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.

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August 7, 2014 in Toronto Real Estate Market, Toronto Real Estate Trends, Toronto Real Estate Update | Permalink

Home sales and new listings up

Toronto Real Estate Board President Dianne Usher announced that both sales and new listings were up substantially during the first 14 days of June 2014 compared to the same period in 2013.

“If the first two weeks of June are any indication, we may be seeing a turnaround in the supply of homes for sale in the Greater Toronto Area. New listings were up on a year-over-year basis for most major home types in the City of Toronto and surrounding regions. However, sales growth outpaced growth in new listings, which suggests that there is still a lot of pent-up demand yet to be satisfied, so sellers’ market conditions will likely remain in place for the remainder of 2014,” said Ms. Usher.

Sales reported through the TorontoMLS system during the first two weeks of June amounted to 4,938 – up by 11.3 per cent in comparison to 2013. New listings were up over the same period by 7.8 per cent to 8,825.

The average selling price for June mid-month transactions was $582,100, which represented an increase of 8.6 per cent compared to the average of $535,865 in 2013.

“Average selling prices were up across the GTA for low-rise home types like singles, semis and townhouses as well as for condominium apartments. This is no surprise given that the number of transactions was up compared to 2013 by a greater rate than the number of new listings, which suggests that competition between buyers arguably increased,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

June 17, 2014 in Toronto Real Estate Market, Toronto Real Estate Trends, Toronto Real Estate Update | Permalink

Toronto Homes Sales Strengthening

Toronto Real Estate Board President Dianne Usher announced that February 2014 home sales reported by Greater Toronto Area REALTORS® were up by 2.1% compared to the same period last year. Total February sales amounted to 5,731 compared to 5,613 last year.

“Despite the continuation of inclement weather in February, we did see a moderate uptick in sales activity last month. The sales increase was largely driven by resale condominium apartments. New listings of resale condominium apartments were up on a year-over-year basis, giving buyers ample choice. This is in contrast to the listings situation for singles, semis and townhomes, where supply continued to be constrained. Some would-be buyers had difficulty finding a home that met their needs,” said Ms. Usher.

“If we see renewed growth in listings for low-rise home types, the pace of sales growth will accelerate as we move through the year,” Ms. Usher continued.

The average selling price for February 2014 sales was up by 8.6 per cent to $553,193, compared to the average of $509,396 reported for February 2013. The MLS® Home Price Index (HPI) Composite Benchmark was up by 7.3 per cent year-over-year.

“While the strong price growth experienced over the last year should prompt an improvement in the supply of listings, sellers’ market conditions will continue to prevail this year. Home prices, on average, will trend upwards at a pace well-above the rate of inflation. The impact of strong price growth on affordability will be mitigated by low borrowing costs,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

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March 5, 2014 in Toronto Real Estate Board, Toronto Real Estate Market, Toronto Real Estate Trends, Toronto Real Estate Update | Permalink | Comments (0) | TrackBack

GTA Sales Up, Listings Down

Toronto Real Estate Board President Dianne Usher announced that “sales growth has rebounded so far in February after a slow start to the year in January. While new listings were still down in comparison to last year, the annual rate of decline was less than experienced last month. This may point to an improvement in the listings situation moving forward, which would help alleviate some of the pent-up demand that currently exists in the marketplace."

Greater Toronto Area Realtors reported 2,767 sales through the Toronto MLS® system during the first 14 days of February. This result was up by 1.3 per cent in comparison to 2,731 transactions reported during the same period in 2013. New listings were down by 6.1 per cent on a year-over-year basis.

"Price growth well above the rate of inflation will be the norm for the remainder of the year. Over the same period, mortgage rates are expected to remain low, thereby keeping home ownership affordable in the GTA," said Jason Mercer, TREB's Senior Manager of Market Analysis.

The average selling price during the first two weeks of February 2014 was $547,107 – up 7.8 per cent compared to the average of $507,474 for the first 14 days of February 2013.

