Tuesday, December 9, 2014
Monday, December 8, 2014
TORONTO REALTORS® RELEASE NOVEMBER HOUSING MARKET FIGURES
TORONTO, December 4, 2014 - Toronto Real Estate Board
President Paul Etherington announced that Greater Toronto REALTORS® reported 6,519 residential transactions
through the TorontoMLS system in November 2014. This result was up by 2.6 per cent compared to 6,354 sales
reported in November 2013. Through the first 11 months of 2014, total sales amounted to 88,462 - up 6.6 per cent
compared to the same period in 2013.
While the trend of year-over-year sales growth continued,
the supply of listings remained constrained, with active listings at the end of November down in comparison to last
year.
"Even with a constrained supply of homes for sale in
many parts of the Greater Toronto Area, buyers continued to get deals done last month. Households remain upbeat about
home ownership because monthly mortgage payments remain affordable relative to accepted lending standards.
This is coupled with the fact that housing has proven to be a quality long-term investment," stated Mr.
Etherington.
The average selling price for November transactions was up
by 7.4 per cent year-over-year to $577,936. The yearto-date average price was up by 8.4 per cent to $567,198. The MLS(R)
Home Price Index Composite Benchmark price for November was up by 7.7 per cent compared to a year
earlier.
"The robust average price growth experienced throughout
2014 has been fundamentally sound, with demand high relative to supply. Strong competition between buyers has
exerted upward pressure on selling prices. Barring a substantial shift in the relationship between sales and
listings in the GTA, price growth is expected to continue through 2015," said Jason Mercer, TREB's Director of
Market Analysis
Friday, November 7, 2014
Greater Toronto REALTORS® Report Resale Housing Market Figures October 2014
TORONTO, November 5, 2014 – Toronto Real Estate Board
President Paul Etherington announced that
Greater Toronto Area REALTORS® reported 8,552 sales through
the TorontoMLS system in October
2014. This result represented an increase of 7.7 per cent
compared to October 2013. New listings were
also up on a year-over-year basis, but by a lesser 3.4 per
cent.
“Strong growth in sales was evident across all major home
types during the first full month of fall. This
suggests that there are a lot of households across the
Greater Toronto Area who remain upbeat about
the benefits of home ownership over the long term, whether
we’re talking about first-time buyers or
existing home owners looking to change their housing
situation,” said Mr. Etherington.
The average selling price for October 2014 transactions was
$587,505 – up 8.9 per cent compared to the
average of $539,286 reported for October 2013. The MLS® HPI
composite benchmark price was up by
8.3 per cent over the same period. Low-rise home types,
including singles, semis and town houses,
continued to be the driver of year-over-year growth in the
average price and the MLS® HPI composite
benchmark.
“While sales growth has tracked strongly so far this fall,
many would-be home buyers have continued to
have difficulties finding a home due to the constrained
supply of listings in some parts of the Greater
Toronto Area, particularly where low-rise home types are
concerned. The resulting sellers’ market
conditions are forecast to drive strong price growth through
the remainder of 2014 and indeed into 2015
as well,” said Jason Mercer, TREB’s Director of Market
Analysis.
Wednesday, October 8, 2014
Greater Toronto REALTORS® Report Monthly MLS Housing Figures September 2014
TORONTO, October 3, 2014 – Toronto Real Estate Board President Paul Etherington announced that
there were 8,051 transactions reported through the TorontoMLS system in September 2014. This result
represented a 10.9 per cent increase compared to September 2013. On a year-to-date basis through the
first three quarters of the year, sales were up by 6.9 per cent annually to 73,465.
"Despite a persistent shortage of listings in some market segments, we have experienced strong growth
in sales though the first nine months of 2014. This is evidence that GTA households remain upbeat about
purchasing a home. The majority of home buyers purchase a home using a mortgage. The share of the
average household's income dedicated to their mortgage payment remains affordable, which is why buyer
interest has remained solid," said Mr. Etherington.
The average selling price for September 2014 transactions was $573,676 – up by 7.7 per cent compared
to the same period in 2013. Average year-over-year price growth was strongest in the City of Toronto,
both for low-rise home types like detached and semi-detached houses and for condominium apartments.
The average selling price year-to-date was $563,813 – up 8.5 per cent compared to the first nine months
of 2013.
"If the current pace of sales growth remains in place, we could be flirting with a new record for residential
sales reported by TREB Members this year. On the pricing front, the multitude of willing buyers in the
marketplace coupled with the short supply of listings will continue to translate into very strong annual
rates of price growth in the fourth quarter," said Jason Mercer, TREB's Director of Market Analysis.
