GTA Real Estate Market Report September 2017

Balanced Market Conditions in September 2017

Greater Toronto Realtors reported 6,379 residential sales through the Toronto MLS system in September 2017. The number of transactions in September represented a 35.1% decline compared to 9,830 transactions reported in September 2016.

For the region as a whole detached homes in the GTA experienced the largest sales decline at 40.4%.

The number of new listings reported in September was up by 9.4% compared to September 2016. The number of active listings reported in September was up by 69.0% compared to September 2016.

“The improvement in listings in September compared to a year earlier suggests that home owners are anticipating an uptick in sales activity as we move through the fall. Consumer polling undertaken for TREB in the spring suggested that buying intentions over the next year remain strong. As we move through the fourth quarter we could see some buyers moving off of the sidelines, taking advantage of a better-supplied marketplace,” said Mr. Syrianos, TREB’s President.

The average price in September was up by 2.6% from the same time last year to $775,546. Condo apartments in the GTA led the way in terms of an average price increase at 23.2% compared to the same time last year.

“With more balanced market conditions, the pace of year-over-year price growth was more moderate in September compared to a year ago. However, the exception was the condominium apartment segment, where average sale prices were up by more than 20% compared to last year. Tighter market conditions for condominium apartments follows consumer polling results from the spring that pointed toward a shift to condos in terms of buyer intentions ” said Jason Mercer, TREB’s Director of Market Analysis.

Sales of Toronto (416 area code) condominium apartments decreased by 23.2% in September 2017. The average selling price of a Toronto condo increased by 24.0% in September 2017 from the same time last year to $554,069

Condominium apartments accounted for 29.2% of total GTA sales in September while detached homes accounted for 43.6% of the total sales.

Other notable statistics include the average days on the market for September at 24 days, up from 16 days a year earlier.  The sales-to-listings ratio for September 2017 was 33.5% which is still 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, 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.

GTA Real Estate Market Report August 2017

Average Price Up in August 2017

Greater Toronto Realtors reported 6,357 residential sales through the Toronto MLS system in August 2017. The number of transactions in August represented a 34.8% decline compared to 9,748 transactions reported in August 2016.

For the region as a whole detached homes in the GTA experienced the largest sales decline at 41.6%.

The number of new listings reported in August was down by 6.7% compared to August 2016. The number of active listings reported in August was up by 65.0% compared to August 2016.

“Recent reports suggest that economic conditions remain strong in the GTA. Positive economic news coupled with the slower pace of price growth we are now experiencing could prompt an improvement in the demand for ownership housing, over and above the regular seasonal bump, as we move through the fall,” said Mr. Syrianos, TREB’s President.

The average price in August was up by 3.0% from the same time last year to $732,292. Condo apartments in the GTA led the way in terms of an average price increase at 21.4% compared to the same time last year.

“The relationship between sales and listings in the marketplace today suggest a balanced market. If current conditions are sustained over the coming months, we would expect to see year-over-year price growth normalize slightly above the rate of inflation. However, if some buyers move from the sidelines back into the marketplace, as TREB consumer research suggests may happen, an acceleration in price growth could result if listings remain at current levels” said Jason Mercer, TREB’s Director of Market Analysis.

Sales of Toronto (416 area code) condominium apartments decreased by 24.5% in August 2017. The average selling price of a Toronto condo increased by 20.9% in August 2017 from the same time last year to $540,169.

Condominium apartments accounted for 31.4% of total GTA sales in August while detached homes accounted for 40.6% of the total sales.

Other notable statistics include the average days on the market for August at 25 days, up from 18 days a year earlier.  The sales-to-listings ratio for August 2017 was 38.7% which is still 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, 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.

GTA Real Estate Market Report July 2017

Economic Conditions Remain Strong in the GTA

 

 

 Greater Toronto Realtors reported 6,357 residential sales through the Toronto MLS system in July 2017. The number of transactions in July represented a 34.8% decline compared to 9,748 transactions reported in July 2016.

 For the region as a whole detached homes in the GTA experienced the largest sales decline at 41.6%.

 The number of new listings reported in July was down by 6.7% compared to July 2016. The number of active listings reported in July was up by 65.0% compared to July 2016.

