Toronto Real Estate Market Report: June 2014 Statistics

Following is TREB’s market report for June 2014.

Stepping into his role as President of the Toronto Real Estate Board, Paul Etherington announced a strong increase in residential sales reported through the TorontoMLS system in June.

Sales were up by 15.4 per cent year-over-year to 10,180 transactions.

New listings were also up compared to the same period in 2013, but by a lesser annual rate.

This means that competition between buyers increased in June.

“Home buyers in the Greater Toronto Area are confident in their ability to purchase and affordably pay for a home.

Generally speaking, buyers feel that ownership housing will be a good investment over the long term.

This is why we continued to see increases in home sales in June for all major home types across the GTA.

Given the degree of pent-up demand in the market today, I would expect to see sales growth continue through the summer,” said Mr. Etherington.

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.

“With less than two months of inventory in many parts of the GTA, it makes sense that we continued to experience very strong price growth in June.

This is especially the case for low-rise home types like singles, semis and townhouses.

Strong price growth for these home types will continue through the remainder of 2014.

Despite higher inventory levels, the condominium apartment market segment has benefitted from enough buyer interest to result in above-inflation price growth,” 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 2014 Statistics

Following is TREB’s market report for April 2014.  

Toronto Real Estate Board President Dianne Usher announced that during April – the first full month of spring – Greater Toronto REALTORS® reported 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.

“April marked the beginning of the spring market, during which time we generally see the highest monthly sales totals in a given year.

Despite the persistent shortage of listings, a substantial number of GTA residents were able to come to terms on a home that met their needs.

However, sales levels would have been higher, but for the lack of supply,” said Ms. Usher.

“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, above trend 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.

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 2014 Statistics

Following is TREB’s market report for March 2014.  

Toronto Real Estate Board President Dianne Usher announced that Greater Toronto Area REALTORS® reported strong year-over-year increases in TorontoMLS home sales and the average selling price in March 2014.

Home ownership affordability, backstopped by low borrowing costs, continued to be a key factor underlying this growth.

A total of 8,081 sales were reported in March 2014 – up by 7.2 per cent in comparison to March 2013.

Sales growth was much stronger in March compared to the first two months of the first quarter.

Sales for Q1 as a whole were up by three per cent compared to the first three months of 2013.

“Sales activity in the GTA accelerated last month.

Compared to last year, a greater number of buyers found affordable home ownership options, as evidenced by sales growth for all major home types.

Against this backdrop, however, overall inventory at the end of March remained lower than last year.

This means competition between buyers increased, which is why the average selling price continued to climb,” said Ms. Usher.

The average selling price for March 2014 sales was $557,684 – an increase of almost eight per cent compared to the average reported for March 2013.

The average price for the first quarter of 2014 was up by 8.5 per cent year-over-year.

“With borrowing costs remaining low, and in fact declining, strong home ownership demand will continue to butt up against a constrained supply of listings.

Strong price growth will be the result for the remainder of 2014.

If the pace of price growth experienced in the first quarter is sustained, TREB may revise its outlook for the average selling price,” 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 2014 Statistics

Following is TREB’s market report for February 2014:  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.

“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.

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 2014 Statistics

Following is TREB’s market report for January 2014:  Home ownership in the Greater Toronto Area remains affordable and there are many people looking to purchase a home.

In January, the number of homes listed for sale was down quite strongly compared to last year, which means that it was difficult for some buyers to find a home.

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.

“Looking forward, it is possible that strong price growth, and therefore an increase in home equity, will act as a trigger for more households to list their homes for sale.

This is especially the case for households whose life styles are changing, including those with an expanding family looking for a larger home or empty nesters looking to downsize,” said Dianne Usher, President, Toronto Real Estate Board.

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,” 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: December 2013 Statistics

Following is TREB’s market report for December 2013:  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.

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 2013 Statistics

Following is TREB’s market report for November 2013:   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.

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.

Is Overpricing Really the Best Strategy?

If you want to get the best price for your home, should you:

A. Ask for more than you think it’s worth?

B. Ask for exactly what you think it’s worth?

C. Ask for less and count on a bidding war to push you over the top?

That's the question posed by a recent Toronto Star article.

The article points to a 2013 study in the Journal of Economic Behaviour & Organization that says the correct answer is option "A" - overpricing is often the best strategy for achieving the highest sale price.

