Toronto Real Estate Board 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.
‘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 The President of Toronto Real Estate Board.
Selling prices were up markedly on a year-over-year basis in June, for all major home types.
The average selling price in Toronto area was up by 12.3 per cent over the same period to $639,184.
Based on statistics the average price of detached homes in Newmarket
has increased since June 2014 for $579,638 leading to increase of over 12%
High-end homes have accounted for a greater share of overall transactions this year compared to last year.
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.
Thinking about buying or selling in TOronto, Newmarket, Vaughan, Richmond Hill please give us a call
RECORD SALES IN 2015
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.
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 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 Marketing Department.
Robust Sales and Price Growth in February
Toronto Real Estate Board reported 6,338 home sales through the TorontoMLS system in February 2015. This result represented a substantial 11.3 per cent year-over-year increase compared to February 2014. Large annual increases in transactions were noted for most major home types, in the City of Toronto and surrounding GTA regions.
Even with the record low temperatures last month, we still saw an increase in the number of people purchasing homes in the GTA. This speaks to the importance households place on home ownership and the fact that buyers continue to view ownership housing as a quality long-term investment in which they can live.
The overall supply of homes for sale, as measured by the count of active listings at the end of February 2015, was down by 8.7 per cent compared to the same count in February 2014.
This means that market conditions became tighter, leading to more competition between buyers. The overall average selling price for February 2015 home sales was $596,163– up by 7.8 per cent compared to the average for February 2014.
Driving this increase was the detached market segment. In the City of Toronto, the average detached selling price moved above $1 million dollars for the first time in a calendar month. “The strong year-over-year price growth we experienced in February points to the robust demand for ownership housing in the GTA, coupled with a constrained supply of homes for sale in some market segments, especially where low-rise home types like singles, semis and townhouses are concerned,” said Jason Mercer, TREB’s Director of Market Analysis.
Strong Start to 2015
Toronto Real Estate Board announced a strong start to 2015, with robust year-over-year sales and average price growth in January.
4,355 home sales were reported through the TorontoMLS system during the first month of the year.
This result represented a 6.1 per cent increase over January 2014.
During the same period, new listings were up by 9.5 per cent.
The January results represented good news on multiple fronts. First, strong sales growth suggests home buyers continue to see housing as a quality long-term investment, despite the recent period of economic uncertainty. Second, the fact that new listings grew at a faster pace than sales suggests that it has become easier for some people to find a home that meets their needs.
The average selling price for January 2015 home sales was up by 4.9 per cent year-over year to $552,575.
FORECAST by Toronto Real Estate Marketing Department
‘Home price growth is forecast to continue in 2015. Lower borrowing costs will largely mitigate price growth this year, which means affordability will remain in check. The strongest rates of price growth will be experienced for low-rise home types, including singles, semis and town houses. However, robust end-user demand for condo apartments will result in above-inflation price growth in the high-rise segment as well’.
P.S. Whether you or someone you know is thinking about selling/buying/investing in Real Estate in Toronto or other areas, be it a house or pre-construction condominium, please, don’t hesitate to call or text us at 647-833-3287 for immediate response.
Strong Growth Continues in SeptemberToronto 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 per cent 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 semidetached houses and for condominium apartments. The average selling price year-todate 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.
July 2014- Market Continues to Be Strong!
Toronto Real Estate Board 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 per cent to 9,198. This was the second-best July sales result on record.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.Canadian real estate remains one of the best investments out there that’s for sure.
June 2014- Prices Up, Market Continues to Heat up.
Toronto is on track to end 2014 as the hottest housing market in the country, with prices likely to rise 8.1 per cent, year over year, outpacing even Vancouver’s anticipated 7.1 per cent climb, according to house price survey and market forecast.
Even the GTA’s much-watched condo sector is expected to end the year on a healthy note, given that prices have already increased 5.4 per cent, to an average of $380,453, in the first half of 2014, year over year, notes the report released Wednesday.
Bungalows in that west coast city were up 5.2 per cent by mid-year to $1.1 million, on average, while two-storey detached home prices climbed 4.6 per cent, year to year, to $1.2 million.
Unrelenting demand for housing in Canada’s two biggest cities — “chronic supply shortages” have played out, in Toronto in particular, in often irrational bidding wars that have propelled prices further into the stratosphere — is actually masking “temperate” demand in most other areas of the country, notes the report on national home sales to the end of June and looking ahead to 2015.
