(Dec. 3, 2015) GTA REALTORS® RELEASE MONTHLY RESALE HOUSING FIGURES BEST RESULT ON RECORD FOR THE MONTH OF NOVEMBER

TORONTO, ONTARIO--(Dec. 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.

GTA REALTORS® RELEASE MONTHLY RESALE HOUSING FIGURES (NOVEMEBER 2015)

TORONTO, 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.

GTA REALTORS® Release Mid-Month Resale Figures

November 19, 2012 -- Greater Toronto Area REALTORS® reported 2,687 transactions through the TorontoMLS system during the first two weeks of November.  This result represented a 17.5 per cent decline compared to the same period in 2011.

  “The reduction of the maximum amortization period to 25 years translated into higher mortgage payments.  Some households will have to save more money for a down payment before purchasing a home, in order to offset these higher mortgage costs.  This is more difficult in the City of Toronto, where households must pay an additional land transfer tax up front.  The abolishment of this tax would allow buyers to have a larger down payment,” said Toronto Real Estate Board (TREB) President Ann Hannah.

  The average selling price during the first 14 days of November was $488,647 – up by 1.7 per cent in comparison to the first 14 days of November 2011.  The median selling price over the same period was up by a greater rate of four per cent to $416,000.  The stronger rate of growth for the median selling price suggests that fewer high-end homes sold this year compared to last.

  “During the first half of November, there were fewer luxury detached homes sold as a percentage of total transactions compared to last year.  The year-over-year change in the mix of detached homes sold in the GTA, rather than a change in market conditions, was responsible for a lower than normal increase in the average detached home price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

GTA REALTORS® RELEASE MONTHLY RESALE HOUSING FIGURES (JULY 2012)

TORONTO, August 3, 2012 – Greater Toronto REALTORS® reported 7,570 sales in July 2012, representing a decline of 1.5 per cent compared to 7,683 sales reported in July 2011. The decline was most pronounced in the condominium apartment segment in the City of Toronto. Total sales in the rest of the Greater Toronto Area (GTA) were up compared to the same period last year.
“Very strong annual sales growth in the first half of 2012 and an earlier peak in sales this spring compared to 2011 help explain more moderate sales this summer. New mortgage lending guidelines and the additional upfront cost of the City of Toronto land transfer tax also prompted some households to put their buying decision on hold,” said Toronto Real Estate Board (TREB) President Ann Hannah.
The average selling price in July 2012 was $476,947 – up by four per cent compared to July 2011. The MLS® Home Price Index (MLS® HPI)* composite index, which allows for an apples-to-apples comparison of benchmark home prices from one year to the next, was up by 7.1 per cent year-over-year.
“The GTA housing market became better-supplied in recent months. Buyers benefitted from more choice in the market place, resulting in less upward pressure on the average home price in July,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
“The mix of homes sold in July 2012 versus July 2011 also appears to have changed, further influencing the average selling price. This is evidenced by the different annual rates of growth between the overall average price and the MLS HPI®,” continued Mercer.

GTA REALTORS® RELEASE MID-MONTH RESALE FIGURES (JULY 2012)

GTA REALTORS® RELEASE MID-MONTH RESALE FIGURES

 

TORONTO, July 18, 2012 -- Greater Toronto REALTORS® reported 3,679 sales through the first 14 days of July 2012, representing a 5.6 per cent increase compared to the 3,484 sales reported for the same period in 2011.  New listings were up by 14.4 per cent over the same time frame.

 

“Housing demand remained strong in the first half of July.  Sales growth occurred in the regions surrounding the City of Toronto.  In the City of Toronto, where sales were down, the relatively higher cost of home ownership likely prompted some buyers to purchase elsewhere in the GTA.  Higher costs in the City of Toronto include the upfront payment of the additional land transfer tax,” said Toronto Real Estate Board (TREB) President Ann Hannah.

 

The average selling price in the first half of July was $473,466 – up by 2.3 per cent compared to last year.  On average, homes sold for 98 per cent of the asking price in 25 days – in line with July 2011.  Price growth was strongest in the City of Toronto, climbing by 3.5 per cent to $496,645.

 

“A better supplied market contributed to a slower annual rate of price growth in July relative to the first half of 2012,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.  “As buyers benefit from more choice in the second half of this year, expect price growth to slow to a more sustainable pace.”

Market Remains Tight with Sales Up in April

May 3, 2012 -- Greater Toronto REALTORS® reported 10,350 transactions through the TorontoMLS system in April 2012. This level of sales was 18 per cent higher than the 8,778 firm deals reported in April 2011. The strongest sales growth was reported in the single-detached market segment, with transactions of this home type up by 22 per cent compared to a year ago.
“Interest in single-detached homes has been very high, both in the City of Toronto and surrounding regions. Growth in single-detached listings has not kept up with demand, which means competition between buyers in this market segment increased. With this in mind, it was no surprise that the strongest annual price increase was also experienced in the single-detached segment,” said Toronto Real Estate Board President, Richard Silver.
The average price for April 2012 transactions was $517,556 – up 8.5 per cent compared to April 2011. While price growth was strongest for single-detached homes, the better-supplied condominium apartment segment experienced a more moderate annual rate of price growth, at four per cent.
“Monthly mortgage payments remain affordable for home buyers in the Greater Toronto Area. While interest rates are generally expected to increase over the next two years, the extent and timing of rate hikes has been thrown into question by slower than expected economic growth in the first quarter of this year. On net, borrowing costs are expected to remain a positive factor influencing home sales through 2012,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

