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Strong Sales and Price Growth in July

Greater Toronto Area REALTORS® reported 8,544 residential sales through the TorontoMLS system in July 2013. Total sales were up by 16 per cent compared to July 2012. Over the same period, new listings added to TorontoMLS and active listings at the end of the month were up, but by a substantially smaller rate of increase compared to sales.

“Last month’s sales represented the best July result since 2009 and was the third best July result on record. Despite recent increases in average borrowing costs, home buyers are still finding affordable home ownership options in the GTA,” said Toronto Real Estate Board President Dianne Usher.

“We are a year removed from the onset of stricter mortgage lending guidelines and many households who put their decision to purchase a home on hold have reactivated their search. An increasing number of these households are getting deals done,” continued Ms. Usher.

Reflecting tighter market conditions, the average selling price for July sales was up on a year over-year basis by eight per cent to $513,246. The low-rise market segment continued to be the driver of overall price growth. It should be noted, however, that the average condominium apartment price was also up by more than the rate of inflation on an annual basis. The MLS® Home Price Index (HPI) was also up on a year-over-year basis for all major home types.

“We are forecasting continued average price growth for the remainder of 2013 and through 2014 as well. Months of inventory for low-rise homes remains near record lows, suggesting that sellers’ market conditions will remain in place in the second half of 2013. An increase in listings in 2014 would lead to more balanced market conditions and a slower pace of price growth next year, albeit still above the rate of inflation,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

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Greater Toronto Resale Housing Sales Up in First Half of May

Greater Toronto REALTORS® reported 4,561 transactions in the first half of May – an increase of three per cent compared to May 2008.

“Members reported a rise in buying activity this month,” said TREB President Maureen O’Neill.
“Many home buyers who were undecided about purchasing a home during the winter months are now proceeding with confidence as a result of the GTA housing market’s affordability.”

The average price for MLS® sales was in line with last year, down by less than one-half of one per cent at $399,811.
“More sales and fewer listings resulted in tighter market conditions which pushed the average selling price back up to last year’s level,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “Look for new listings to increase as home owners react to the positive news surrounding home sales and prices.”

Mid-mayIn this Mid-May report, we see more positive news for the first half of May. The important point is the increase in number of transactions and a slight decrease in average price. In my office we are seeing multiple offers biding for our listings.

Are you thinking of Buying or Selling a home and would like to discuss your options?
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or call me directly at (416) 305-8008.

Kirby Chan
Sales Representative
416-305-8008
Web : http://www.KirbyChan.com
Email : Info@KirbyChan.com

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