Monday, September 8, 2014
Greater Toronto REALTORS® Report Monthly Resale Housing Figures - August 2014
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 per
cent compared to 7,391
transactions reported in August 2013. Year-to-date sales through the end of
August amounted to 65,454,
which represented an increase of 6.5 per cent compared to the same period in
2013.
“The last
full month of summer ended on a high note. As we look toward the fall market, I
expect that demand for
ownership housing will remain strong. Home buyers will continue to benefit from
a diversity of
affordable home ownership opportunities throughout the GTA. The fact that sales
were up for all major home types in August suggests that first-time buyers and
existing home owners remain very active in today’s marketplace,” said Mr.
Etherington.
The average
selling price in August 2014 was $546,303 – up 8.9 per cent in comparison to
the average of $501,677 reported
in August 2013. The year-to-date average price through August was $562,504,
which represented
an increase of 8.5 per cent in comparison to the same period in 2013.
“The number
of listings in August was down in comparison to last year, while the number of
sales increased.
This means that sellers’ market conditions remained in place with a lot of
competition between buyers. This is why we continued to see strong price growth
last month. Looking forward, if sales growth continues to outstrip listings
growth, the average selling price should continue to increase on a year-over
year basis.” Said Jason Mercer, TREB’s Director of Market Analysis.
Thursday, August 21, 2014
Sales and Average Price Up Year-Over-Year in July ---2014
August 7, 2014 -- Toronto Real Estate Board President
Paul Etherington reported strong year-over-year growth for July 2014 sales and
the average selling price. Sales reported by TREB Members through the
TorontoMLS system were up by 10 per cent to 9,198. This was the second-best
July sales result on record. “The second half of 2014 started where the first half left off, with very
strong demand for the diversity of affordable home ownership options in the
Greater Toronto Area. Sales were up strongly for most major home types and
market conditions actually tightened, with sales growth outpacing listings
growth. The result was average price growth well-above the rate of inflation,”
said Mr. Etherington.
The average selling price for
July 2014 sales was $550,700 – up by 7.5 per cent compared to 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 11 per cent. The
better-supplied condominium apartment segment experienced average price growth
of 5.3 per cent for the GTA as a whole.
“Strong demand for ownership
housing will underpin robust average price increases for the remainder of 2014.
In fact, the pace of price growth that we have experienced over the past year
will continue until growth in listings outpaces growth in sales for a sustained
period of time,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Monday, July 7, 2014
GREATER TORONTO REALTORS® REPORT RESALE HOUSING MARKET FIGURES ..June 2014
TORONTO,
July 4, 2014 – Stepping into his role as President of the Toronto Real Estate
Board, Paul
Etherington
announced a strong increase in residential sales reported through the TorontoMLS
system in June. Sales were up by 15.4 per cent year-over-year to 10,180
transactions. New listings were also up
compared to
the same period in 2013, but by a lesser annual rate. This means that
competition between
buyers
increased in June.
“Home buyers
in the Greater Toronto Area are confident in their ability to purchase and
affordably pay for a home. Generally speaking, buyers feel that ownership
housing will be a good investment over the long term. This is why we continued
to see increases in home sales in June for all major home types across the GTA.
Given the degree of pent-up demand in the market today, I would expect to see
sales growth continue through the summer,” said Mr. Etherington.
The average
selling price for June transactions was $568,953, representing an increase of
7.4 per cent
compared to
June 2013. The strongest price increase for the GTA as a whole was for
semi-detached
houses, with
the average price up by 9.7 per cent year-over-year. The pace of price growth
for
condominium
apartments was also strong at 6.8 per cent.
“With less
than two months of inventory in many parts of the GTA, it makes sense that we
continued to
experience
very strong price growth in June. This is especially the case for low-rise home
types like
singles,
semis and townhouses. Strong price growth for these home types will continue
through the
remainder of
2014. Despite higher inventory levels, the condominium apartment market segment
has
benefitted
from enough buyer interest to result in above-inflation price growth,” said
Jason Mercer,
TREB’s
Senior Manager of Market Analysis.
Wednesday, June 4, 2014
GREATER TORONTO REALTORS® REPORT RESALE HOUSING MARKET -- May 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 ago.
Total TorontoMLS sales for May 2014 amounted to 11,079 – a
new high for the month
of May. This result was up by 11.4 per cent compared to
9,946 sales reported in May
2013. 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.
“We are now at the peak of the spring market when we
generally see the greatest
number of sales and the highest average selling prices.
Based on the May statistics,
buyers have been more active this spring compared to last
year. Despite strong price
growth so far in 2014, many households remain comfortable
with the monthly mortgage
payments associated with the purchase of a home, as
borrowing costs have remained
at or near record lows over the past few months,” said Ms.
Usher.
