Toronto Real Estate Market Report: October 2012 Statistics

Following is TREB’s market report for October 2012:  Greater Toronto Area REALTORS® reported 6,896 transactions through the TorontoMLS system in October 2012 – a decrease of 7.1 per cent compared to October 2011. There were two more business days in October 2012 versus October 2011. On a per business day basis, transactions were down by 15.6 per cent.*

“Sales have decreased in the second half of this year compared to 2011, especially since the onset of stricter mortgage lending guidelines at the beginning of July. The prospect of higher monthly mortgage payments due to the reduced maximum amortization period has prompted some households to delay their home purchase,” said Toronto Real Estate Board (TREB) President Ann Hannah.

The average selling price for October transactions was $503,479 – up 6.2 per cent compared to October 2011. The MLS® Home Price Index composite benchmark price, which allows for an apples-to-apples comparison in terms of home attributes, was up by 5.1 per cent.

“We continue to see price increases well above the rate of inflation. Active listings have remained low from a historic perspective, so substantial competition between buyers still exists, especially for low-rise homes,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“It should be noted, however, that the annual rate of price increase has been edging lower over the past few months as the market has gradually become better supplied,” continued Mercer.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Toronto Real Estate Market Report: September 2012 Statistics

Following is TREB’s market report for September 2012: 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.

September average selling prices were up compared to last year for all major home types. Price growth was strongest in the City of Toronto, including for condominium apartments with eight per cent year-over-year growth. All benchmark home types included in the MLS® Home Price Index (MLS® HPI) experienced year-over-year price increases, with substantially stronger increases for low-rise home types.

“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.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Toronto Real Estate Market Report: August 2012 Statistics

Following is TREB’s market report for August 2012:  Greater Toronto Area (GTA) REALTORS® reported 6,418 sales through the TorontoMLS system in August 2012, representing a year-over-decline of almost 12.5 per cent compared to 7,330 sales reported in August 2011. The number of new listings reported in August was down by 5.5 per cent compared to the same period in 2011.

“Residential transactions were down in August compared to last year. Stricter mortgage lending guidelines, which came into effect in July, arguably played a role. In the City of Toronto, the additional impact of relatively higher home prices coupled with the upfront cost associated with the City’s Land Transfer Tax led to a stronger annual decline in sales compared to the rest of the GTA,” said Toronto Real Estate Board (TREB) President Ann Hannah.

The average selling price for August 2012 transactions was $479,095 – up by almost 6.5 per cent compared to August 2011. The annual rate of price growth was driven by the low-rise home segment in the City of Toronto, including single-detached homes with an average annual price increase of 15 per cent. The MLS® Home Price Index (MLS® HPI)* composite index, which allows for an apples-to-apples comparison of benchmark home prices from one year to the next, was up by 6.3 per cent year-over-year.

“While sales were down year-over-year in the GTA, so too were new listings. As a result, market conditions remained quite tight with substantial competition between buyers in the low-rise market segment,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“The trends for sales and new listings are moving somewhat in synch, suggesting that the relationship between sales and listings will continue to promote price growth moving forward.”

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Toronto Real Estate Market Report: July 2012 Statistics

Following is TREB’s market report for July 2012:   TORONTO, August 3, 2012 – Greater Toronto REALTORS® reported 7,570 sales in July 2012, representing a decline of 1.5 per cent compared to 7,683 sales reported in July 2011. The decline was most pronounced in the condominium apartment segment in the City of Toronto. Total sales in the rest of the Greater Toronto Area (GTA) were up compared to the same period last year.

“Very strong annual sales growth in the first half of 2012 and an earlier peak in sales this spring compared to 2011 help explain more moderate sales this summer. New mortgage lending guidelines and the additional upfront cost of the City of Toronto land transfer tax also prompted some households to put their buying decision on hold,” said Toronto Real Estate Board (TREB) President Ann Hannah.

The average selling price in July 2012 was $476,947 – up by four per cent compared to July 2011. The MLS® Home Price Index (MLS® HPI)* composite index, which allows for an apples-to-apples comparison of benchmark home prices from one year to the next, was up by 7.1 per cent year-over-year.

