Tag Archives: Toronto Real Estate Board

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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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.

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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.

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Most Torontonians Want Land Transfer Tax Repealed

Posted on December 11, 2011 | Leave a comment

The Toronto Real Estate Board recently presented the results of a poll on the Land Transfer Tax to the City.

“TREB supports the recommended 2012 budget because it continues the process of bringing fiscal sustainability back to City Hall, said Richard Silver, the president of the Toronto Real Estate Board, in a press release. “However, while we support the direction of this budget, we are pointing out that it does not begin the process of fulfilling Mayor Ford’s commitment to repeal the Toronto land Transfer Tax in 2012. This is a commitment that is strongly supported by Torontonians.”

The Toronto Real Estate recently conducted a poll, finding that 65% of Torontonians supported the Land Transfer Tax repeal, while 57% still did even considering the city’s budget issues.

“Notwithstanding the difficult decisions that City Council has faced with regard to the budget, Torontonians understand the Land Transfer Tax is part of the problem because it unfairly forces home buyers and business owners to pay more the their fair share, costing the average Toronto home buyer more than $6,000 every time they move; it is an unpredictable revenue stream that goes up and down with the real estate market; and it makes the City less competitive than other GTA municipalities,” Silver added. “The Land Transfer Tax is simply a band air that has delayed the true solutions to the City’s financial challenges.”

“Toronto businesses face the highest commercial and industrial property tax rates. Making business property taxes more competitive will allow the property tax base to grow, providing long-term, reliable revenue, which ultimately, will benefit residents by relieving pressure on existing taxpayers and improving quality of life in Toronto and the entire GTA by keeping people and jobs close together, thereby reducing traffic congestion,” he added.

The full press release and poll results are available 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 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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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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New MLS Interface For GTA Real Estate Agents To Be Announced

Posted on October 21, 2011 | Leave a comment

According to the Toronto Real Estate Board, a new MLS Interface is going to be shown for the first time during the board’s annual meeting on October 20th.

“As a professional association we are continuously striving to develop the most efficient tools for our members,” said the president of the Toronto Real Estate Board, Richard Silver, in a press release. Their clients depend on them to provide information and advice tailored to individual needs expeditiously, and it’s our goal to help them deliver.”

The new interface will allow users to draw a shape on a map to find listings, e-mail listings while looking at them and be offered on a variety of new platforms, including Mac computers.

The meeting is at the Allstream Centre, Exhibition Place. The full press release on the subject can be 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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Sales Up 20%: Toronto Real Estate Board

Posted on October 19, 2011 | Leave a comment

According to the Toronto Real Estate Board’s mid-month resale market figures, 3,477 homes were sold during the first two weeks of October – representing a 20 per cent increase over the same period in 20120. New listings also increased by 21 per cent to a total of 6,249.

“The first two weeks of October seem to be pointing towards more balanced market conditions as we move toward 2012,” said the president of the Toronto Real Estate Board, Richard Silver. “Growth in new listings outstripped growth in sales, meaning more choice for buyers. A growing number of home owners are reacting to the above average price growth reported this year and have decided to list their home for sale – they are confident they will receive timely offers in line with their asking prices.”

Detached home sales in the 905 greatly surpassed those in the 416 area code, with 1,143 sales compared to 450 sales.

“The average resale home price is expected to grow at a slower pace in the months ahead because the market is becoming better supplied,” said Jason Mercer, senior manager or market analysis for the Toronto Real Estate Board. “There will be less competition between home buyers as we move through the fall and winter – with a more balanced market in 2012, the average rate of annual price growth is expected to be in the mid single digits.”

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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