Average selling prices varied across the Greater Toronto
Area, depending on
geography and home type. A detached home in the City of
Toronto sold, on average,
for $943,055. In the surrounding GTA regions, the average
detached price was
$648,439. The average price for condominium apartments was
$401,809 in the City of
Toronto and $307, 307 in the surrounding regions.
“The listings situation in the GTA did not improve this past
May. With listings down and
sales up compared to last year, competition between buyers
increased. The result was
price growth 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 point out that even though the
condo apartment market segment
remains comparatively well-supplied, as new project
completions have generally led to
an uptick in listings, we have seen enough buyer interest to
prompt strong condo price
growth as well,” continued Mercer.
Friday, May 9, 2014
GREATER TORONTO REALTORS® REPORT RESALE HOUSING MARKET FIGURES April 2014
TORONTO, May 6, 2014 - Toronto Real Estate Board President
Dianne Usher
announced that during April – the first full month of spring
– Greater Toronto
REALTORS® reported a 1.8 per cent year-over-year increase in
sales through the
TorontoMLS system. Total April 2014 sales amounted to 9,706,
compared to 9,535
transactions in April 2013.
“April marked the beginning of the spring market, during
which time we generally see
the highest monthly sales totals in a given year. Despite
the persistent shortage of
listings, a substantial number of GTA residents were able to
come to terms on a home
that met their needs. 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
listings. Studies and polling
suggest that the additional upfront land transfer tax in the
City of Toronto has prompted
some households to stay put and renovate rather than list
their home and move. In the
broader GTA context, above-trend home sales in the years
leading up to the recession
have meant that many households who purchased during this
period simply aren’t ready
to move again,” continued Ms. Usher.
The average selling price for April 2014 sales was $577,898
– up by 10.1 per cent
compared to the April 2013 average of $524,868. The MLS®
Home Price Index (HPI)
Composite Benchmark was up by seven per cent year-over-year.
The MLS® HPI strips
away price fluctuations resulting from a change in the mix
of home types sold from one
period to the next.
“Price growth for the GTA as a whole was driven by the
single-detached, semi-detached
and townhouse market segments in the City of Toronto. So far
this year, there has
been no relief on the listings front for these home types in
many neighbourhoods in
Toronto and surrounding regions. Until we see a marked and
sustained increase in
listings, we should expect to see the annual rate of price
growth above the long-term
norm,” said Jason Mercer, the Toronto Real Estate Board’s
Senior Manager of Market
Analysis.
Thursday, April 10, 2014
Sales and Average Price Up in March... 2014
April 3, 2014 -- Toronto Real Estate Board President
Dianne Usher announced that Greater Toronto Area REALTORS® reported strong
year-over-year increases in TorontoMLS home sales and the average selling price
in March 2014. Home ownership affordability, backstopped by low borrowing
costs, continued to be a key factor underlying this growth.
A total of 8,081 sales were reported in March 2014 – up by 7.2 per cent in
comparison to March 2013. Sales growth was much stronger in March compared to
the first two months of the first quarter. Sales for Q1 as a whole were up by
three per cent compared to the first three months of 2013.
“Sales activity in the GTA
accelerated last month. Compared to last year, a greater number of buyers found
affordable home ownership options, as evidenced by sales growth for all major
home types. Against this backdrop, however, overall inventory at the end of
March remained lower than last year. This means competition between buyers
increased, which is why the average selling price continued to climb,” said Ms.
Usher.
The average selling price for
March 2014 sales was $557,684 – an increase of almost eight per cent compared
to the average reported for March 2013. The average price for the first quarter
of 2014 was up by 8.5 per cent year-over-year.
“With borrowing costs
remaining low, and in fact declining, strong home ownership demand will
continue to butt up against a constrained supply of listings. Strong price
growth will be the result for the remainder of 2014. If the pace of price
growth experienced in the first quarter is sustained, TREB may revise its
outlook for the average selling price,” said Jason Mercer, TREB’s Senior
Manager of Market Analysis.
Wednesday, March 5, 2014
Toronto MLS Sales Up in February 2014
March 5, 2014 -- Toronto Real Estate Board President
Dianne Usher announced 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 February sales amounted to 5,731 compared to 5,613 last year.
“Despite the continuation of
inclement weather in February, we did see a moderate uptick in sales activity
last month. The sales increase was largely driven by resale condominium
apartments. New listings of resale condominium apartments were up on a
year-over-year basis, giving buyers ample choice. This is in contrast to the
listings situation for singles, semis and townhomes, where supply continued to
be constrained. Some would-be buyers had difficulty finding a home that met
their needs,” said Ms. Usher.
“If we see renewed growth in
listings for low-rise home types, the pace of sales growth will accelerate as
we move through the year,” Ms. Usher continued.