The national average home price is expected to increase 5.1 per cent by year’s end, over 2013, skewed upward largely by Toronto, Vancouver and, to a lesser extent, Calgary. That western boom town is expected to see house prices climb by an average of 5.5 per cent by year’s end in the face of strong work-force growth and fierce competition for properties.
Across the GTA, two-storey homes and detached bungalows saw the biggest price growth, at 8.3 and 7.2 per cent respectively in the first half of 2014, year over year. That brought the average price of two-storey to $730,806 and a bungalow to $611,906 as per MLS.
The average selling price for June transactions was $568,953, representing an increase of 7.4 per cent compared to June 2013. The strongest price increase for the GTA as a whole was for semi-detached houses, with the average price up by 9.7 per cent year-over-year. The pace of price growth for condominium apartments was also strong at 6.8 per cent.
On the condo front, strong demand and price appreciation continues to be driven by investors looking to hold for the long term and cash in on Toronto’s high rents, as well as young buyers looking for affordable homes close to downtown jobs, especially in bigger units that can accommodate families.
Here’s the expected price growth across the rest of the country by the end of 2014:
HALIFAX: 1.9 per cent
MONTREAL: 1.7 per cent
OTTAWA: 2.5 per cent
WINNIPEG: 2.8 per cent
REGINA: 2.1 per cent
EDMONTON: 4.5 per cent
Tight Market Conditions in April Prompt Strong Price Growth
The first full month of spring April has registered a 1.8 per cent year-over-year increase in sales through the TorontoMLS system.
Total April 2014 sales amounted to 9,706, compared to 9,535 transactions in April 2013.
“A number of factors underlie the constrained supply of listings. Studies and polling suggest that the additional upfront land transfer tax in the City of Toronto has prompted some households to stay put and renovate rather than list their home and move. In the broader GTA context, abovetrend home sales in the years leading up to the recession have meant that many households who purchased during this period simply aren’t ready to move again,” continued Ms. Usher.
The average selling price for April 2014 sales was $577,898 – up by 10.1 per cent compared to the April 2013 average of $524,868. The MLS® Home Price Index (HPI) Composite Benchmark was up by seven per cent year-over-year. The MLS® HPI strips away price fluctuations resulting from a change in the mix of home types sold from one period to the next.
“Price growth for the GTA as a whole was driven by the single-detached, semi-detached and townhouse market segments in the City of Toronto. So far this year, there has been no relief on the listings front for these home types in many neighbourhoods in Toronto and surrounding regions. Until we see a marked and sustained increase in listings, we should expect to see the annual rate of price growth above the long-term norm,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.
SALES UP again in February
Toronto Real Estate Board President Dianne Usher announced that February 2014 home sales reported by Greater Toronto Area REALTORS® were up by 2.1 per cent compared to the same period last year. Total February sales amounted to 5,731 compared to 5,613 last year.
The listings situation for singles, semis and townhomes continues to experience huge shortage.
Average Selling Price Is UP again in January
Greater Toronto Area REALTORS® reported 4,135 sales through the TorontoMLS system in January 2014. This result was down by 2.2 per cent in comparison to January 2013. New listings entered into the system were down over the same period by 16.6 per cent to 8,822.
Decreased supply generates high demand. It is most obvious that the sellers will use this to their advantage and the prices will continue to grow.
The average selling price for January 2014 sales was $526,528 – up by more than nine per cent compared to $482,080 in January 2013.
The pace of price growth will remain strong in 2014. Similar to last year, competition between buyers for singles, semis and town homes in the City of Toronto and surrounding regions will continue to exert upward pressure on selling prices. At the same time, mortgage rates will remain near historic lows, so despite strong price growth, home ownership will remain affordable for the average household in the GTA.
Why wait until busy spring and summer market, call me today at 647-833-3287 and I will guide you step by step to your dream …..Your Home!
October 2013 in Toronto Real Estate… Sales Volume Steadily Up as Well as a Price
8,000 home were sold through the TorontoMLS system in October 2013 – up from 6,713 transactions
reported in October 2012. Over the same period, new listings on the TorontoMLS system
‘The GTA home ownership market has been broadly characterized by a rebound in sales
since the summer. Market conditions have been tighter in some market segments more so
than others. Ground-oriented homes listed for below one million dollars in some areas of
the GTA have been especially popular with buyers, while listings for these home types have
been constrained,” said Toronto Real Estate Board President Dianne Usher.