 “Recent reports suggest that economic conditions remain strong in the GTA. Positive economic news coupled with the slower pace of price growth we are now experiencing could prompt an improvement in the demand for ownership housing, over and above the regular seasonal bump, as we move through the fall,” said Mr. Syrianos, TREB’s President.

 The average price in July was up by 3.0% from the same time last year to $732,292. Condo apartments in the GTA led the way in terms of an average price increase at 21.4% compared to the same time last year.

 

 “The relationship between sales and listings in the marketplace today suggest a balanced market. If current conditions are sustained over the coming months, we would expect to see year-over-year price growth normalize slightly above the rate of inflation. However, if some buyers move from the sidelines back into the marketplace, as TREB consumer research suggests may happen, an acceleration in price growth could result if listings remain at current levels” said Jason Mercer, TREB’s Director of Market Analysis.

 Sales of Toronto (416 area code) condominium apartments decreased by 24.5% in July 2017. The average selling price of a Toronto condo increased by 20.9% in July 2017 from the same time last year to $540,169.

 Condominium apartments accounted for 31.4% of total GTA sales in July while detached homes accounted for 40.6% of the total sales.

 Other notable statistics include the average days on the market for July at 25 days, up from 18 days a year earlier.  The sales-to-listings ratio for July 2017 was 38.7% which is still 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, 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.

 

GTA Condo Market Report Q2 2017

Average Condo Price Up Year-Over-Year in Q2 2017

 

Greater Toronto Realtors reported 8,223 condo apartment sales through the MLS in the second quarter of 2017. The number of transactions represented a 8.0% decrease compared to 8,942 transactions reported in Q2 2016.

In the City of Toronto, which accounted for 72% of condo apartment sales in the GTA, sales were down by 7.0%. The average selling price in the City of Toronto was $566,513 up 28.0% from Q2 2016.

The number of new listings in the GTA reported in Q2 was up by 0.7% compared to the same period in 2016. The number of active listings in the GTA reported in Q2 was down by 24.6% compared to the same period in 2016.

“Despite the recent dip in overall GTA home sales, the condominium apartment market was quite resilient, especially when compared to low-rise market segments. Condo apartment sales accounted for a greater share of overall transactions during the spring compared to the same period last year. Market conditions also remained tight, which resulted in the contribution of strong annual rates of price growth,” said Toronto Real Estate Board President Tom Syrianos.

The average GTA selling price grew in Q2 up by 28.1% from the same time last year to $532,032.

“Recent consumer survey results from Ipsos suggest that condominium apartments will continue to gain in popularity with home buyers over the next year. This makes sense, given that many households, especially first-time buyers looking to live in the City of Toronto, have turned their attention in increasing numbers to less expensive forms of ownership housing,” said Jason Mercer, TREB’s Senior Manager of Market Analyses.

 

 

Other notable statistics include the average days on the market for Q2 2017 at 12 days, down from 25 days in Q2 2016.

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 building  specific. The numbers as reported above are GTA averages. Results in one building do not indicate that all other buildings  are experiencing the same results.

The number of condominium apartments listed for rent in the Q2 2017 was down on a year-over-year basis but by 3.1%. 

 Greater Toronto Area lease transactions in Q2 2017 were in line with Q2 2016.

 With demand for condominium apartment rentals remaining very strong and supply diminishing, the annual growth rate for average rents was well-above the rate of inflation for one-bedroom and two-bedroom unit types.

 The average one-bedroom rent for the TREB market area as a whole was up by 8.8 per cent on a year-over-year basis to $1,861. The average two-bedroom rent was up by 8.7 per cent to $2,533.

The vacancy rate for a condo apartment in the City of Toronto for Q2 2017 was 1.0%.

 

 

 

Do you have any questions about Toronto Real Estate? Please contact me direct at 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 June 2017

More Moderate Price Growth in June

Greater Toronto Realtors reported 7,974 residential sales through the Toronto MLS system in June 2017. The number of transactions in June represented a 37.3% decline compared to 12,725 transactions reported in June 2016.

For the region as a whole detached homes in the GTA experienced the largest sales decline at 45.0%.

The number of new listings reported in June was up by 15.9% compared to June 2016. The number of active listings reported in June was up by 59.6% compared to June 2016.

