What's Happening in the GTA Real Estate Market November 2011

Once again within the GTA, Real Estate Agents have been working hard with a reported 7,092 transaction through the MLS system in this past November, an 11% increase compared to November of last year.  Just in the City of Toronto alone there were 3,027 sales compared to 2,742 in 2010, that’s 285 homes more! That’s a major increase when we look at it this way.  In addition, the number of new properties coming into the market has increased 14% in comparison to 2010, giving buyers more selection. As a result, home buyers do not have to feel obligated to fall into multiple offer situations and will have more properties to view.  

President Richard Silver of Toronto Real Estate Board states, “ The market has also become better supplied, as annual new listings growth outstripping that of sales.  As this trend continues into 2012, we will see more balanced market conditions.”  The average sales price has also seen a dramatic increase overall from $437,494 November of 2010 to $480,421 this year.  With the increased sales prices, those searching for properties in the GTA area are still finding these prices affordable as the majority are in dual-income situations.  Making it still affordable to go out, find their dream home and feel comfortable that they are not stretching themselves financially.  As I always tell my clients, "it’s important to put yourself in a financial situation that you can still do the things you enjoy without putting your back up against a wall at the end of every month to make your mortgage payments".  If buyers can see why this is important, once interest rates do increase in the future, home owners will be able to handle these changes without pressure.  Until we see these changes in interest rates and  buyers continue to purchase properties within their reach, the market in the GTA will remain stable and constant.

Toronto's Real Estate Market October 2011

TORONTO, November 3, 2011 -- Greater Toronto REALTORS® reported 7,642 home sales through the TorontoMLS® in October 2011.  This represented an increase of 17.5 per cent compared to the 6,504 transactions reported in October 2010.

Monthly sales data follow a recurring seasonal trend that should be removed before comparing monthly results within the same year.  After adjusting for seasonality, the annualized rate of sales for October was 97,100, which was above the average of 90,700 for the first three quarters of 2011.

“The pace of October resale home transactions remained brisk in the GTA.  This bodes well for a strong finish to 2011,” said Toronto Real Estate Board President Richard Silver.  “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.”

The average selling price through the TorontoMLS® in October was $478,137 – up eight per cent compared to October 2010.

“Sellers’ market conditions remain in place in many parts of the GTA.  The result has been above-average annual rates of price growth for most home types,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. “Thanks to low interest rates, strong price growth has not substantially changed the positive affordability picture in the City of Toronto and surrounding regions.”  

Source: http://www.torontorealestateboard.com/market_news/release_market_updates/news2011/nr_market_watch_1011.html

Toronto Real Estate Market September 2011

Once again for the month of September 2011, we have seen an increase in sales from last year.  A total of 7,658 sales in the GTA, a 25% increase to sales in September last year.  

As for the first three quarters there have been so far 70,588 sales upto the end of last month, a 2.6% increase to compared to the first three quarters of 2010.

With mortgage rates overall staying stagnant, we are told that we won't see any changes until mid 2012, we can expect not to see a major drop in the housing market.  The strick mortgage guidlines and restrictions have also helped out as our lenders are ensuring that properties owners are not maxing themselves out in debt and if rates do go up that our economy will hold up and not fall as it did in the United States.

If you would like specific Market Figures to your area please send me an email and I would be more then happy to let you know.

For more specific information please check out 

http://www.torontorealestateboard.com/market_news/market_watch/index.htm

Greater Toronto REALTORS® Release Mid-Month Resale Market Figures

Toronto, August 16, 2011 –There were 3,214 sales through the TorontoMLS® system during the first 14 days of August, representing more than a 22.5 per cent increase compared to the same period in August 2010. Year-to-date sales through the 14th of August were all but caught up to last year’s total – down by half a per cent compared to 2010.

“The unsettled situation in financial markets over the past few weeks did not appear to sap the confidence of GTA home buyers during the first half of August,” said Toronto Real Estate Board President Richard Silver. “Revised forecasts for future Bank of Canada interest rate decisions coupled with the recent announcement by the US Federal Reserve, suggest that interest rate hikes in Canada are on hold at least until sometime in 2012. This is a positive for affordability and should help sustain buyer confidence moving forward.”

The average selling price was up by almost seven percent annually during the first 14 days of August to $440,150.

