Tight Market Pushes The Average Price Above $500K

Once again sales and prices of homes in the Greater Toronto Area has gone up. Here is the Monthly Sales Report by the Greater Toronto Realtors for the month of March 2012.

Toronto, March 5, 2012 – Greater Toronto REALTORS® reported 7,032 sales in February 2012 – up 16 per cent compared to February 2011. New listings were also up over the same period, but by a lesser 11 per cent to 12,684. It is important to note that 2012 is a leap year, with one more day in February. Over the first 28 days of February, sales and new listings were up by ten per cent and six per cent respectively.
“With slightly more than two months of inventory in the Toronto Real Estate Board (TREB) market area, on average, it is not surprising that competition between buyers has exerted very strong upward pressure on the average selling price. Price growth will continue to be very strong until the market becomes better supplied,” said Toronto Real Estate Board President Richard Silver.
“It is important to note that both buyers and sellers are aware of current market conditions. This is evidenced by the fact that homes sold, on average, for 99 per cent of the asking price in February,” continued Silver.
The average selling price in the TREB market area was $502,508 in February – up 11 per cent compared to February 2011. The Composite MLS® Home Price Index for TREB, which provides a less volatile measure of price growth compared to the average price, was up by 7.3 per cent compared February 2011.
“If tight market conditions continue to result in higher than expected price growth as we move into the spring, expectations for 2012 as a whole will have to be revised upwards,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “While price growth remains strong, the average selling price remains affordable from a mortgage lending perspective for a household earning the average income in the GTA.”

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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October 2011 Real Estate Market Report

The Toronto Real Estate reports that the pace of home sales remains brisk in October. Here is the Report:

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."

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/
Facebook Link

Market Watch - Summer Cool Down Continues

The Canadian resale housing market continues to ease up. July sales dropped significantly when compared with the same month last year. This slow-down is not surprising in the face of tighter mortgage regulations and rising interest rates.
"The level of July sales remained below the expected long-term trend. The market has become more balanced following record monthly sales through most of the winter and early spring," said Toronto Real Estate Board (TREB) President Bill Johnston.
While July sales were down compared to last year, the number of new listings in the marketplace also fell. This means there was enough competition between buyers to exert upward pressure on price.

Ontario - Sales and new listings down, average price up in July

Toronto, August 5, 2010 - Greater Toronto REALTORS® reported 6,564 sales in July – a 34% dip from the record 9,967 sales reported in July 2009. New listings, at 10,825, dropped to the lowest level for the month of July since 2002.
Total sales through the first seven months of 2010 were up 12% compared to the same period in 2009.
Despite the fact that price trends vary at the neighbourhood level in GTA, the average price for July transactions was $420,482, representing a 6% increase over July 2009. Over the first seven months of 2010, the average selling price was up 12% annually to $432,253.
"Market conditions promoting growth in the average selling price have remained in place. While July sales were down compared to last year, the number of new listings in the marketplace also fell. This means there was enough competition between buyers to exert upward pressure on price," said Jason Mercer, TREB's Senior Manager of Market Analysis.
In July, the median price was $361,000, from the $339,900 recorded during July of 2009.

May Sales in GTA Region Remain High

June 3, 2010 -- Greater Toronto REALTORS® reported 9,470 sales through the Multiple Listing Service® (MLS®) in May, representing a 1% dip from May 2009. In comparison to previous years, this was the third highest May sales result on record.

“The pace of transactions slowed in May following record-setting sales in February, March and April,” said Toronto Real Estate Board President Tom Lebour. “Buyers who otherwise would have been purchasing a home in May moved more quickly this year, likely to get ahead of mortgage rate hikes.”

New listings were up 38% annually to 18,940. The average price for May transactions was $446,593 – up 13% compared to the average of $395,609 recorded in May 2009.

“The gap between listings and sales has widened, which means there is more choice for buyers,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The annual rate of price growth will slow in the second half of 2010, from the current double digit pace into the single digits.”

To read the full report http://www.zeeniakola.com/ShowResources.cfm?TypeOfPage=5&Page=1

Warm Regards,
Zeenia Kola
Sales Representative with Re/Max Realty Specialists Inc., Brokerage
Add: 2691 Credit Valley Road, Mississauga, ON L5M 7A1
Ph: 905-828-3434
Email: zeenia@zeeniakola.com
Website: http://www.zeeniakola.com/
or
http://zeeniakola.com/AgentProfile/contactme.cfm

Some Encouraging News and Numbers from the Toronto Real Estate President

February 12, 2010 -- No matter where your travels take you throughout the Greater Toronto Area these days, you’ll find that real estate is on many people’s minds.

From office lobbies to restaurants to subway trains, snippets of conversations about the market can be heard. This is a reflection of how profoundly our city’s real estate market affects all of us. Indeed, the quick bounce back in the real estate market (GTA and Canadian) contributed greatly to the recovery experienced in the economy to date. The Canadian Real Estate Association estimates that each resale home transaction in Canada results in over $46,000 in additional spending across many different sectors of the economy. Obviously, this spending also helps with keeping people employed and creating new jobs as we continue to recover from the recession.

Regardless of whether you’re planning a move in the near future, it’s important to keep up to date on the GTA real estate market as it has such a tremendous impact on the broader economy.
In January, 4,986 homes changed hands throughout the Greater Toronto Area. This figure far exceeds last January’s 2,670 sales, which took place in the depths of our short-lived recession. Most significantly, it is comparable to January 2008’s 5,075 transactions and the 5,173 sales that took place in January 2007, the latter of which was the strongest year on record. Breaking down the numbers, there were 1,973 sales in the 416 Area and 3,013 transactions in the 905 Region last month.

Condominium apartments comprised 47 % of all sales in the 416 and nearly 13 % of all 905 transactions last month. By contrast, at this time a year ago condominiums comprised 43 % of 416 sales and 11 % of 905 transactions, despite the fact that in last year’s struggling economy, a condominium purchase may have been a more affordable option for many homebuyers. Condominium living is becoming an increasingly popular option for a broader array of households in the GTA.

With respect to prices, there is more encouraging news. Currently, the average price of a home in the GTA is $409,058, which represents a 19 % increase over the January 2009 average price of $343,632. The increase was even more significant in the 905 Region, where last January’s average price of $328,935 rose more than 20 % to $396,556 last month. In the 416 Area the average price rose 17 % from $364,416 a year ago to $428,151 in January.

There are currently 12,052 resale homes available for sale throughout the GTA as compared to 20,450 a year ago. As we move toward the spring market though, we can expect more listings as homeowners react favourably to recent months’ activity. The average home price will continue to grow in the GTA, but at a more moderate pace.

To find out more about market conditions in your specific neighbourhood, give me a call or send me an email and I can advise you on recent sales in the area so that you can make informed decisions when planning your next move.


Zeenia Kola with Sales Representative with Re/Max Realty Specialists Inc. Brokerage.
Ph: 905-828-3434
Website: www.zeeniakola.com
Email: zeenia@zeeniakola.com

or visit

http://www.zeeniakola.com/AgentProfile/contactme.cfm