February 20, 2014 in Toronto Real Estate Board, Toronto Real Estate Market, Toronto Real Estate Trends | Permalink | Comments (0) | TrackBack

Toronto Listings and Sales Drop

Greater Toronto Area Realtors reported 1,287 transactions through the TorontoMLS system during the first two weeks of 2014. This result was down by approximately eight per cent compared to 1,396 sales reported during the same period in 2013. New listings entered into the system were down by a greater 20 per cent year-over-year.

“The expectation is that home sales through the Toronto MLS® System will be up in 2014. This is because the cost of purchasing an average priced home, including mortgage payments, property taxes and utilities, will remain affordable for a household earning the average income in the GTA,” said Toronto Real Estate Board President Dianne Usher.

“Aside from the fact that January sales from year-to-year tend to be volatile, the dip in sales during the first two weeks in January was likely due in large part to a lack of new listings. Quite simply, some would-be home buyers could not find a home that met their needs,” continued Ms. Usher.

The average selling price for the first 14 days of January 2014 was $515,990 – up by 12 per cent compared to the average price reported for the same timeframe in 2013.

“The average selling price in the GTA will continue to trend upward in 2014. Listings will remain below the pre-recession peak and sales are expected to increase over 2013. This means that we will continue to see substantial competition between buyers for some home types and in some areas of the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

January 17, 2014 in Toronto Real Estate Board, Toronto Real Estate Market, Toronto Real Estate Trends, Toronto Real Estate Update | Permalink | Comments (1) | TrackBack

Toronto Home Sales & Prices Up

Greater Toronto Area Realtors reported 4,078 residential transactions through the TorontoMLS system in December 2013 – up by almost 14 per cent compared to 3,582 sales reported in December 2012. New listings entered into the TorontoMLS system were down by almost four per cent over the same period.

Total sales for calendar year 2013, at 87,111, were up by approximately two per cent compared to 85,496 transactions in calendar year 2012.

“After a slow start to the year, sales growth accelerated to a brisk pace in the second half of 2013. Despite the inclement weather in December, we finished the year with a respectable gain in transactions compared to 2012. Looking forward, I believe that home ownership in the GTA will remain affordable as borrowing costs stay low. The result could be a further increase in sales in 2014,” said Toronto Real Estate Board President Dianne Usher.

“The average selling price will be up again in 2014 and by more than the rate of inflation. The seller’s market conditions that drove price growth in the second half of 2013 will remain in place in many parts of the GTA. Some neighbourhoods, especially those characterized by low-rise home types like singles, semis and townhomes, will continue to have less than two months of inventory,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

The average selling price for December 2013 sales was $520,398 – up by 8.9 per cent compared to the average of $477,756 in December 2012. The average selling price for 2013 as a whole was $523,036, which represented an increase of 5.2 per cent compared to the calendar year 2012 average of $497,130.

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January 6, 2014 in Toronto MLS Sales, Toronto Real Estate Board, Toronto Real Estate Market, Toronto Real Estate Trends | Permalink | Comments (1) | TrackBack

Toronto Home Sales Up 13.9%

Greater Toronto Area Realtors reported 6,391 residential sales through the TorontoMLS system in November, representing a 13.9 per cent increase over the sales result for November 2012. Over the same period, new listings on TorontoMLS were down by 4.4 per cent and month-end active listings were down by 12.1 per cent.

“Growth in sales was strong for most home types in the Greater Toronto Area. Sales growth was led by the single-detached market segment followed by condominium apartments. Together, singles and condos accounted for almost three-quarters of total GTA transactions,” said Toronto Real Estate Board President Dianne Usher.

“With National Housing Day having just passed, housing affordability is top of mind in the GTA and indeed nationally. Despite strong price growth and an uptick in borrowing costs this year, monthly mortgage payments on the average priced home remain affordable for a household earning the average GTA income,” continued Ms. Usher.

The average selling price for November 2013 TorontoMLS transactions was $538,881 – up by 11.3 per cent in comparison to the average of $484,208 reported for November 2012. The MLS® Home Price Index (HPI) Composite Benchmark was up by 5.7 per cent over the same period.