“The supply of listings for many home types and price points has either been down yearover-
year or at least not up by the same annual rate as sales. The additional Land Transfer
Tax in the City of Toronto and the removal of the government guarantee on high ratio
mortgages for home purchases over one million dollars have arguably led many
homeowners not to list,” continued Ms. Usher.
The average selling price for TorontoMLS sales in October 2013 was $539,058– up by more
than seven per cent in comparison to the average price of $502,127 in October 2012.
Growth in the average selling price will continue through 2014.
Inventory levels for ground-oriented home types will be low from a historic perspective and home ownership demand will stay strong as affordability remains in check due to the continuation of accommodative borrowing costs.
September 2013 Sales are Strong and Prices Continue to Grow Again
Greater Toronto Area (GTA) REALTORS® reported 5,879 transactions through the TorontoMLS system in September 2012. The average selling price for these transactions was $503,662, representing an increase of more than 8.5 per cent compared to last year.
The number of transactions was down by 21 per cent in comparison to September 2011. However, it is important to note that there were two fewer working days in September 2012 compared to September 2011. The majority of transactions are entered on working days. On a per working day basis, sales were down by 12.5 per cent year-over-year.
“While sales have been lower due to stricter mortgage lending guidelines, we continue to see substantial competition between buyers. The months of inventory trend remains low from a historic perspective, which explains the strong price increases we are experiencing,” said Toronto Real Estate Board (TREB) President Ann Hannah.
“Barring a major change to the consensus economic outlook, home price growth is expected to continue through 2013. Based on inventory levels, price growth will be strongest for low-rise home types, including single-detached and semi-detached houses and town homes,” said TREB’s Senior Manager of Market Analysis, Jason Mercer.
August 2013 Sales and Average Price Up Over 2012
Greater Toronto Area REALTORS® reported 7,569 residential transactions through the TorontoMLS system in August 2013. This represented a 21 per cent increase compared to 6,249 sales in August 2012.
“Sales were up strongly this past August for all major home types compared to last year. Many households have accounted for the added costs brought on by stricter mortgage lending guidelines and have reactivated their search for a home. These households have found that a diversity of affordable ownership options exist throughout the GTA,” said Toronto Real Estate Board President Dianne Usher.
The average selling price for August 2013 was $503,094 – up by almost 5.5 per cent compared to the average of $477,170 in August 2012. The MLS® Home Price Index (HPI) composite benchmark was up by 3.7 per cent over the same period.
“Despite an increase in borrowing costs during the spring and summer, an average priced home in the GTA has remained affordable for a household earning an average income. With this in mind, tight market conditions are expected to promote continued price growth through the remainder of 2013,” said Jason Mercer, TREB’s Senior Manager of Market Analysis
Call Nikolay Klyushkin 647-833-3287 For All your real estate questions today!
Strong Sales and Price Growth in July
House sales across the GTA reached their highest levels in July for that summer month since 2009, with a 16 per cent surge in sales.
It was the third best July for sales on record, says the Toronto Real Estate Board.
The average selling price also spiked, up eight per cent to $513,246, largely based on sales of low-rise homes, according to figures released Friday by TREB.
Condo apartment transactions, and prices, however, were also up. Sales increased some 10.5 per cent across the GTA over a year earlier – with a healthy increase in transactions in both the 905 and 416 regions.
The average price of condos sold in July was up 3.4 per cent, year-over-year, to $338,854.
“We are forecasting continued average price growth for the remainder of 2013 and through 2014 as well, says TREB senior manager of market analysis, Jason Mercer. “Months of inventory for low-rise homes remain near record lows, suggesting that sellers’ market conditions will remain in place the second half of 2013.”
Few factors exppain that: This year’s strong July is being compared to last year’s weak sales figures. A year ago the market was softening significantly, especially condo sales, in the wake of tougher mortgage lending rules that had been imposed that month by Ottawa, sidelining many first-time buyers.
As well, July’s sales were pushed upward by a rush of buyers into the market, armed with 90-day pre-approved mortgages at rates often under three per cent, concerned that a slight uptick in mortgage rates in June was just the beginning of what might become a steady upward trend.
