Tag Archives: Toronto Real Estate Market

Toronto Home Sales Dip Mid-April, Only Slightly

Posted on April 19, 2013 | Leave a comment

According to the latest release of mid-month market figures from the Toronto Real Estate Board, home sales during the first 14 days of April 2013 declined by less than one per cent to 4,260 sales, although it should be noted that in 2012 Good Friday fell in April and as such there was one more working day this year.

“April sales to date, which were driven by strong growth in single-detached home sales in the regions surrounding Toronto, represent a positive start to the spring market,” said the president of the Toronto Real Estate Board, Ann Hannah. “Because market conditions have remained tight, we continue to see average price growth well above the rate of inflation for many home types.”

The average selling price for these first two weeks of April was $527,397, which is up 4.3 per cent from the same time during last year, while this amount of growth was the same or similar for other areas surrounding Toronto.

“The annual rate of price growth so far in April is actually above TREB’s forecast of 3.5 per cent for 2013, said Jason Mercer, the senior manager of market analysis for the Toronto Real Estate Board. “Strong growth in the average condo apartment price in the City of Toronto was a key driver in this regard.”

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 January 2013 Resale Housing Stats

Posted on February 6, 2013 | Leave a comment

According to the latest Toronto MLS statistics from the Toronto Real Estate Board, there were 4,375 transactions in January through the Toronto MLS, which is only slightly lower than the 4,432 transactions in January of last year.

“The January sales figures represent a good start to 2013. While the number of transactions was down slightly compared to last year, the rate of decline was much less than what was experienced in the second half of 2012,” said the president of the Toronto Real Estate Board, Ann Hannah, in a press release. “This suggests that some buyers, who put their decision to purchase on hold last year due to stricter mortgage lending guidelines, are once again becoming active in the market.”

She continued, “It is interesting to note that sales were up for many home types in the GTA regions surrounding the City of Toronto. This is due, at least in part, to the additional upfront land transfer tax in the City of Toronto.”

The average sales price for resale homes in Toronto was up by 4.3 per cent in January 2013, to $482,648 to $462,655.

“There will be enough competition between buyers in the marketplace to prompt continued growth in home prices in 2013,” said the senior manager of market analysis for the Toronto Real Estate Board, Jason Mercer. “Expect annual average price growth in the three to five per cent range this 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.

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Mid-Month Housing Figures From The Toronto Real Estate Board

Posted on December 19, 2012 | Leave a comment

According to the latest mid-month resale housing figures from the Toronto Real Estate Board, there were 2,169 real estate transactions through the Toronto MLS system over the first two weeks of December, which is down by 16 per cent over the same time period last year.

“Stricter mortgage lending guidelines, including a reduced maximum amortization period and a one million dollar purchase price ceiling for government-backed insured mortgages, appear to have had the effect desired by Finance Minister Jim Flaherty,” said the president of the Toronto Real Estate board, Ann Hannah, in a press release. ” Some home buyers have put their purchase decision on hold. In the City of Toronto, sales declines have been more pronounced as the effect of stricter mortgage lending guidelines has been compounded by the City’s additional upfront Land Transfer Tax.”

Prices increased by three per cent over the same time period, to an average selling price of $471,862.

“Even with the dip in sales since the spring, tight market conditions in the low-rise segment of the market have driven year-over-year average price growth” said Jason Mercer, the senior manager of market analysis for the Toronto Real Estate Board. “While the average price for detached homes in the City of Toronto was down for the first two weeks of December compared to last year, this dip was due to a different mix of homes sold this year compared to last. There were fewer high-end detached homes sold compared to last 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.

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Mid-Month Resale Home Sales Down in Toronto

Posted on October 15, 2012 | Leave a comment

According to the most recent press release from the Toronto Real Estate Board for the middle of October of this year, Greater Toronto Area home sales are down by 10.5 per cent over the same time period in 2011.

According to Toronto Real Estate Board president Ann Hannah, “Some households have put their home purchase plans on hold in response to the higher cost of home ownership brought about by the recent changes to mortgage lending guidelines. Bother first-time buyers and existing home owners have been affected, given that sales were down across house types and geography.”

new listings during this time period increased by 5.5 per cent while the average selling price grew by almost six per cent to $501,146.

According to the Toronto Real Estate Board’s senior manager of market analysis Jason Mercer, “The average selling price grew well above the rate of inflation in the first half of October due to relatively tight market conditions from a historic perspective. However, the market continued to become better supplied, pointing toward a slower pace of price growth as we move into 2013.”

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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How To Choose A Real Estate Agent In Canada

Posted on August 2, 2012 | Leave a comment

Choosing a Canadian real estate agent

When you first venture out into the Canadian real estate market, you’ll need a great real estate agent to help guide you, find a home you love and get you results. But how do you choose one?

Ask friends for referrals

Your friends or family members who have recently bought or sold a home may be able to give you the scoop on a great real estate agent they worked with. Real estate agents may also be able to provide you with some references of their own.

Ask if the real estate agent can refer you to other services

A good real estate agent may have taken years to build up solid relationships with other professionals who provide services related to home buying, such as home inspectors or real estate lawyers, as well as help you to arrange these services.

