GTA Real Estate Market Report June 2016

Spring Market Capped off With Strong June

Greater Toronto Realtors reported 12,794 residential sales through the Toronto MLS system in June 2016. The number of transactions in June represented a 7.5% increase compared to 11,905 transactions reported in June 2015. Condo apartments in the GTA had the highest sales increase year-over-year at 15.8%

The number of new listings reported in June was down 3.8% compared to the same period in 2016. Active listings were 12,327 in June-down 31.4% from June 2015.

For the TREB market area as a whole, annual sales growth was experienced for all major home types except townhouses. In the City of Toronto, sales were down for semi-detached houses as well as townhouses on a year-over-year basis. This dip in sales was due to a lack of low-rise listings. Many would-be buyers were not able to find a home that met their needs.

“We are certainly in an interesting environment of ownership housing. There is no doubt that demand is at a record level, but would-be home buyers continue to face an uphill battle against a constrained supply of listings, which has perpetuated strong price growth,” said Larry Cerqua, TREB’s President.

The average price in June was up by 16.8% from the same time last year to $746,546. Detached homes in the GTA led the way in terms of an average price increase at 19.9% compared to the same time last year.

“When TREB surveyed consumer intentions for 2016, we found that the majority of GTA households who were likely to purchase a home continued to be pointed towards some form of ground oriented housing. This is why we continue to see strong completion between buyers in many neighbourhoods where supply remains constrained,” said Jason Mercer, TREB’s Director of Market Analysis.

Sales of Toronto (416 area code) condominium apartments increased by 15.0% in June 2016. The average selling price of a Toronto condo increased by 6.9% in June 2016 from the same time last year to $448,002.

Condominium apartments accounted for 24.3% of total sales in the GTA for June 2016 while detached homes accounted for 49.3% of the total sales.

Other notable statistics include the average days on the market for June at 15 days, down 21.1%. The sales-to-listings ratio for June 2016 was 100.4% which is classified as a very big 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, building specific  and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.

For all of your real estate questions please contact me direct (416-520-6746) or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page

Oh, by the way……if you know of someone who would appreciate the level of service I provide, please call me, text me or email me with their name and number. I’ll be happy to follow up and take great care of them.

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For all of your real estate questions please contact me direct (416-520-6746) or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page

Oh, by the way……if you know of someone who would appreciate the level of service I provide, please call me, text me or email me with their name and number. I’ll be happy to follow up and take great care of them.

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For all of your real estate questions please contact me direct (416-520-6746) or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page

 Oh, by the way……if you know of someone who would appreciate the level of service I provide, please call me, text me or email me with their name and number. I’ll be happy to follow up and take great care of them.

GTA Real Estate Market Report May 2016

Strong Sales Growth Continues in May

Greater Toronto Realtors reported 12,870 residential sales through the Toronto MLS system in May 2016. The number of transactions in May represented a 10.6% increase compared to 11,640 transactions reported in May 2015. Condo apartments in the GTA had the highest sales increase year-over-year at 21.9%

The number of new listings reported in May was down 6.4% compared to the same period in 2015. Active listings were 12,931 in May-down 30.4% from May 2015.

For the TREB market area as a whole, annual sales growth was experienced for all major home types except semi-detached houses. In the City of Toronto, sales were down for semi-detached houses as well on a year-over-year basis. This dip in sales was due to a lack of low-rise listings. Many would-be buyers were not able to find a home that met their needs.

“Whether we’re talking about existing homeowners or people looking to purchase for the first time, there is no shortage of buyers in the marketplace today. So, while the record number of home sales through the first five months of 2016 is not necessarily surprising, it does sometimes mask the larger story in the GTA: the shortage of listings, which has resulted in strong upward pressure on home prices,” said Mark McLean, TREB’s President.

The average price in May was up by 15.7% from the same time last year to $751,908. Detached homes in the GTA led the way in terms of an average price increase at 18.9% compared to the same time last year.

“Widespread competition between buyers of singles, semis and townhouses across the GTA has underpinned the robust annual rates of price growth experienced so far this year. With this said, however, it is also important to understand that tighter market conditions for condominium apartments have resulted in price growth as well,” said Jason Mercer, TREB’s Director of Market Analysis.

Sales of Toronto (416 area code) condominium apartments increased by 21.7% in May 2016. The average selling price of a Toronto condo increased by 5.0% in May 2016 from the same time last year to $442,520

Condominium apartments accounted for 23.7% of total sales in the GTA for May 2016 while detached homes accounted for 50.5% of the total sales.

Other notable statistics include the average days on the market for May at 15 days, down 16.7%. The sales-to-listings ratio for May 2016 was 99.5% which is classified as a very big 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, building specific  and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.

For all of your real estate questions please contact me direct (416-520-6746) or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page

Oh, by the way……if you know of someone who would appreciate the level of service I provide, please call me, text me or email me with their name and number. I’ll be happy to follow up and take great care of them.