Strong Average Price Growth in September 2012

GTA REALTORS® RELEASE MONTHLY RESALE HOUSING FIGURES

TORONTO, October 3, 2012 – Greater Toronto Area (GTA) REALTORS® reported 5,879 transactions
through the TorontoMLS system in September 2012.  The average selling price for these transactions
was $503,662, representing an increase of more than 8.5 per cent compared to last year.
The number of transactions was down by 21 per cent in comparison to September 2011.  However, it is
important to note that there were two fewer working days in September 2012 compared to September
2011. The majority of transactions are entered on working days. On a per working day basis, sales were
down by 12.5 per cent year-over-year.

“While sales have been lower due to stricter mortgage lending guidelines, we continue to see substantial
competition between buyers.  The months of inventory trend remains low from a historic perspective,
which explains the strong price increases we are experiencing,” said Toronto Real Estate Board
President Ann Hannah.
September average selling prices were up compared to last year for all major home types.  Price growth
was strongest in the City of Toronto, including condominium apartments with eight per cent year-overyear growth.  All benchmark home types included in the MLS® Home Price Index (MLS® HPI)
experienced year-over-year price increases, with substantially stronger increases for low-rise home types.
“Barring a major change to the consensus economic outlook, home price growth is expected to continue
through 2013.  Based on inventory levels, price growth will be strongest for low-rise home types, including
single-detached and semi-detached houses and town homes,” said TREB’s Senior Manager of Market
Analysis, Jason Mercer.

If you wish to get a full detailed market watch for Septemeber 2012, feel free to contact me!

Regards,
Zeenia Kola
Sales Representative with Re/Max Realty Specialists Inc., Brokerage
Email: zeenia@zeeniakola.com
Ph: 905-828-3434
Add: 2691 Credit Valley Rd, #101, Mississauga, L5M 7A1
Website: http://www.zeeniakola.com/
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Thinking of selling your home in the next 1 or 2 months? For free and confidential Market Evaluation of your home click here!

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Low-Rise Home Types Drive June Price Growth - Market Watch June 2012

July 5, 2012 -- Greater Toronto REALTORS® reported 9,422 home sales through the TorontoMLS system in June 2012. The number of transactions was down by 5.4 per cent in comparison to June 2011. The year-over-year decline was largest in the City of Toronto, where sales were down by 13 per cent compared to June 2011. Sales in the rest of the Toronto Real Estate Board (TREB) market area were comparable to a year ago.

Buyers continue to face the substantial upfront cost associated with the City of Toronto’s unfair Land Transfer Tax,” said TREB President Ann Hannah. “Recent polling by TREB suggests that many households are considering home purchases outside of the City of Toronto to avoid paying the Land Transfer Tax. This goes a long way in explaining the disproportionate decline in sales in the City versus surrounding regions.”

The average selling price in June was $508,622 – up by 7.3 per cent compared to June 2011. The mortgage payment associated with the average priced home in June, assuming five per cent down and a five-year fixed rate mortgage amortized over 25 years, would account for approximately 35 per cent of the average household’s income in the GTA after adding property tax and utility payments.

“According to new mortgage lending guidelines set out by Finance Minister Jim Flaherty, the GTA housing market remains affordable. The share of the average household’s income going toward major home ownership payments for the average priced home remains below the 39 per cent ceiling recently announced by Mr. Flaherty,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“The average household in the GTA continues to benefit from a considerable amount of flexibility to account for higher interest rates moving forward,” continued Mercer.

If you wish to get a detailed report you could contact me and I would be happy to email it to you.

Regards,
Zeenia Kola
Sales Representative with Re/Max Realty Specialists Inc., Brokerage
Email: zeenia@zeeniakola.com
Ph: 905-828-3434
Add: 2691 Credit Valley Rd, #101, Mississauga, L5M 7A1
Website: http://www.zeeniakola.com/
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Linkedin

Thinking of selling your home in the next 1 or 2 months? For free and confidential Market Evaluation of your home click here

Are you looking to buy your dream home. Contact me today!