Saturday, July 15, 2017
Tuesday, July 11, 2017
■Market Watch | July, 2017
More
Moderate Price Growth in June TORONTO, July 6, 2017 – Greater Toronto Area
REALTORS® reported 7,974 sales through TREB’s MLS® System in June 2017 – down
by 37.3 per cent in comparison to June 2016. The number of new residential
listings entered into TREB’s MLS® System, at 19,614, was up by 15.9 per cent
compared to June 2016. While this annual rate of growth was sizeable, it
represented a more moderate annual rate of growth compared to May 2017, when
new listings were up by 48.9 per cent year-over-year.
“We are in a period of flux that often follows major government policy announcements pointed at the housing market. On one hand, consumer survey results tell 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 annual pace of price growth,” said Mr. Syrianos.
Annual growth rates for MLS® HPI benchmark prices have moderated over the past two months, but remain strong. The MLS® HPI composite benchmark price was up by 25.3 per cent on a year-over-year basis in June. June’s average selling price for all home types combined for the TREB market area was $793,915, representing a 6.3 per cent increase compared to the same month in 2016. A better supplied market has certainly been a key factor influencing the moderation in price growth.
“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 and Service Channels.
Thursday, June 15, 2017
Tuesday, June 6, 2017
■Market Watch | June, 2017
Active Listings Increase in May
June 5, 2017 -- Toronto Real
Estate Board President Larry Cerqua announced that Greater Toronto Area
REALTORS® reported 10,196 sales through TREB's MLS® System in May 2017 – down
by 20.3 per cent compared to 12,790 sales reported in May 2016. Sales of
detached homes were down by 26.3 per cent. Sales of condominium apartments were
down by 6.4 per cent.
Active listings – the number of properties available for sale at the end of May – were up by 42.9 per cent 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.
Active listings – the number of properties available for sale at the end of May – were up by 42.9 per cent 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 benefitted 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 Mr. Cerqua.
Selling prices continued to increase strongly in May compared to the same month
in 2016. The MLS® HPI Composite Benchmark price was up by 29 per cent
year-over-year. The average selling price for all home types combined for the
TREB Market Area as a whole was up by 14.9 per cent to $863,910. Year-over-year
price increases were greater for condominium apartments compared to low-rise
home types. This likely reflects the fact that the low-rise market segments
benefitted most from the increase in listings.
"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 suggests 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.
"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 suggests 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.
Monday, May 15, 2017
■Condo & Rental Market Report | Q1 2017
Condo Market Conditions Tightened Further
in Q1
April 25, 2017 -- Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported a double-digit annual increase in condominium apartment sales in the first quarter of 2017. A total of 7,251 condominium apartments changed hands through TREB's MLS® System during the first three months of 2017 – up 21.7 per cent compared to the same period in 2016.
Over the same period of time, the number of new condominium apartment listings entered into the MLS® System was down by 18.8 per cent to 9,036 compared to 11,123 new listings a year earlier.
"Condominium apartments have historically been the housing type of choice for many first-time buyers due to the relatively lower price point compared to groundoriented housing options. Given that more than half of intending home buyers are expected to be first-time 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 Mr. Cerqua.
The average selling price for condominium apartments in the first quarter of 2017 was $489,551 – up 24.3 per cent compared to an average of $393,858 for the first quarter of 2016. The average price was highest in the City of Toronto, at $521,842, representing a year-over-year increase of 24.3 per cent.
"Market conditions
became much tighter in the condominium apartment 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 Director of Market Analysis.
Tight Rental Market Conditions Continue in Q1
Tight Rental Market Conditions Continue in Q1
TORONTO, ONTARIO, April 25,
2017 – Toronto Real Estate Board President Larry Cerqua announced that Greater
Toronto Area REALTORS® reported 6,680 condominium apartment lease transactions
through TREB’s MLS® System during the first quarter of 2017. This result was up
by 3.5 per cent compared to the first quarter of 2016.
The number of condominium apartments listed for rent at some point during the first quarter was up on a year-over-year basis, but by less than one per cent.
“As the population and, by extension, number of households continues to grow in the Greater Toronto Area, the demand for housing increases. Some of this demand is pointed at the rental market, including condominium apartments that owners have chosen to rent out to tenants. The problem is that the supply of units available for rent has not kept up with demand, leading to more competition between renters and strong upward pressure on average rents,” said Mr. Cerqua.
The average one-bedroom condominium apartment rent for the TREB market area as a whole was up by 7.8 per cent to $1,791. The average two-bedroom rent was up by 6.8 per cent to $2,432.
“It is important to remember that the rental market meets the housing needs for a substantial number of GTA residents, including newcomers to Canada who choose to settle in the region. As a result, the rental market often falls under the public policy lens. Policies pointed at the rental market should be based on solid empirical evidence and should not hamper the supply of rental listings, which has been the main issue impacting renters over the last year,” said Jason Mercer, TREB’s Director of Market Analysis.
The number of condominium apartments listed for rent at some point during the first quarter was up on a year-over-year basis, but by less than one per cent.
“As the population and, by extension, number of households continues to grow in the Greater Toronto Area, the demand for housing increases. Some of this demand is pointed at the rental market, including condominium apartments that owners have chosen to rent out to tenants. The problem is that the supply of units available for rent has not kept up with demand, leading to more competition between renters and strong upward pressure on average rents,” said Mr. Cerqua.
The average one-bedroom condominium apartment rent for the TREB market area as a whole was up by 7.8 per cent to $1,791. The average two-bedroom rent was up by 6.8 per cent to $2,432.
“It is important to remember that the rental market meets the housing needs for a substantial number of GTA residents, including newcomers to Canada who choose to settle in the region. As a result, the rental market often falls under the public policy lens. Policies pointed at the rental market should be based on solid empirical evidence and should not hamper the supply of rental listings, which has been the main issue impacting renters over the last year,” said Jason Mercer, TREB’s Director of Market Analysis.
■Just Listed_#1637 250 Wellington Street W.
Prime & Rarely Offered. Meticulously well-kept south facing two storey unit with one parking and two lockers awaits you. Generous floor space for living and dining area with open ceiling allowing abundance natural light to flood into the room. Walk-out balconies from each level have direct view of Rogers Centre. Each bedroom upstairs has walk-in closets and ensuite bathrooms. Walk score 100%!
VirtualTour
Call me TODAY for a Private Viewing and Details!
MLS: C3795850
Subscribe to:
Posts (Atom)