Tag Archives: Toronto Real Estate Board

Toronto Real Estate Sales Increase In Beginning Of May

Posted on May 18, 2012 | Leave a comment

Toronto Real Estate Sales Increase In Beginning Of May

According to the Toronto Real Estate Board’s latest Toronto MLS statistics, Toronto real estate sales increased by 14.5 per cent in the first two weeks of May 2012 over the same time in May 2011.

“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 Richard Silver, president of the Toronto Real Estate Board.

Prices across Toronto increased by six per cent over the same time last year to an average selling price of $517,242.

“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, the senior manager of market analysis for the Toronto Real Estate Board.

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Toronto Commercial Real Estate Leases Decline In April

Posted on May 10, 2012 | Leave a comment

According to the Toronto Real Estate Board’s Commercial Division, 675,474 square feet of commercial space was leased in April 2012, representing a 20 per cent drop over April 2011.

“The past year has been an interesting time for commercial real estate in the GTA,” said the Toronto Real Estate Commercial Division chair Larry Purchase. “Domestic demand in Canada, including business investment, has been strong. This has certainly prompted some business to take on new space. At the same time, the recovery of the export sector has been anemic.”

“Many GTA businesses focussed on the production of goods or services for foreign markets have likely put real estate decisions on hold,” he added.

However, the number of sales of industrial and commercial properties was up by 16 per cent over last year.

“The composition of transactions can differ from one year to the next,” said Purchase. “There were a greater number of industrial transactions involving large properties this April compared to last. Because larger properties tend to trade for less on a per square foot basis, it makes sense that the average industrial price was down year-over-year. Conversely, other commercial transactions were weighted toward smaller unit sizes this year, helping explain some of the increase in the average selling price for this market segment.”

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Condo Rentals Up In Toronto

Posted on May 2, 2012 | Leave a comment

According to TREB’s (Toronto Real Estate Board) Toronto condo rental stats for the first quarter of 2012, condo rentals rose 11 per cent to 3,804 units leased.

“There have been very few purpose-built rental buildings completed in the GTA over the past few years,” said Richard Silver, Toronto Real Estate Board President. “This means that households looking to rent an apartment with modern finishes and amenities have been focusing on condominium apartments rented out by investor owners.”

“Condominium apartment vacancy rates, as reported by CMHC, were down in 2011 and it looks as if this trend is continuing with growth in lease transactions outstripping growth in listings,” he added.

Toronto condo listings increased by four per cent, to a total of 7,096 units.

“Tighter rental market conditions played a key role in the strong annual average rent increases,” said Jason Mercer, senior manager of market analysis for the Toronto Real Estate Board. “However, a lot of condominium apartment projects were completed over the last year. Some owners chose to list their units for rent. Newly completed units benefitting from the latest trends in finishes and amenities could have arguably commanded higher rents compared to older units. This factor likely played a role in strong year-over-year average rent increases as well.”

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Toronto Condo Transactions Increase Over First Three Months Of 2012

Posted on April 25, 2012 | Leave a comment

The Toronto Real Estate Board’s latest report on condo sales says that condo apartment transactions throughout the Greater Toronto Area increased by two per cent compared to the same time last year, and listings also increased by 14 per cent.

“With sales increasing moderately year-over-year and listings growing strongly, the condo apartment market became better supplied in the first quarter,” said Richard Silver, the president of the Toronto Real Estate Board. “With more choice for buyers in the condo market segment compared to the low-rise segment, the average selling price for condos grew at a slower pace in comparison to some low-rise types including detached homes.”

Condo apartment prices also increased, by 3.7 per cent to an average sale price of $334,952.

“Condominium apartment completions were at the highest level ever in 2011,” said Jason Mercer, the senior manager of market analysis for the Toronto Real Estate Board. “As projects completed, some units held by investors were listed for sale. As a result, it is not surprising that we saw more moderate rates of price growth in the first quarter. However, the fact that annual price growth remained above the rate of inflation is a testament to the fact that demand remains strong for this home type,” he said.
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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.

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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.”

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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.

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Toronto Real Estate Board Against The Land Transfer Tax

Posted on March 12, 2012 | Leave a comment

The Toronto Land Transfer Tax adds thousands of dollars the cost of a home. Toronto’s Mayor Rob Ford campaigned on removing the Land Transfer Tax, which is still in place. According to a recent poll conducted by the Toronto Real Estate Board, 65 per cent of Toronto residents want to tax removed.

“Mayor Ford, and numerous City Councillors, Campaigned on a commitment to repeal the Toronto Land Transfer Tax, and Torontonians are expecting that promise to be fulfilled. The Land Transfer Tax unfairly targets home buyers, and it must be scrapped,” said the president of the Toronto Real Estate Board, Richard Silver, in a new press release last week.

City Councillors have recently mentioned that the funds from the Toronto Land Transfer Tax should go towards funding the city’s new transit initiatives.

“Realtors understand the importance of an effective transit system for the City of Toronto. In this regard, we hope City Council will move forward to improve the city’s transit system. However, it should not be done with an unfair tax that targets home buyers,” added Silver. “We expect that new transit lines will encourage new development, so home buyers will already be doing their part by helping to grow the City’s property tax assessment base revenue. They shouldn’t be hit a send time with the Land Transfer Tax. City Council should be focusing on ways to make home ownership more affordable, not less affordable. Fulfilling the commitment to repeal the Toronto Land Transfer Tax would move in the right direction.”

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Toronto Home Sales Increase In February

Posted on March 6, 2012 | Leave a comment

According to the latest from the Toronto Real Estate Board, home sales in February 2012 increased 16 per cent over Toronto home sales in February 2011 – a total of 7,032 sales. New listings also increased to 12,684, which is up 11 per cent over the same time last year.

The one additional day in this year’s leap year February made a difference – up to February 28th, home sales were only up 10 per cent and new listings were only up six per cent.

“With slightly more than two months of inventory in the Toronto Real Estate Board (TREB) market area, on average, it is not surprising that competition between buyers has exerted very strong upward pressure on the average selling price,” said Toronto Real Estate Board president Richard Silver in a press release. “It is important to note that both buyers and sellers are aware of current market conditions. This is evidenced by the fact that homes sold, on average, for 99 per cent of the asking price in February.”

Prices increased by 11 per cent to an average of $502,508 over the same time last year, but using the new Composite MLS Home Price Index home prices only increased by 7.3 per cent.

“If tight market conditions continue to result in higher-than-expected price growth as we move into the spring, expectations for 2012 as a whole will have to be revised upwards,” said the senior manager of market analysis for the Toronto Real Estate Board, Jason Mercer, in the same press release. “While price growth remains strong, the average selling price remains affordable from a mortgage lending perspective for a household earning the average income in the GTA.”

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