Toronto Real Estate Record Home Sales September 2015

Here are the numbers for the Toronto Real Estate Market.

There were 8,200 home sales reported for September 2015. That is up 2.5% compared to September 2014.

For the first nine months of 2015 there were 80,331 home sales, which represented a record result and a 9.5% increase compared to the first nine months of 2014.

The average selling price in the GTA was $627,395, that’s up by 9.2%

What does this mean? Watch the video, skip to the 1 minute mark for the analysis.

Price & Sales Increase Over 10% In March

Toronto Real Estate Board reported 8,940 sales in March 2015. This result represented an 11% increase compared to March 2014.

“Home sales increased compared to last year as the cost of home ownership remained affordable, with lower interest rates going a long way to mitigate the effect of rising home prices. However, a substantial amount of pent-up demand remains in place, especially as it relates to low-rise market segments. This suggests that strong competition between buyers, which has fuelled strong price growth so far this year, will continue to be experienced throughout the spring,” said  Toronto Real Estate Board President Paul Etherington.

In March, the average selling price for all reported transactions was $613,933 – up 10% year-over-year. Average price growth was strongest for detached homes in the City of Toronto, at 15.9%.

“It is clear that seller’s market conditions in many parts of the GTA are driving price growth. However, looking at the detached market segment in the City of Toronto in particular, growth in the average selling price outstripped growth in the MLS® HPI. This points to the fact that the mix of detached homes sold this year compared to last has shifted towards more expensive properties,” said Jason Mercer, TREB’s Director of Market Analysis.

 

 

The Competition is Heating Up!

Paul Ehterington, the President of the Toronto Real Estate Board, announced that there were 6,338 home sales in the month of February in the GTA. This means that there was a staggering increase of sales this February, compared to February 2014 – an 11.3% increase!

The overall inventory of homes for sale in February was down 8.7% compared to February 2014. This decrease in inventory has created a very tough and competitive market for buyers. The average selling price in February 2015 was $596,163, which is a 7.8% increase from last year.

An important piece of information to point out is that within the City of Toronto, the average detached-home selling price was above $1 million.

According to Jason Mercer, the Toronto Real Estate Boards Director of Market Analysis, “February points to a robust demand for ownership housing in the GTA, coupled with a constrained supply of homes, especially with low-rise home types, such as singles, semi’s and townhouses are concerned.”

Toronto Real Estate Prices Dropped In January 2015

According to the Toronto Real Estate Boards President, Paul Etherington, Toronto’s Condominium Apartment sales for the months of October to December, 2014 had seen an increase of 8.3 per cent, compared to 2013. As  the supply of Condominium Apartment units listed for sale increased, so did the number of sales. According to Jason Mercer, the Toronto Real Estate Boards Director of Market Analysis “Despite very strong condominium apartment completions over the last two years, we have not experienced a glut in inventory.” Furthermore, the Toronto Real Estate Board announced that during the first 14 days of January, 2015 there were 1,409 sales reported through the TorontoMLS system, resulting in an increase of 9.8 per cent compared to the same time in 2014. 

Although there has been an increase in the number of homes sold in 2015, it is important to note that the average selling price for mid-month transactions in January has decreased compared to last year. Mercer states that “the slight dip in the average selling price reflects the fact that we saw a different mix of homes sold this year compared to last year during the first two weeks of January, as evidenced by a lower average listing price.” In 2015, the average sale price of a home in the GTA was $510,532.00, compared to the GTA’s average sale price of $516,620.00 in 2014, a drop of 1%. However, Mercer states that “the month-end MLS® HPI Composite Benchmark price and the average selling price will provide a clearer view on prices,” so it is yet to be seen what the outcome for the first quarter of 2015 will be. 

 

Mid-month resale market figures graph

Toronto Real Estate Market Watch April 2014

Toronto Real Estate Market – Big news for April 2014 just released!!!

Watch the video for my analysis.

Here are the raw numbers.

April Sales – 9,706 sales. +1.8% increase for year over year.  +20% increase for month over month.

April Average Sale Price – $577,898. +10% increase for year over year. 3.5% increase for month over month

The Kirby Report – Toronto Real Estate Market 2013 Review

Today on The Kirby Report, I discuss how the Greater Toronto Real Estate performed in 2013.

Thank-you for watching this episode of “The Kirby Report”.

Here’s a summary of the numbers.

2013 December Sales were up 14% compared to 2012 December Sales.

2013 Sales were up 2% compared to 2012.

2013 December Average Sale Price is $520,000 and that is up 8.9%.

2013 Average Sale Price is $523,000 and that is up 5.2% compared to 2012.

Kirby Chan