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GTA Prices Up in July
Greater Toronto Realtors reported 7,570 sales through the MLS in July 2012. The number of transactions represented a 1.5% decrease compared to July 2011. The decline was most pronounced in the condominium apartment segment in the City of Toronto where sales declined by 13.0%. Sales in the rest of the GTA were up from the same period last year.
New listings, at 13,888, were up by a 11.9% compared to July 2011.
“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,” said Toronto Real Estate Board President Ann Hannah. “ 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 decisions on hold ”
The average selling price continued to grow in July up by 4.0% from the same time last year to $476,947. Price growth continued to be driven by the low-rise market segment.
“The GTA housing market became better supplied in recent months. Buyers benefited from more choice in the market place, resulting in less upward pressure on the average home price in July,” said the Toronto Real Estate Board’s Senior Manager of Marker Analysis Jason Mercer. ”
“ The mix of homes sold in July 2012 versus July 2011 also appears to have changed, further influencing the average selling price”
“TREB’s baseline forecast for 2012 is for an average price of $485,000, representing a more moderate 4.0% annual rate of price growth. This baseline view is subject to a heightened degree of risk given the uncertain global economic outlook,” continued Mercer.
Sales of Toronto (416 area code) condominium apartments decreased by 13.0% from July 2011. The average price of a Toronto condo decreased by 1.0% from the same time last year
Condominium apartments accounted for 23.2% of total sales in the GTA for July 2012 while detached homes accounted for 47.3% of the total sales.
Other notable statistics include the average days on the market for July at 26 days. Active listings were 20,318 in July -up 16.0% from July 2011. The sales-to-listings ratio for July was 37.3% 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 do 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 contact me direct at 416-520-6746 or David@TorontoRealEstate.ca