Just Listed : Just Sold : Just Facts
For those of you that would like to be able to easily and quickly reference the new MLS® listings for a geographic area here's a solution. Select/Plan Real Estate has introduced a Just Listed report as an online subscription service. The New Listings are reported early each morning with links to all of the listing published the previous day on the Toronto Real Estate Board's MLS® system. See detais on subscribing here →
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July Home Prices Up 11.5%
Toronto Real Estate Board President Mark McLean announced that 4,332 sales were reported through TREB’s MLS® system by Greater Toronto Area REALTORS® during the first 14 days of July, 2015. This sales figure was up by 11.9 per cent compared to 3,871 transactions reported during the same timeframe in 2014. Over the same period, new listings were down by 5.4 per cent to 6,831.
“There are many reasons why demand for ownership housing remains strong in the GTA. The fact that we benefit from steady population growth and a strong regional economy, compared to many other parts of Canada, is clearly important. On top of this, of course, home buyers continue to benefit from historic or near-historic lows in terms of borrowing costs, which is key from an affordability perspective,” said Mr. McLean.
The average selling price for July 2015 mid-month transactions was $610,724 – up by 11.5 per cent compared to the average price of $547,777 for sales reported in the first 14 days July 2014. Year-over-year price growth was reported for all major market segments.
“The persistent lack of listings in many segments of the GTA housing market has been a key story this year. We have seen strong demand from all buyer groups – from first-time buyers through to those seeking to purchase a luxury home. The problem is that many of these would-be home buyers have not been able to strike a deal on a home that meets their needs. The lack of supply has led to increased competition between buyers and strong upward pressure on home prices,” said Jason Mercer, TREB’s Director of Market Analysis.
Toronto homes prices for June up 12.3%
Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported 11,992 sales through TREB’s MLS® System in June 2015. This result represented a new record for the month of June and an 18.4 per cent increase over the June 2014 result of 10,132.
“As I begin my term as TREB President, I think it is important to point out that our region continues to grow in response to our diverse economic, ethnic and cultural bases. The GTA consistently receives international accolades as one of the best places in the world to live and do business. As the number of households grow, many of them will take advantage of the diversity of affordable home ownership opportunities that exist in Toronto and the surrounding areas,” said Mr. McLean.
Selling prices were up markedly on a year-over-year basis in June, for all major home types. The MLS® Home Price Index (HPI) Composite Benchmark was up by 8.9 per cent in comparison to June 2014. The average selling price was up by 12.3 per cent over the same period to $639,184.
High-end homes have accounted for a greater share of overall transactions this year compared to last year. This is the key reason why the average selling price has increased at a greater annual rate than the MLS® HPI Composite Benchmark.
“It is encouraging to see that new listings have edged upward so far this year, as homeowners have reacted to strong home price growth and have looked to take advantage of increased equity in their homes. However, the annual rate of sales growth continues to far outstrip listings growth, which means that there remains a lot of willing buyers in the marketplace who haven’t found a home that meets their needs. As long as this situation persists, expect home prices to trend strongly upward,” said Jason Mercer, TREB’s Director of Market Analysis.
See the Toronto Real Estate Board's Market Watch Report →
July 7, 2015 | Permalink
Record home sales continue
Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 5,661 home sales through TREB’s MLS® System during the first two weeks of June 2015. This result represented a 15.7 per cent increase compared to the same period in 2014.
“We continued to see a record pace of home sales in the first half of June, as home buyers remained upbeat on ownership housing as a quality long-term investment. Growth in home sales was widespread, with year-over-year increases for all major home types, suggesting that households from many different age groups and walks of life are active in today’s market,” said Mr. Etherington.
The average selling price for transactions reported during the first 14 days of June was $650,732 – up 12 per cent in comparison to the first 14 days of June 2014. Strong price growth was noted for low-rise home types and condominium apartments.
“The familiar story of strong demand running up against a constrained supply of homes for sale continued to play out in the first half of June. Modest growth in new listings was not enough to offset the pent-up demand that has built during the first half of 2015. As a result, strong competition between buyers continued to result in strong price growth,” said Jason Mercer, TREB’s Director of Market Analysis.
Record Toronto Home Sales in May
Toronto Real Estate Board President Paul Etherington announced 11,706 sales reported by Greater Toronto REALTORS® in May 2015. This result was up by 6.3% in comparison to 11,013 sales reported in May 2014. For the TREB market area as a whole, sales were up for all major housing types. However, in the City of Toronto, where the supply of low-rise listings has been constrained, sales were down for detached homes.
“During my tenure as TREB President over the past year, it is clear to me that ownership housing remains top of mind as a quality long-term investment for GTA households. This is why, despite a shortage of listings in some market segments, we experienced a record number of sales reported through TREB’s MLS® System for the month of May,” said Mr. Etherington.