Of course, that article goes on to say that, "pricing high pays off in an extremely modest way, a boost of about $100 to $200 on average over similar homes."

Seriously? A benefit of a mere $100 to $200?

Is that a typo? Did they forget to add another zero (or two) to those numbers?

I can tell you right now that overpricing generally leads to more days on the market. Often many more days on the market.

Is the chance at a few hundred bucks really worth having to live through more showings, more open houses, low-ball offers, etc?

Isn't a better strategy to list closer to market value and sell quickly and for top dollar (relative to list price)?

Some might say that it really depends on how much "overpriced" we're talking about.

Let's say the current market value of the property is $500,000.  Listing at $509,000 is certainly a different story than listing at $529,000.

In other words, one could argue that there are degrees of overpricing.

Others might say that a property is either overpriced or it's not.

Either way, there are two important things to consider when contemplating overpricing your property:

• How long do you want the selling process to take?
• Do you want to run the risk of eventually having to reduce the list price and then end up selling for less than you would have if you'd listed closer to market value in the first place?

Below is the Toronto Star article in full.  Enjoy!

------------------------------

How Best To Set Your Home's Selling Price?

by: Toronto Star Wire Services, Published on Fri Nov 8 2013

If you want to get the best price for your home, should you:

A. Ask for more than you think it’s worth?

B. Ask for exactly what you think it’s worth?

C. Ask for less and count on a bidding war to push you over the top?

A study in the Journal of Economic Behavior & Organization this year argues that the answer—despite what you’ve probably heard—is A: overprice.

They suggest that pricing high pays off in an extremely modest way, a boost of about $100 to $200 on average over similar homes. Underpricing in the hope of setting off a bidding war, the study says, nets average sellers a bit less than they otherwise would have received.

“The main takeaway for sellers is to not buy into the story that you will make more money if you under price,” said study co-author Julia A. Minson, an assistant professor of public policy at Harvard University’s Kennedy School of Government.

Whether overpricing is a smart strategy—as opposed to right-on-the-nose pricing—might depend on how quickly you want to sell.

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: October 2013 Statistics

Following is TREB’s market report for October 2013:  Greater Toronto Area REALTORS® reported 8,000 home sales 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 were down.

“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 year-over-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. The MLS® Home Price Index (MLS® HPI) Composite Benchmark was up by 4.5 per cent year-over-year.

“Growth in the average selling price and the MLS® HPI Composite Benchmark 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,” 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: September 2013 Statistics

Following is TREB’s market report for September 2013:  The 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.

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 2013 Statistics

t Following is TREB’s market report for August 2013:  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.

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 2013 Statistics

Following is TREB’s market report for July 2013: Greater Toronto Area REALTORS® reported 8,544 residential sales through the TorontoMLS system in July 2013. Total sales were up by 16 per cent compared to July 2012. Over the same period, new listings added to TorontoMLS and active listings at the end of the month were up, but by a substantially smaller rate of increase compared to sales.

“Last month’s sales represented the best July result since 2009 and was the third best July result on record. Despite recent increases in average borrowing costs, home buyers are still finding affordable home ownership options in the GTA,” said Toronto Real Estate Board President Dianne Usher.

“We are a year removed from the onset of stricter mortgage lending guidelines and many households who put their decision to purchase a home on hold have reactivated their search. An increasing number of these households are getting deals done,” continued Ms. Usher.

Reflecting tighter market conditions, the average selling price for July sales was up on a year-over-year basis by eight per cent to $513,246. The low-rise market segment continued to be the driver of overall price growth. It should be noted, however, that the average condominium apartment price was also up by more than the rate of inflation on an annual basis. The MLS® Home Price Index (HPI) was also up on a year-over-year basis for all major home types.

“We are forecasting continued average price growth for the remainder of 2013 and through 2014 as well. Months of inventory for low-rise homes remains near record lows, suggesting that sellers’ market conditions will remain in place in the second half of 2013. An increase in listings in 2014 would lead to more balanced market conditions and a slower pace of price growth next year, albeit still above the rate of inflation,” 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: June 2013 Statistics

Following is TREB’s market report for June 2013:  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 2012 levels.

"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."

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 2013 Statistics

Following is TREB’s market report for May 2013: Greater Toronto Area (GTA) REALTORS® reported 10,182 sales through the TorontoMLS system in May 2013, representing a dip of 3.4 per cent compared to May 2012.