GTA REALTORS® Report Mid-Month Resale Housing Market Figures(April 2012)

GTA REALTORS® Report Mid-Month Resale Housing Market Figures

Toronto, April 18, 2012 – Greater Toronto REALTORS® reported 4,557 transactions through the TorontoMLS system during the first two weeks of April 2012. This result represented an increase of almost seven per cent in comparison to the same period in April 2011. The number of new listings grew over the same period, but by a lesser annual rate than sales, which means market conditions tightened compared to last year.
“Competition between buyers remained strong in many parts of the Greater Toronto Area during the first half of April, with many listings attracting a lot of attention. Strong competition meant that, on average, sellers priced within market value range received offers that matched their asking prices within three weeks,” said Toronto Real Estate Board President Richard Silver.
The average selling price during the first two weeks of April was $506,954 – up by five per cent compared to the first half of April 2011. The annual rate of price growth was stronger in the GTA regions surrounding the City of Toronto.
“Growth in listings has not kept up with growth in sales. In the City of Toronto, new listings for low-rise home types during the first half of April were actually down compared to last year. This helps explain why some of the tightest market conditions in the GTA can be found within the ‘416’ area code,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

GTA REALTORS® Report Mid-Month Resale Housing Market Figures(March 2012)

TORONTO, March 19, 2012 –During the first 14 days of March, Greater Toronto REALTORS® reported 4,215 transactions through the TorontoMLS system, representing a seven per cent increase compared to the same period in 2011. The number of new listings was down by two per cent year-over-year to 6,970.
“Home buyers continue to benefit from the affordable housing situation in the GTA. Immigration to Toronto and surrounding areas adds to the pool of home buyers every year. The economic and ethnic diversity found in the GTA consistently attracts newcomers and foreign investment,” said Toronto Real Estate Board (TREB) President Richard Silver.
The average selling price for transactions between March 1 and 14 was $502,155 – up by more than nine per cent compared to the first 14 days of March 2011. On average, homes sold for 100 per cent of the asking price within three weeks.
“Strong competition between home buyers in many parts of the GTA has resulted in sellers realizing their asking price in a short period of time. The fact that homes are selling for 100 per cent of the asking price, on average, suggests that sellers are very much in tune with the current market situation and know the fair market value of their home,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

GTA REALTORS® Release Resale Monthly Market Figures

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.”

GTA REALTORS® Report Mid-Month Resale Housing Market Figures(FEB 2012)

Toronto, February 16, 2012 – Greater Toronto REALTORS® reported 3,206 sales through the TorontoMLS® system through the first 14 days of February 2012 – up by more than nine per cent compared to the 2,933 sales reported during the same period in 2011. New listings were up by 13 per cent over the same period.
“The GTA resale home market became better supplied during the first 14 days of February. If growth in new listings continues to outstrip growth in sales this year, competition between home buyers will ease. More balanced market conditions on a sustained basis would result in a lower annual rates of price growth later in 2012,” said Toronto Real Estate Board (TREB) President Richard Silver.
The average selling price during the first 14 days of February was $491,493 – up by nine per cent compared to the first 14 days of February 2011. On average, sellers received 99 per cent of their asking price and their homes were on the market for an average of 25 days.
“Both buyers and sellers are aware of the substantial competition that exists for most listings in the GTA. There is not a mismatch in expectations, so homes sell quickly at close to the asking price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

What Will My Mortgage Payments Be On A Monthly basis?

Coming from the gym I got asked this question today and i thought I'd BLOG about it also. It depends on many different factors.

(1) What is the amount of your down payment? Will you be putting a down-payment of 5% and be going through insurance from the CMHC or do you have a 20% payment which will minimize or totally wave the insurance fee? Usually the mortgage fee is worked into your mortgage.

(2) Will your mortgage be opened or closed? What will be the terms of your mortgage? (Payment Frequency, Amortization Period, Mortgage Amount, Interest Rate, and will it be fixed or variable). Remember if you get a 25 year amortization period you will pay off your home sooner and pay less interest in the long run then the 35 year amortization period but your monthly payments will be slightly higher.

(3) What is your credit score?

As always if you have any questions you can E-Mail me or call me direct. I would be happy to answer any questions.

GTA REALTORS® Release Monthly Market Figures for Jan 2012

TORONTO, February 3, 2012 -- Greater Toronto REALTORS® reported 4,567 sales through the TorontoMLS® system in January 2012.  This number was 8.8 per cent higher than the 4,199 sales reported in January 2011.  Sales growth was strongest for low-rise home types in the regions surrounding the City of Toronto.

 

“A favourable affordability picture bolstered by very low posted fixed mortgage rates has kept home buyers confident in their ability to achieve the Canadian goal of home ownership,” said Toronto Real Estate Board President Richard Silver. “The buyer pool remains diverse in the GTA with strong interest in home types across the pricing spectrum,” continued Silver.

 

The average selling price for January 2012 transactions was $463,534 – up by almost nine per cent compared to January 2011.

 

“Low inventory levels have kept competition between buyers strong, resulting in robust annual rates of price growth over the last year.  Strong price growth is expected to attract more listings.  A better supplied market should result in a slower rate of price growth, especially in the second half of 2012,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.