“Whether we consider the average TorontoMLS selling price or the MLS® HPI Composite Benchmark, annual home price growth remained well-above the rate of inflation in November. This makes sense given the fact that competition between buyers increased last month. Transactions were up strongly year-over-year while the number of homes available for sale was down,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

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December 4, 2013 in Toronto Real Estate Board, Toronto Real Estate Market, Toronto Real Estate Trends | Permalink | Comments (1) | TrackBack

Sales Up 30%, Prices Up 6.5%

Greater Toronto Area Realtors reported 7,411 residential sales through the TorontoMLS system in September 2013, representing a 30 per cent increase compared to 5,687 transactions reported in September 2012. Year-to-date, total residential sales reported through TorontoMLS amounted to 68,907 during the first nine months of 2013 – down by one per cent compared to the same period in 2012.

“It’s great news that households have found that the costs of home ownership, including mortgage payments, remain affordable. This is why the third quarter was characterized by renewed growth in home sales in the GTA. We expect to see sales up for the remainder of 2013, as the pent-up demand that resulted from stricter mortgage lending guidelines continues to be satisfied,” said Toronto Real Estate Board President Dianne Usher.

The average selling price for September transactions was $533,797 – up by 6.5 per cent year-over-year. Through the first three quarters of 2013, the average selling price was $520,118 – up by over four per cent compared to the first nine months of 2012.

The MLS® Home Price Index composite benchmark for September was up by four per cent year-over-year. The annual rate of growth for the composite benchmark has been accelerating since the spring of 2013.

“The price growth story in September continued to be about strong demand for low-rise home types, coupled with a short supply of listings. Even with slower price growth and month-to-month volatility in the condo apartment market, overall annual price growth has been well above the rate of inflation this year. This scenario will continue to play out through the remainder of 2013,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

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October 4, 2013 in Toronto Real Estate Board, Toronto Real Estate Trends, Toronto Real Estate Update | Permalink | Comments (0) | TrackBack

Toronto's Housing Market in 2013

Greater Toronto Realtors reported 1,469 sales through the Toronto MLS® system during the first two weeks of January 2013. This result represented an increase of 2.4% over the 1,435 transactions reported during the same period in 2012.

"The New Year started off on a positive note with residential sales slightly above last year’s levels,” said Toronto Real Estate Board (TREB) President Ann Hannah. “I am cautiously optimistic about this result. It will be important to watch sales trends closely as we move through the first quarter to see if some of the households who moved to the sidelines as a result of stricter lending guidelines are starting to renew their decision to purchase a home.”

The average selling price during the first 14 days of 2013 was by up by four per-cent on a year-over-year basis to $459,728.

“Continuing the trend from 2012, the low-rise segment of the market experienced the strongest price growth as competition between buyers remained quite strong,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The average selling price is expected to grow in 2013, but at a slower pace as buyers benefit from more choice.”

January 16, 2013 in Toronto Real Estate Market, Toronto Real Estate Trends, Toronto Real Estate Update | Permalink | Comments (12) | TrackBack

Toronto Sales Down 16% in December

Greater Toronto Area Realtors reported 2,169 transactions through the TorontoMLS system during the first 14 days of December 2012. This number of sales was down by 16 per cent in comparison to the same period in December 2011.

“Stricter mortgage lending guidelines, including a reduced maximum amortization period and a one million dollar purchase price ceiling for government-backed insured mortgages, appear to have had the effect desired by Finance Minister Jim Flaherty.

Some home buyers have put their home purchase decision on hold,” said Toronto Real Estate Board (TREB) President Ann Hannah.

“In the City of Toronto, sales declines have been more pronounced as the effect of stricter mortgage lending guidelines has been compounded by the City’s additional upfront Land Transfer Tax,” added Hannah.

The average selling price in the first two weeks of December was $471,862, representing a three per cent annual rate of price growth.

“Even with the dip in sales since the spring, tight market conditions in the low-rise segment of the market have driven year-over-year average price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“While the average price for detached homes in the City of Toronto was down for the first two weeks of December compared to last year, this dip was due to a different mix of homes sold this year compared to last. There were fewer high-end detached homes sold compared to last year,” continued Mercer.

December 18, 2012 in Toronto Real Estate Board, Toronto Real Estate Trends, Toronto Real Estate Update | Permalink | Comments (0) | TrackBack

 

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