Sales of single-detached homes in the GTA were up by almost one per cent compared to the same period last year, including a three per cent year-over-year increase in the City of Toronto.

“The sales picture in the GTA has improved markedly over the past two months. While the number of transactions in April and May remained below last year’s levels, the rate of decline has been much smaller.

A growing number of households who put their decision to purchase on hold as a result of stricter lending guidelines are starting to become active again in the ownership market,” said Toronto Real Estate Board President Ann Hannah.

The average selling price for May 2013 sales was $542,174 – up by 5.4 per cent in comparison to $514,567 in May 2012. The annual rate of price growth was driven by the tight low-rise segment of the market and particularly by single-detached and semi-detached home transactions in the City of Toronto. Average condominium apartment prices were also up slightly in comparison to last year.

The MLS® Home Price Index (HPI) Composite Benchmark was up by 2.8 per cent year-over-year.

“The annual rate of price growth in May was not surprising given the competition that still exists between buyers, particularly for low-rise home types such as single-detached and semi-detached houses. We remain on track for a three-and-a-half per cent increase in the average selling price for 2013 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: April 2013 Statistics

Following is TREB’s market report for April 2013:  Greater Toronto Area REALTORS® reported 9,811 sales through the TorontoMLS system in April 2013, representing a dip of two per cent in comparison to 10,021 transactions in April 2012. Both new listings during the month and active listings at the end of April were up on a year-over-year basis.

“Despite the headwinds 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,” said Toronto Real Estate Board President Ann Hannah.

“It has been almost a year since the federal government enacted stricter mortgage lending guidelines. It is realistic to surmise that some households, who originally put their decision to purchase on hold, are once again looking to buy,” continued Ms. Hannah.

The average selling price for April 2013 transactions was $526,335 – up by two per cent in comparison to April 2012. The MLS® HPI Composite Benchmark Price was up by 2.9 per cent.

“The condominium apartment segment in the City of Toronto was a key driver of price growth in April, with both the average selling price and the MLS HPI apartment index up on a year-over-year basis. 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 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 2013 Statistics

Following is TREB’s market report for March 2013:  Greater Toronto Area REALTORS® reported 7,765 transactions through the TorontoMLS system in March 2013 – down 17 per cent compared to 9,385 transactions in March 2012.

While the year-over-year dip in March sales followed the trend that has unfolded since mid-way through 2012, it is also important to note that the Good Friday holiday was in March this year versus April in 2012.

Generally speaking, there are fewer sales reported on statutory holidays and weekends. In the first quarter of 2013, sales amounted to 17,678 – down by 14 per cent compared to Q1 2012.

"Home ownership remains affordable for a household earning the average income in the Greater Toronto Area. There are many willing buyers in the marketplace today. While some households have put their decision to purchase on hold as a result of stricter lending guidelines or the additional Land Transfer Tax in the City of Toronto, other households simply haven’t been able to find the right house due to a shortage of listings in some market segments," said Toronto Real Estate Board President Ann Hannah.

The average selling price in March was $519,879 – up by 3.8 per cent compared to March 2012. The average price in Q1 2013 was $508,066 – up by 3.2 per cent compared to the first quarter of 2012.

"The average selling price and the MLS® Home Price Index Composite Benchmark was up on a year-over-year basis across most home types, especially in the low-rise market segments where supply remains an issue. TREB's average price forecast for 2013 remains at $515,000, representing a 3.5 per cent annual rate of growth," 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 2013 Statistics

Following is TREB’s market report for February 2013:  Greater Toronto Area (GTA) REALTORS® reported 5,759 sales through the TorontoMLS system in February 2013 – a decline of 15 per cent in comparison to February 2012. It should be noted that 2012 was a leap year with one extra day in February. A 28 day year-over-year sales comparison resulted in a lesser decline of 10.5 per cent.

The average selling price for February 2013 was $510,580 – up two per cent in comparison to February 2012.

“The share of sales and dollar volume accounted for by luxury detached homes in the City of Toronto was lower this February compared to last. This contributed to a more modest pace of overall average price growth for the GTA as a whole,” said Toronto Real Estate Board (TREB) President Ann Hannah.

