Record Sales in November 2015
Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported 7,385 home sales through TREB’s MLS® System in November 2015 – up by 14 per cent compared to November 2014. This result also represented the best result on record for the month of November. Sales through the first eleven months of 2015 amounted to 96,401.
“Not only did we see a record sales result for November, but with one month left to go in 2015, we have already set a new calendar year record for home sales in the TREB market area, eclipsing the previous record set in 2007. Sales were up on a year-over-year basis for all major home types, both in the City of Toronto and surrounding regions. This suggests that the demand for ownership housing is widespread, from first-time buyers to long-time homeowners across the GTA,” said Mr. McLean.
The MLS® Home Price Index (HPI) Composite Benchmark was up by 10.3 per cent year over year in November. The average selling price for all transactions was also up by a similar annual rate of 9.6 per cent to $632,685. Annual rates of average price growth for November and the first eleven months of 2015 were similar, with the strongest rates of increase being reported for low-rise home types, including detached and semi-detached houses and townhouses.
“Demand for ownership housing has remained strong in the GTA throughout 2015, with sales generally increasing at a greater annual rate compared to new listings. This means that competition between buyers has strengthened in many neighbourhoods in the City of Toronto and surrounding regions. The end result has been upward pressure on home prices well above the rate of inflation in most cases,” said Jason Mercer, TREB’s Director of Market Analysis.
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Record Home Sales For October
Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported 8,804 home sales through TREB’s MLS® System in October 2015. This is the best result on record for the month of October.
“It is clear that many GTA households remain upbeat about home ownership because owning a home represents a high quality, long-term investment. We will see a big, new record this year for home sales reported through TREB’s MLS® System,” said Mr. McLean.
“Despite the record October result, I must point out that the Government of Ontario could hamper home sales in the near future. The Wynne government is seriously considering allowing municipalities throughout Ontario to institute a second land transfer tax on top of the existing provincial tax. Recent polling has shown that the great majority of Ontarians oppose this tax and would consider delaying a move if they were forced to bear the additional upfront cost,” added Mr. McLean.
The MLS® Home Price Index (HPI) Composite Benchmark was up by 10.3 per cent year over year in October. Over the same period, the average selling price for all home types combined was up by 7.3 per cent to $630,876. Price growth continued to be driven by the low-rise market segments.
“Record sales coupled with a constrained supply of listings in many GTA neighbourhoods has underpinned very strong price growth throughout 2015. Even if we do see a greater supply of low-rise listings in the marketplace over the next year, market conditions will remain tight enough to see continued price growth well-above the rate of inflation,” said Jason Mercer, TREB’s Director of Market Analysis.
Toronto is a Hot Commodity with Analysts Predicting a Record Year
I had the pleasure of being interviewed by Angie Seth, of Global TV News, about Toronto’s hot real estate market. You can watch the video below or view on the Global News site!
Record Home Sales in September 2015
Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported a record number of transactions for the month of September through TREB’s MLS® System. There was a combined 8,200 home sales reported for September 2015. This result was up 2.5 per cent compared to September 2014.
TREB MLS® sales through the first nine months of 2015 amounted to 80,331, which also represented a record result and a 9.5 per cent increase compared to the first three quarters of 2014.
“We are on track for record home sales reported through TREB’s MLS® System this year. Barring a drastic shift in the economy over the next three months, total transactions reported by TREB Members in 2015 are expected to be at or near the 100,000 mark. This is a testament to the importance that GTA households put on home ownership as a long-term investment,” said Mr. McLean.
The MLS® Home Price Index (HPI) Composite Benchmark Price was up by 10.5 per cent year over year. The average selling price for all home types combined was also up by 9.2 per cent annually to $627,395. Growth in the MLS® HPI Composite Benchmark and the average price was driven by the low-rise market segments, including detached and semidetached houses and townhouses.
“While September was the second straight month where annual growth in new listings outstripped annual growth sales, total active listings at the end of the month still remained below last year’s level. This, coupled with the record pace of sales experienced so far this year, suggests that competition between buyers will remain strong as we move into the fourth quarter. Expect strong rates of price growth to continue through the remainder of 2015 and into 2016,” said Jason Mercer, TREB’s Director of Market Analysis.
ASKING PRICE: $899,000
SELLING PRICE: $936,000
PREVIOUS SELLING PRICE: $605,000 (2007)
TAXES: $4,720 (2015)
DAYS ON THE MARKET: 28
LISTING AGENT: Elli Davis, Royal LePage Real Estate Services Ltd.
Published in The Globe and Mail, September 17, 2015
The Action: A great deal of traffic flowed through this detached, three-bedroom residence, but without an offer and with a number of other alternatives nearby, the price was dropped below $900,000 to attract more buyers.
The move put the residence on the radar of two potential buyers who made competing bids.
What They Got: Less than a 10-minute walk from High Park, this brick house with an attached garage displays traditional stained-glass windows and hardwood floors in areas such as the fireside living room, which has access to a sunroom with ceramic floors.