The average selling price for
February 2014 sales was up by 8.6 per cent to $553,193, compared to the average
of $509,396 reported for February 2013. The MLS® Home Price Index (HPI)
Composite Benchmark was up by 7.3 per cent year-over-year.
“While the strong price
growth experienced over the last year should prompt an improvement in the
supply of listings, sellers’ market conditions will continue to prevail this
year. Home prices, on average, will trend upwards at a pace well-above the rate
of inflation. The impact of strong price growth on affordability will be
mitigated by low borrowing costs,” said Jason Mercer, TREB’s Senior Manager of
Market Analysis.
Thursday, February 6, 2014
GREATER TORONTO REALTORS® REPORT LATEST MONTHLY RESALE MARKET FIGURES - January 2014
TORONTO, February 5, 2014 – Home ownership in the Greater
Toronto Area remains affordable and
there are many people looking to purchase a home. In
January, the number of homes listed for sale was
down quite strongly compared to last year, which means that
it was difficult for some buyers to find a
home.
Greater Toronto Area REALTORS® reported 4,135 sales through
the TorontoMLS system in January
2014. This result was down by 2.2 per cent in comparison to
January 2013. New listings entered into the
system were down over the same period by 16.6 per cent to
8,822.
“Looking forward, it is possible that strong price growth,
and therefore an increase in home equity, will act
as a trigger for more households to list their homes for
sale. This is especially the case for households
whose life styles are changing, including those with an
expanding family looking for a larger home or
empty nesters looking to downsize,” said Dianne Usher,
President, Toronto Real Estate Board.
The average selling price for January 2014 sales was
$526,528 – up by more than nine per cent
compared to $482,080 in January 2013.
singles, semis and town homes in the City of Toronto and
surrounding regions will continue to exert
upward pressure on selling prices. At the same time,
mortgage rates will remain near historic lows, so
despite strong price growth, home ownership will remain
affordable for the average household in the
GTA,” said Jason Mercer, TREB’s Senior Manager of Market
Analysis.
Wednesday, January 8, 2014
REALTORS..Call For Home Buying Tax Relief For Everyone.
TORONTO, January 7, 2014 - With the City of Toronto Budget Committee wrapping-up its review of the
City’s 2014 Budget today, the Toronto Real Estate Board (TREB) is calling for City Council to move
forward with providing relief from the Toronto Home Buying Tax (Land Transfer Tax) for all home buyers,
and to continue providing dedicated relief for first-time home buyers. TREB’s views are being echoed by
thousands of Torontonians who have been contacting City Councillors by email and other means.
“The Home Buying Tax hurts people when they can least afford it. It penalizes people like growing
families or retirees. City Council should do its part in keeping Toronto affordable by providing relief from
the Home Buying Tax for all home buyers,” said Dianne Usher, President, Toronto Real Estate Board.
The City’s Budget Committee will be considering a motion to almost eliminate the Land Transfer Tax on
the first $250,000 value of a property, for all home buyers, but to also eliminate the existing rebate that
provides relief for first-time home buyers on the amount of Land Transfer Tax payable up to a $400,000
home. If implemented, such a proposal would mean that repeat home buyers would pay about $2,000
less Land Transfer Tax, which TREB believes is a good step in the right direction. However, the proposal
would also result in first-time home buyers paying an additional $1,695 in Land Transfer Tax. TREB has
spoken out against the proposal to make first-time home buyers pay more Land Transfer Tax, telling the
Budget Committee that all home buyers, including first-time buyers, deserve relief from the Land Transfer
Tax. In addition, TREB pointed out that first-time home buyers deserve more relief, not less, because the
current first-time buyer rebate caps out on a $400,000 home, but the current average price of a Toronto
home is approximately $570,000 and rising.
“Even first-time home buyers purchasing below average–priced properties are currently being forced to
pay thousands of dollars in Toronto Home Buying Tax. Any proposal to eliminate the first-time buyer
rebate would make this situation worse. First-time home buyers deserve more relief, not less,” said Von
Palmer, TREB’s Chief Government and Public Affairs Officer.
TREB has also pointed out to the City’s Budget Committee that the current tax rates of the Home Buying
Tax are regressive because they force people purchasing below-average priced homes to pay the highest
tax rate. Currently, the highest Land Transfer Tax rate kicks in on homes priced over $400,000 for ALL
home buyers, considerably lower than the City’s current average price of approximately $570,000 and
rising.
“The Home Buying Tax has become more and more regressive as home prices have increased, because
its tax rates have not been adjusted with inflation. Someone purchasing a home priced below the City’s
average price is being charged the highest tax rate. That’s not right,” said Palmer.
TREB is encouraging the public to visit www.LetsGetThisRightToronto.ca to tell City Council to do the
right thing and phase out the Home Buying Tax. Thousands of Torontonians have already done so.
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