“Stricter mortgage lending guidelines that precluded government backed mortgages on homes sold for over one million dollars and the City of Toronto’s additional upfront land transfer tax arguably played a role in the slower pace of luxury detached home sales,” added Ms. Hannah.

The MLS® HPI Composite Benchmark price covering all major home types eliminates fluctuations in price growth due to changes in sales mix. The Composite Benchmark price was up by more than three per cent on a year-over-year basis in February.

“We will undoubtedly experience some volatility in price growth for some market segments in 2013. However, months of inventory in the low-rise market segment will remain low, resulting in average price growth above three per cent for the TREB market area this year.

Our current average price forecast is $515,000 for all home types combined in 2013,” 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: January 2013 Statistics

Following is TREB’s market report for January 2013:  Greater Toronto Area REALTORS® reported 4,375 transactions through the TorontoMLS system in January 2013. This number represented a slight decline compared to 4,432 transactions reported in January 2012.

“The January sales figures represent a good start to 2013. While the number of transactions was down slightly compared to last year, the rate of decline was much less than what was experienced in the second half of 2012. This suggests that some buyers, who put their decision to purchase on hold last year due to stricter mortgage lending guidelines, are once again becoming active in the market,” said Toronto Real Estate Board (TREB) President Ann Hannah.

“It is interesting to note that sales were up for many home types in the GTA regions surrounding the City of Toronto. This is due, at least in part, to the additional upfront land transfer tax in the City of Toronto,” added Ms. Hannah.

The average selling price for January 2013 sales was $482,648 – up by 4.3 per cent compared to $462,655 in January 2012. The MLS® Home Price Index (HPI) Composite Benchmark price was up by 3.8 per cent over the same period.

“There will be enough competition between buyers in the marketplace to prompt continued growth in home prices in 2013. Expect annual average price growth in the three to five per cent range this year,” 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: December 2012 Statistics

Following is TREB’s market report for December 2012:  Greater Toronto Area REALTORS® reported 3,690 sales through the TorontoMLS system in December 2012 – down from 4,585 sales in December 2011. Total sales for 2012 amounted to 85,731 – down from 89,096 transactions in 2011.

“The number of transactions in 2012 was quite strong from a historic perspective. We saw strong year-over-year growth in sales in the first half of the year, but this growth was more than offset by sales declines in the second half. Stricter mortgage lending guidelines resulted in some households postponing their purchase of a home. In the City of Toronto, the dip in sales was compounded by the additional Land Transfer Tax, which buyers must pay upfront,” said Toronto Real Estate Board (TREB) President Ann Hannah.

The average selling price in December 2012 was up by 6.5 per cent year-over year to $478,739. The average selling price for 2012 as a whole was up by almost seven per cent to $497,298.

“Robust annual rates of price growth were reported through most months of 2012. Price growth was strongest for low-rise homes, including singles, semis and townhouses. Despite a dip in sales, market conditions remained tight for these home types with substantial competition between buyers,” 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: November 2012 Statistics

Following is TREB’s market report for November 2012:  Toronto Area REALTORS® reported 5,793 sales in November 2012 – down by 16 per cent compared to November 2011.

“Transactions have been down on a year-over-year basis since June, after being up substantially in the last half of 2011 and the first half of 2012. Some buyers pulled forward their decision to purchase, which has impacted sales levels in the second half of 2012,” said Toronto Real Estate Board (TREB) President Ann Hannah.

“Stricter mortgage lending guidelines, including a reduced maximum amortization period and a purchase price ceiling of one-million dollars for government insured mortgages, have prompted some buyers to move to the sidelines. This situation has been exacerbated in the City of Toronto because the additional upfront Land Transfer Tax takes money away from buyers that otherwise could be used for a larger down payment,” continued Hannah.

The average selling price was up by 1.6 per cent annually to $485,328. The MLS® Home Price Index (MLS® HPI) Composite Benchmark was up by 4.6 per cent compared to last year.

“The moderate annual rate of price growth compared to previous months was largely due to a different mix in detached home sales this year compared to last, particularly in the City of Toronto. The share of detached homes that sold for over one-million dollars was down substantially, which influenced the overall average price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“The MLS® HPI detached benchmark price, which tracks the price for a home with the same attributes over time, was up by almost six per cent in Toronto, suggesting that market conditions for low-rise homes remain quite tight despite a changing mix of sales,” added 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.