February Market Watch

Tight Market Pushes the Average Price above $500K

TORONTO, March 5, 2012 - Greater Toronto REALTORS® reported 7,032 sales in February 2012 – up 16 per cent compared to February 2011.  New listings were also up over the same period, but by a lesser 11 per cent to 12,684.  It is important to note that 2012 is a leap year, with one more day in February.  Over the first 28 days of February, sales and new listings were up by ten per cent and six per cent respectively.

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“With slightly more than two months of inventory in the Toronto Real Estate Board (TREB) market area, on average, it is not surprising that competition

January Market Watch

Strong Sales / Price Growth Continue in 2012 

TORONTO, February 3, 2012  — Greater Toronto REALTORS® reported 4,567 sales through the TorontoMLS® system in January 2012.  This number was 8.8 per cent higher than the 4,199 sales reported in January 2011.  Sales growth was strongest for low-rise home types in the regions surrounding the City of Toronto. 

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“A favourable affordability picture bolstered by very low posted fixed mortgage rates has kept home buyers confident

December market watch.

Second-Best Year on Record for Sales 

Toronto, January 5, 2012 — Greater Toronto REALTORS® reported 4,718 transactions through the TorontoMLS® system in December 2011. The December result capped off the second-best year on record under the current Toronto Real Estate Board (TREB) boundaries. Total sales for 2011 amounted to 89,347 – up four per cent in comparison to 2010. 

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“Low borrowing costs kept Buyers confident in

November Market Watch

Healthy Fall Market Continues in November

Toronto, December 6, 2011 — Greater Toronto REALTORS® reported 7,092 residential transactions through the TorontoMLS® system in November – up 11 per cent in comparison to November 2010.  At the same time, the number of new listings was up by 14 per cent in comparison to last year.

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“We have seen strong annual sales growth

October Market Watch

Toronto, November 3, 2011 — Greater Toronto REALTORS® reported 7,642 home sales through the TorontoMLS® in October 2011.  This represented an increase of 17.5 per cent compared to the 6,504 transactions reported in October 2010.

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Monthly sales data follow a recurring seasonal trend that

September Market Watch

September Rounds Out a Strong Third Quarter

Toronto, October 5, 2011 – Greater Toronto REALTORS® reported 7,658 transactionsthrough the TorontoMLS® system in September – a 25% increase over September 2010. Sales during the first three quarters of 2011 amounted to 70,588, representing a 2.6 per cent increase compared to the first nine months of 2010.

“We have experienced strong growth in sales so far this year, with a much more active summer compared to 2010. However, while sales have been strong, we have continued to experience a shortage of listings, resulting in more competition between home buyers,” said Toronto Real Estate Board President Richard Silver. “Over the past few months, the listing situation has started to improve, so we expect home buyers will have more homes to choose from in the months ahead.”

With annual growth in sales (+25 per cent) outstripping annual growth in new listings (+15 per cent) in September, market conditions became tighter and the average selling price continued to grow by close to 10 per cent on a year-over-year basis.

“Strong price growth through the first nine months of the year was mitigated to a great degree by low interest rates and rising incomes,” said the Toronto Real Estate Board’s Senior Manager of Market Analysis Jason Mercer. “As buyers continue to take advantage of the affordable home ownership options in the GTA, we remain on pace for the second best year for sales under the current TREB market area.”

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July Market Watch

Toronto, August 4, 2011 — Greater Toronto REALTORS® reported 7,922 transactions through the TorontoMLS® system in July 2011, representing a 23 per cent increase over July 2010.  Total sales through the first seven months of this year amounted to 55,863 – down by 1.3 per cent compared to the same period in 2010.  After adjusting for seasonal fluctuations, the July figure continued to point to an annual sales result close to 90,000 – in line with results from the previous six months.

"Strong home sales continued in July, with a substantial rebound over last summer’s slow-down brought about by higher mortgage rates, new lending guidelines and misconceptions about the HST.  The greatest rebound was seen in the condominium apartment segment in the City of Toronto," said Toronto Real Estate Board President Richard Silver.  "If the current pace of sales holds up, we could see the second best year on record under the current TREB market area."

The average selling price in July was $459,122 – up by almost ten per cent compared to the July 2010 average of $418,675.“Tight market conditions have boosted the annual rate of price growth this year.  However, the listings situation is starting to improve.  A better supplied market later this year and into 2012 would lead to a more sustainable rate of price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

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