Sunday 30 November 2014
Wednesday 26 November 2014
Thursday 6 November 2014
Saturday 6 September 2014
TORONTO, September 4, 2014 -- Toronto Real Estate Board
TORONTO, September 4, 2014 -- Toronto Real estate Board President Paul Etherington reported 7,600 sales through the TorontoMLS system in August 2014. This result was up by 2.8 % compared against 7,391 transactions reported in August 2013. Year-to-date sales through the end of Aug amounted to 65,454, which represented an increase of 6.5 percent compared to the same period in 2013.
"The last full month of summer finished on a high note. As we look towards the fall market, I predict that demand for possession housing will stay strong. House buyers may continue to benefit from a diversity of affordable home possession opportunities throughout the GTA. The incontrovertible fact that sales were up for all the main home types in August implies that first-time buyers and existing property owners remain awfully active in today's marketplace," said Mr. Etherington.
The average selling price in Aug 2014 was $546,303 up 8.9 % in comparison to the average of $501,677 reported in Aug 2013. The year-to-date average pricetag through Aug was $562,504, which represented an increase of 8.5 percent in contrast to the same period in 2013.
"The number of lists in August was down contrasted to last year, while the amount of sales increased. This indicates that sellers' market conditions remained in place with plenty of competition between customers. This is the reason why we continued to see robust price expansion last month. Looking forward, if sales growth continues to outstrip listings expansion, the average selling price should keep on increasing on a year-over-year basis," said Jason Mercer, TREB's Director of Market Analysis .
Wednesday 3 September 2014
Bank of Canada stays neutral on 1% policy rate as economic slack persists
http://www.financialpost.com/m/wp/news/blog.html?b=business.financialpost.com/2014/09/03/bank-of-canada-keeps-rate-at-1-for-fifth-year-in-row&pubdate=2014-09-03
Saturday 23 August 2014
Wednesday 20 August 2014
Monday 11 August 2014
TORONTO, August 7, 2014
TORONTO, August 7, 2014 -- Toronto Real-estate Board President Paul Etherington reported powerful year-over-year growth for July 2014 sales and the average selling price. This was the second-best July sales result on record.
"The second half of 2014 started where the 1st half left off, with extraordinarily robust requirement for the diversity of affordable home ownership options in the Greater Toronto Area. The result was average price expansion well-above the rate of inflation," expounded Mr. Etherington.
The average selling price for July 2014 sales was $550,700 up by 7.5 % compared with July 2013. The strongest rate of price growth was reported for the detached market segment in the City of Toronto, with a year-over-year change of Eleven percent. The better-supplied condominium residence segment experienced average price growth of 5.3 percent for the GTA in total.
"Strong requirement for ownership housing will underpin robust average cost increases for what's left of 2014. In fact, the pace of price growth that we have experienced over the last year will continue till growth in listings outpaces expansion in sales for an extensive period of time," said Jason Mercer, TREB's Senior Manager of Market Analysis.
"The second half of 2014 started where the 1st half left off, with extraordinarily robust requirement for the diversity of affordable home ownership options in the Greater Toronto Area. The result was average price expansion well-above the rate of inflation," expounded Mr. Etherington.
The average selling price for July 2014 sales was $550,700 up by 7.5 % compared with July 2013. The strongest rate of price growth was reported for the detached market segment in the City of Toronto, with a year-over-year change of Eleven percent. The better-supplied condominium residence segment experienced average price growth of 5.3 percent for the GTA in total.
"Strong requirement for ownership housing will underpin robust average cost increases for what's left of 2014. In fact, the pace of price growth that we have experienced over the last year will continue till growth in listings outpaces expansion in sales for an extensive period of time," said Jason Mercer, TREB's Senior Manager of Market Analysis.
Friday 20 June 2014
TORONTO, June 17, 2014
TORONTO, June 17, 2014 -- Toronto Real estate Board President Dianne Usher commented that both sales and new lists were up substantially during the first Fourteen days of June 2014 matched against the same period in 2013.
"If the 1st two weeks of June are any indication, we might be seeing a turnaround in the provision of homes for sale in the Greater Toronto Area. Nonetheless sales growth outpaced growth in new listings, which suggests that there's still lots of stored up demand yet to be satisfied, so sellers' market conditions will probably remain in place for the rest of 2014," said Ms. New listings were up on a year-over-year foundation for most major home types in the City of Toronto and surrounding regions. Usher.
