Tuesday, December 8, 2015
GTA REALTORS® RELEASE MONTHLY RESALE HOUSING FIGURES BEST RESULT ON RECORD FOR THE MONTH OF NOVEMBER 2015
TORONTO, ONTARIO -- December 3, 2015 – Toronto Real Estate
Board President Mark McLean announced that Greater Toronto Area REALTORS®
reported 7,385 home sales through TREB’s MLS® System in November 2015 – up by
14 per cent compared to November 2014. This result also represented the best
result on record for the month of November. Sales through the first eleven
months of 2015 amounted to 96,401. “Not only did we see a record sales result
for November, but with one month left to go in 2015, we have already set a new
calendar year record for home sales in the TREB market area, eclipsing the
previous record set in 2007. Sales were up on a year-over-year basis for all
major home types, both in the City of Toronto and surrounding regions. This
suggests that the demand for ownership housing is widespread, from first-time
buyers to long-time homeowners across the GTA,” said Mr. McLean. The MLS® Home
Price Index (HPI) Composite Benchmark was up by 10.3 per cent year over year in
November. The average selling price for all transactions was also up by a
similar annual rate of 9.6 per cent to $632,685. Annual rates of average price
growth for November and the first eleven months of 2015 were similar, with the
strongest rates of increase being reported for low-rise home types, including
detached and semi-detached houses and townhouses. “Demand for ownership housing
has remained strong in the GTA throughout 2015, with sales generally increasing
at a greater annual rate compared to new listings. This means that competition
between buyers has strengthened in many neighbourhoods in the City of Toronto
and surrounding regions. The end result has been upward pressure on home prices
well above the rate of inflation in most cases,” said Jason Mercer, TREB’s
Director of Market Analysis
Thursday, November 12, 2015
GTA REALTORS® RELEASE MONTHLY RESALE HOUSING FIGURES TORONTO October 2015
November 5, 2015 – Toronto Real Estate Board President Mark McLean
announced that Greater Toronto Area REALTORS® reported 8,804 home sales through
TREB’s MLS® System in October 2015. This is the best result on record for the
month of October. “It is clear that many GTA households remain upbeat about
home ownership because owning a home represents a high quality, long-term
investment. We will see a big, new record this year for home sales reported
through TREB’s MLS® System,” said Mr. McLean. “Despite the record October
result, I must point out that the Government of Ontario could hamper home sales
in the near future. The Wynne government is seriously considering allowing
municipalities throughout Ontario to institute a second land transfer tax on
top of the existing provincial tax. Recent polling has shown that the great
majority of Ontarians oppose this tax and would consider delaying a move if
they were forced to bear the additional upfront cost,” added Mr. McLean. The
MLS® Home Price Index (HPI) Composite Benchmark was up by 10.3 per cent year
over year in October. Over the same period, the average selling price for all
home types combined was up by 7.3 per cent to $630,876. Price growth continued
to be driven by the low-rise market segments. “Record sales coupled with a
constrained supply of listings in many GTA neighbourhoods has underpinned very
strong price growth throughout 2015. Even if we do see a greater supply of
low-rise listings in the marketplace over the next year, market conditions will
remain tight enough to see continued price growth well-above the rate of
inflation,” said Jason Mercer, TREB’s Director of Market Analysis.
Wednesday, October 7, 2015
Monday, October 5, 2015
GTA REALTORS® RELEASE MONTHLY RESALE HOUSING FIGURES TORONTO for September 2015
October 5, 2015 – Toronto Real Estate Board President Mark
McLean announced that Greater Toronto Area REALTORS® reported a record number
of transactions for the month of September through TREB’s MLS® System. There
was a combined 8,200 home sales reported for September 2015. This result was up
2.5 per cent compared to September 2014. TREB MLS® sales through the first nine
months of 2015 amounted to 80,331, which also represented a record result and a
9.5 per cent increase compared to the first three quarters of 2014. “We are on
track for record home sales reported through TREB’s MLS® System this year.
Barring a drastic shift in the economy over the next three months, total
transactions reported by TREB Members in 2015 are expected to be at or near the
100,000 mark. This is a testament to the importance that GTA households put on
home ownership as a long term investment,” said Mr. McLean. The MLS® Home Price
Index (HPI) Composite Benchmark Price was up by 10.5 per cent year over year.
