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The Kirby Chan Report – Record Breaking Home Sales In April 2012

Greater Toronto REALTORS® reported 10,350 transactions through the TorontoMLS system in April 2012. This level of sales was 18 per cent higher than the 8,778 firm deals reported in April 2011. The strongest sales growth was reported in the single-detached market segment, with transactions of this home type up by 22 per cent compared to a year ago.

“Interest in single-detached homes has been very high, both in the City of Toronto and surrounding regions. Growth in single-detached listings has not kept up with demand, which means competition between buyers in this market segment increased. With this in mind, it was no surprise that the strongest annual price increase was also experienced in the single-detached segment,” said Toronto Real Estate Board President, Richard Silver.

The average price for April 2012 transactions was $517,556 – up 8.5 per cent compared to April 2011. While price growth was strongest for single-detached homes, the better-supplied condominium apartment segment experienced a more moderate annual rate of price growth, at four per cent.

“Monthly mortgage payments remain affordable for home buyers in the Greater Toronto Area. While interest rates are generally expected to increase over the next two years, the extent and timing of rate hikes has been thrown into question by slower than expected economic growth in the first quarter of this year. On net, borrowing costs are expected to remain a positive factor influencing home sales through 2012,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Wondering what your home or condo unit is worth? Contact Me, Just Click Here or call me directly at (416) 305-8008.

Kirby Chan | Sales Rep. | Director of Technology & Social Media
Keller Williams Real Estate Service
17 Church Ave., North York
Tel: (416) 222-6188 | Mobile: (416) 305-8008
info@KirbyChan.com | www.KirbyChan.com (Home Buying & Selling Resource Guide)

Real Estate Toronto 360 (GTA Home Buying Resource)
Toronto Condominium Search (GTA Condo Buying Resource)

 

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The Kirby Report – April 2012

Tight Market Drives Double-Digit Price Growth

Greater Toronto REALTORS® reported 9,690 sales through the TorontoMLS system in March 2012. This result was up by almost eight per cent in comparison to the 8,986 deals reported during the same period in 2011.

“The GTA resale market has not suffered from a lack of willing buyers this year. Buyers have been spurred on by the positive affordability picture brought about by low mortgage rates,” said Toronto Real Estate Board President Richard Silver.

“The challenge has been a lack of inventory. Many listings have attracted multiple interested buyers. Strong competition has led to annual rates of price growth well above the long-term average.”

The average selling price in the GTA was $501,614 in March – up by 10 per cent in comparison to March 2011.

“The number of new listings was up last month in comparison to March 2011. However, based on the historic relationship between price and listings, the GTA resale market should be better supplied. If competition between buyers remains as strong as it is right now, we will almost certainly see an average selling price above $500,000 for 2012 as a whole,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Wondering what your home or condo unit is worth? Contact Me, Just Click Here or call me directly at (416) 305-8008.

Kirby Chan | Sales Rep. | Director of Technology & Social Media
Keller Williams Real Estate Service
17 Church Ave., North York
Tel: (416) 222-6188 | Mobile: (416) 305-8008
info@KirbyChan.com | www.KirbyChan.com (Home Buying & Selling Resource Guide)

Real Estate Toronto 360 (GTA Home Buying Resource)

Toronto Condominium Search (GTA Condo Buying Resource)


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The Kirby Report (Mid-December)

2011 Mid-December GTA Housing Statistics

Wondering what your home or condo unit is worth? Contact Me, Just Click Here or call me directly at (416) 305-8008.

Kirby Chan Sales Rep., Director of Technology & Social Media
Keller Williams Real Estate Service
17 Church Ave., North York
Tel: (416) 222-6188 | Mobile: (416) 305-8008
info@KirbyChan.com | www.KirbyChan.com (Home Buying & Selling Resource Guide)

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Mid-December Housing Stats


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Toronto Real Estate Market Watch – October 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.

Monthly sales data follow a recurring seasonal trend that should be removed before comparing monthly results within the same year. After adjusting for seasonality, the annualized rate of sales for October was 97,100, which was above the average of 90,700 for the first three quarters of 2011.