“We are in a period of flux that often follows major government policy announcements pointed at the housing market. On one hand, consumer survey tells us many households are very interested in purchasing a home in the near future, but some of these would-be buyers seem to be temporarily on the sidelines waiting to see the real impact of the Ontario Fair Housing plan. On the other hand, we have existing home owners who are listing their home because they feel price growth may have peaked. The end result has been a better supplied market and a moderating of price growth,” said Mr. Syrianos, TREB’s President.

The average price in June was up by 6.3% from the same time last year to $793,915. Condo apartments in the GTA led the way in terms of an average price increase at 23.2% compared to the same time last year.

“Recent Ipsos survey results suggest that home buying activity in the GTA will remain strong moving forward. The year-over-year dip in home sales we have experienced over the last two months seem to be the result of would-be buyers putting their decision to purchase temporarily on hold while they monitor the impact of the Fair Housing Plan. On the supply side of the market, it certainly looks as though buyers will benefit from more choice in the second half of 2017 compared to the same period in 2016,” said Jason Mercer, TREB’s Director of Market Analysis.

Sales of Toronto (416 area code) condominium apartments decreased by 21.7% in June 2017. The average selling price of a Toronto condo increased by 23.2% in June 2017 from the same time last year to $552,679.

Condominium apartments accounted for 29.7% of total GTA sales in June while detached homes accounted for 43.3% of the total sales.

Other notable statistics include the average days on the market for June at 15 days, down 0.0%. The sales-to-listings ratio for June 2017 was 40.5% 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, 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.

GTA Real Estate Market Report May 2017

Active Listings Increase in May

Greater Toronto Realtors reported 10,196 residential sales through the Toronto MLS system in May 2017. The number of transactions in May represented a 20.3% decline compared to 12,790 transactions reported in May 2016.

For the region as a whole detached homes in the GTA experienced the largest sales decline at 26.3%.

The number of new listings reported in May was up by 48.9% compared to May 2016. The number of active listings reported in May was up by 42.9% compared to the lowest level in 15 years recorded in May 2016, but remained below the average and peak during that period. The number increased considerably for low-rise home types including detached and semi-detached houses and townhouses. Active listings for condominium apartments were down compared to May 2016.

“Home buyers definitely benefited from a better supplied market in May, both in comparison to the same time last year and to the first four months of 2017. However, even with the robust increase in active listings, inventory levels remain low. At the end of May we had less than two months of inventory. This is why we continued to see very strong annual rates of price growth, albeit lower than the peak growth rates earlier this year,” said Larry Cerqua, TREB’s President.

The average price in May was up by 14.9% from the same time last year to $863,910. Condo apartments in the GTA led the way in terms of an average price increase at 28.4% compared to the same time last year.

“The actual or normalized effect of the Ontario Fair Housing plan remains to be seen. In the past, some housing policy changes have initially led to an overreaction on the part of homeowners and buyers, which later balanced out. On the listings front, the increase in active listings suggest that homeowners, after a protracted delay, are starting to react to the strong price growth we’ve experienced over the past year by listing their home for sale to take advantage of these equity gains,” said Jason Mercer, TREB’s Director of Market Analysis.

Sales of Toronto (416 area code) condominium apartments decreased by 4.3% in May 2017. The average selling price of a (416) condo increased by 27.7% in May 2017 from the same time last year to $564,808.

Condominium apartments accounted for 28.0% of total GTA sales in May while detached homes accounted for 46.7% of the total sales.

Other notable statistics include the average days on the market for May at 11 days, down 26.7%. The sales-to-listings ratio for May 2017 was 55.2% 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, 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.

RE/MAX 2017 Spring Market Trends Report

SIGNIFICANT PRICE INCREASES AND HIGH DEMAND IN THE GREATER TORONTO AREA DURING THE FIRST QUARTER OF 2017 SPURRED GROWING NUMBERS OF BUYERS TO LEAVE THE DOWNTOWN CORE.

These buyers, known as move-over buyers, are looking for greater affordability in markets across southern Ontario. In turn, they are driving price appreciation in Mississauga, Brampton, Durham, Barrie, Hamilton-Burlington, Windsor, and as far away as Kingston.

The GTA saw the average residential sale price rise by 29 per cent, up from $675,492 in the first quarter of 2016 to $873,631 during the same period in 2017.

