According to the latest release from the Toronto Real Estate Board, during the first 14 days of May 2013, home sales through the TorontoMLS listings declined by 9.7 per cent to a total of 4,476 transactions compared to the same time period last year. Within the City of Toronto, declines were slightly higher on average at 11.4 per cent, but lower in surrounding areas at 8.6 per cent.
“Despite fewer sales this year compared to last, competition between buyers in most segments of the market remained strong enough to promote annual rates of price growth above the rate of inflation,” said the president of the Toronto Real Estate Board, Ann Hannah. “A household earning the average income in the GTA can comfortably afford the mortgage payments associated with the purchase of an average priced home.”
The average home selling price in Toronto increased by 5.4 per cent over the first two weeks of May this year to $543,838 compared to the first two weeks of May last year. Low-rise home types experienced the most price growth, while condos also experienced positive price growth in the City of Toronto.
“Continuing the prevailing trend over the last year, the low=rise segment of the market drove overall price growth during the first half of May, as months of inventory remained below historic norms for the key home types,” said Jason Mercer, the senior manager of Market Analysis for the Toronto Real Estate Board.
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Research provides snapshot of REALTORS®
A new survey by the Ontario Real Estate Association (OREA) offers a snapshot of the association’s members across the province.
The research unit in the OREA marketing and communication department completed its annual survey to gain a better picture of the demographic and business profile of members. About 2,500 REALTORS® participated in the survey, which took place in 2012 with results compiled in the first quarter of this year.
“This research provides us with a fascinating glimpse of our membership,” says OREA president Phil Dorner. “It gives us a clearer picture of the people we serve so that we can continue to work hard to meet their needs.”
The association has enhanced its research capacity over the past year in order to guide decision-making processes, he adds. “Solid research provides us with evidence-based information which enables us to make better decisions and give our members what they need to succeed in business.”
The survey revealed the following from the respondents surveyed:
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Tagged Ontario Real Estate, Ontario REALTORS