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Greater Toronto Realtors reported 7,569 sales through the MLS in August 2013. The number of transactions represented a 21.1% increase compared to August 2012.
The number of new listings reported in August was up 4.5% compared to the same period in 2012.
“Sales were up strongly this past August for all major home types compared to last year. Many households have accounted for the added costs brought on by stricter mortgage lending guidelines and have reactivated their search for a home. These households have found that a diversity of affordable ownership options exist throughout the GTA ,” said Toronto Real Estate Board President Dianne Usher.
The average selling price continued to grow in August up by 5.4% from the same time last year to $503,094. Note, the average selling price for 2012 as a whole was up by almost 7% to $497,298!! The annual rate of price growth was driven by
single-detached and semi-detached home transactions in the City of Toronto.
“Despite an increase in borrowing costs during the spring and summer, an average priced home in the GTA has remained affordable for a household earning an average income. With this in mind, tight market conditions are expected to promote continued price growth through the remainder of 2013,” said Jason Mercer, TREB’s Senior Manager of Market Analyses.
“We will undoubtedly experience some volatility in price growth for some market segments in 2013. However, months of inventory in the low-rise market segment will remain low resulting in average price growth above 3% for the TREB market area this year. Our current average price forecast is $515,000 for all homes combined in 2013,”continued Mercer
Sales of Toronto (416 area code) condominium apartments increased by 21.4% from August 2012. The average price of a Toronto condo increased by 2.3% from the same time last year.
Condominium apartments accounted for 23.6% of total sales in the GTA for August 2013 while detached homes accounted for 48.0% of the total sales.
Other notable statistics include the average days on the market for August at 29 days. Active listings were 18,788 in August-down 1.3% from August 2012. The sales-to-listings ratio for august was 40.3% 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 by email, David@DavidStoddard.ca.