September Rounds Out a Strong Third Quarter

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September Rounds Out a Strong Third Quarter

TREB MarketWatch Sept-2011 SalesActivity AvgPriceGreater Toronto Realtors reported 7,658 sales through the MLS in September 2011 . The number of transactions represented a 25.0% increase compared to September 2010 . New listings , at 14,727, were up by 14% compared to September 2010. Market conditions remained tight as sales growth outstripped growth in new listings.

The number of transactions during the first nine months of 2011 amounted to 70,588-up 2.6% compared to the same period last year.

The year- to-date average price for September 2011 is $464,024-up 8.0%.

” We have experienced strong growth in sales so far this year, with a much more active summer compared to 2010. However , while sales have been strong, we have continued to experience a shortage of listings, resulting in more competition between home buyers,” said Toronto Real Estate Board President Richard Silver . “Over the past few months , the listing situation has started to improve, so we expect home buyers will have more homes to chose from in the months ahead.”

With market conditions remaining tight in the GTA, the average selling price continued to grow strongly in September-up by 9.3% from the same time last year to $465,369.

” Strong price growth through the first nine months of the year was mitigated to a great degree by low interest rates and rising incomes,”said the Toronto Real Estate Board’s Senior Manager of Marker Analysis Jason Mercer. “As buyers continue to take advantage of the affordable home ownership options in the GTA, we remain on pace for the second best year of sales under the current TREB market area.”

Sales of Toronto ( 416 area code) condominium apartments increased by 26% from September 2010. The average price of a Toronto condo increased by 7% from the same time last year.

TREB MarketWatch Sept-2011 SalesActivity AvgPrice ByHomeType

TREB MarketWatch Sept-2011 Economic IndicatorsCondominium apartments accounted for 24.4% of total sales in the the GTA while detached homes accounted for 48.0% of the total sales.

Other notable statistics include the average days on the market for September at 27 days compared to 33 days the same time last year. Active listings were 18,808 in September 2011-down 7.5% from the September 2010. The sales-to-listings ratio for September was 40.7% which is classified as a seller’s market . A ratio from 24%-28% is considered a balanced market.  

Sellers are looking for market value for their property . I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property’s market value range.

Real estate is very neighbourhood specific and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood or on one street does not indicate that all other neighbourhoods or streets are experiencing the same results. We are still seeing multiple offers in some areas for the best homes.

 
Please pass this message on to anybody interested in real estate.

If at any time you would like to become a client please call me at 416-520-6746 or email me, David@TorontoRealEstate.ca

Some Interesting Real Estate InfoBits

 

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Did you know…..

* Bigger space or a stress free commute? According to a Statistics Canada survey released in August, the GTA was once again the worst place to commute in Canada with average commute times in at 33 minutes. Commute times and high gas prices are two very big reasons some buyers avoid the suburbs.

* A 2008 study by Royal LePage found that a standard detached bungalow in Toronto would have appreciated by 104% over a 10-year period compared with a similar bungalow in the 905 at 78%.

* The market for rental condos is becoming almost as hot as Toronto’s resale housing market with bidding wars breaking out among tenants trying to snag prime units. Bidding wars have become most common in the 2-bedroom rental market which developers have all but abandoned in favour of 1-bedroom and studios which are cheaper and easier to rent , according to Urbanation a market research firm.

 * If a home contains a basement apartment and the income is important to you , make sure it complies with city zoning and fire code by-laws. If it doesn’t , then all it takes is one complaint from a neighbour or the tenant and you may be forced to spend thousands of dollars to make it comply after you buy.

* Having a plan is place for costlier mortgages is common sense. Be prepared for rates to rise. Buyers must factor in a cushion for higher rates into their personal budgeting.

* The penalty lenders charge for getting out early from a closed mortgage is the greater of three months interest payments or an interest rate differential.

* Please pass this message on to anybody interested in real estate. If at any time you would like to discuss the real estate market please call me at 416-520-6746 or email me, David@Toronto/RealEstate.ca

 

 

Strong August Home Sales in the GTA

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 Strong August Sales in the GTA

 Aug 2011 Total SalesGreater Toronto Realtors reported 7,542 sales through the MLS in August 2011 . The number of transactions represented a 24.0% increase compared to August 2010 . New listings , at 12,509, were up by 20% compared to August 2010. Market conditions remained tight as sales growth outstripped growth in new listings.

The number of transactions during the first eight months of 2011 amounted to 63,157-down 1.8% compared to the same period last year.

The year- to- date average price for August 2011 is $464,029-up 8.4% .

 ” Home sales in the GTA have stood up well despite a less certain economic growth,” said Toronto Real Estate Board President Richard Silver . “Home sales will be bolstered by low mortgage rates moving forward. The Bank of Canada is expected to be on the sidelines until the second half of 2012 or even into 2013. However, home ownership affordability in the City of Toronto could be further improved with the removal of the City’s land transfer tax. This tax currently represents a substantial upfront cost for home buyers.”

With market conditions remaining tight in the GTA, the average selling price continued to grow strongly in August-up by 10.0% from the same time last year to $451,663.

Sales of Toronto ( 416 area code) condominium apartments increased by 24% from August 2010. The average price of a Toronto condo increased by 11% from the same time last year.

Aug 2011 Sales and Avg priceCondominium apartments accounted for 26.3% of total sales in the the GTA while detached homes accounted for 46.3% of the total sales.

Aug 2011 Economic IndicatorsOther notable statistics include the average days on the market for August  at 27 days compared to 36 days the same time last year. Active listings were 17,258 in August 2011-down 27% from the August 2010. The sales-to-listings ratio for August was 43.7%% which is classified as a seller’s market . A ratio from 24%-28% is considered a balanced market.  

Sellers are looking for market value for their property . I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property’s market value range.

Real estate is very neighbourhood specific and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood or on one street does not indicate that all other neighbourhoods or streets are experiencing the same results. We are still seeing multiple offers in some areas for the best homes.

 
To become a client please contact me at 416-520-6746 or email me at David@TorontoRealestate.ca