Category Archives: Market Information

New Way To Measure GTA Home Prices From The Canadian Real Estate Association And Toronto Real Estate Board

Posted on February 9, 2012 | Leave a comment

The Canadian Real Estate Association (CREA) and the Toronto Real Estate Board (TREB) along with several other Canadian real estate boards have developed the MLS Home Price Index, an index designed to provide a better idea of home values across Canada.

“The Toronto Real Estate Board is extremely excited to be launching the MLS HPI,” said Toronto Real Estate Board president Richard Silver in a press release. “This new approach will provide clarity for the consumer and prove to be a major improvement over any other method to measure home prices and home price change available in the marketplace today. I look forward to discussing the many benefits and uses of the MLS HPI in the coming months.”

The Home Price Index also has its own website with more information and a video tutorial, available here.

In addition, more information and examples is available in the initial Toronto Real Estate Board press release, found 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.

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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.

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Canadian Home Sales Increased In November

Posted on December 23, 2011 | Leave a comment

According to the latest Canadian Real Estate Association statistics, home sales across Canada increased slightly in November 2011.

“The Canadian housing market is proving resilient in the face of ongoing global economic and financial uncertainty, to the benefit of Canadian economic growth,” said the president of the Canadian Real Estate Association, Gary Morse, in a press release. “That said, some housing markets are picking up while others are holding steady or consolidating, so buyers and sellers should talk to their local realtor to understand current and prospective trends in their local housing market.”

Between October 2011 and November 2011, home sales across Canada rose by 0.5 per cent.
“Toward the end of every year, there’s a natural inclination to compare how momentum for national sales activity and average price compare to the year before,” said the chief economist for the Canadian Real Estate Association, Gregory Klump, in the same press release. “National sales activity picked up late last year, and November’s results suggest that a similar trend may be playing out again this year. By contrast, national average price also picked up toward the end of last year, whereas this year it has held steady after having peaked in the spring.”

“With interest rates expected to remain low for longer, the housing sector will no doubt be closely watched for signs of excess,” Klump added. “That said, current trends for resale housing and new construction suggest that tightened mortgage regulations are working as intended and fostering economic stability in Canada.”

For the full press release, visit the CREA website 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.

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Canadian Home Sales Better Than Expected In 2011

Posted on December 16, 2011 | Leave a comment

According to a new report, the Canadian real estate market has fared much better than was expected in 2011. And, the thriving real estate market is expected to continue much into 2012.

Average home prices in the Greater Toronto Area rose about seven per cent to $465,000, and this price is expected to increase to $488,000, or five per cent, by this time next year.

According to the report, which was released by Re/Max, the Canadian housing market is just plain resilient.

“The Canadian housing market has demonstrated tremendous resilience in recent years, but 2011 stands out,” said the report. “Instead of responding to economic concerns both here and abroad with a retreat in sales and prices, residential real estate markets actually experienced an upswing in the volatile third and final quarters.”

In Toronto, home sales are expected to grow by approximately two per cent in 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.

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Toronto Real Estate Board Resale Market Stats For November 2011

Posted on December 7, 2011 | Leave a comment

According to the Toronto Real Estate Board’s latest press release, resale home transactions increased by 11 per cent in November 2011 over November 2010, to a total of 7,092 sales.

“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 the president of the Toronto Real Estate Board, 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 number of new listings also increased by 14 per cent when compared to November of last year.

“Despite strong price growth this year, the housing market remains affordable in the GTA,” said Jason Mercer, the Toronto Real Estate Board’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.”

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.

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Canadian Real Estate Association Updates Housing Forecast

Posted on November 24, 2011 | Leave a comment

The Canadian Real Estate Association has revised its initial housing forecast for 2011 and 2012, giving the rest of 2011 a slight boost despite growing economic uncertainty.

“The continuing strength of home sales activity in the face of ongoing financial market volatility speaks volumes about the confidence of Canadians in our housing market,” said the president of the Canadian Real Estate Association, Gary Morse, in a press release. “Interest rates look like they’ll remain low at levels that are friendly to the housing market for some time to come, and that’s good news for Canadian home sales activity and the overall economy.”

For the remainder of 2011, the Canadian Real Estate Association has predicted home sales will rise by 1.4 per cent, up from the previously predicted 0.9 per cent. In 2012, the association expects a 0.5 per cent decline.

“A number of factors will keep Canada’s housing market in check as interest rates remain low,” said the chief economist for the Canadian Real Estate Association, Gregory Klump. “These include tightened mortgage regulations, high household debt levels, together with slower economic and job growth. That said, with global economic growth expected to remain fragile but positive, employment levels and income growth in Canada should remain supportive for the market.”

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.

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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.

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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.

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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.

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