At the same time, housing demand has slowed in Greater Vancouver compared to Q1 of 2016, and the average residential sale price decreased 11 per cent year-over-year, from $1,094,936 in the first quarter of 2016 to $969,900 in 2017. The decline in average sale price is in part due to the introduction of the foreign buyer tax last August, a relatively severe winter and the natural stabilization of prices after the market reached a high point in May 2016.

Move-over buyers from Vancouver and buyers migrating from other provinces continue to fuel activity in Fraser Valley, Kelowna, and in Victoria, particularly in the upper-end of the market due to relative affordability in these regions.

For the full report click HERE.

Please contact me direct at 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 April 2017

Strong Growth in New Listings in April

Greater Toronto Realtors reported 11,630 residential sales through the Toronto MLS system in April 2017. The number of transactions in April represented a 3.2% decline compared to 12,016 transactions reported in April 2016. One issue underlying this decline was the fact that Easter fell in April 2017 versus in March 2016 which resulted in fewer working days this year compared to last and, historically, most sales are entered into TREB’s system on working days.

For the region as a whole, only condo apartments in the GTA experienced sales growth at 7.7%.

The number of new listings reported in April was up 33.6% compared to the same period in 2016. Active listings were 12,926 in April 2017-up 3.0% from April 2016. New listings were up by double-digits for all low-rise home types. New listings for condo apartments were at the same level.

“The fact that we experienced extremely strong growth in new listings in April means that buyers benefited from considerably more choice in the marketplace. It is too early to tell whether the increase in new listings was simply due to households reacting to the strong double-digit price growth reported over the last year or if some of the increase was also a reaction to the Ontario Government’s recently announced fair housing plan  ,” said Larry Cerqua, TREB’s President.

The average price in April was up by 24.5% from the same time last year to $920,791. Condo apartments in the GTA led the way in terms of an average price increase at 32.1% compared to the same time last year.

“It was encouraging to see a very strong year-over-year increase in new listings. If new listing growth continues to outpace new sales growth moving forward, we will start to see more balanced market conditions. It will likely take a number of months to unwind the substantial pent-up demand that has built over the past two years. Expect annual rates of price growth to remain well-above the rate of inflation as we move through the spring and summer months ,” said Jason Mercer, TREB’s Director of Market Analysis.

Sales of Toronto (416 area code) condominium apartments increased by 8.0% in April 2017. The average selling price of a Toronto condo increased by 32.3% in April 2017 from the same time last year to $578,280.

Condominium apartments accounted for 25.9% of total GTA sales in April while detached homes accounted for 49.1% of the total sales.

Other notable statistics include the average days on the market for April at 9 days, down 40.0%. The sales-to-listings ratio for April 2017 was 90.0% 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.

GTA Condo Market Report Q1 2017

Condo Market Conditions Tightened Further in Q1 2017

 

 

Greater Toronto Realtors reported 7,251 condo apartment sales through the MLS in the first quarter of 2017. The number of transactions represented a 21.7% increase compared to 5,959 transactions reported in Q1 2016.

 In the City of Toronto, which accounted for 70% of condo apartment sales in the GTA, sales were up by 18.8%. The average selling price in the City of Toronto was $521,842 up 23.2% from Q1 2016.

 The number of new listings in the GTA reported in Q1 was down by 18.8% compared to the same period in 2016. The number of active listings in the GTA reported in Q1 was down by 63.4% compared to the same period in 2016.

 With a double-digit annual increase in sales and a double-digit annual decline in new listings, condo market conditions tightened substantially over the past year.

 “Condominium apartments have historically been the housing type of choice for many first-time buyers due to the relatively low price point compared to ground oriented housing options. Given that more than half of intending home buyers are expected to be first-time home buyers in 2017, according to a recent Ipsos poll conducted for TREB, it makes sense that demand for this housing type has remained strong,” said Toronto Real Estate Board Larry Cerqua.

 The average GTA selling price grew in Q1 up by 24.3% from the same time last year to $489,551.

 “Market conditions became much tighter in the condominium market segment over the past year, with sales accounting for a greater share of listings. As competition between buyers increased further, the pace of price growth accelerated,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

 

 Other notable statistics include the average days on the market for Q1 2017 at 16 days, down from 31 days in Q1 2016.

 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 building  specific. The numbers as reported above are GTA averages. Results in one building do not indicate that all other buildings  are experiencing the same results.