The average selling price for all home types combined was also up by 9.2 per
cent annually to $627,395. Growth in the MLS® HPI Composite Benchmark and the
average price was driven by the low-rise market segments, including detached
and semidetached houses and townhouses. “While September was the second
straight month where annual growth in new listings outstripped annual growth
sales, total active listings at the end of the month still remained below last
year’s level. This, coupled with the record pace of sales experienced so far
this year, suggests that competition between buyers will remain strong as we
move into the fourth quarter. Expect strong rates of price growth to continue
through the remainder of 2015 and into 2016,” said Jason Mercer, TREB’s
Director of Market Analysis.
Tuesday, September 15, 2015
Market Watch August 2015
TORONTO, September 4, 2015 – Toronto Real Estate Board
President Mark McLean announced that Greater Toronto Area REALTORS® reported
7,998 residential transactions through the TREB MLS® System in August 2015.
This result represented a 5.7 per cent increase compared to 7,568 sales
reported in August 2014. On a GTA-wide basis, sales were up for all major home
types. The annual growth rate in new listings was greater than the annual
growth rate in sales, but active listings at the end of August were still down
compared to last year. This suggests that sellers’ market conditions remained
in place, especially where low-rise home types like singles, semis and
townhouses were concerned. “Buyers in the GTA remain confident in their ability
to purchase and pay for a home over the long term. They see ownership housing
as a quality investment that has historically produced positive returns while
at the same time providing owners with a place to live in their chosen
community,” said Mr. McLean. Both the MLS® Home Price Index (HPI) Composite
Benchmark and the average selling price for all home types combined were up
substantially in August compared to the same period in 2014, with both
increasing by approximately 10 per cent year-over-year. “A record year for home
sales continued to unfold in August as competition between buyers exerted
upward pressure on selling prices. It was encouraging to see annual growth in
new listings outstrip annual growth in sales, but we will need to see this for
a number of months before market conditions become more balanced," said
Jason Mercer, TREB's Director of Market Analysis.
Thursday, August 13, 2015
Market Watch July 2015
August 6, 2015 -- Toronto Real Estate Board President Mark
McLean announced record home sales for the month of July. Greater Toronto Area
REALTORS® reported 9,880 sales through TREB's MLS® System, representing an
eight per cent increase compared to July 2014. The number of transactions were
up for all major home types, including a doubledigit year-over-year increase in
condominium apartment sales.
"As we move towards a new record
for home sales this year, it is important to point out that home ownership
demand has been driven not only by low borrowing costs, but also by the fact
that the GTA economy has been performing quite well, with the unemployment rate
lower compared to last year. Home buyers remain confident in the long-term
benefits of owning a home," said Mr. McLean.
The MLS® Home Price Index (HPI)
Composite Benchmark, which accounts for benchmark home prices in communities
throughout the TREB market area, was up by 9.4 per cent yearover- year in July
2015. Over the same period, the average selling price was up by a slightly
greater amount, growing by 10.6 per cent annually to $609,236.
Detached homes continued to lead the
way in terms of price increases, with annual growth in the average selling
price outstripping growth in the MLS® HPI detached benchmark. This suggests
that there continued to be a greater share of high-end homes sold this year
compared to last.
"With the level of inventory in
the GTA trending below two months, many listings continued to generate a lot of
interest from buyers. Not surprisingly, this supported further price increases
well-above the rate of inflation. Assuming similar interest rate and economic
environments over the next five months, strong price growth will remain the
norm for the rest of 2015," said Jason Mercer, TREB's Director of Market
Analysis.
Tuesday, July 14, 2015
Record Sales and Strong Price Growth in June 2015
July 7, 2015 -- Toronto Real Estate Board President Mark
McLean announced that Greater Toronto Area REALTORS® reported 11,992 sales
through TREB’s MLS® System in June 2015. This result represented a new record
for the month of June and an 18.4 per cent increase over the June 2014 result
of 10,132.
“As I begin my term as TREB President, I think it is important to point out
that our region continues to grow in response to our diverse economic, ethnic
and cultural bases. The GTA consistently receives international accolades as
one of the best places in the world to live and do business. As the number of
households grow, many of them will take advantage of the diversity of
affordable home ownership opportunities that exist in Toronto and the
surrounding areas,” said Mr. McLean.
Selling prices were up markedly
on a year-over-year basis in June, for all major home types. The MLS® Home
Price Index (HPI) Composite Benchmark was up by 8.9 per cent in comparison to
June 2014. The average selling price was up by 12.3 per cent over the same
period to $639,184.