Weather may have also be a contributing factor: The spring market was pretty much a wash-out across the GTA this year as the cold, wet weather kept buyers at bay. .
On the price side, some of the upward pressure in July can be attributed, quite simply, to a lack of inventory for sale, most notably single-family homes, especially in the high-demand City of Toronto.
New listings were up last month just 2.3 per cent from July, 2012.
Highest growth in demand, by far, was for semi-detached homes where sales were up 26.4 per cent in July over the same month of 2012, according to the TREB figures. Sales spiked almost 29 per cent in the City of Toronto and 25.2 per cent in the 905.
Average prices hit $584,499 (up 11.1 per cent) in the 416 region and $416,420 (up 6.5 per cent) in the 905.
Detached home sales were up 20.7 per cent in the 416 and 19.6 per cent in the 905 regions.
The average price of a detached home in the 416 rose 6.5 per cent, to $793,842, in the City of Toronto and 8 per cent in the 905 regions, to an average of $597,404.
Condo sales were up 10.6 per cent in the City of Toronto and 10.2 per cent in the suburbs.
Average sale prices, which had largely flatlined over the last year because of slumping sales and fears the condo market was headed for a crash, rose 4.1 per cent in the City of Toronto to about $362,000.
They were up just 1 per cent in the 905 regions, to an average of $281,044.
First-time buyers appear to have adjusted a year later to the mortgage lending rule changes. They’ve had more time to save up bigger downpayments, seem to have more confidence that the condo market is holding up much better than many observers had expected a year ago, and seem to be out buying again, realtors say.
The TREB numbers would appear to reflect some of that.
Even the condo sector is seeing a firming up of prices, which largely flatlined as of a year ago, although the number of units for sale remains high.
Call Nikolay Klyushkin 647-833-3287 For All your real estate questions today!
Low-Rise Market Conditions Remain Tight in June
Greater Toronto Area REALTORS® reported 9,061 sales
through the TorontoMLS system in June 2013 – down by less than one per cent
compared to June 2012. Over the same period, new listings were down by a greater
rate than sales, suggesting market conditions became tighter.
The sales picture in the GTA improved markedly in the second quarter of 2013.
While the number of transactions was still down compared to 2012, rates of decline
were substantially improved compared to the first quarter,” said Toronto Real Estate
Board President Dianne Usher.
“As a growing number of homebuyers, many of whom put their purchase on hold due
to stricter lending guidelines, now reactivate their search, the expectation is for
renewed growth in home sales in the second half of 2013,” added Ms. Usher.
The average selling price in June was up by 4.7 per cent year-over-year to $531,374.
In line with the 2013 norm, June price growth was driven by the single-detached and
semi-detached market segments, particularly in the City of Toronto. Over the same
time period, average condominium apartment selling prices remained in line with
‘The short supply of low-rise home types in many parts of the GTA relative to the
number of households looking to buy continued to prompt strong upward pressure
on selling prices of singles and semis,” said Jason Mercer, TREB’s Senior Manager of
Market Analysis. “We have also seen enough buyers in the better-supplied condo
apartment market to provide support for selling prices at current levels.”
Unfortunately to All Buyers, Interest Rates Continue To Rise and this is what banks are offering right now (information is based on mortgage broker report dated July 10, this information may change without notice):
5 year fixed 3.39%
5 year variable 2.55% (high ratio) 2.6%(conventional)
2 year fixed 2.69%
Thinking of buying or selling today? Don’t hesitate to call me at 647-83-3287
‘Your Toronto Real Estate Guide’
Market Conditions Promote Price Growth in April 2013
Despite the slight decline in sales we have experienced in the housing market this year, April
sales came in quite strong in comparison to last year. As we move through the spring
and into the second half of 2013, the demand for home ownership should continue to
firm-up relative to last year.
It has been almost a year since the federal government enacted stricter mortgage
lending guidelines. It is realistic to suppose that some households, who originally put
their decision to purchase on hold, are once again looking to buy.
The average selling price for April 2013 transactions was $526,335 – up by two per cent
in comparison to April 2012.
The condominium apartment segment in the City of Toronto was a key driver of price
growth in April. The improved condo sales picture, with Toronto sales
down by only one per cent compared to last year, suggests that interest in condo
ownership may be improving,” said Jason Mercer, TREB’s Senior Manager of Market Analyses.