“The GTA housing market became better-supplied in recent months. Buyers benefitted from more choice in the market place, resulting in less upward pressure on the average home price in July,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“The mix of homes sold in July 2012 versus July 2011 also appears to have changed, further influencing the average selling price. This is evidenced by the different annual rates of growth between the overall average price and the MLS HPI®,” continued Mercer.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Toronto Real Estate Market Report: June 2012 Statistics

Following is TREB’s market report for June 2012:  Greater Toronto REALTORS® reported 9,422 home sales through the TorontoMLS system in June 2012. The number of transactions was down by 5.4 per cent in comparison to June 2011. The year-over-year decline was largest in the City of Toronto, where sales were down by 13 per cent compared to June 2011. Sales in the rest of the Toronto Real Estate Board (TREB) market area were comparable to a year ago.

“Buyers continue to face the substantial upfront cost associated with the City of Toronto’s unfair Land Transfer Tax,” said TREB President Ann Hannah. “Recent polling by TREB suggests that many households are considering home purchases outside of the City of Toronto to avoid paying the Land Transfer Tax. This goes a long way in explaining the disproportionate decline in sales in the City versus surrounding regions.”

The average selling price in June was $508,622 – up by 7.3 per cent compared to June 2011. The mortgage payment associated with the average priced home in June, assuming five per cent down and a five-year fixed rate mortgage amortized over 25 years, would account for approximately 35 per cent of the average household’s income in the GTA after adding property tax and utility payments.

“According to new mortgage lending guidelines set out by Finance Minister Jim Flaherty, the GTA housing market remains affordable. The share of the average household’s income going toward major home ownership payments for the average priced home remains below the 39 per cent ceiling recently announced by Mr. Flaherty,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“The average household in the GTA continues to benefit from a considerable amount of flexibility to account for higher interest rates moving forward,” continued Mercer.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Toronto Real Estate Market Report: May 2012 Statistics

Following is TREB’s market report for May 2012:  Greater Toronto REALTORS® reported 10,850 transactions through the TorontoMLS system in May 2012 – an 11 per cent increase over the 9,766 sales in May 2011. Sales growth was strongest in the ‘905’ regions surrounding the City of Toronto.

“Sales growth in the ‘905’ area code was stronger than growth in the City of Toronto across all major home types. While lower average prices are certainly one factor that has contributed to this trend, recent polling also suggests that the City of Toronto’s land transfer tax has also prompted many households to look outside of the City for their ownership housing needs,” said Toronto Real Estate Board (TREB) President Richard Silver.

New listings were up substantially on a year-over-year basis in May – rising by more than 20 per cent to 19,177.

The average price for May 2012 sales was $516,787, representing an annual increase of 6.5 per cent compared to $485,362 in May 2011. Price growth continued to be driven by the low-rise market segment.

“Strong competition between buyers seeking to purchase low-rise home types drove strong price growth in May. However, if new listings continue to grow at the pace they did in May for the remainder of 2012, the annual rate of price growth should begin to moderate on a sustained basis,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Toronto Real Estate Market Report: April 2012 Statistics

Following is TREB’s market report for April 2012:  Greater Toronto REALTORS® reported 10,350 transactions through the TorontoMLS system in April 2012. This level of sales was 18 per cent higher than the 8,778 firm deals reported in April 2011. The strongest sales growth was reported in the single-detached market segment, with transactions of this home type up by 22 per cent compared to a year ago.

“Interest in single-detached homes has been very high, both in the City of Toronto and surrounding regions. Growth in single-detached listings has not kept up with demand, which means competition between buyers in this market segment increased. With this in mind, it was no surprise that the strongest annual price increase was also experienced in the single-detached segment,” said Toronto Real Estate Board President, Richard Silver.

The average price for April 2012 transactions was $517,556 – up 8.5 per cent compared to April 2011. While price growth was strongest for single-detached homes, the better-supplied condominium apartment segment experienced a more moderate annual rate of price growth, at four per cent.

