Toronto Home Sales And Prices Increase In June

According to the Toronto Real Estate Board, the number of home sales during the month of June was 7.5 per cent higher than the number seen in June of last year, while listings decreased by 3.8 per cent.

“As I start my term as TREB President, we are certainly in an interesting environment for ownership housing,” said incoming Toronto Real Estate Board president Larry Cerqua. “There is no doubt that demand is at a record level, but would-be home buyers continue to face an uphill battle against a constrained supply of listings, which has perpetuated strong price growth. Buyers and sellers alike continue to benefit from the value a Realtor brings to a transaction.”

He continued, “As the federal, provincial and local levels of government discuss housing policy in the coming months, issues affecting the lack of supply in the GTA should be of paramount importance. TREB will be undertaking, and making public, results of additional research in the second half of 2016, with the goal of proactively adding to the housing policy discussion.”

The average selling price for a home in Toronto during June 2016 was $746,546, which is an increase of 16.8 per cent over last year.

Jason Mercer, the Toronto Real Estate Board’s Director of Market Analysis, said that, “When TREB surveyed consumer intentions for 2016, we found that the majority of GTA households who were likely to purchase a home continued to be pointed towards some form of ground-oriented housing. This is why we continue to see strong competition between buyers in many neighbourhoods where supply remains constrained.”

Home Sales Increase Across Canada In February

According to the latest from the Canadian Real Estate Association, home sales across Canada increased by one per cent from January 2015 to February 2015, while they increased by 2.7 per cent on a year-over-year basis.

“A number of buyers across the Prairies stayed on the sidelines in February,” said the president of the Canadian Real Estate Association, Beth Crosbie. “That’s likely to remain an important part of the national housing story until the outlook for oil prices starts improving. Meanwhile, home sales in British Columbia and much of Ontario are improving, which underscores the fact that all real estate is local. Nobody knows this better than your local Realtor, who remains your best source for information about the housing market where you currently live or might like to.”

New listings decreased by 2.5 per cent from January to February, and the national average sale price for a home in Canada increased by 6.3 per cent.

“Sales came in below the ten-year average for the month of February in two-thirds of all local markets,” said the chief economist of the Canadian Real Estate Association, Gregory Klump. “That said, the opposite was true in a few large urban markets in British Columbia despite a shortage of listings there, which is fuelling prices higher.”

Toronto Home Sales Increase in January

According to the latest statistics from the Toronto Real Estate Board, home sales were up by 6.1 per cent in January 2015 over the same time last year, with 4,355 home sales. New listings increased further, by 9.5 per cent.

“The January results represented good news on multiple fronts,” said the president of the Toronto Real Estate Board, Paul Etherington, in a press release. “First, strong sales growth suggests home buyers continue to see housing as a quality long-term investment, despite the recent period of economic uncertainty. Second, the fact that new listings grew at a faster pace than sales suggests that it has become easier for some people to find a home that meets their needs.”

The average selling price increased by 4.9 per cent over January 2014, to an average of $552,575.

“Home price growth is forecast to continue in 2015,” said the Director of Market Analysis for the Toronto Real Estate Board, Jason Mercer. “Lower borrowing costs will largely mitigate price growth this year, which means affordability will remain in check. The strongest rates of price growth will be experience for low-rise home types, including singles, semis and townhouses. However, robust end-user demand for condo apartments will result in above-inflation growth in the high-rise segment as well.”

Toronto Real Estate Board Releases Resale Home Stats for August 2012

According to the latest statistics from the Toronto Real Estate Board, resale home sales in the Greater Toronto Area dropped from 7,330 in August of last year to 6,418 sales in August of this year, a decline of about 12.5 per cent year over year.

“Residential transactions were down in August compared to last year. Stricter mortgage lending guidelines, which came into effect in July, arguably played a role. In the City of Toronto, the additional impact of relatively higher home prices coupled with the upfront cost associated with the City’s Land Transfer Tax led to a stronger annual decline in sales compared to the rest of the GTA,” said Ann Hannah, president of the Toronto Real Estate Board.
New listings in the Greater Toronto Area also declined, by 5.5 per cent compared to the same time last year. The average selling price for last month increased by 6.5 per cent year over year, to $479,095.
“While sales were down year-over-year in the GTA, so too were new listings. As a result, market conditions remained quite tight with substantial competition between buyers in the low-rise market segment,” said the Toronto Real Estate Board’s senior manager of market analysis, Jason Mercer. “The trends for sales and new listings are moving somewhat in synch, suggesting that the relationship between sales and listings will continue to promote price growth moving forward.”

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Canadian Housing Starts Increase: CMHC

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.

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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.”

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Canadian Real Estate Report Expects Busy Spring Market

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.

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National Home Sales Increase In February

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.”

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Canadian Home Sales Better Than Expected In 2011

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.

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Toronto Real Estate Board’s Mid-Month Resale Housing Market Numbers

The Toronto Real Estate Board just released its latest press release on the Greater Toronto Area Mid-Month Resale Housing Market.

Home sales in Toronto increased yet again during the first two weeks of November, with 3,379 resale homes sold. This is a 13 per cent increase over November last year, and new listings also increased by 16 per cent during those two weeks year-over-year.

“The results for the first two weeks of November point to two important facts: First, despite Global economic uncertainty, buyers have remained confident in the affordable housing market in the GTA,” said Richard Silver, the president of the Toronto Real Estate Board. “Second, stronger growth in new listings means that it is becoming easier for buyers to find a home that meets their needs,” he said.

“Little or no movement is expected for mortgage rates through 2012,” said Jason Mercer, the senior manager of market analysis for the Toronto Real Estate Board. “Low rates coupled with the consensus outlook for continued economic growth next year suggests that homes will remain affordable in the GTA and households will remain confident in doing deals. Look for the average selling price to advance to the $485,000 mark next 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.