Sales reported through the TorontoMLS system during the first 14 days of June amounted to 4,938 up by 11.3 per cent compared with 2013. New listings were up over the same period by 7.8 percent to 8,825.
"Average selling costs were up across the GTA for low-rise home types like singles, semis and townhouses in addition to condominium residences.
The average selling price for June mid-month transactions was $582,100, which represented an increase of 8.6 per cent compared against the average of $535,865 in 2013. This is no surprise given that the number of transactions was up compared to 2013 by a greater rate than the amount of new lists, which means that competition between buyers potentially increased," announced Jason Mercer, TREB's Senior Manager of Market Research.
"If the 1st two weeks of June are any indication, we might be seeing a turnaround in the provision of homes for sale in the Greater Toronto Area. Nonetheless sales growth outpaced growth in new listings, which suggests that there's still lots of stored up demand yet to be satisfied, so sellers' market conditions will probably remain in place for the rest of 2014," said Ms. New listings were up on a year-over-year foundation for most major home types in the City of Toronto and surrounding regions. Usher.
Sales reported through the TorontoMLS system during the first 14 days of June amounted to 4,938 up by 11.3 per cent compared with 2013. New listings were up over the same period by 7.8 percent to 8,825.
"Average selling costs were up across the GTA for low-rise home types like singles, semis and townhouses in addition to condominium residences.
The average selling price for June mid-month transactions was $582,100, which represented an increase of 8.6 per cent compared against the average of $535,865 in 2013. This is no surprise given that the number of transactions was up compared to 2013 by a greater rate than the amount of new lists, which means that competition between buyers potentially increased," announced Jason Mercer, TREB's Senior Manager of Market Research.
Friday 6 June 2014
TORONTO, June 4, 2014
TORONTO, June 4, 2014 -- Toronto Real Estate Board President Dianne Usher announced that both the number of home sales through the TorontoMLS system and the average selling price were up strongly in May compared to a year back.
Total TorontoMLS sales for May 2014 amounted to 11,079 a new high for the month of May. The average selling price for these sales was $585,204, representing an 8.3 per cent year-over-year increase compared to the average price of $540,544 in May 2013. This result was up by 11.4 per cent compared to 9,946 sales reported in May 2013.
"We are now at the top of the spring market when we usually see the greatest number of sales and the highest average selling prices. Based mostly on the May statistics, buyers have been more active this spring compared to last year. Despite strong price expansion so far in 2014, many households remain happy with the monthly mortgage payments associated with the purchase of a home, as borrowing costs have stayed at or near record lows during the last few months," said Ms. Usher.
Average selling costs varied across the Larger Toronto Area, depending on geography and home type. In the encompassing GTA regions, the average detached price was $648,439. The median price for condo residences was $401,809 in the City of Toronto and $307, 307 in the surrounding regions. With listings down and sales up compared to last year, competition between customers increased.
"The lists situation in the GTA didn't improve this past May. The result was price expansion well-above the rate of inflation, especially for singles, semis and townhomes," said Jason Mercer, TREB's Senior Manager of Market Analysis.
"It is also important to identify that although the condo apartment market segment remains relatively well-supplied, as new project completions have usually led on to an uptick in lists, we have seen enough customer interest to prompt strong condo price expansion as well," continued Mercer.
Total TorontoMLS sales for May 2014 amounted to 11,079 a new high for the month of May. The average selling price for these sales was $585,204, representing an 8.3 per cent year-over-year increase compared to the average price of $540,544 in May 2013. This result was up by 11.4 per cent compared to 9,946 sales reported in May 2013.
"We are now at the top of the spring market when we usually see the greatest number of sales and the highest average selling prices. Based mostly on the May statistics, buyers have been more active this spring compared to last year. Despite strong price expansion so far in 2014, many households remain happy with the monthly mortgage payments associated with the purchase of a home, as borrowing costs have stayed at or near record lows during the last few months," said Ms. Usher.
Average selling costs varied across the Larger Toronto Area, depending on geography and home type. In the encompassing GTA regions, the average detached price was $648,439. The median price for condo residences was $401,809 in the City of Toronto and $307, 307 in the surrounding regions. With listings down and sales up compared to last year, competition between customers increased.
"The lists situation in the GTA didn't improve this past May. The result was price expansion well-above the rate of inflation, especially for singles, semis and townhomes," said Jason Mercer, TREB's Senior Manager of Market Analysis.
"It is also important to identify that although the condo apartment market segment remains relatively well-supplied, as new project completions have usually led on to an uptick in lists, we have seen enough customer interest to prompt strong condo price expansion as well," continued Mercer.
