TORONTO, November 6, 2013 — Greater Toronto Area REALTORS reported Eight thousand home sales through the TorontoMLS system in October 2013 up from 6,713 transactions reported in October 2012. Over the same period, new listings on the TorontoMLS system were down.
"The GTA home ownership market has been broadly identified by a rebound in sales since the summer. Market conditions have been tighter in some market segments way more than others.
"The supply of lists for many home types and price points has either been down year-over-year or at the very least not up by the same yearly rate as sales. Ground-oriented houses listed for below 1,000,000 dollars in some areas of the GTA have been especially well liked by customers, while listings for these home types have been constrained," said Toronto Real-estate Board President Dianne Usher. guarantee on high ratio mortgages for home purchases over one million $ have arguably led many house owners not to list," continued Ms. Usher.
The average selling price for TorontoMLS sales in October 2013 was $539,058 up by more than seven % in comparison to the medium price of $502,127 in October 2012.
"Growth in the average selling price and the MLS HPI Composite Benchmark will continue through 2014. Inventory levels for ground-oriented home types will be low from a historic perspective and home possession demand will stay robust as cost remains in control thanks to the continuation of accommodative borrowing costs," said Jason Mercer, the Toronto Real estate Board’s Senior Manager of Market Analysis.
October 16, 2013 — Greater Toronto Area REALTORS reported 3,460 sales through the TorontoMLS system in the first Fourteen days of October 2013. This result was up by 21 per cent compared with 2,849 sales reported during the same period in 2012.
"It is also important to note that the supply of ground-oriented listings remains restricted, due partly to the additional land transfer tax and tougher lending rules.
"With October mid-month sales well-above the Ten year average, it appears clear that we have more than recovered from the temporary dip in home transactions that resulted from the start of stricter mortgage lending guidelines," said Toronto Real estate Board President Dianne Usher. If this were not correct, the quantity of sales might have been greater because more households would’ve been able find a home to purchase," continued Ms. Usher.
The average selling price for October mid-month transactions was $536,301 up 7.3 per cent matched against the first Fourteen days of October 2012.
"Price growth has been stronger in the 2nd 1/2 2013, as sales growth has outstripped growth in lists. There have been more customers competing for available properties compared with the first half of the year, which has led on to increased upward pressure on average selling prices," said Jason Mercer, the Toronto Real estate Board’s Senior Manager of Market Analysis.
TORONTO, October 3, 2013 — Greater Toronto Area REALTORS reported 7,411 home sales through the TorontoMLS system in September 2013, representing a 30 % increase compared against 5,687 transactions reported in September 2012. YTD, total home sales reported through TorontoMLS amounted to 68,907 in the first nine months of 2013 down by one percent compared with the same period in 2012. That’s why the third quarter was identified by replenished growth in home sales in the GTA.
"It’s good news that households have revealed that the expenses of home ownership, including home loan payments, remain affordable. We expect to see sales up for what’s left of 2013, as the stored up demand that resulted from stricter mortgage lending suggestions is still satisfied," related Toronto Real Estate Board President Dianne Usher.
The average selling price for Sep transactions was $533,797 up by 6.5 percent year-over-year.
The MLS Home Price Index composite benchmark for September was up by 4 percent year-over-year. Through the 1st three quarters of 2013, the average selling price was $520,118 up by over four percent matched against the first nine months of 2012.
"The price expansion story in Sep continued to be about robust requirement for low-rise home types, joined with a short supply of lists. Even with slower price growth and month-to-month volatility in the condo flat market, overall yearly price expansion has been well above the rate of inflation this year. This eventuality will continue to play out through what’s left of 2013," said Jason Mercer, TREB’s Senior Manager of Market Research.
September 17, 2013 — Greater Toronto Area REALTORS reported 3,158 transactions through the TorontoMLS system during the first Fourteen days of Sep 2013. This result was up by Twenty-nine per cent contrasted to September 2012. Sales were up for all major home types on a year-over-year basis. The condominium loft segment showed the way with powerful sales expansion in the Town of Toronto.
The quantity of new listings entered into the TorontoMLS system was down slightly compared with the same period in 2012.
"The powerful growth in sales that we have seen over the last two-and-a-half months indicates that GTA homes are approaching home ownership with a replenished sense of confidence. The average selling price at mid-month Sep was up by four % on an annual basis to $514,560.
"With months of inventory remaining low from an unprecedented point of view and evidence of tighter market conditions in the summer, the only argument that seems sensible is for continual home price expansion in the Greater Toronto Area for the rest of 2013," said Jason Mercer, TREB’s Senior Manager of Market Analysis.
TORONTO, Sep 5, 2013 — Greater Toronto Area REALTORS reported 7,569 home transactions through the TorontoMLS system in August 2013. This represented a 21 percent increase compared with 6,249 sales in August 2012.
"Sales were up strongly this past Aug for all of the major home types matched against last year. Many households have accounted for the additional costs brought on by tougher mortgage lending guidelines and have reactivated their search for a home. These homes have revealed that a variety of affordable ownership options exist throughout the GTA," recounted Toronto Property Board President Dianne Usher.
The average selling price for Aug 2013 was $503,094 up by almost 5.5 percent compared against the average of $477,170 in August 2012. The MLS Home Price Index ( HPI ) composite baseline was up by 3.7 percent over the same period. With this in mind, tight market conditions are anticipated to promote continued price growth through what’s left of 2013," asserted Jason Mercer, TREB’s Senior Manager of Market Analysis.
July 16, 2013 — Larger Toronto Area REALTORS reported 3,603 home sales through the TorontoMLS system in the first 14 days of July. This result represented a respectable increase of 2.2 % matched against the same period in 2012. Over the same timeframe, the number of new listings entered into TorontoMLS was down by two %.
"The 2nd half of 2013 began with tighter market conditions in the GTA housing market. With sales up and new lists down, it is sensible the yearly rate of price expansion speeded up. This was particularly the argument for single-detached and semi-detached homes in the Town of Toronto, which stayed in really short supply," said Toronto Real estate Board President Dianne Usher. The strongest year-over-year increases were experienced in the single-detached and semi-detached market segments in the City of Toronto with growth rates of 10.7 and 14.1 % respectively. The condominium apartment segment continued to experience moderate average cost expansion.
"Expect a faster speed of average price expansion in the 2nd half of 2013 compared to the first half a year of the year. An enhancement in conditions in the condominium house market will also have a positive impact," said Jason Mercer, TREB’s Senior Manager of Market Analysis.