Record May transactions, coupled with a dip in the number of homes available for sale, resulted in strong price growth. The MLS® Home Price Index (HPI) Composite Benchmark was up by 8.9 per cent year over year in May. The MLS® HPI uses benchmark homes to estimate price growth. This allows for an “apples to apples” comparison of price growth that is not affected by changes in the mix of sales activity.
The average selling price for all home types combined in May 2015 was up by 11 per cent annually to $649,599. The higher annual rate of average price growth compared to the MLS® HPI Composite Benchmark points to the fact that the proportion of high-end home sales continued to be greater compared to 2014.
“Tight market conditions, especially for singles, semis and town homes in the GTA, have resulted in strong price growth regardless of the price metric being considered. With no relief so far on the listings front, expect similar rates of price growth as we move through the remainder of 2015. At this point, a number of months where listings growth outstrips sales growth would be required to satisfy pent-up demand,” said Jason Mercer, TREB’s Director of Market Analysis.
See the Toronto Real Estate Board's Market Watch Report →
Record Month for Toronto Sales
Toronto Real Estate Board President Paul Etherington announced a 9.6 per cent year-over-year increase in home sales reported by Greater Toronto Area REALTORS® during the first 14 days of May. There were 5,655 sales reported in the first two weeks of May 2015 compared to 5,160 sales during the same period in May 2014.
“It is clear that demand for ownership housing remains very strong in the GTA. So much so that, if the pace of sales experienced in the first half of this month is sustained in the second half, we will see record home sales for the month of May,” said Mr. Etherington.
The average selling price for transactions reported during the first 14 days of May was $ 652,782 for all home types combined – up by 10.7 per cent compared to the first two weeks of May 2014. The strongest price growth was experienced in the detached market segment, with the average price up by 13.8 per cent.
“The low-rise market segments, including detached home sales, have been the driver of average price growth in the GTA this year. As market conditions have tightened, average price growth has remained very strong. However, while tighter market conditions have been a key factor, so too has been a shift to higher priced homes. Detached sales growth in the City of Toronto, for example, has been strongest for high-end homes. The resulting change in the mix of homes sold has also been an important factor in pushing the average price higher,” said Jason Mercer, TREB’s Director of Market Analysis.
GTA house prices up 10% in April
Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 11,303 sales in April 2015. This was the highest sales result on record for the month of April and represented a 17 per cent increase in comparison to April 2014. While sales increased strongly on a year-over-year basis, new listings were up over the same period by a more moderate five per cent.
“The record April result clearly points to the fact that a growing number of GTA households view ownership housing as a high quality long-term investment. This is evidenced by the strong sales growth we have experienced in Toronto and surrounding regions for all major home types. First-time buyers and existing homeowners remain very active in today’s market,” said Mr. Etherington.
The overall average selling price, which accounts for all homes reported sold by GTA REALTORS® in April 2015, was up by 10 per cent year-over-year to $635,932. The MLS® Home Price Index (HPI) composite benchmark, which estimates the price of a benchmark home with the same attributes from one period to the next, was up by 8.4 per cent over the same period. The fact that average price growth outpaced growth for the MLS® HPI Composite Benchmark, suggests that a greater share of higher-end homes changed hands this year compared to last.
Irrespective of the indicator used, price growth in the GTA was strongest for low-rise home types. However, the better supplied condominium apartment segment also remained healthy with price growth above the rate of inflation.
“Demand for ownership housing was very high relative to the number of homes available for sale in April. This situation is not expected to change markedly as we move through the remainder of 2015. Until we experience a sustained period in which listings grow at a faster pace than sales, annual rates of home price growth will remain strong,” said Jason Mercer, TREB’s Director of Market Analysis.
See the Toronto Real Estate Board's Market Watch Report →
May 6, 2015 | Permalink
Toronto home prices up 7% YOY
Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 4,635 home sales during the first 14 days of April 2015. This result represented a 3.4 per cent increase compared to April 2014. New listings over the same period were down by 4.6 per cent year over year.
“Home sales in the GTA continued to increase in comparison to 2014 as a diversity of buyers took advantage of affordable home ownership options. However, in many neighbourhoods, listings remain scarce, particularly for ground-oriented home types like singles, semis and towns. Given the amount of pent-up demand in the market today, sales growth would accelerate further if more homes were listed for sale,” said Mr. Etherington.
The average selling price for April mid-month home sales was $625,121 – up seven per cent in comparison to the same time frame in 2014. Average prices were up for all major home types, both in the City of Toronto and the surrounding regions.
“We are experiencing balanced to seller’s market conditions in most areas and market segments in the GTA. This suggests that home ownership demand is being driven by a wide swath of the population. On one hand, strong growth in condo listings has been met with strong growth in condo sales. On the other hand, we have also experienced growth in higher-end home sales,” said Jason Mercer, TREB’s Director of Market Analysis.
April 17, 2015 | Permalink