“Monthly mortgage payments remain affordable for home buyers in the Greater Toronto Area. While interest rates are generally expected to increase over the next two years, the extent and timing of rate hikes has been thrown into question by slower than expected economic growth in the first quarter of this year. On net, borrowing costs are expected to remain a positive factor influencing home sales through 2012,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.
For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Toronto Real Estate Market Report: March 2012 Statistics

Following is TREB’s market report for March 2012:  Greater Toronto REALTORS® reported 9,690 sales through the TorontoMLS System in March 2012. This result was up by almost eight per cent in comparison to the 8,986 deals reported during the same period in 2011.

“The GTA resale market has not suffered from a lack of willing buyers this year. Buyers have been spurred on by the positive affordability picture brought about by low mortgage rates,” said Toronto Real Estate Board President Richard Silver. “The challenge has been a lack of inventory. Many listings have attracted multiple interested buyers. Strong competition has led to annual rates of price growth well above the long-term average.”

The average selling price in the GTA was $504,117 in March – up by 10.5 per cent in comparison to March 2011.

“The number of new listings was up last month in comparison to March 2011. However, based on the historic relationship between price and listings, the GTA resale market should be better supplied. If competition between buyers remains as strong as it is right now, we will almost certainly see an average selling price above $500,000 for 2012 as a whole,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Toronto Real Estate Market Report: February 2012 Statistics

Following is TREB’s market report for Febuary 2012:  Greater Toronto REALTORS® reported 7,032 sales in February 2012 – up 16 per cent compared to February 2011. New listings were also up over the same period, but by a lesser 11 per cent to 12,684. It is important to note that 2012 is a leap year, with one more day in February. Over the first 28 days of February, sales and new listings were up by ten per cent and six per cent respectively.

“With slightly more than two months of inventory in the Toronto Real Estate Board (TREB) market area, on average, it is not surprising that competition between buyers has exerted very strong upward pressure on the average selling price. Price growth will continue to be very strong until the market becomes better supplied,” said Toronto Real Estate Board President Richard Silver. “It is important to note that both buyers and sellers are aware of current market conditions. This is evidenced by the fact that homes sold, on average, for 99 per cent of the asking price in February,” continued Silver.

The average selling price in the TREB market area was $502,508 in February – up 11 per cent compared to February 2011. The Composite MLS® Home Price Index for TREB, which provides a less volatile measure of price growth compared to the average price, was up by 7.3 per cent compared February 2011.

“If tight market conditions continue to result in higher than expected price growth as we move into the spring, expectations for 2012 as a whole will have to be revised upwards,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “While price growth remains strong, the average selling price remains affordable from a mortgage lending perspective for a household earning the average income in the GTA.”

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Toronto Real Estate Market Report: January 2012 Statistics

Following is TREB’s market report for January 2012:  Greater Toronto REALTORS® reported 4,567 sales through the TorontoMLS® system in January 2012. This number was 8.8 per cent higher than the 4,199 sales reported in January 2011. Sales growth was strongest for low-rise home types in the regions surrounding the City of Toronto.

“A favourable affordability picture bolstered by very low posted fixed mortgage rates has kept home buyers confident in their ability to achieve the Canadian goal of home ownership,” said Toronto Real Estate Board President Richard Silver.

“The buyer pool remains diverse in the GTA with strong interest in home types across the pricing spectrum,” continued Silver.

The average selling price for January 2012 transactions was $463,534 – up by almost nine per cent compared to January 2011.

“Low inventory levels have kept competition between buyers strong, resulting in robust annual rates of price growth over the last year. Strong price growth is expected to attract more listings. A better supplied market should result in a slower rate of price growth, especially in the second half of 2012,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.

 

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Toronto Real Estate Market Report: December 2011 Statistics

Following is TREB’s market report for December 2011:Greater Toronto REALTORS® reported 4,718 transactions through the TorontoMLS® system in December 2011. The December result capped off the second-best year on record under the current Toronto Real Estate Board (TREB) boundaries. Total sales for 2011 amounted to 89,347 – up four per cent in comparison to 2010.

