Tag Archives: Toronto Home Prices

How Do Toronto Home Prices Relate To TTC Subway Stations?

A new map published by BlogTO and formulated by SkyViewSuites has laid out the average home prices for each TTC subway station in the city.

It’s definitely interesting to note where prices rise and fall depending on where you are in the city.

Check the map out in full on BlogTO over here.

 

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.”

Toronto Home Sales Break Records In The First Quarter Of 2016

The Toronto Real Estate Board announced that there were 22,575 home sales in the first quarter of 2016, with 10,326 of those sales taking place in the month of March. This represents a 15.8 per cent increase in sales per Q1 year-over-year, and a 16.2 per cent increase over March of last year.

“At the beginning of 2016, TREB’s outlook for the year pointed to a strong possibility of a second consecutive record year for home sales,” said the president of the Toronto Real Estate Board, Mark McLean, in a press release. “This outlook was based, in part, on upbeat consumer survey results pointing to robust home buying intentions. It is clear that these upbeat intentions have translated into record first quarter results.”

The average home selling price for a home in the GTA during the month of March was $688,181, an increase of 12.1 per cent over March of last year. For homes in the City of Toronto, the average selling price in March was $699,745.

Jason Mercer, the director of market analysis for the Toronto Real Estate Board, said that, “Demand was clearly not an issue in the first three months of 2016, regardless of the housing market segment being considered. The supply of listings, however, continued to aggravate many would-be home buyers. We could have experienced even stronger sales growth were it not for the constrained supply of listings, especially in the low-rise market segments. The resulting strong competition between buyers has underpinned the double-digit rates of price growth experienced so far this year.”

Toronto Home Sales Beat Previous February Record

In February of 2016, there were 7,621 transactions in the Greater Toronto Area, a 21.1 per cent increase over last February.

“Even after accounting for the leap year day, sales were above the previous record for February set back in 2010,” said Mark McLean, the president of the Toronto Real Estate Board, in a press release. “Sales were up strongly from the 15th day of the month onward as well, despite the new federal mortgage lending guidelines coming into effect that require at least a 10 per cent down payment on the portion of purchase prices between $500,000 and $1,000,000.”

The average selling price of a home in Toronto also increased by 14.9 per cent, to $685,278. In the 416 area code, the average selling price was $719,843, while in the 905 area code, the average selling price was $665,100.

Jason Mercer, the Director of Market Analysis for the Toronto Real Estate Board, said that, “Recent polling conducted for TREB by Ipsos suggested that GTA households will remain upbeat about purchasing a home in 2016. Early sales results for January and February certainly support this view. With strong sales up against a constrained supply of listings, home prices continued to trend strongly upward.”

RBC Releases Latest Canadian Housing Trends And Affordability Report

RBC has released its latest Canadian Housing Trends and Affordability Report, offering a snapshot of housing affordability trends across the country. All major and some not-so-major markets are mentioned, and the report makes key mention of the Toronto market as a whole.

Toronto property values have increased by double-digit numbers year over year, and despite worries about the boom in condo construction even condo prices increased by 4.4 per cent year over year.

Craig Wright, the chief economist for RBC, said that, “The Toronto-area housing market featured an apparently insatiable appetite of buyers who are willing to pay ever-rising prices. Home resales blasted through the previous threshold (95,160 units in 2007) to set a new record of 101,850 units last year, up 9.3 per cent from 2014. Continued low interest rates and a solid job market helped maintain a positive environment for homebuyers.”

Wright continued, “A major side effect of the intense heat in the Toronto-area market is the rapid deterioration in affordability, particularly for single-detached homes. RBC’s aggregate affordability measure rose steadily in 2015 to 60.6 per cent in the fourth quarter, a level unseen since 1990.”

More Quick Facts From The TREB Homeowners Survey

The Market Year in Review and Homeowners Survey was recently released by the Toronto Real Estate Board. Some highlights include:

It’s expected that there will be between 96,500 and 105,000 homes sold in the Greater Toronto Area during 2016.

The average selling price in 2016 is projected to be between $655,000 and $665,000.

There were over $63 billion dollars changing hands in the real estate market in 2015, with 101,299 sales at an average sales price of $622,217.

Approximately 43 per cent of home sales in 2015 would be affected by the new mortgage rules of February 2016, requiring buyers of homes priced over $500,000 to have a minimum down payment of 10 per cent.

For their down payments, 35.4 per cent of home buyers used savings outside of their RRSP, 25.9 per cent used equity from their current home, 13.9 per cent used a gift from family or friends, 12.7 per cent used savings from their RRSP and 12.1 per cent used other means.

In the city of Toronto, 52 per cent of recent buyers intend to renovate, while in the rest of the GTA that number is 62 per cent. Most home buyers expect to spend under $20,000 on these renovations.

Surprising Facts And More From The TREB Homeowners Survey

The Toronto Real Estate Board recently released its Market Year In Review and Homeowners Survey. Here are some of the highlights:

  • There were 101,299 homes sold in 2015, an increase of 9.2 per cent over 2014.
  • Approximately 37 per cent of sales were within the City of Toronto, with the rest in other areas of the Greater Toronto Area.
  • 81 per cent of people buying in the City of Toronto had previously lived in the City of Toronto.
  • 60 per cent of homes sold were resale homes.
  • First time home buyers made up of more than half, or 53 per cent, of all home purchases in the GTA, and 60 per cent in the City of Toronto.
  • The average length of time homeowners in the GTA spent in their current homes was 10 years.