Tuesday 6 May 2014
TORONTO, May 6, 2014
TORONTO, May 6, 2014 -- Toronto Real-estate Board President Dianne Usher announced during April the 1st full month of spring Greater Toronto REALTORS reported a 1.8 % year-over-year increase in sales through the TorontoMLS system.
"April marked the beginning of the spring market, in which time we often see the highest monthly sales totals in a specified year. Regardless of the persistent shortage of lists, an important number of GTA residents were able to come to terms on a home that met their requirements. However, sales levels would have been higher , but for the lack of supply," said Ms. Usher.
"A number of factors underlie the constrained supply of lists. Studies and polling suggest the extra upfront land transfer tax in the City of Toronto has pushed some households to remain put and renovate rather than list their home and move. Usher. In the wider GTA context, above-trend home sales in the years leading in to the recession have meant that many households who purchased during this period simply aren't ready to move again," continued Ms.
The average selling price for April 2014 sales was $577,898 up by 10.1 per cent compared against the April 2013 average of $524,868. The MLS Home Price Index ( HPI ) Composite Benchmark was up by seven per cent year-over-year.
"Price growth for the GTA as a whole was driven by the single-detached, semi-detached and townhouse market segments in the Town of Toronto. The MLS HPI strips away price fluctuations resulting from a change in the mix of home types sold from one period to the next. Until we see a marked and sustained increase in lists, we should expect to see the annual rate of price expansion above the long-term norm," said Jason Mercer, the Toronto Real estate Board's Senior Manager of Market Analysis.
"April marked the beginning of the spring market, in which time we often see the highest monthly sales totals in a specified year. Regardless of the persistent shortage of lists, an important number of GTA residents were able to come to terms on a home that met their requirements. However, sales levels would have been higher , but for the lack of supply," said Ms. Usher.
"A number of factors underlie the constrained supply of lists. Studies and polling suggest the extra upfront land transfer tax in the City of Toronto has pushed some households to remain put and renovate rather than list their home and move. Usher. In the wider GTA context, above-trend home sales in the years leading in to the recession have meant that many households who purchased during this period simply aren't ready to move again," continued Ms.
The average selling price for April 2014 sales was $577,898 up by 10.1 per cent compared against the April 2013 average of $524,868. The MLS Home Price Index ( HPI ) Composite Benchmark was up by seven per cent year-over-year.
"Price growth for the GTA as a whole was driven by the single-detached, semi-detached and townhouse market segments in the Town of Toronto. The MLS HPI strips away price fluctuations resulting from a change in the mix of home types sold from one period to the next. Until we see a marked and sustained increase in lists, we should expect to see the annual rate of price expansion above the long-term norm," said Jason Mercer, the Toronto Real estate Board's Senior Manager of Market Analysis.
Monday 28 April 2014
Wednesday 23 April 2014
April 17, 2014
TORONTO, April 17, 2014 -- Toronto Real Estate Board President Dianne Usher announced that the spring market started off on a powerful note in the Greater Toronto Area, with a 10.8 percent year-over-year sales increase reported by Greater Toronto REALTORS during the first fourteen days of April. Sales through the TorontoMLS system over this period amounted to 4,541 units.
"The strong rise in sales talks to the indisputable fact that home possession remains affordable in the GTA. The bulk of house purchasers get a home using a home loan. Usher.
"While the insistent lists shortage in the GTA, coupled with strong demand, has led on to a brisk pace of price expansion, really low advertised mortgage rates have gone a long way to lessening the effect of upward trending home prices," continued Ms. Usher. This increase was due to both tight market conditions and a change in the mix of houses sold.
The average selling price for April mid-month sales was $583,697, representing a yearly increase of 11 %. At month-end, the MLS HPI baseline price will supply more insight into price growth attributable only to the change in market conditions.
"The overall average pricetag increase was driven by single-detached, semi-detached and townhouse sales in the City of Toronto. There was an important increase in higher-end home sales this year compared to last," related Jason Mercer, TREB's Senior Chief of Market Analysis.
"This time last year, many would-be house buyers and sellers were still on the sidelines thanks to changes in Fed mortgage lending guidelines, including those suggestion changes that removed the executive guarantee on mortgage insurance on home sales over one million dollars. Nonetheless many of these homes have afterwards changed to the lending guideline changes and have recently purchased a home," continued Mercer.
