Category Archives: Before You Sell

National Home Sales Retreat Slightly, Toronto Real Estate Market Still Hot

Posted on February 22, 2012 | Leave a comment

According to the latest information from the Canadian Real Estate Association, home sales in Canada retreated slightly January 2012 when compared to December 2011, with a 4.5 per cent decline.

“The national housing market is stabilizing and remains well balanced,” said the president of the Canadian Real Estate Association, Gary Morse. “The said, forecasts for economic and job growth going forward vary widely for different parts of the country, suggesting a possible continuation of a softening trend in some markets, as well as the potential that demand will pick up based on strong fundamentals in others. All real estate is local, so talk to your local Realtor to understand how price trends in your neighbourhood are shaping up,” he said.

However, sales increased by four per cent over January of last year across Canada. Because new listings are also up more than sales (especially in Toronto), the market is a bit more balanced.

“Year-over-year comparisons in the national average price are expected to become volatile and may turn negative, reflecting average price developments in the first half of 2011 in Vancouver,” said the chief economist at the Canadian Real Estate Association, Gregory Klump. “At that time, high-end home sales in Vancouver’s priciest neighbourhoods surged to all-time record levels, which skewed the national average price upward considerably.

If this more balanced market created by higher listings than sales continues, buyers will have less competition when they put in an offer on a home.

“A replay of this phenomenon is not expected this year,” he added, “as a result, comparisons for national average price to year-ago levels over the coming months will reflect an upwardly skewed base effect – for this reason, year-over-year comparisons should be kept in perspective.”

This site is owned & operated by: Royal LePage Real Estate Services Ltd Johnston & Daniel Division,477 Mount Pleasant Road, Toronto, Ontario, M4S 2L9, 416.489.2121. The content is provided by a number of sources as referenced in the contribution list.

→ Leave a comment

Posted in Before You Buy, Before You Sell, Market Information

Tagged ,

Toronto Home Sales Increase In Early February

Posted on February 20, 2012 | Leave a comment

According to the latest numbers from the Toronto Real Estate Board, home sales in Toronto increased during the first 14 days in February 2012 by nine per cent – to 3,206 homes sold from 2,933 homes sold last year.

“The GTA resale home market became better supplied during the first 14 days of February,” said Toronto Real Estate Board president Richard Silver in a press release. “If growth in new listings continues to outstrip growth in sales this year, competition between home buyers will ease. More balanced market conditions on a sustained basis would result in a lower annual rate of price growth later in 2012.”

The average home selling price was also up by nine per cent, but new listings increased by 13 per cent – which bodes well for prices later this year.

“Both buyers and sellers are aware of the substantial competition that exists for most listings in the GTA,” said the Toronto Real Estate Board senior manager of market analysis, Jason Mercer. “There is not a mismatch in expectations, so homes sell quickly at close to the asking price.”

For more information, visit the Toronto Real Estate Board press release here.

This site is owned & operated by: Royal LePage Real Estate Services Ltd Johnston & Daniel Division,477 Mount Pleasant Road, Toronto, Ontario, M4S 2L9, 416.489.2121. The content is provided by a number of sources as referenced in the contribution list.

→ Leave a comment

Posted in Before You Buy, Before You Sell, Market Information

Tagged , ,

Toronto Real Estate Board Figures For January 2012

Posted on February 6, 2012 | Leave a comment

The Toronto Real Estate Board has released its sales figures for the month of January 2012. Sales in January 2012 were almost nine per cent higher than in January 2011, with 4,567 sales compared to 4,199 sales.

“A favourable affordability picture bolstered by very low posted fixed mortgage rates has kept home buyers condiment in their ability to achieve the Canadian goal of homeownership,” said Richard Silver, the president of the Toronto Real Estate Board, in a press release. “The buyer pool remains diverse in the GTA with strong interest in home types across the pricing spectrum.”

In January 2012, the average price of a Greater Toronto Area home was $463,534, which is nine per cent higher than January of last year. But according to the Toronto Real Estate Board, an increase in new listings should calm prices.

“Low inventory levels have kept competition between buyers strong, resulting in robust annual rates of price growth over the last year,” said Jason Mercer, the senior manager or market analysis for the Toronto Real Estate Board. “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.”