“The rate of price growth reported for the first two weeks of August continued to point to sellers’ market conditions in the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “However, it should be noted that new listings grew at a slightly greater pace than sales. A better supplied market in the second half of 2011 will result in prices growing at a more sustainable pace.”

http://www.torontorealestateboard.com/market_news/release_market_updates/news2011/pdf/MID_MONTH_AUG_2011.pdf

July Sales and Average Price Up Compared to 2010

August 4, 2011 -- Greater Toronto REALTORS reported 7,922 transactions through the TorontoMLS® system in July 2011, representing a 23 per cent increase over July 2010. Total sales through the first seven months of this year amounted to 55,863 - down by 1.3 per cent compared to the same period in 2010. After adjusting for seasonal fluctuations, the July figure continued to point to an annual sales result close to 90,000 - in line with results from the previous six months.

"Strong home sales continued in July, with a substantial rebound over last summer's slow-down brought about by higher mortgage rates, new lending guidelines and misconceptions about the HST. The greatest rebound was seen in the condominium apartment segment in the City of Toronto," said Toronto Real Estate Board President Richard Silver. "If the current pace of sales holds up, we could see the second best year on record under the current TREB market area."

The average selling price in July was $459,122 - up by almost ten per cent compared to the July 2010 average of $418,675.

"Tight market conditions have boosted the annual rate of price growth this year. However, the listings situation is starting to improve. A better supplied market later this year and into 2012 would lead to a more sustainable rate of price growth," said Jason Mercer, TREB's Senior Manager of Market Analysis.

http://www.torontorealestateboard.com/market_news/market_watch/index.htm

Greater Toronto REALTORS® release June Resale Market Figures

Toronto, July 6, 2011 – Greater Toronto REALTORS® reported 10,230 home sales through the TorontoMLS® system in June 2011 – up 21 per cent compared to June 2010. This number represented the third best June result on record behind 2007 and 2009. The number of transactions during the first six months of 2011 amounted to 48,189 – down by 4.5 per cent compared to the first half of 2010.

“The strong June result capped off an interesting first half of 2011,” said Toronto Real Estate Board President Richard Silver. “The pace of sales was a bit sluggish at the beginning of the year, but rebounded in May and June. Because of the positive affordability picture, home buyers remained confident in their ability to purchase and pay for a home over the long term.”

The average price for June transactions was $476,371 – a 9.5 per cent increase over June 2010. Through the first six months of the year, the average selling price was $467,169 – almost an eight per cent increase compared to the same period in 2010.

“While sales have been strong, we would be on track for a record number of transactions in 2011 if not for the decline in listings so far this year,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. “Tight supply meant more competition between home buyers and an accelerating annual rate of price growth in the second quarter.”

“Home owners will likely react to the stronger price growth by listing their homes in greater numbers. A better supplied market would result in more moderate price increases,” continued Mercer.

Source: http://www.torontorealestateboard.com/consumer_info/market_news/news2011/pdf/nr_market_watch_0611.pdf

Greater Toronto REALTORS® Report June Mid-Month Resale Housing Market Figures

TORONTO, June 16, 2011 – The number of sales and the average selling price reported by Greater Toronto REALTORS® were both up during the first 14 days of June 2011. Sales through the first two weeks of June amounted to 4,787 – up 16 per cent over the same period in 2010. The average selling price for these transactions, at $477,853, was up nine per cent.

“The spring has always been the busiest time in the resale market, but the results for May and the first two weeks of June represented a marked improvement over last year. Low mortgage rates have kept affordability in check and buyers have felt confident in paying for a home over the long term,” said Toronto Real Estate Board (TREB) President Bill Johnston.

The number of new listings on the TorontoMLS® between June 1st and June 14th was down by eight per cent compared to 2010.

“Listings have been in short supply this year, while a lot of people have been looking to buy. The result has been enhanced competition between buyers and more upward pressure on price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “Strong price growth will prompt more home owners to list as we move toward 2012.”

Greater Toronto REALTORS® Report May Resale Housing Market Figures

TORONTO, June 3, 2011 – Greater Toronto REALTORS® reported 10,046 sales in May 2011 – up six per cent compared to May 2010. This result was the second best on record for May under the current Toronto Real Estate Board service area. The number of new listings in May, at 16,076, was down 15 per cent compared to last year.

“Positive economic news and low borrowing costs led to strong sales through the first five months of the year, including the increase in May,” said Toronto Real Estate Board President Bill Johnston. “At the same time, the market has become much tighter compared to last year, due to a substantial dip in new listings.”