 “Low borrowing costs kept Buyers confident in their ability to comfortably cover their mortgage payments along with other major housing costs,” said TREB President Richard Silver. “If Buyers had not been constrained by a shortage of listings over the past 12 months, we would have been flirting with a new sales record in the Greater Toronto Area,” added Silver.

The average selling price in December was $451,436 – up four per cent compared to December 2010. For all of 2011, the average selling price was $465,412, an increase of eight per cent in comparison to the average of $431,276 in 2010.

“Months of inventory remained below the pre-recession norm in 2011. Very tight market conditions meant substantial competition between Buyers and strong upward pressure on selling prices,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“TREB’s baseline forecast for 2012 is for an average price of $485,000, representing a more moderate four per cent annual rate of price growth. This baseline view is subject to a heightened degree of risk given the uncertain global economic outlook,” continued Mercer.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Five For Friday

It's roundup time!  Let's take a look back at some of the more interesting articles and photos that popped up over the past few weeks...

#5.  What Apocalypse? Housing Market Predictions For 2012 [Infographic]

     On December 28th, the folks over at BuzzBuzzHome  posted an informative infographic illustrating the CMHC's major predictions for the 2012 Canadian real estate market. The total number of units is expecting to increase by 1.9% over 2011. And the average price is expected to increase by 1.2% over 2011. Read the full article here.

#4.  Vintage Photographs Of Toronto In Winter

     On January 4th, Dereck Flack of blogTO dipped into the city's digitized archival holdings to present us with a collection of snowy photos from Toronto's past. There are a bunch of wonderful images here, starting with a 12 horse team pulling a snow sweeper in the 1890's, to a snow storm seen from the corner of John & King in 1961. Read the full article here.

#3.  2011 Villain: CityPlace

     On December 19th, Stephen Michalowicz of Torontoist.com nominated CityPlace condos in their year-end quest to name the very best and very worst people, places, things, and ideas that had an influence on the city in 2011. If you're not familiar with CityPlace, they're the buildings that sit at the foot of Spadina St, just south of Front St. The article points to poor build quality, poor insulation, water leaks, and poor planning issues as the reason for the nomination. Read the full article here.

#2.  What You Got In Toronto For $500,000 In 2011

     On December 15th, the Globe & Mail took a look back at the year's home sales and highlighted 10 properties that sold in the $490,000 - $550,000 range. There's everything from a 160 year old coach house in Port Hope, to a detached home in the beaches, to 2 bedroom condo near Church & Carlton. Read the full article here.

#1.  Flatiron Building Sold For $15.3M

     On December 15th, Tristin Hopper of the National Post looked at the sale of one of the city's most beloved structures - the Flatiron building.  The purchasers are a Toronto based company - the Commercial Realty Group. In case you're wondering, the $15.3M sale price works out to about $797.00/sq ft. Read the full article here.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

What's In Store For The 2012 Real Estate Market?

Last month, the Toronto Real Estate Board posted the above video to their YouTube channel. In the video, Senior Manager of Market Analysis, Jason Mercer, takes a look back at the 2011 real estate market and a look forward to what we can expect in 2012. Warning: the video is over 25 minutes long! Not to worry - I sat through the entire thing myself and have summarized the main points below (you're welcome).

1.  Where We Are At

• We've seen of approximately 8-10% of price growth over the course of the year.
• Inventory has been tight, resulting in a Seller's Market.
• Record-low interest rates have fuelled a very active market.

2.  Interest Rates

• Rates are likely to remain somewhat flat in 2012.
• This is a reaction to what's happening, economically, south of the border and in Europe.

3.  Jobs And Income Growth

• The unemployment rate has been moving lower, but this trend is flattening.
• A 2% growth in income is expected in 2012, roughly in line with inflation expectations.
• The average Toronto household income will increase from approx $102,000 in 2011 to approx $104,000 in 2011.