This site is owned & operated by: Royal LePage Real Estate Services Ltd Johnston & Daniel Division,477 Mount Pleasant Road, Toronto, Ontario, M4S 2L9, 416.489.2121. The content is provided by a number of sources as referenced in the contribution list.

→ Leave a comment

Posted in Before You Buy, Before You Sell, Market Information

Tagged

Toronto Real Estate Board Mid-Month Resale Housing Figures

Posted on January 23, 2012 | Leave a comment

The Toronto Real Estate board has released its market figures for resale home sales during the first two weeks of January. According to their press release, home sales in the Greater Toronto Area have increased by six per cent over the first two weeks of January in 2011.

“The market didn’t miss a beat after the holiday season,” said Richard Silver, the President of the Toronto Real Estate Board in a press release, “with robust sales growth continuing and sellers’ market conditions remaining in place. Strong competition between buyers continued to push the average selling price higher in the Greater Toronto Area relative to a year ago.”

The average selling price has increased by 8.5 per cent.

“Prices were up for most major home categories in the GTA in comparison to last year,” said the Senior Manager of MArket Analysis for the Toronto Real Estate Board, Jason Mercer, in the same press release. “The strongest price growth was for single-detached homes in the City of Toronto. The average price of singles in the 416 area code was up by 22 per cent year over year, pointing to a greater weighting of higher end detached homes changing hands compared to the same time last year,” he said.

→ Leave a comment

Posted in Before You Buy, Before You Sell

Tagged , ,

December 2011 Stats From The Toronto Real Estate Board

Posted on January 9, 2012 | Leave a comment

According to the latest press release from the Toronto Real Estate Board, Toronto real estate sales saw their second-best year on record and sales were up overall four per cent when compared to 2010.

“Low borrowing costs kept buyers confident in their ability to comfortably cover their mortgage payments along with other major housing costs,” said Richard Silver, the president of the Toronto Real Estate Board said in the press release. “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.”

Jason Mercer, the senior manager of market analysis for the Toronto Real Estate Board, said, “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. TREB’s baseline forecast for 2012 is 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.”

For the full press release, including charts and detailed price descriptions, visit the Toronto Real Estate Board website here.

→ Leave a comment

Posted in Before You Buy, Before You Sell

Tagged ,

Toronto Real Estate Board’s Mid-Month Resale Housing Market Numbers

Posted on November 23, 2011 | Leave a comment

The Toronto Real Estate Board just released its latest press release on the Greater Toronto Area Mid-Month Resale Housing Market.

Home sales in Toronto increased yet again during the first two weeks of November, with 3,379 resale homes sold. This is a 13 per cent increase over November last year, and new listings also increased by 16 per cent during those two weeks year-over-year.

“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,” said Richard Silver, the president of the Toronto Real Estate Board. “Second, stronger growth in new listings means that it is becoming easier for buyers to find a home that meets their needs,” he said.

“Little or no movement is expected for mortgage rates through 2012,” said Jason Mercer, the senior manager of market analysis for the Toronto Real Estate Board. “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.”

This site is owned & operated by: Royal LePage Real Estate Services Ltd Johnston & Daniel Division,477 Mount Pleasant Road, Toronto, Ontario, M4S 2L9, 416.489.2121. The content is provided by a number of sources as referenced in the contribution list.

→ Leave a comment

Posted in Before You Buy, Before You Sell

Tagged

Canadian Real Estate Association’s October Resale Market Figures

Posted on November 15, 2011 | Leave a comment

According to the latest from the Canadian Real Estate Association, national home sale activity increased in October 2011 to the highest levels since January, and the year-to-date sales are in line with the average sales over the last 10 years.

CREA October 2011 Resale Home Stats. Click for full size.

“There was no shortage of headline news in October about global financial market volatility and economic uncertainty, but it doesn’t appear to have dampened homebuyers’ spirits,” said the president of the Canadian Real Estate Association, Gary Morse, in a press release. “Interest rates are at low levels and are likely to stay that way for some time to come. Homebuyers clearly see the opportunities that the current interest rate environment presents. That said, all real estate is local, so buyers and sellers should consult with their local realtor for an understanding of opportunities in their housing market.”