Use a Realtor

Realtors are full-time real estate agents, not people who sell real estate as a side job or hobby. Realtors are licensed, belong to their local real estate board as well as the Canadian Real Estate Association. They have the training necessary to guide you through the real estate process as well as access to the Multiple Listing Service. Realtors undergo continuing education throughout their careers and they also must follow a strict set of ethics put forth by both the Canadian Real Estate Association and their provincial real estate association.

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Toronto Home Sales Increase In May 2012

Posted on June 5, 2012 | Leave a comment

According to the latest statistics from the Toronto Real Estate Board, 10,850 homes were sold in the Greater Toronto Area in May 2012, which is an 11 per cent increase over the 9,766 home sales during the same time last year.

“Sales growth in the 905 area code was stronger than growth in the City of Toronto across all major home types. While lower average prices are certainly one factor that has contributed to this trend, recent polling also suggests that the city of Toronto’s land transfer tax has also prompted many households to look outside of the City for their ownership housing needs,” said Richard Silver, the president of the Toronto Real Estate Board.

New listings also increased quite a bit – 20 per cent – in May, compared to May of last year. In addition, the average home price in the city and Greater Toronto Area increased by about 6.5 per cent.

“Strong competition between buyers seeking to purchase low-rise home types drove strong price growth in May,” said the senior manager or market analysis for the Toronto Real Estate Board, Jason Mercer. “However, if new listings continue to grow at the pace they did in May for the remainder of 2012, the annual rate of price growth should begin to moderate on a sustained basis.”

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 Increase In April

Posted on May 22, 2012 | Leave a comment

According to the latest information from the Canadian Real Estate Association, resale housing activity across Canada increased by just under one per cent in April 2012.

“A number of Canadian housing market trends in April remained intact from the previous month,” said the president of the Canadian Real Estate Association, Wayne Moen, in a press release. “Trends in Vancouver and Toronto continue to diverge. These two housing markets have an obvious influence on national statistics and a high profile, but Canada is a big place. Trends in housing markets differ across Canada, and as all housing is local, buyers and sellers should speak to their local realtor to better understand current and prospective trends where they live.”

The Toronto real estate market saw the biggest increase, along with Calgary.

“It bears repeating that the national average price was skewed higher last spring by record level high-end home sales in Vancouver’s priciest neighbourhoods, and that a replay of this phenomenon was not expected this year,” said the chief economist for the Canadian Real Estate Association, Gregory Klump. “Sales data confirm that high-end activity in Vancouver is well off the peak levels reached at this time last year, which is exerting a gravitational pull on the national average price.”

So far this year, 157,804 homes have been sold in Canada, which is a 6.4 per cent increase over the same time last year.

“By contrast, activity in Toronto is stronger this spring than it was last spring,” added Klump. “Higher-priced sales activity there is on the rise and buoying average prices. As the most active housing market in Canada, Toronto is the biggest factor supporting national average price.”

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 Increase Year-Over-Year

Posted on May 8, 2012 | Leave a comment

According to the latest monthly resale market figures from the Toronto Real Estate Board, home sales in the GTA increased by 18 per cent – from 8,778 home sales in April of last year to 10,350 home sales in April of this year.

“Interest in single-detached homes has been very high, both in the City of Toronto and surrounding regions,” said the president of the Toronto Real Estate Board, Richard Silver. “Growth in single-detached listings has not kept up with demand, which means competition between buyers in this market segment increased. With this in mind, it was no surprise that the strongest annual price increase was also experienced in the single-detached segment,” he said.

Single detached homes experienced an increase of 22 per cent in sales compared to April last year.

Average prices increased by 8.5 per cent year over year.

“Monthly mortgage payments remains affordable for home buyers in the Greater Toronto Area,” said Jason Mercer, the senior manager of market analysis for the Toronto Real Estate Board. “While interest rates are generally expected to increase over the next two years, the extend and timing of rate hikes has been thrown into question by slower than expected economic growth in the first quarter of this year. On net, borrowing costs are expected to remain a positive factor influencing home sales through 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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New RBC Poll: Canadians Say It Makes Sense To Buy A House Now

Posted on April 11, 2012 | Leave a comment

According to the 19th Annual RBC Homeownership Poll, 59 per cent of Canadians think that buying a home now makes the most sense as opposed to 41 per cent who want to wait until next year.

Most Canadians, or 88 per cent, feel that a home is a good investment while 68 per cent feel that their home has gained value over the last 24 months.

“There’s a mix of opinions on the housing market, as Canadians still feel confident about real estate but are a little uncertain about where the market is heading and when it makes sense to buy,” said the head of home equity financing for RBC, Marcia Moffat. “Considerations such as affordability and available housing choices may be the difference between intent and reality when purchasing a home,” she said.

Almost 75 per cent of Canadians feel that they’d be find if home prices were to take a downturn.

“Steady as she goes seems to be the order of the day here, as more Canadians see stable home prices and mortgage rates over the next year,” Moffat added. “There’s a lot of information out there. Getting advice from a mortgage specialist on financing options and the all-in costs of home ownership can help you make an informed decision.”

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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