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Greater Toronto Realtors reported 8,000 residential sales through the MLS in October 2013. The number of transactions represented a 19.2% increase compared to 6,713 transactions reported in October 2012. Year-to-date, total residential sales reported through the Toronto MLS amounted to 76,734 during the first ten months of 2013-up .6% compared to the same period in 2012.
The number of new listings reported in October was down 4.2% compared to the same period in 2012.
“The GTA home ownership market has been broadly characterized by a rebound in sales since the summer. Market conditions have been tighter in some market segments more so than others. Ground-oriented homes listed for below one million dollars in some areas of the GTA have been especially popular with buyers, while listings for these home types have been constrained,” said Toronto Real Estate Board President Dianne Usher.
“The supply of listings for many home types and price points has either been down year-over-year or at least not up by the same annual rate as sales. The additional land transfer tax in the City of Toronto and the removal of the government guarantee on high ratio mortgages for home purchases over one million dollars have arguably led many homeowners not to list,” continued Ms. Usher.
The average selling price continued to grow in October up by 7.4% from the same time last year to $539,058. Note, the average selling price for 2012 as a whole was up by almost 7% to $497,298!! Through the first three quarters of 2013, the average selling price was $520,118-up by over 4.0% compared to the first nine months of 2012. The annual rate of price growth was driven by single-detached and townhouse home transactions in the City of Toronto.
“Growth in the average selling price will continue through 2014. Inventory levels for ground-oriented home types will be low from a historic perspective and home ownership demand will stay strong as affordability remains in check due to the continuation of accommodative borrowing costs,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
“Average price growth for the TREB market area this year is forecasted to be higher than 3%. 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 20.4% from October 2012. The average price of a Toronto condo increased by 7.2% from the same time last year.
Condominium apartments accounted for 23.8% of total sales in the GTA for October 2013 while detached homes accounted for 47.8% of the total sales.
Other notable statistics include the average days on the market for October at 27 days. Active listings were 18,557 in October-down 10.5% from October 2012. The sales-to-listings ratio for October was 43.1% 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