"The strong rise in sales talks to the indisputable fact that home possession remains affordable in the GTA. The bulk of house purchasers get a home using a home loan. Usher.
"While the insistent lists shortage in the GTA, coupled with strong demand, has led on to a brisk pace of price expansion, really low advertised mortgage rates have gone a long way to lessening the effect of upward trending home prices," continued Ms. Usher. This increase was due to both tight market conditions and a change in the mix of houses sold.
The average selling price for April mid-month sales was $583,697, representing a yearly increase of 11 %. At month-end, the MLS HPI baseline price will supply more insight into price growth attributable only to the change in market conditions.
"The overall average pricetag increase was driven by single-detached, semi-detached and townhouse sales in the City of Toronto. There was an important increase in higher-end home sales this year compared to last," related Jason Mercer, TREB's Senior Chief of Market Analysis.
"This time last year, many would-be house buyers and sellers were still on the sidelines thanks to changes in Fed mortgage lending guidelines, including those suggestion changes that removed the executive guarantee on mortgage insurance on home sales over one million dollars. Nonetheless many of these homes have afterwards changed to the lending guideline changes and have recently purchased a home," continued Mercer.
Wednesday 2 April 2014
Toronto Real-estate Board March 19, 2014
TORONTO, March 19, 2014 -- Toronto Real-estate Board President Dianne Usher announced that Greater Toronto Area REALTORS reported 3,459 transactions through the TorontoMLS system during the first fourteen days of March 2014. This result for the TREB market area in total was nearly unvaried compared to 3,464 transactions finished in the same period in 2013.
"Despite the poor weather conditions experienced in the first half of March, a surplus of willing consumers were actively searching for a home to buy. Nonetheless many of these people continued to be influenced by the long-lasting lack of single-detached, semi-detached and townhouse lists, which implies that in a number of cases they couldn't find a home on which to make an offer, or they were facing stiff competition from other buyers," expounded Ms.
For all home types combined in the GTA, the average selling price was $560,948 - up by just about six percent in contrast to the median price for a similar time-frame in 2013. Usher. The semi-detached market segment in the Town of Toronto led the way in terms of price expansion during the first Fourteen days of March, with a year-over-year increase of more than 10 per cent. Because of this, some semi-detached listings have attracted many interested customers.
"Semi-detached houses represent a rather more cost-effective possession option for some households. This competition has served to apply strong upward pressure on average selling price," announced Jason Mercer, TREB's Senior Manager of Market Analysis.
"The average single-detached price was down a touch in the Town of Toronto year over year due to a smaller share of luxury deals this year compared with last. Tight market conditions may continue to drive strong detached price growth in 2014," added Mercer.
"Despite the poor weather conditions experienced in the first half of March, a surplus of willing consumers were actively searching for a home to buy. Nonetheless many of these people continued to be influenced by the long-lasting lack of single-detached, semi-detached and townhouse lists, which implies that in a number of cases they couldn't find a home on which to make an offer, or they were facing stiff competition from other buyers," expounded Ms.
For all home types combined in the GTA, the average selling price was $560,948 - up by just about six percent in contrast to the median price for a similar time-frame in 2013. Usher. The semi-detached market segment in the Town of Toronto led the way in terms of price expansion during the first Fourteen days of March, with a year-over-year increase of more than 10 per cent. Because of this, some semi-detached listings have attracted many interested customers.
"Semi-detached houses represent a rather more cost-effective possession option for some households. This competition has served to apply strong upward pressure on average selling price," announced Jason Mercer, TREB's Senior Manager of Market Analysis.
"The average single-detached price was down a touch in the Town of Toronto year over year due to a smaller share of luxury deals this year compared with last. Tight market conditions may continue to drive strong detached price growth in 2014," added Mercer.
Wednesday 12 March 2014
TORONTO, March 5, 2014
TORONTO, March 5, 2014 -- Toronto Real Estate Board President Dianne Usher commented that February 2014 home sales reported by Greater Toronto Area REALTORS were up by 2.1 per cent compared to the same period last year. Total Feb sales amounted to 5,731 compared to 5,613 last year.
"Despite the continuance of unpleasant weather in February, we probably did see a moderate uptick in sales activity last month. New listings of resale condominium residences were up on a year-over-year basis, giving consumers ample choice. The sales increase was mostly driven by resale condominium flats. Some would-be buyers had difficulty finding a home that met their needs," said Ms. This is in sharp relief to the listings situation for singles, semis and townhomes, where supply continued to be constrained. Usher.