4.  Resale Market Outlook

• An increase in the number of sales, from 90,000 in 2011 to 92,000 in 2012.
• This increase in the number of sales is in line with the long-term trend for population growth.
• The number of new listings should rise from 145-150,000 in 2011 to 160-165,000 in 2012.
• More sellers will decide to list their homes in reaction to the strong price growth seen in 2011.
• More listings = more choice for buyers = slower price growth than what we saw in 2011.
• An increase in the average price from $460,00 in 2011 to $485,000 in 2012.
• This amounts to approx 4.5% price growth, year-over-year.
• Moderate price growth will keep affordability in check.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

Toronto Real Estate Market Report: December 2011 Mid-Month Statistics

Following is TREB’s market report for mid-December 2011: Greater Toronto REALTORS® reported 2,699 transactions through the TorontoMLS® system during the first 14 days of December. This result was 11 per cent above the number of transactions recorded during the same period in 2010. On a year-to-date basis, sales amounted to 87,407 – up 4.3 per cent compared to 2010.

“We have had the second best year on record for transactions under the current Toronto Real Estate Board boundaries. Households have continued to take advantage of affordable home ownership options across the diverse array of housing types available in the Greater Toronto Area,” said TREB President Richard Silver.

The average selling price during the first two weeks of December 2011 was $460,967 – up six per cent in comparison to December 2010.

“Strong average price growth, driven by seller’s market conditions, has been largely mitigated by the continuation of very low borrowing costs this year. The share of average household income going toward mortgage principal and interest has increased only marginally and remains in line with accepted mortgage lending standards,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Toronto Real Estate Market Report: November 2011 Statistics

Following is TREB's market report for November 2011:  Greater Toronto REALTORS® reported 7,092 residential transactions through the TorontoMLS® system in November – up 11 per cent in comparison to November 2010. At the same time, the number of new listings was up by 14 per cent in comparison to last year.

“We have seen strong annual sales growth through the 2011 fall market. The increase in transactions has been broad-based, with strong growth across low-rise and high-rise home types throughout the Greater Toronto Area,” said Toronto Real Estate Board (TREB) President Richard Silver. “The market has also become better supplied, with annual new listings growth outstripping that of sales. As this trend continues into 2012, we will see more balanced market conditions.”

The average price for November transactions was $480,421, representing an increase of almost 10 per cent in comparison to $437,494 in November 2010.

“Despite strong price growth this year, the housing market remains affordable in the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The correct method of assessing affordability is to consider the share of the average household’s income that is dedicated to mortgage principal and interest, property taxes and utilities. Currently, this share remains in line with generally accepted lending guidelines. Given this positive affordability picture, average price growth is forecast to continue in 2012, albeit at a more moderate pace.”

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Toronto Real Estate Market Report: November 2011 Mid-Month Statistics

Following is TREB’s market report for mid-November 2011: Greater Toronto REALTORS® reported 3,379 transactions through the TorontoMLS® during the first two weeks of November.  This result represented more than a 13 per cent increase compared to November 2010.  New listings were up 16 per cent over the same period.

“The results for the first two weeks of November point to two important facts:  First, despite global economic uncertainty, buyers have remained confident in the affordable housing market in the GTA.  Second, stronger growth in new listings means that it is becoming easier for buyers to find a home that meets their needs,” said Toronto Real Estate Board President Richard Silver.

The average selling price through the first 14 days of November was $481,548 – up by 10 per cent compared to the average of $437,510 reported for the first two weeks of November 2010.

“Little or no movement is expected for mortgage rates through 2012.  Low rates coupled with the consensus outlook for continued economic growth next year suggests that homes will remain affordable in the GTA and households will remain confident in doing deals.  Look for the average selling price to advance to the $485,000 mark next year,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Toronto Real Estate Market Report: October 2011 Statistics

Following is TREB’s market report for October 2011: Greater Toronto REALTORS® reported 7,642 home sales through the TorontoMLS® in October 2011. This represented an increase of 17.5 per cent compared to the 6,504 transactions reported in October 2010.

Monthly sales data follow a recurring seasonal trend that should be removed before comparing monthly results within the same year. After adjusting for seasonality, the annualized rate of sales for October was 97,100, which was above the average of 90,700 for the first three quarters of 2011.