“The pace of October resale home transactions remained brisk in the GTA. This bodes well for a strong finish to 2011,” said Toronto Real Estate Board President Richard Silver. “Home buyers who found it difficult to make a deal in the spring and summer due to a shortage of listings have benefitted from increased supply in the fall.”

The average selling price through the TorontoMLS® in October was $478,137 – up eight per cent compared to October 2010.

“Sellers’ market conditions remain in place in many parts of the GTA. The result has been above-average annual rates of price growth for most home types,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.
“Thanks to low interest rates, strong price growth has not substantially changed the positive affordability picture in the City of Toronto and surrounding regions.”

Kirby Chan Real Estate Blog

October 2011 Toronto Market Watch Stats

Wondering what your home or condo unit is worth? Contact Me, Just Click Here or call me directly at (416) 305-8008.

Kirby Chan Sales Rep., Director of Technology & Social Media
Keller Williams Real Estate Service
17 Church Ave., North York
Tel: (416) 222-6188 | Mobile: (416) 305-8008
info@KirbyChan.com | www.KirbyChan.com (Home Buying & Selling Resource Guide)

Search Toronto Homes & Condos For Sale
Real Estate Toronto 360

Connect with me on:

Power Search – Realtor.ca Doesn’t Have This Much Info
Get My Free Buyer’s Guide & Search For Homes
Get My Free Seller’s Guide & Find Out What Your Home is Worth
Condo Resource Guide and Free Condo Search 

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Real Estate Market Watch – October 2011


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TREB’s Mid-October Resale Market Figures

TORONTO, October 18, 2011 — Greater Toronto REALTORS® reported 3,477 transactions through the TorontoMLS® system during the first 14 days of October 2011. This total represented a 20 per cent increase over 2,890 sales reported during the first two weeks of October 2010. Year-over-year growth in new listings for the same period was slightly stronger than that recorded for sales – up 21 per cent to 6,249.

“The first two weeks of October seem to be pointing towards more balanced market conditions as we move toward 2012. Growth in new listings outstripped growth in sales, meaning more choice for buyers,” said Toronto Real Estate Board President Richard Silver. “A growing number of home owners are reacting to the above average price growth reported this year and have decided to list their home for sale. They are confident they will receive timely offers in line with their asking prices.”

The average selling price during the first two weeks of October was $475,743 – up 7.5 per cent compared to the same period in 2010.

“The average resale home price is expected to grow at a slower pace in the months ahead because the market is becoming better supplied. There will be less competition between home buyers as we move through the fall and winter.” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. “With a more balanced market in 2012, the average rate of annual price growth is expected to be in the mid single digits.”

Summary of TorontoMLS® Sales and Average Price October 1 – 14
2011 2010
Sales Average Price Sales Average Price

City of Toronto (“416”)

1,408 $524,553 1,237 $499,740

Rest of GTA (“905”)

2,069 $442,527 1,653 $400,088

GTA

3,477 $475,743 2,890 $442,742
TorontoMLS® Sales & Average Price  By Home Type
Sales Average Price
416 905 Total 416 905 Total

Detached

450 1,143 1,593 754,240 530,339 593,588

Yr./Yr. % Change

2% 24% 17% 3% 10% 6%

Semi-Detached

183 245 428 545,995 364,649 442,188

Yr./Yr. % Change

33% 41% 37% 11% 7% 9%

Townhouse

151 372 523 461,112 343,510 377,464

Yr./Yr. % Change

23% 18% 20% 16% 12% 13%

Condo Apartment

609 251 860 369,528 272,190 341,119

Yr./Yr. % Change

16% 22% 18% 10% 10% 10%

 Source: TREB

Wondering what your home or condo unit is worth? Contact Me, Just Click Here or call me directly at (416) 305-8008.