 The number of condominium apartments listed for rent in the Q1 2017 was up on a year-over-year basis but by less than 1%. 

 Greater Toronto Area lease transactions were up by 3.5% in Q1 2017 compared to Q1 2016.

 With demand for condominium apartment rentals remaining very strong, the annual growth rate for average rents was well-above the rate of inflation for one-bedroom and two-bedroom unit types.

 The average one-bedroom rent for the TREB market area as a whole was up by 7.8 per cent on a year-over-year basis to $1,791. The average two-bedroom rent was up by 6.8 per cent to $2,432.

 The vacancy rate for a condo apartment in the City of Toronto for Q1 2017 was 1.0%.

 

 Do you have any questions about Toronto Real Estate? Please contact me direct at 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 March 2017

Tight Market Conditions Continue in March

 

Greater Toronto Realtors reported 12,077 residential sales through the Toronto MLS system in March 2017. The number of transactions in March represented a 17.7% increase compared 10,260 transactions reported in March 2016.

 For the region as a whole, strong annual rates of sales growth were experienced for detached homes, townhomes and condo apartments. The pace of semi-detached sales growth was slower. The year-over-year dip in new listings was likely the issue.

Condo apartments in the GTA had the highest sales increase year-over-year at 23.9%.

The number of new listings reported in March was up 15.2% compared to the same period in 2016. Active listings were 7,865 in March 2017-down 35.2% from March 2016. The strongest growth in new listings was experienced in the detached market segment. While new listings were up strongly compared to last year, the rate of new listings growth was still lower than the rate of sales growth. As a result GTA market conditions continued to tighten.

 “It has been encouraging to see that policymakers have not implemented any knee-jerk policies regarding the GTA housing market. Different levels of government are holding consultations with market stakeholders and TREB has participated and will continue to participate in these discussions. Policy makers must remember that it is the interplay between the demand for and supply of listings that influences price growth ,” said Larry Cerqua, TREB’s President.

The average price in March was up by 33.2% from the same time last year to $916,567. Semi-detached homes in the GTA led the way in terms of an average price increase at 34.4% compared to the same time last year.

 

 “Annual rates of price growth continued to accelerate in March as growth in sales outstripped growth in listings. A substantial period of months in which listings growth is greater than sales growth will be required to bring the GTA housing market back into balance. As policy makers seek to achieve this balance, it is important that an evidence-based approach is followed,” said Jason Mercer, TREB’s Director of Market Analysis.

Sales of Toronto (416 area code) condominium apartments increased by 29.0% in March 2017. The average selling price of a Toronto condo increased by 32.0% in March 2017 from the same time last year to $550,299.

Condominium apartments accounted for 27.0% of total GTA sales in March while detached homes accounted for 48.7% of the total sales.

Other notable statistics include the average days on the market for March at 10 days, down 37.5%. The sales-to-listings ratio for March 2017 was 154% 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.

 

GTA Real Estate Market Report February 2017

Sales Up and Listings Down In February

 

Greater Toronto Realtors reported 8,014 residential sales through the Toronto MLS system in February 2017. The number of transactions in February represented a 5.7% increase compared 7,583 transactions reported in February 2016.

For the region as a whole, strong annual rates of sales growth were experienced for detached homes, townhomes and condo apartments. The pace of semi-detached sales growth was slower. The year-over-year dip in new listings was likely the issue.

Condo apartments in the GTA had the highest sales increase year-over-year at 15.9%.

The number of new listings reported in February was down 12.5% compared to the same period in 2016. Active listings were 5,400 in February 2017-down 50.5% from February 2016.

 “The February statistics tell me that many GTA households continue to view home ownership as a great long-term investment. The high demand for ownership housing we’re seeing is broad-based, with strong sales growth for most low-rise home types and condominium apartments. This makes sense given the results of a recent consumer survey undertaken for TREB by Ipsos, which found an even split between intending first-time buyers and existing homeowners who indicated that they were planning on purchasing a home in 2017,” said Larry Cerqua, TREB’s President.

The average price in February was up by 27.7% from the same time last year to $875,983. Detached homes in the GTA led the way in terms of an average price increase at 32.5% compared to the same time last year.

