London Sales Up 3.5%

In London, Ontario, Mays's sales were up over those of the previous May by 3.5% – with 751 detached homes exchanging hands and 162 condos. See the new e-Stats newsletter of the London Board for instant access to more local statistical reports.

June 1, 2012 in London, Ontasrio | Permalink | Comments (0) | TrackBack (0)

Toronto Sales Up 14.5% in May

Greater Toronto Realtors reported 5,142 transactions through the TorontoMLS System during the first 14 days of May 2012. This result was up by more than 14.5 per cent in comparison to the first 14 days of May 2011. The number of new listings continued to grow at a slower pace than sales – up 13 per cent year-over-year to 8,749.

“Annual growth in sales was experienced across the GTA for all major home types in the first half of May. Sales growth was strongest for the condominium apartment segment. While the condo market has generally been the best supplied market over the past year, we have continued to see enough demand to exert moderate upward pressure on average selling prices in this market segment,” said Toronto Real Estate Board President Richard Silver.

The average selling price for transactions in the first 14 days of May was $517,242 – up by six per cent compared to the same period in 2011.

“A shortage of listings in the low-rise segment of the market has resulted in a lot of competition between buyers and above average annual rates of price growth. Tight market conditions are expected to remain in place for the balance of 2012,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Summary of TorontoMLS Sales and Average Price
		May 1 - 14
		2012					2011
		Sales		Average Price			Sales	Average Price
City of Toronto ("416")		1,959		$572,159			1,763	$547,659
Rest of GTA ("905")		3,183		$483,443			2,725	$448,126
GTA		5,142		$517,242			4,488	$487,225
TorontoMLS Sales & Average Price  By Home Type
	May 1 - 14, 2012
	Sales					Average Price
	416		905		Total	416			905	Total
Detached	691		1,832		2,523	835,522			576,845	647,692
Yr./Yr. % Change	6%		17%		14%	5%			8%	6%
Semi-Detached	225		343		568	595,962			401,779	478,700
Yr./Yr. % Change	2%		13%		8%	8%			12%	9%
Townhouse	238		590		828	465,499			359,475	389,951
Yr./Yr. % Change	17%		17%		17%	15%			5%	8%
Condo Apartment	784		326		1,110	370,224			291,673	347,154
Yr./Yr. % Change	18%		18%		18%	4%			9%	5%

 

May 16, 2012 | Permalink | Comments (5) | TrackBack (0)

Toronto Home Sales Up 18% in April

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%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.

See Toronto Real Estate Market Watch report »

May 3, 2012 | Permalink | Comments (6) | TrackBack (0)

Real Estate Tax Windfall for Toronto

Toronto’s red hot real-estate market has helped deliver an unexpected boost to the city’s bottom line. The city will officially announce its year-end fiscals on Monday and it’s expected the surplus will be about $290 million, which is roughly double the $140-million surplus expected.

Coun. Denzil Minnan-Wong spoke to CBC News on Saturday and said much of the extra money comes from the land transfer tax, which is generating extra revenue as Toronto's real-estate market continues to surge.

Minnan-Wong cautioned that although he opposed the land transfer tax in the past, it might be too soon for the city to consider removing it.

“We have a quite a substantial debt,” he said. “The last administration spent $700 million for streetcars and didn’t have a way to pay for it. Until we have some way to pay for those large expenditures, it’s hard to make an argument to eliminate the land transfer tax."

The land transfer tax charges purchasers on a sliding scale base on the value of the property. A house priced at $500,000 would result in $5,700 in land transfer taxes.

First-time purchasers are eligible for a rebate of $3,725.

April 28, 2012 | Permalink | Comments (7) | TrackBack (0)

Selling Price of Toronto Homes

Would you like to know more about what's really happening in the Toronto real estate market?

There is now an email report available that shows all of the daily MLS® sales in the Greater Toronto Area as reported by the Toronto Real Estate Board.

You can subscribe to the SOLDS report here »

April 27, 2012 | Permalink | Comments (3) | TrackBack (0)

Average Toronto area price up 10.5%

GTA Realtors report on March resale market.

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.

See full Market Watch report »

April 4, 2012 in Toronto Real Estate Board | Permalink | Comments (13) | TrackBack (0)

Toronto Mid-March Sales Up 7%

During the first 14 days of March, Greater Toronto Realtors reported 4,215 transactions through the Toronto MLS system, representing a 7% increase compared to the same period in 2011. The number of new listings was down by 2% year-over-year to 6,970.

"Home buyers continue to benefit from the affordable housing situation in the GTA. Immigration to Toronto and surrounding areas adds to the pool of home buyers every year. The economic and ethnic diversity found in the GTA consistently attracts newcomers and foreign investment,” said Toronto Real Estate Board (TREB) President Richard Silver.

The average selling price for transactions between March 1 and 14 was $502,155 – up by more than nine per cent compared to the first 14 days of March 2011. On average, homes sold for 100 per cent of the asking price within three weeks.

“Strong competition between home buyers in many parts of the GTA has resulted in sellers realizing their asking price in a short period of time. The fact that homes are selling for 100 per cent of the asking price, on average, suggests that sellers are very much in tune with the current market situation and know the fair market value of their home,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

March 19, 2012 in Toronto Real Estate Board, Toronto Real Estate Update | Permalink | Comments (10) | TrackBack (0)

Sixteen Toronto Sales over $1,000,000.

There were 16 sale of homes over $1,000,000 reported today on the Toronto real Estate Board.

Here they are »

March 14, 2012 in Toronto Real Estate Board | Permalink | Comments (6) | TrackBack (0)