Category Archives: Market Information

Toronto Real Estate Board Releases Mid-April Stats

Posted on April 19, 2012 | 1 Comment

According to the latest Toronto real estate statistics from the Toronto Real Estate Board (TREB), home sales increased by almost seven per cent during the first two weeks of April 2012, compared to the first two weeks of April last year.

“Competition between buyers remained strong in many parts of the Greater Toronto Area during the first half of April, with many listings attracting a lot of attention,” said the president of the Toronto Real Estate Board, Richard Silver in a press release. “Strong competition meant that on average, sellers priced within market value range received offers that matched their asking prices within three weeks.”

The Toronto Real Estate Board says 4,557 homes were sold between April 1, 2012 and April 14, 2012. Listings also increased, but not by as much as sales did, resulting in tighter market conditions.

“Growth in listings has not kept up with growth in sales,” said the senior manager of market analysis for the Toronto Real Estate Board, Jason Mercer. “In the City of Toronto, new listings for low-rise home types during the first half of April were actually down compared to last year. This helps explain why some of the tightest market conditions in the GTA can be found within the ’416′ area code.”

For the full Toronto Real Estate Board statistics, click 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 Housing Starts Increase: CMHC

Posted on April 13, 2012 | Leave a comment

According to the Canada Mortgage and Housing Corporation’s latest market figures, the seasonally adjusted annual rate of housing starts increased to 215,600 units in March, up from 205,300 in February.

The seasonally adjusted annual rate of urban starts also increased by over four per cent in March to 192,100 units, while rural starts hit about 23,500 units.

CMHC Housing Starts

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“The upward movement in March was largely due to an increase in multiple starts, particularly in Ontario and the Prairies,” said Mathieu Laberge, the deputy chief economist that Canada Mortgage and Housing Corporation’s market analysis centre. “This was partly offset by a decrease in multiple starts in British Columbia and Quebec, while single-detached starts decreased marginally country-wide.”

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 Quarterly Forecast

Posted on April 5, 2012 | Leave a comment

The Canadian Real Estate Association (CREA) has updated their quarterly forecast for Canadian MLS sales.

Sales are expected to increase across Canada by 0.3 per cent, or to 458,800 homes this year.

“The continuation of low interest rates is good news for housing and for the economy,” said Canadian Real Estate Association president Gary Morse. “Local housing market outlooks differ according to their respective economic prospects, so buyers and sellers should talk to their local realtor to better understand housing market prospects in their area.”

In 2013, sales are expected to drop again to 457,200 units, or by 0.3 per cent. This is still only about 100 units less than the sales seen in 2011 across the country.

“CREA’s updated housing forecast reflects recent and prospective trends for provincial home sales activity coupled with prevailing provincial economic outlooks,” said the Canadian Real Estate Association’s chief economist, Gregory Klump. “Risks to the Canadian economic outlook remain elevated owning to the European sovereign debt quagmire, but the continuation of low interest rates is the silver lining,” he said.

Klump added, “So long as the European debt crisis is contained and a global economic recession avoided, low interest rates will support Canadian home sales and prices. Recent trends are reassuring, but interest rates remaining low for longer will doubtless keep the Canadian housing market under scrutiny for signs of overheating.”

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 Sales Up Eight Per Cent

Posted on April 4, 2012 | Leave a comment

According to the Toronto Real Estate Board, home sales in Toronto increased by about eight per cent in March 2011 compared to March 2011 with a total of 9,690 sales.

“The GTA resale market has not suffered from a lack of willing buyers this year,” said Toronto Real Estate Board (TREB) president Richard Silver. “Buyers have been spurred on by the positive affordability picture brought about by low mortgage rates. 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 for homes in the Greater Toronto Area increased by 10.5 per cent in March to $504,117.

The senior manager of market analysis for the Toronto Real Estate Board, Jason Mercer, had this to say:

“The number of 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.”

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 Prices Increase In February, But Slower Than Recent Months

Posted on March 30, 2012 | Leave a comment

According to the most recent statistics from the Canadian Real Estate Association, home prices increased by 5.1 per cent  in February, but the gap between year-over-year comparisons in national home prices is getting smaller.

“MLS HPI trends for February show that home price growth is generally slowing,” said the president of the Canadian Real Estate Association, Gary Morse, in a press release. “At the same time, price gains and trends differ among housing markets tracked by the index. Since all real estate is local, buyers and sellers should talk to their local realtor to best understand how home price trends are shaping up where they live.”