Kirby Chan Sales Rep., Director of Technology & Social Media
Keller Williams Real Estate Service
17 Church Ave., North York
Tel: (416) 222-6188 | Mobile: (416) 305-8008
info@KirbyChan.com | www.KirbyChan.com (Home Buying & Selling Resource Guide)

Search Toronto Homes & Condos For Sale
Real Estate Toronto 360

Connect with me on:

Power Search – Realtor.ca Doesn’t Have This Much Info
Get My Free Buyer’s Guide & Search For Homes
Get My Free Seller’s Guide & Find Out What Your Home is Worth
Condo Resource Guide and Free Condo Search 

Press  “Like” below and help me get 100 likes on my Facebook page, only 25 more to go!
Kirby Chan Realtor Page
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Toronto Real Estate Market Outlook – August 2011

Kirby Chan's Market Outlook Graphs

August 2011 Graphs

Based on the recent Market Watch by the Toronto Real Estate Board, we had a strong August that is going to pushing us ahead into a good fall market.

A reported 7,542 sales in the TorontoMLS® system translates into a 24 per cent increase over 6,083 sales in August 2010.

New listings were up 20 per cent at 12,509 compared to August 2010. Market conditions remained tight as sales growth outstripped growth in new listings.

“Home sales in the GTA have stood up well despite a less certain economic outlook,” said Toronto Real Estate Board President Richard Silver. “Home sales will be bolstered by low mortgage rates moving forward. The Bank of Canada is expected to be on the sidelines until the second half of 2012 or even into 2013. However, home ownership affordability in the City of Toronto could be further improved with the removal of the City’s land transfer tax. This tax currently represents a substantial upfront cost for home buyers.”

I totally agree with our TREB President Richard Silver, the removal of the City’s land transfer tax could really boast the Toronto Real Estate market. Instead, I see more and more people moving in to the 905 area because they are getting more value.

Market conditions remained tight in the GTA but the average selling price  continued to grow strongly in August, up by more than 10 per cent year-over-year to $451,663.

“We remain on pace for the second best year on record for sales. Approximately 90,000 transactions are expected by the end of December,” said TREB’s Senior Manager of Market Analysis Jason Mercer. “Major home ownership costs, including the average monthly mortgage payment, remain affordable despite the strong price growth experienced so far this year.”

August tends to be less robust month than July but overall for 2011, it was a better July to August transition than in 2010.

Wondering what your home or condo unit is worth? Contact Me, Just Click Here or call me directly at (416) 305-8008.

Kirby Chan Sales Rep., Director of Technology & Social Media
Keller Williams Real Estate Service
17 Church Ave., North York
Tel: (416) 222-6188 | Mobile: (416) 305-8008
info@KirbyChan.com | www.KirbyChan.com (Home Buying & Selling Resource Guide)

Search Toronto Homes & Condos For Sale
Real Estate Toronto 360

Connect with me on:

Power Search – Realtor.ca Doesn’t Have This Much Info
Get My Free Buyer’s Guide & Search For Homes
Get My Free Seller’s Guide & Find Out What Your Home is Worth
Condo Resource Guide and Free Condo Search 

Press  “Like” below and help me get 100 likes on my Facebook page, only 25 more to go!
Kirby Chan Realtor Page
  Like · Comment· Share

TechSavvyAsian.com Realtor Resource – Learn more about using Real Estate Technology


Source: TREB

Toronto Real Estate Market Watch Data


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March 2011 Market Watch – The Second Best March on Record.

I would like to first off welcome Daniel Losier to Keller Williams Real Estate Service. He is a hardworking individual that has impressed me. His energy is contagious and working alongside him has been beneficial and I thank him.

March Resale Housing Market Figures.

The Toronto MLS reported 9,262 transactions in March 2011, representing the second best March result on record. March 2011 transactions were 11 percent lower than March 2010.

“The strong home sales reported in March and throughout the first quarter of 2011 have been based on a solid affordability picture and improving economic conditions in the GTA and country-wide,” said Toronto Real Estate Board (TREB) President Bill Johnston.

The average selling price for March 2011 was up five per cent year-over-year to $456,147. The strongest average annual price growth was reported for condominium apartments and semi-detached houses, at approximately seven per cent for both home types.

“Market conditions were tighter in March compared to last year. With more competition between buyers, we have seen a strong but sustainable rate of price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. In March, the median price was $385,000, from the $370,000 recorded during March of 2010.

Are you thinking of Buying or Selling a home and would like to discuss your options?
Contact Me, Just Click Here
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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