Resale home sales increased by 1.2 per cent over the month of September, and Toronto, along with other large cities like Montreal and Vancouver, led the sales increases.

“The prevailing economic outlook for Canada is one of slower but still positive economic growth, with heightened caution about investment and hiring decisions,” said the Canadian Real Estate Association’s chief economist, Gregory Klump, in the same press release. “Consumer confidence and the housing sector are being supported by low interest rates and high employment levels, but their prospects depend on how Canada’s economic outlook evolves in response to global economic risks and outcomes in the months ahead. Home sales activity over the past couple of months suggests buyers are confident that the Canadian economy will remain relatively unscathed by global economic risks, since every home purchase is a homebuyer’s vote of confidents in the future. That confidence is no doubt rooted in the success or coordinated fiscal and monetary policy responses that helped quickly pull Canada out of the last recession, and a states willingness and ability to carry out further policy actions if need be.”

This site is owned & operated by: Royal LePage Real Estate Services Ltd Johnston & Daniel Division,477 Mount Pleasant Road, Toronto, Ontario, M4S 2L9, 416.489.2121. The content is provided by a number of sources as referenced in the contribution list.

→ Leave a comment

Posted in Before You Buy, Before You Sell, Market Information

Tagged , , , ,

Toronto Real Estate Board Releases October 2011 Resale Market Figures

Posted on November 11, 2011 | Leave a comment

According to the latest from the Toronto Real Estate Board, resale home transactions jumped by 17.5 per cent in October 2011, up to 7,642 home sales from 6,504 home sales last year.

October 2011 sales and average prices from the Toronto Real Estate Board. Click for full size.

For the entire year, seasonally adjusted home sales in the Greater Toronto Area for 2011 hit 97,100, which is above average for the majority of 2011 – which was 90,700.

“The pace of October resale home transactions remained brisk in the GTA,” said the president of the Toronto Real Estate Board, Richard Silver, in a press release. “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.”

Home prices continue to increase slightly, up eight per cent in October 2011 to an average price of $478,137.

“Sellers’ market conditions remain in place in many parts of the GTA,” said the senior manager of market analysis for the Toronto Real Estate Board, Jason Mercer, in the same press release. “The result has been above-average annual rates of price growth for most home types. Thanks to low interest rates, strong price growth has not substantially changed the positive affordability picture in the City of Toronto and surrounding regions.”

 

This site is owned & operated by: Royal LePage Real Estate Services Ltd Johnston & Daniel Division,477 Mount Pleasant Road, Toronto, Ontario, M4S 2L9, 416.489.2121. The content is provided by a number of sources as referenced in the contribution list.

→ Leave a comment

Posted in Before You Buy, Before You Sell, Market Information

Tagged ,

Toronto Housing Market Will Remain Steady

Posted on November 3, 2011 | Leave a comment

 

According to the latest report by the Canada Mortgage and Housing Corporation, released today, the 2012 Toronto real estate market should remain on par with what we’ve seen this year as sales plateau, condominium construction continues to increase and price increases slow down.

“The market will feel somewhat slower than previous periods of high activity as buyers practice more restraint in light of slowing economic fundamentals,” said the senior market analyst for the Canada Mortgage and Housing Corporation in a press release. “Low interest rates will help keep a decent sales pace, but expect resistance to price increases as more supply enters the market.”

At the annual Canada Mortgage and Housing Corporation Toronto Housing Outlook Conference, the Canada Mortgage and Housing Corporation also announced a few highlights for its 2012 housing outlook:

As more baby boomers retire over the next few years, downsizing will become more popular as boomers look to smaller homes and condominiums.
Low vacancy rates will be alleviated by constant and strong condominium construction.
Homeownership will remain affordable as home buyers look to parts of the Greater Toronto Area that are less expensive.
Condominiums will become less expensive as more become available to buyers thanks to high condo construction.

 

This site is owned & operated by: Royal LePage Real Estate Services Ltd Johnston & Daniel Division,477 Mount Pleasant Road, Toronto, Ontario, M4S 2L9, 416.489.2121. The content is provided by a number of sources as referenced in the contribution list.

→ Leave a comment

Posted in Before You Buy, Before You Sell, Market Information

Tagged ,