Toronto had the most increase in home prices with 7.3 per cent, but the prices in Toronto are no longer gaining momentum.

“The index typically rises in February from the previous month as demand ramps up leading into the spring housing market,” said the chief economist for the Canadian Real Estate Association, Gregory Klump, in the same press release. “The monthly price increase in February this year was less than what we saw in either of the past two years, which is more evidence that the trend for Canadian home prices is slowing.

Single family homes saw the largest month-over-month price increases, especially in Toronto.

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Canadian Real Estate Report Expects Busy Spring Market

Posted on March 22, 2012 | Leave a comment

It might feel like the middle of summer already, but Canada’s real estate market is still poised to have a busy spring market.

According to a report by a major Canadian real estate organization, the majority of Canada’s 15 major urban centres have reported activity at the beginning of the year that was higher than the same time last year.

About 80 per cent of these markets saw increased activity, including the Toronto Real Estate Market, the sales volume of which was up 12 per cent.

Low inventory (listings on the market) in Toronto have created more heated bidding wars and driven home prices up. As more homes become available, the situation should become far less tense.

For more information on the report, visit the original CBC article 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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Home Sales Up, Listings Down: TREB

Posted on March 19, 2012 | Leave a comment

The Toronto Real Estate Board’s latest home sales statistics show that home sales have increased by seven per cent in the first 14 days of March compared to the same time in 2011.

Listings over the same time period decreased by two per cent.

“Home buyers continue to benefit from the affordable housing situation in the GTA,” said the president of the Toronto Real Estate Board, Richard Silver. “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.”

The average selling price for the first two weeks of March increased by nine per cent, and home sellers are receiving at least 100 per cent of their asking price.

According to the senior manager of market analysis for the Toronto Real Estate Board, Jason Mercer, “Strong competition between home users 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,” he said.

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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National Home Sales Increase In February

Posted on March 16, 2012 | Leave a comment

According to the latest from the Canadian Real Estate Association (CREA), national home sales have increased 1.4 per cent from January 2012 to February 2012.

“The national rise in both sales activity and the number of newly listed homes beyond the normal seasonal increase provides clear evidence that Canadians are confident in housing market prospects,” said the president of the Canadian Real Estate Association, Gary Morse, in a press release. “Confidence varies by region, as do prospects for housing demand. For that reason, buyers and sellers should talk to their local Realtor to understand current and prospective trends in their local housing market.”

National home sales were up 8.6 per cent year-over-year.

“It is important to remember that MLS home sales and purchases are a significant source of economic activity and job creation. Total consumer spin-off spending resulting from MLS home sales and purchases will add an estimated $19.4B to the economy, and create over 159,000 jobs in 2012,” he continued.

A lack of new listings in cities like Toronto is resulting in prices higher than average. Nationally, new listings only rose 1.9 per cent from January to February.

The Canadian Real Estate Association’s Chief Economist, Gregory Klump, had this to say:

“In February 2011, the national average price was stretched upward by a spike in high-end home sales in some of Vancouver’s priciest neighbourhoods, and a replay of that was not expected this year. February’s data bear this out, but other factors are keeping the national average price aloft. The main one is the housing market in Toronto, where a tight balance between supply and demand continues to drive some of the strongest home price gains in the country, particularly for single detached properties.”

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 Forecast

Posted on March 7, 2012 | Leave a comment

The Canadian Real Estate Association (CREA) recently updated its quarterly resale housing forecast.

According to CREA, 458,800 homes are expected to be sold across Canada this year, which would be a 0.3 per cent increase over 2011.

“The continuation of low interest rates is good news for housing and for the economy,” said Gary Morse, president of the Canadian Real Estate Association in a press release. “Local housing market outlooks differ according to their respective economic prospects, so buyers and seller should talk to their local realtor to better understand housing market prospects in their area,” he continued.

Resale housing sales in Canada are expected to drop by the same amount in 2013, to 457,200 units.

CREA’s updated housing market forecast reflects recent and prospective trends for provincial home sales activity coupled with prevailing provincial economic outlooks,” said Gregory Klump, the chief economist for the Canadian real estate association. “Risks to the Canadian economic outlook remain elevated owing to the European sovereign debt quagmire, but the continuation of low interest rates is the silver lining. So long as the European debt crisis is contained and a global economic recession is avoided, low interest rates will support Canadian home sales and prices.

He continued, “Recent trends are reassuring, but interest rates remaining low for longer will doubtlessly keep the Canadian housing market under scrutiny for signs of overheating.”

For the full report, click 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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