Homes were on the market for an average of 23 days and sold for an average price of $485,520– up nine per cent compared to $446,593 in May 2010. The strongest rate of price growth was experienced for single-detached homes sold in the City of Toronto.

“We have seen clear-cut seller’s market conditions emerge over the past two to three months,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis. “The robust price appreciation that we have seen will hopefully prompt more households to list, resulting in a more balanced market later this year,” continued Mercer.

Source: http://www.torontorealestateboard.com/consumer_info/market_news/news2011/pdf/nr_market_watch_0511.pdf

GTA REALTORS® Report Mid-Month Resale Housing Market Figures (Mid-May 2011)

TORONTO, May 18, 2011 -- Greater Toronto REALTORS® reported 4,774 sales through the TorontoMLS® during the first two weeks of May 2011. This result was two per cent lower than the May 2010 figure of 4,887.

“The strong sales reported for the first half of May reflect the positive economic outlook for the GTA. With the number of jobs increasing and earnings growing, it makes sense that households remain confident in their ability to purchase and pay for a home over the long term,” said Toronto Real Estate Board President Bill Johnston.

The average selling price for the first 14 days of May was $486,223 – an increase of more than eight per cent compared to the same period in 2010.

“The average home selling price has been growing at a faster rate over the last two months. This is not surprising given that the number of homes available for sale has been down substantially in comparison to 2010. Increased competition between buyers for available listings has prompted enhanced upward pressure on home prices,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis.

Source: http://www.torontorealestateboard.com/consumer_info/market_news/news2011/pdf/nr_mid_month_0511.pdf

GTA REALTORS® REPORT MONTHLY RESALE HOUSING FIGURES (April 2011)

TORONTO, May 4, 2011 -- Greater Toronto REALTORS® reported 9,041 existing home sales through the TorontoMLS® system in April 2011.

This result was down 17 per cent compared April 2010 when sales spiked to a new record of 10,898. While off last year’s record result, April 2011 sales were in line with the average April sales level reported over the previous five years.

“Existing home sales have been strong from a historic perspective through the first four months of 2011. Expect the pace of sales to remain robust through the spring, as the economy expands and home buyers continue to benefit from affordable home ownership opportunities,” said Toronto Real Estate Board (TREB) President Bill Johnston.

Market conditions tightened markedly over the last year. April 2011 sales accounted for 62 per cent of new listings during the month – up substantially from 53 per cent in April 2010. Tighter conditions resulted in the average April selling price growing by nine per cent annually to $477,407.

“The number of listings has been below expectations so far this year. Increased competition between home buyers has led to an accelerating annual rate of price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The strong price growth experienced in April should result in more listings and more balanced market conditions.”

Source: http://www.torontorealestateboard.com/consumer_info/market_news/news2011/pdf/nr_market_watch_0411.pdf

GTA REALTORS® RELEASE MID‐MONTH (April) RESALE HOUSING FIGURES

TORONTO, APRIL 18, 2011 ‐‐ Greater Toronto REALTORS® reported 4,444 sales during the first two weeks of April 2011 – a three per cent decrease compared to the first two weeks of April 2010. The number of new listings was down by 21 per cent compared to the same period last year. 

“Sales activity was quite strong during the first two weeks of April. If this level of activity is sustained for the remainder of the month, we could see April transactions close to last year’s record result. Positive economic news has kept households confident in their ability to purchase and pay for a home over the long term,” said TREB President Bill Johnston.

The average selling price for firm deals reported through the first two weeks of April was $483,165, representing a 12 per cent increase over the average price of $430,271 reported during the same period last year.

“The number of homes listed for sale so far in 2011 has been below expectations. Market conditions have tightened, resulting in increased competition between home buyers and accelerating rates of average price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“The strong rate of price growth reported for the first two weeks of April should entice more households to list their homes for sale. This would result in more balanced market conditions and more moderate rates of price growth,” continued Mercer.

Source: http://www.torontorealestateboard.com/consumer_info/market_news/news2011/pdf/nr_mid_month_0411.pdf

GTA REALTORS® Report Monthly Resale Housing Market Figures (March 2011)

TORONTO, April 5, 2011 --

Greater Toronto REALTORS® reported 9,262 transactions through the TorontoMLS® system in March 2011, representing the second best March result on record. The number of transactions was 11 per cent lower than the record result reported in March 2010.