High-end homes have accounted
for a greater share of overall transactions this year compared to last year.
This is the key reason why the average selling price has increased at a greater
annual rate than the MLS® HPI Composite Benchmark.
“It is encouraging to see that
new listings have edged upward so far this year, as homeowners have reacted to
strong home price growth and have looked to take advantage of increased equity
in their homes. However, the annual rate of sales growth continues to far
outstrip listings growth, which means that there remains a lot of willing
buyers in the marketplace who haven’t found a home that meets their needs. As
long as this situation persists, expect home prices to trend strongly upward,”
said Jason Mercer, TREB’s Director of Market Analysis.
Thursday, May 7, 2015
Market Watch Record Sales in April 2015
May 5, 2015 -- Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 11,303 sales in April 2015. This was the highest sales result on record for the month of April and represented a 17 per cent increase in comparison to April 2014. While sales increased strongly on a year-over-year basis, new listings were up over the same period by a more moderate five per cent.
“The record April result clearly points to the fact that a growing number of GTA households view ownership housing as a high quality, long-term investment. This is evidenced by the strong sales growth we have experienced in Toronto and surrounding regions for all major home types. Firsttime buyers and existing homeowners remain very active in today’s market,” said Mr.Etherington.
The overall average selling price, which accounts for all homes reported sold by GTA REALTORS® in April 2015, was up by 10 per cent year-over-year to $635,932. The MLS® Home Price Index (HPI) Composite Benchmark, which estimates the price of a benchmark home with the same attributes from one period to the next, was up by 8.4 per cent over the same period. The fact that average price growth outpaced growth for the MLS® HPI Composite Benchmark, suggests that a greater share of higher-end homes changed hands this year compared to last.
Irrespective of the indicator used, price growth in the GTA was strongest for low-rise home types. However, the better supplied condominium apartment segment also remained healthy with price growth above the rate of inflation.
“Demand for ownership housing was very high relative to the number of homes available for sale in April. This situation is not expected to change markedly as we move through the remainder of 2015. Until we experience a sustained period in which listings grow at a faster pace than sales, annual rates of home price growth will remain strong,” said Jason Mercer, TREB’s Director of Market Analysis.
Thursday, April 23, 2015
Market Watch for March 2015
Sales
and Price Up Year-Over-Year in March 2015
April 7, 2015 -- Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 8,940 sales in March 2015. This result represented an 11 per cent increase compared to March 2014. Sales were up for most major home types, both in the City of Toronto and the surrounding regions. New listings were also up, but by a lesser 5.5 per cent, indicating tighter market conditions.
April 7, 2015 -- Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 8,940 sales in March 2015. This result represented an 11 per cent increase compared to March 2014. Sales were up for most major home types, both in the City of Toronto and the surrounding regions. New listings were also up, but by a lesser 5.5 per cent, indicating tighter market conditions.
“Home sales increased compared to last year as the cost of home ownership
remained affordable, with lower interest rates going a long way to mitigate the
effect of rising home prices. However, a substantial amount of pent-up demand
remains in place, especially as it relates to low-rise market segments. This
suggests that strong competition between buyers, which has fuelled strong price
growth so far this year, will continue to be experienced throughout the
spring,” said Mr. Etherington.
In March, the average selling
price for all reported transactions was $613,933 – up 10 per cent
year-over-year. The MLS® HPI Composite Index, which tracks benchmark homes with
the same attributes from one period to the next, was up by 7.9 per cent.
Average price growth was strongest for detached homes in the City of Toronto,
at 15.9 per cent. Over the same period the detached MLS® HPI in the '416' area
code increased 7.8 per cent.
The MLS® HPI provides a clear
indication of price growth due to market forces - the relationship between
demand and supply. Comparing MLS® HPI growth to average price growth provides a
sense of the changing mix of home types sold from one period to the next.
"It is clear that seller's
market conditions in many parts of the GTA are driving price growth. However,
looking at the detached market segment in the City of Toronto in particular,
growth in the average selling price outstripped growth in the MLS® HPI. This
points to the fact that the mix of detached homes sold this year compared to
last has shifted towards more expensive properties," said Jason Mercer, TREB's
Director of Market Analysis.