The average selling price for Feb 2014 sales was up by 8.6 percent to $553,193, compared to the average of $509,396 reported for Feb 2013. Usher continued. The MLS Home Price Index ( HPI ) Composite Baseline was up by 7.3 % year-over-year.
"While the powerful price growth experienced during the last year should prompt a change in the supply of lists, sellers' market conditions will continue to overcome this year. Home costs, on average, will trend upwards at a pace well-above the rate of inflation. The impact of powerful price growth on price will be mitigated by low borrowing costs," said Jason Mercer, TREB's Senior Manager of Market Analysis.
"Despite the continuance of unpleasant weather in February, we probably did see a moderate uptick in sales activity last month. New listings of resale condominium residences were up on a year-over-year basis, giving consumers ample choice. The sales increase was mostly driven by resale condominium flats. Some would-be buyers had difficulty finding a home that met their needs," said Ms. This is in sharp relief to the listings situation for singles, semis and townhomes, where supply continued to be constrained. Usher.
The average selling price for Feb 2014 sales was up by 8.6 percent to $553,193, compared to the average of $509,396 reported for Feb 2013. Usher continued. The MLS Home Price Index ( HPI ) Composite Baseline was up by 7.3 % year-over-year.
"While the powerful price growth experienced during the last year should prompt a change in the supply of lists, sellers' market conditions will continue to overcome this year. Home costs, on average, will trend upwards at a pace well-above the rate of inflation. The impact of powerful price growth on price will be mitigated by low borrowing costs," said Jason Mercer, TREB's Senior Manager of Market Analysis.
Wednesday 19 February 2014
TORONTO, February 19, 2014 -- Toronto Real estate Board President Dianne Usher announced "sales growth has reflected back so far in February after a slow beginning to the year in January. While new listings were still down contrasted to last year, the once a year rate of decline was a little bit less than experienced last month.
Greater Toronto Area REALTORS reported 2,767 sales through the TorontoMLS system in the first Fourteen days of February. This result was up by 1.3 per cent compared with 2,731 transactions reported during the same period in 2013. New lists were down by 6.1 percent on a year-over-year basis.
"Price growth well above the rate of inflation will be normal for the rest of the year. Over the same period, mortgage rates are expected to stay low, so keeping home possession cost-effective in the GTA," announced Jason Mercer, TREB's Senior Manager of Market Analysis.
The average selling price during the first fourteen days of Feb 2014 was $547,107 up 7.8 % compared with the average of $507,474 for the 1st Fourteen days of February 2013.
Greater Toronto Area REALTORS reported 2,767 sales through the TorontoMLS system in the first Fourteen days of February. This result was up by 1.3 per cent compared with 2,731 transactions reported during the same period in 2013. New lists were down by 6.1 percent on a year-over-year basis.
"Price growth well above the rate of inflation will be normal for the rest of the year. Over the same period, mortgage rates are expected to stay low, so keeping home possession cost-effective in the GTA," announced Jason Mercer, TREB's Senior Manager of Market Analysis.
The average selling price during the first fourteen days of Feb 2014 was $547,107 up 7.8 % compared with the average of $507,474 for the 1st Fourteen days of February 2013.
Wednesday 15 January 2014
January 6, 2014
TORONTO, January 6, 2014 -- Greater Toronto Area REALTORS reported 4,078 home transactions through the TorontoMLS system in December 2013 up by virtually 14 % compared against 3,582 sales reported in December 2012. New lists entered into the TorontoMLS system were down by just about 4 percent over the same period. Total sales for calendar year 2013, at 87,111, were up by approximately 2 percent compared against 85,496 transactions in calendar year 2012.
"After a slow start to the year, sales growth accelerated to a brisk pace in the second half 2013. Despite the inclement weather in December, we finished the year with a respectable gain in transactions compared with 2012. Looking forward, I think that home ownership in the GTA will remain cost-effective as borrowing costs stay low. The result may be a further increase in sales in 2014," said Toronto Real estate Board President Dianne Usher. Some neighbourhoods, especially those indicated by low-rise home types like singles, semis and townhomes, may continue to have less than 2 months of inventory," expounded Jason Mercer, TREB's Senior Manager of Market Analysis.
The average selling price for December 2013 sales was $520,398 up by 8.9 percent compared against the average of $477,756 in December 2012.
The average selling price for 2013 in total was $523,036, which represented an increase of 5.2 % compared with the calendar year 2012 average of $497,130.
Monday 6 January 2014
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