 

 “The listing supply crunch we are experiencing in the GTA has undoubtedly led to the double-digit home price increases we are now experiencing on a sustained basis, both in the low-rise and high-rise market segments. Until we see a marked increase in the number of homes available for sale, expect very strong annual rates of growth to continue,” said Jason Mercer, TREB’s Director of Market Analysis.

 Sales of Toronto (416 area code) condominium apartments increased by 14.0% in February 2017. The average selling price of a Toronto condo increased by 18.2% in February 2017 from the same time last year to $515,424.

Condominium apartments accounted for 29.4% of total GTA sales in February while detached homes accounted for 46.4% of the total sales.

Other notable statistics include the average days on the market for February at 13 days, down 38.1%. The sales-to-listings ratio for February 2017 was 148% 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.

 

GTA Real Estate Market Report January 2017

Strong Start to 2017

 

Greater Toronto Realtors reported 5,188 residential sales through the Toronto MLS system in January 2017. The number of transactions in January represented an 11.8% increase compared to 4,640 transactions reported in January 2016.

 For the region as a whole, strong annual rates of sales growth were experienced for detached homes, townhomes and condo apartments. The pace of semi-detached sales growth was slower. The year-over-year dip in new listings was likely the issue.

 Condo apartments in the GTA had the highest sales increase year-over-year at 26.7%.

 The number of new listings reported in January was down 17.6% compared to the same period in 2016. Active listings were 5,034 in January 2017-down 49.5% from January 2016.

  “Home ownership continues to be a great investment and remains very important to the majority of GTA households. As we move through 2017, we expect demand for ownership housing to remain strong, including demand from first-time buyers who, according to a recent Ipsos survey could account for more than half of the transactions this year. However, many of these would-be buyers will have problems finding a home that meets their needs in a market with very little inventory,” said Larry Cerqua, TREB’s President.

 The average price in January was up by 22.3% from the same time last year to $770,745. Semi-detached homes in the GTA led the way in terms of an average price increase at 28.1% compared to the same time last year.

 

 “The number of active listings on TREB’s MLS System at the end of January was essentially half of what was reported as available at the same time last year. That statistic, on its own, tells us there is a serious supply problem in the GTA – a problem that will continue to play itself out in 2017. The result will be very strong price growth for all home types again this year,” said Jason Mercer, TREB’s Director of Market Analysis.

 Sales of Toronto (416 area code) condominium apartments increased by 26.8% in January 2017. The average selling price of a Toronto condo increased by 13.1% in January 2017 from the same time last year to $471,409

 Condominium apartments accounted for 31.5% of total GTA sales in January while detached homes accounted for 43.6% of the total sales.

 Other notable statistics include the average days on the market for January at 19 days, down 34.5%. The sales-to-listings ratio for January 2017 was 103% 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.

 

GTA Condo Market Report Q4 2016

Strong Condo Sales and Price Growth in Q4 2016

Greater Toronto Realtors reported 6,831 condo apartment sales through the MLS in the fourth quarter of 2016. The number of transactions represented a 22.3% increase compared to 5,587 transactions reported in Q4 2015.

In the City of Toronto, which accounted for 71% of condo apartment sales in the GTA, sales were up by 22.2%. The average selling price in the City of Toronto was $465,403 up 14.1% from Q4 2015.

The number of new listings in the GTA reported in Q4 was down by 13.4% compared to the same period in 2015. The number of active listings in the GTA reported in Q4 was down by 56.8% compared to the same period in 2015.

With a double-digit annual increase in sales and a double-digit annual decline in new listings, condo market conditions tightened substantially over the past year.

“Gone are the days when we were concerned about a potential glut in inventory in the condominium apartment market. The supply concerns that have been top-of-mind for ground-oriented home types are also now a reality for the condo market segment. Regardless of the price measure considered, heightened competition between condo buyers has resulted in double-digit price inflation,” said Toronto Real Estate Board Larry Cerqua.

The average GTA selling price grew in Q4 up by 14.5% from the same time last year to $437,281.

“First-time buyers represent an important component of home ownership demand. Many households looking to purchase their first home will consider a condominium apartment. Interest in this market segment has continued to grow as prices for low-rise home types have increased on a sustained basis,” said Jason Mercer, TREB’s Senior Manager of Market Analyses.

Other notable statistics include the average days on the market for Q4 2016 at 23 days, down from 33 days in Q4 2015.