Since 2007, the original centre-hall plan was modified with a newly combined dining area and kitchen with a walkout to a deck and 57-by-75-foot lot, as well as a new roof, furnace and lower level recreation room with one of three bathrooms.
The Agent’s Take: “The location of it really helped sell it; it’s a very hot area,” agent Elli Davis says.
“It’s close to High Park and the subway.”
The seller’s improvements also increased the home’s value.
“Glenlake was a very nice house – a three-bedroom house – with a renovated kitchen and main-floor powder room,” Ms. Davis explains.
“[In one bedroom], the owner put in steps to a third floor, so it was more of a loft for storage or a play area.”
Sales and Average Price Up in August
September 4, 2015 — Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported 7,998 residential transactions through the TREB MLS® System in August 2015. This result represented a 5.7 per cent increase compared to 7,568 sales reported in August 2014. On a GTA-wide basis, sales were up for all major home types.
The annual growth rate in new listings was greater than the annual growth rate in sales, but active listings at the end of August were still down compared to last year. This suggests that sellers’ market conditions remained in place, especially where low-rise home types like singles, semis and townhouses were concerned.
“Buyers in the GTA remain confident in their ability to purchase and pay for a home over the long term. They see ownership housing as a quality investment that has historically produced positive returns while at the same time providing owners with a place to live in their chosen community,” said Mr. McLean.
Both the MLS® Home Price Index (HPI) Composite Benchmark and the average selling price for all home types combined were up substantially in August compared to the same period in 2014, with both increasing by approximately 10 per cent year-over-year.
“A record year for home sales continued to unfold in August as competition between buyers exerted upward pressure on selling prices. It was encouraging to see annual growth in new listings outstrip annual growth in sales, but we will need to see this for a number of months before market conditions become more balanced,” said Jason Mercer, TREB’s Director of Market Analysis.
Real Estate Professional Magazine has released its 2015 Hot List: 150 sizzling players who are setting the industry on fire. REP Magazine asked the real estate community for their input on which of their peers are the most successful, most engaging and most innovative people. Elli is proud to be included in this group and featured in the article!
“Everyone on our Hot List has one thing in common – they’re all changing the face of the Canadian real estate industry.”
New Record for July Home Sales
August 6, 2015 — Toronto Real Estate Board President Mark McLean announced record home sales for the month of July. Greater Toronto Area REALTORS® reported 9,880 sales through TREB’s MLS® System, representing an eight per cent increase compared to July 2014. The number of transactions were up for all major home types, including a double digit year-over-year increase in condominium apartment sales.
“As we move towards a new record for home sales this year, it is important to point out that home ownership demand has been driven not only by low borrowing costs, but also by the fact that the GTA economy has been performing quite well, with the unemployment rate lower compared to last year. Home buyers remain confident in the long-term benefits of owning a home,” said Mr. McLean.
The MLS® Home Price Index (HPI) Composite Benchmark, which accounts for benchmark home prices in communities throughout the TREB market area, was up by 9.4 per cent year over- year in July 2015. Over the same period, the average selling price was up by a slightly greater amount, growing by 10.6 per cent annually to $609,236.
Detached homes continued to lead the way in terms of price increases, with annual growth in the average selling price outstripping growth in the MLS® HPI detached benchmark. This suggests that there continued to be a greater share of high-end homes sold this year compared to last.
“With the level of inventory in the GTA trending below two months, many listings continued to generate a lot of interest from buyers. Not surprisingly, this supported further price increases well-above the rate of inflation. Assuming similar interest rate and economic environments over the next five months, strong price growth will remain the norm for the rest of 2015,” said Jason Mercer, TREB’s Director of Market Analysis.
127 Castlefield Avenue, Toronto
ASKING PRICE: $1,295,000
SELLING PRICE: $1,385,000
PREVIOUS SELLING PRICE: $467,500 (1992)
TAXES: $7,993 (2014)
DAYS ON THE MARKET: Three
LISTING AGENT: Elli Davis, Royal LePage Real Estate Services Ltd.
Published in the Globe and Mail, July 31, 2015
The Action: Just a 10-minute walk from restaurants, shops, cinemas and a subway station on Yonge Street, this North Toronto home was scheduled for nearly a week of exposure. But the weekend open houses were cancelled after the owners accepted an offer from one of six visitors with mid-week private showings.
What They Got: A 27-by-134-foot lot anchors this three-storey structure with three bedrooms, three bathrooms, formal principal rooms and five decks, including one leading to a fenced yard from a fireside family room behind the double garage.
The basement offers a recreation area and a guest bedroom, while the second floor accommodates an eat-in kitchen and fireside living room with decks and a central dining area.
The Agent’s Take: “You could walk to Yonge and Eglinton, so it’s in a prime area,” agent Elli Davis says. “And it’s an older area, but this was a detached home that had been built in the eighties, so it was more contemporary.”
The set-up also suited a wide range of potential buyers, from large families to professionals wanting an urban setting. “It really had three full floors of living space, so it was very large, larger than you’d think from the street,” Ms. Davis says.
“It has a nice backyard and faced south, so you had a good view of the CN Tower from the second floor.”