“The strong home sales reported in March and throughout the first quarter of 2011 have been based on a solid affordability picture and improving economic conditions in the GTA and country-wide,” said Toronto Real Estate Board (TREB) President Bill Johnston.

The average selling price for March 2011 was up five per cent year-over-year to $456,147. The strongest average annual price growth was reported for condominium apartments and semi-detached houses, at approximately seven per cent for both home types.

“Market conditions were tighter in March compared to last year. With more competition between buyers, we have seen a strong but sustainable rate of price growth,” said Jason Mercer, TREB's Senior Manager of Market Analysis. 

Source: http://www.torontorealestateboard.com/consumer_info/market_news/mw2011/mw1103.pdf

GTA REALTORS® Report Monthly Resale Housing Market Figures

TORONTO, March 16, 2011 -- Greater Toronto REALTORS® reported 4,138 sales during the first two weeks of March 2011 – a five per cent decrease compared to the first two weeks of March 2010. The number of new listings also dipped – down by 15 per cent compared to the same period last year.

"A positive economic outlook for the Greater Toronto Area, including steady growth in jobs and incomes, has kept households confident in their ability to purchase and pay for a home over the long term," said Toronto Real Estate Board (TREB) President Bill Johnston.

The average price for transactions during the first 14 days of March was $460,196, representing a 4.6 per cent increase compared to the first two weeks of March 2010.

"Market conditions are tighter compared to this time last year, resulting in more competition between buyers and sustained upward pressure on the average selling price. The annual rate of price growth is expected to range between three and five per cent in 2011," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Source: http://torontorealestateboard.com/consumer_info/market_news/news2011/pdf/nr_mid_month_0311.pdf

 GTA REALTORS® Report February 2011 Monthly Resale Housing Market Figures

TORONTO, March 3, 2011 -- Greater Toronto REALTORS® reported 6,266 transactions through the TorontoMLS® system in February 2011. This result was 14 per cent lower than the record sales reported in February 2010.

While not representing a record, February 2011 sales were 50 per cent higher than the number reported in February 2009 during the recession and slightly higher than the average February sales over the previous ten years.

“Continued improvement in the GTA economy, including growth in jobs and incomes and a declining unemployment rate, has kept the demand for ownership housing strong,” said Toronto Real Estate Board (TREB) President Bill Johnston.

The average selling price for February 2011 transactions was $454,423, which was more than five per cent higher than the average selling price reported in February 2010.

“Market conditions remain quite tight in the GTA. There is enough competition between home buyers to promote continued price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Source: http://www.torontorealestateboard.com/consumer_info/market_news/index.htm

GTA REALTORS® Report Mid-Month Resale Housing Market Figures

TORONTO, February 17, 2011 -- Greater Toronto REALTORS® reported 3,084 sales during the first two weeks of February 2011 – a 13 per cent decrease compared to the first two weeks of February 2010.

"We are on pace for a strong sales result in February, but transactions will come in lower than the record result reported last February. Sales remain strong because the GTA resale market contains a diversity of housing types catering to a wide array of home ownership needs," said Toronto Real Estate Board (TREB) President Bill Johnston.

The average price for transactions during the first 14 days of February was $451,257, representing a five per cent increase compared to the first two weeks of February 2010.

"Average selling price growth for existing homes is expected to range between three and five per cent this year. Tighter market conditions over the last four months have pushed price growth to the top end of this range," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Source: http://www.torontorealestateboard.com/consumer_info/market_news/index.htm

GTA REALTORS® Report Monthly Resale Housing Market Figures

TORONTO, February 4, 2011 -- Greater Toronto REALTORS® reported 4,337 transactions through the TorontoMLS® system in January 2011. This result was 13 per cent lower than the record result reported in January 2010.

“While off the record pace experienced a year ago, the GTA resale market has started the year on a solid footing. Home buyers in Toronto and surrounding areas continue to benefit from a diversity of housing types for sale at many different price points,” said TREB President Bill Johnston.

The average selling price for January 2011 sales was $427,037, representing an increase of over four per cent compared to the average of $409,058 reported in January 2010.

“The average selling price is expected to grow at a moderate pace in 2011. Growth rates in the three to five per cent range will be sustainable from an affordability perspective,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Serving over 31,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board. Greater Toronto Area open house listings are now available on www.TorontoRealEstateBoard.com.

For more info check out http://www.torontorealestateboard.com/consumer_info/market_news/index.htm