Tuesday, March 10, 2015
GREATER TORONTO REALTORS® REPORT MONTHLY RESALE MARKET FIGURES February 2015
TORONTO,
March 4, 2015, Toronto Real Estate Board President Paul Etherington
announced that Greater Toronto Area REALTORS® reported 6,338 home sales through
the TorontoMLS system in February 2015. This result represented a substantial
11.3 per cent year-over-year increase compared to February 2014. Large annual
increases in transactions were noted for most major home types, in the City of
Toronto and surrounding GTA regions. “Even with the record low temperatures
last month, we still saw an increase in the number of people purchasing homes
in the GTA. This speaks to the importance households place on home ownership
and the fact that buyers continue to view ownership housing as a quality
long-term investment in which they can live,” said Mr. Etherington. The overall
supply of homes for sale, as measured by the count of active listings at the
end of February 2015, was down by 8.7 per cent compared to the same count in
February 2014. This means that market conditions became tighter, leading to
more competition between buyers. The overall average selling price for February
2015 home sales was $596,163 – up by 7.8 per cent compared to the average for
February 2014. Driving this increase was the detached market segment. In the
City of Toronto, the average detached selling price moved above $1 million
dollars for the first time in a calendar month. “The strong year-over-year
price growth we experienced in February points to the robust demand for
ownership housing in the GTA, coupled with a constrained supply of homes for
sale in some market segments, especially where low-rise home types like
singles, semis and townhouses are concerned,” said Jason Mercer, TREB’s
Director of Market Analysis.
Wednesday, February 18, 2015
GREATER TORONTO REALTORS® REPORT MONTHLY RESALE MARKET FIGURES January 2015
TORONTO, February 4, 2015 - Toronto Real Estate Board President Paul
Etherington announced a strong start to 2015, with robust year-over-year sales
and average price growth in January. Greater Toronto Area REALTORS® reported
4,355 home sales through the TorontoMLS system during the first month of the
year. This result represented a 6.1 per cent increase over January 2014. During
the same period, new listings were up by 9.5 per cent. "The January
results represented good news on multiple fronts. First, strong sales growth
suggests home buyers continue to see housing as a quality long-term investment,
despite the recent period of economic uncertainty. Second, the fact that new
listings grew at a faster pace than sales suggests that it has become easier
for some people to find a home that meets their needs," said Mr.
Etherington. The average selling price for January 2015 home sales was up by
4.9 per cent year-over-year to $552,575. The MLS® Home Price Index (HPI)
Composite benchmark was up by 7.5 percent compared to January 2014. "Home
price growth is forecast to continue in 2015. Lower borrowing costs will
largely mitigate price growth this year, which means affordability will remain
in check. The strongest rates of price growth will be experienced for low-rise
home types, including singles, semis and town houses. However, robust enduser demand
for condo apartments will result in above-inflation price growth in the
high-rise segment as well," said Jason Mercer, TREB's Director of Market
Analysis
Wednesday, January 7, 2015
Greater Toronto REALTORS® Report Resale Housing Market Figures December 2014
TORONTO, January 7, 2015 - Toronto Real Estate Board
President Paul Etherington announced that Greater Toronto REALTORS® reported 92,867
residential sales through the TorontoMLS system in 2014, including 4,446 in
December. The calendar year 2014 sales result represented a 6.7 per cent increase
over the 2013 sales figure of 87,049 and was just short of the record set in 2007.
"TREB's 2014 sales figures are a testament to the
importance Greater Toronto Area households continue to place on home ownership. GTA
households realize that home purchases have been a quality long-term investment. While
home prices certainly increased substantially in 2014, the purchase of an average
priced home remained affordable, in terms of the average household's ability to
comfortably cover their monthly mortgage payments," said Mr. Etherington.
The average selling price continued to grow on a
year over-year basis in calendar year 2014, with an 8.4 per cent increase over calendar year 2013
to $566,726. This included a seven per cent increase in the December 2014 average
selling price to $556,602.
Throughout 2014, annual increases in the average selling
price and the MLS® HPI Composite Benchmark were consistently reported on a monthly
basis for most market segments, from detached homes through to condominium
apartments.
"The strong price growth we experienced in 2014 can be
explained with two words: listings shortage. The constrained supply of listings was
especially evident for low-rise home types like singles, semis and town houses. The number
of households looking to purchase these home types increased, while the number of
homes from which they could choose decreased. This situation resulted in more
competition between buyers and more aggressive offers," said Jason Mercer, TREB's
Director of Market Analysis.
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