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 building  specific. The numbers as reported above are GTA averages. Results in one building do not indicate that all other buildings  are experiencing the same results.

The number of condominium apartments listed for rent in the fourth quarter of 2016 was down substantially (-14.2 per cent) compared to Q4 2015. This lack of inventory was at the root of the dip on rental transactions (-5.8 per cent).

With demand for condominium apartment rentals remaining very strong and supply diminishing markedly, the annual growth rate for average rents was well-above the rate of inflation for one-bedroom and two-bedroom unit types.

The average one-bedroom rent for the TREB market area as a whole was up by 7.4 per cent on a year-over-year basis to $1,776. The average two-bedroom rent was up by 8.0 per cent to $2,415.

The vacancy rate for a condo apartment in the City of Toronto for Q4 2016 was 1.0%.

Do you have any questions about Toronto Real Estate? Please contact me direct at 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 December 2016

Record Sales in 2016

 

Greater Toronto Realtors reported 5,338 residential sales through the Toronto MLS system in December 2016. The number of transactions in December represented a 8.6% increase compared to 4,917 transactions reported in December 2015.

For the region as a whole, strong annual rates of sales growth were experienced for detached homes and condo apartments. The pace of semi-detached sales growth and townhouse sales growth was slower. The year-over-year dip in new listings was likely the issue.

Condo apartments in the GTA had the highest sales increase year-over-year at 18.5%.

The overall sales for calendar year 2016 was 113,133, a record year and up11.8% compared to 2015.

The number of new listings reported in December was down 11.7% compared to the same period in 2015. Active listings were 4,746 in December-down 48.1% from December 2015.

“A relatively strong regional economy, low unemployment and very low borrowing costs kept the demand for ownership housing strong in the GTA, as the region’s population continued to grow in 2016,” said Larry Cerqua, TREB’s President.

The average price in December was up by 20.0% from the same time last year to $730,472. Townhouse homes in the GTA led the way in terms of an average price increase at 23.7% compared to the same time last year.

The overall selling price for calendar year 2016 was $729,922, up 17.3% compared to 2015.

“Price growth accelerated throughout 2016 as the supply of listings remained very constrained. Active listings at the end of December were at their lowest point in a decade-and-a-half. Total new listings for 2016 were down by almost 4%. In 2016, we saw policy changes and policy debates pointed at the demand side of the market. If we want to see a sustained moderation in the pace of price growth, what we really need is more policy focus on issues impacting the lack of homes available for sale,” said Jason Mercer, TREB’s Director of Market Analysis.

Sales of Toronto (416 area code) condominium apartments increased by 19.5% in December 2016. The average selling price of a Toronto condo increased by 16.6% in December 2016 from the same time last year to $466,592.

Condominium apartments accounted for 32.4% of total GTA sales in December while detached homes accounted for 42.3% of the total sales.

Other notable statistics include the average days on the market for December at 20 days, down 31.0%. The sales-to-listings ratio for December 2016 was 112.0% 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.

 

 

RE/MAX 2017 Housing Market Outlook Report

HIGH DEMAND AND LOW SUPPLY CONTINUED TO CHARACTERIZE VANCOUVER’S AND TORONTO’S HOUSING MARKETS THROUGHOUT 2016 AS COMPETITION FROM BUYERS FOR LIMITED INVENTORY OF SINGLE-FAMILY HOMES PUSHED PRICES HIGHER.

The average residential sale price increased 13 per cent in Greater Vancouver to approximately $1,020,300 and rose 17 per cent in the Greater Toronto Area (GTA) to an estimated $725,857. Although demand remains high in both urban centres, limited inventory in the freehold market, the new 15 per cent foreign-buyer tax in Vancouver and the recent tightening of mortgage rules by the federal government are expected to soften market activity in the short term. In 2017, RE/MAX estimates average residential sale price will increase by two and eight per cent in Greater Vancouver and the GTA respectively.

Regional markets in close proximity to Canada’s highest-price cities continued to experience steady interest from local move-up buyers and buyers from these cities (“move-over” buyers) who are looking to find a balance between affordability and square footage. This year there were considerable year-over-year average price increases in Barrie (16 per cent), Hamilton-Burlington (20 per cent), the Fraser Valley (20 per cent) and Kelowna (14 per cent).

For the full report click HERE.

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.