experienced average price growth of 5.3 per cent for the GTA as a whole.
“Strong demand for ownership housing will underpin robust average price increases for the remainder of 2014. In fact, the pace of price growth that we have experienced over the past year will continue until growth in listings outpaces growth in sales for a sustained period of time,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
See Toronto Real Estate Board's Market Watch Report »
Hot Summer Market for Toronto
Toronto Real Estate Board President Paul Etherington announced that Toronto MLS® home sales through the first 14 days of July 2014 were up by 11.6% year-over-year to 3,891. New listings were also up compared to the same period in 2013, but by a lesser annual rate of 9.7%.
“There are two key takeaways from the July mid-month results. First, given the continuation of strong sales growth, it is clear that buyers are still attracted to affordable home ownership options in the GTA. Second, if new listings growth begins to outpace sales growth, we could start to see an improvement in the overall supply of homes for sale. This would be a relief for some buyers who have been hard pressed to find a home that meets their needs in this tight market,” said Mr. Etherington.
The average selling price for sales reported during the first two weeks of July 2014 was $549,174. This result was up by eight per cent compared to the same period in 2013. The strongest rates of price growth were reported for semi-detached houses and townhouses in the City of Toronto.
“Annual average price growth remains in the high single-digits or low double-digits for many home types across the GTA. It is possible that we could see more choice for buyers in the second half of 2014 in the form of increased new listings. A sustained increase in choice for buyers could serve to gradually ease the pace of price growth in some market segments,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.