December 17, 2013

December 17, 2013 -- Greater Toronto Area REALTORS reported 2,483 residential sales through the TorontoMLS system in the first 2 weeks of December 2013. The quantity of new lists entered into the TorontoMLS system was basically unvaried from last year. 

"The key story in the GTA housing market continues to surround the provision of listings, or lack thereof. However, growth in lists hasn't matched growth in sales. With the cost of homeownership remaining affordable, we have seen a resurgence in purchasing activity in the second half 2013. The result has been more buyers competing for fewer lists. 

The average selling price for December mid-month transactions was up Ten percent to $520,379, compared against $471,602 reported for the 1st 14 days of December 2012. This is the reason why we continue to experience strong price growth," said Toronto Real-estate Board President Dianne Usher. 

"Inventory levels will remain low in many parts of the GTA in 2014, particularly where low-rise home types are concerned, including single-detached and semi-detached houses and townhomes. Expect above-inflation price growth to resume next year," said Jason Mercer, the Toronto Real Estate Board's Senior Manager of Market Analysis.

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December 4, 2013 -- Greater Toronto Area

TORONTO, December 4, 2013 -- Greater Toronto Area REALTORS reported 6,391 residential sales through the TorontoMLS system in November, representing a 13.9 % increase over the sales result for November 2012. Over the same period, new listings on TorontoMLS were down by 4.4 % and month-end active listings were down by 12.1 %. 

"Growth in sales was strong for most home types in the Greater Toronto Area. Sales growth was controlled by the single-detached market segment followed by condo flats. Together, singles and apartments accounted for nearly three-quarters of total GTA transactions," said Toronto Real Estate Board President Dianne Usher. 

"With National Housing Day having just passed, housing cost is top of mind in the GTA and indeed nationally. Usher. The MLS Home Price Index ( HPI ) Composite Benchmark was up by 5.7 per cent over the same period. 

"Whether we consider the average TorontoMLS selling price or the MLS HPI Composite Benchmark, annual home price growth remained well-above the rate of inflation in November. This appears sensible given the undeniable fact that competition between customers increased last month. Transactions were up strongly year-over-year while the quantity of homes available for sale was down," said Jason Mercer, TREB's Senior Manager of Market Analysis.

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Nov 18, 2013

TORONTO, Nov 18, 2013 -- Greater Toronto Area REALTORS reported 3,131 home transactions through the TorontoMLS system during the first fourteen days of Nov 2013. Over the same period, new lists were down by more than four percent. 

"The results for mid-November indicate that GTA homes remain ok with the expenses of home ownership," said Toronto Real Estate Board President Dianne Usher. 

"More consumers competing for a smaller number of listings has translated into an accelerating pace of price growth. This theme has been most abundant in the low-rise market segment, including single-detached and semi-detached houses and townhomes. Nevertheless it's critical to notice the condo apartment market has additionally become tighter," asserted Jason Mercer, TREB's Senior Manager of Market Research.

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TORONTO, Nov 6, 2013

TORONTO, Nov 6, 2013 -- Greater Toronto Area REALTORS reported 8,000 home sales through the TorontoMLS system in October 2013 up from 6,713 transactions reported in October 2012. Over the same period, new listings on the TorontoMLS system were down. 

"The GTA home ownership market has been broadly distinguished by a bounce in sales since the summer. Market conditions have been tighter in some market segments way more than others. Ground-oriented homes listed for below one million dollars in some areas of the GTA have been especially well-liked by buyers, while lists for these home types have been constrained," said Toronto Real-estate Board President Dianne Usher. 

"The supply of listings for many home types and price points has either been down year-over-year or at the very least not up by the same annual rate as sales. The additional Land Transfer Tax in the City of Toronto and the removal of the govt. guarantee on high ratio mortgages for home purchases over 1,000,000 $ have arguably led many homeowners not to list," continued Ms. Usher. 

The average selling price for TorontoMLS sales in October 2013 was $539,058 up by over 7 per cent in comparison to the average price of $502,127 in October 2012. The MLS Home Price Index ( MLS HPI ) Composite Benchmark was up by 4.5 % year-over-year. 

"Growth in the average selling price and the MLS HPI Composite Benchmark will continue through 2014. Inventory levels for ground-oriented home types will be low from a historic viewpoint and home ownership demand will stay powerful as cost remains under control due to the continuation of accommodative borrowing costs," said Jason Mercer, the Toronto Real estate Board's Senior Manager of Market Analysis.

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