“The pace of October resale home transactions remained brisk in the GTA. This bodes well for a strong finish to 2011,” said Toronto Real Estate Board President Richard Silver. “Home buyers who found it difficult to make a deal in the spring and summer due to a shortage of listings have benefitted from increased supply in the fall.”

The average selling price through the TorontoMLS® in October was $478,137 – up eight per cent compared to October 2010. “Sellers’ market conditions remain in place in many parts of the GTA. The result has been above-average annual rates of price growth for most home types,” said JasonMercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. “Thanks to low interest rates, strong price growth has not substantially changed the positive affordability picture in the City of Toronto and surrounding regions.”

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Toronto Real Estate Market Report: October 2011 Mid-Month Statistics

Following is TREB’s market report for mid-October 2011:  Greater Toronto REALTORS® reported 3,477 transactions through the TorontoMLS® system during the first 14 days of October 2011. This total represented a 20 per cent increase over 2,890 sales reported during the first two weeks of October 2010. Year-over-year growth in new listings for the same period was slightly stronger than that recorded for sales – up 21 per cent to 6,249.

“The first two weeks of October seem to be pointing towards more balanced market conditions as we move toward 2012. Growth in new listings outstripped growth in sales, meaning more choice for buyers,” said Toronto Real Estate Board President Richard Silver. “A growing number of home owners are reacting to the above average price growth reported this year and have decided to list their home for sale. They are confident they will receive timely offers in line with their asking prices.”

The average selling price during the first two weeks of October was $475,743 – up 7.5 per cent compared to the same period in 2010.

“The average resale home price is expected to grow at a slower pace in the months ahead because the market is becoming better supplied. There will be less competition between home buyers as we move through the fall and winter.” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. “With a more balanced market in 2012, the average rate of annual price growth is expected to be in the mid single digits.”

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Toronto Real Estate Market Report: September 2011 Statistics

Following is TREB’s market report for September 2011:  Greater Toronto REALTORS® reported 7,658 transactions through the TorontoMLS® system in September - a 25 per cent increase over September 2010. Sales during the first three quarters of 2011 amounted to 70,588, representing a 2.6 per cent increase compared to the first nine months of 2010.

"We have experienced strong growth in sales so far this year, with a much more active summer compared to 2010. However, while sales have been strong, we have continued to experience a shortage of listings, resulting in more competition between home buyers," said Toronto Real Estate Board President Richard Silver.

"Over the past few months, the listing situation has started to improve, so we expect home buyers will have more homes to choose from in the months ahead." With annual growth in sales (+25 per cent) outstripping annual growth in new listings (+15 per cent) in September, market conditions became tighter and the average selling price continued to grow by close to 10 per cent on a year-over-year basis.

"Strong price growth through the first nine months of the year was mitigated to a great degree by low interest rates and rising incomes," said the Toronto Real Estate Board's Senior Manager of Market Analysis Jason Mercer. "As buyers continue to take advantage of the affordable home ownership options in the GTA, we remain on pace for the second best year for sales under the current TREB market area."

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Toronto Real Estate Market Report: September 2011 Mid-Month Statistics

Following is TREB’s market report for mid-September 2011:  Greater Toronto REALTORS® reported 3,149 transactions during the first 14 days of September, representing an increase of more than 25 per cent in comparison to the first two weeks of September 2010. New listings over the same period, at 6,890, were up by 14 per cent compared to last year.

“Purchasing and paying for a home over the long term represents the single largest financial commitment most households will make over a lifetime. To make this commitment, households must be confident in their economic prospects,” said Toronto Real Estate Board President Richard Silver. “The fact that sales continued to grow through the first half of September suggests that GTA households remain confident that the economy will remain buoyant.”

The average selling price in the first half of September was $454,194 – an increase of 11 per cent compared to the same period in September 2010.

“Strong price growth in the GTA continues to be mitigated by a solid affordability picture. Mortgage rates will remain at or near current levels until the second half of 2012 if not into 2013,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.

“In response to strong price growth, more households chose to list their homes for sale in comparison to last August. Growth in listings is expected to continue. Increased choice will result in more sustainable rates of price growth,” continued Mercer.

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