Toronto Real Estate Board Condo Report: 1st Quarter 2013

Greater Toronto Area REALTORS® reported 4,133 condominium apartment sales through the TorontoMLS system during the first quarter of 2013. This result was down by approximately 17 per cent in comparison to the first quarter of 2012.

New listings of condominium apartments were also down on a year-over-basis in the first quarter, but by a lesser annual rate of five per cent.

“Buyers benefited from a substantial amount of choice in the condo market in the first quarter, especially in comparison to low-rise home types. This being said, the fact that new condo listings were down in the first quarter suggests that the market may become tighter moving forward. This will also depend on the timing and scale of future condo apartment completions,” said Toronto Real Estate Board President Ann Hannah.

The average price for first quarter condominium apartment sales was $332,846 – down by 0.5 per cent compared to the same period in 2012.

“With months of inventory high from a historic perspective, it makes sense that the average selling price for condos edged lower over the past two quarters. However, March results were much more positive compared to the first quarter as a whole, with the average condo selling price up by two per cent annually for the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

TREB-Condo-Report-1st-quarter-2013

Source: TREB (Toronto Real Estate Board)

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Toronto Real Estate Board Market Update: Mid April 2013

GTA REALTORS® RELEASE MID-MONTH RESALE HOUSING FIGURES

TORONTO, April 16, 2013 – Greater Toronto REALTORS® reported 4,260 sales through the TorontoMLS system during the first 14 days of April, representing a slight dip of less than one per cent compared to the same period in 2012. The reported sales figure did benefit from one extra working day compared to last year, because Good Friday in 2012 fell in April.

“April sales to date, which were driven by strong growth in single-detached home sales in the regions surrounding Toronto, represent a positive start to the spring market. Because market conditions have remained tight, we continue to see average price growth well above the rate of inflation for many home types,” said Toronto Real Estate Board President Ann Hannah.

The average selling price for April mid-month sales was $527,397 – up 4.3 per cent compared to $505,617 in 2012. Rates of average price growth were similar for the City of Toronto and the surrounding regions under the TREB market area.

“The annual rate of price growth so far in April is actually above TREB’s forecast of 3.5 per cent for 2013. Strong growth in the average condo apartment price in the City of Toronto was a key driver in this regard,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.

treb-Mid-April-2013

Source: TREB (Toronto Real Estate Board)

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Condo Seller Information: For Sale By Owner On The MLS, The Mere Posting

It has been a couple of years now since the rules for our Multiple Listing Service, or MLS have changed to allow consumers who wish to sell there home without using the services of a REALTOR®, post there listing on the MLS by hiring an agent just for the purpose listing it for sale on the MLS and then having buyer agents contact the owner directly.  These listings are referred to as “Mere Postings”.  The seller then can sell the property on their own to their own buyer, or choose to co-operate with a buyer agent.

To post your listing, you will hire a Real Estate Brokerage that provides the service for a flat fee.  The brokerage will then broker load the property to the MLS along with the sellers contact information.  If an agent has a buyer for your type of property, they will contact you directly to arrange a showing and compensation should their client purchase your home.

The brokerage that I am part of does not offer Mere Postings as a Service.  This is something that I support, I do not feel that just posting your listing on the MLS is a good plan.  There is more to selling your home than just the MLS, I also don’t believe most agents will show your Mere Posting.

Steven

Steven Campbell, Sales Representative
Forest Hill Real Estate Inc., Brokerage

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Condo Seller Information: Get Your Home Professionally Cleaned Before Selling!

yay-2538659-clean-your-condo

I regularly get asked what improvements can I make before listing my condo for sale?  Condos typically are not that large compared to a house, with one bedroom condos ranging under 600 square feet.  Buyers have a easy time looking for signs that condo is not well maintained.  The most cost effective thing to improve how your home shows  is  to give it a really thorough cleaning.

You can clean your home yourself, but I think it is best to hire a professional cleaner to come in and clean your property.  They will make it shine and ready to show to its potential.  Then all you will need to do is maintain it.  If your going to sell your home, do yourself a favour and hire a professional to clean it.

Steven

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Steven Campbell, Sales Representative
Forest Hill Real Estate Inc., Brokerage

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Condo Seller Information: The MLS is a Tool, Not a Marketing Plan

realtor-ca-mlsmls-small

 

With over40,000 REALTORS® in the Toronto Real Estate Board, when you decide to sell your property, you want your listing to be placed on the MLS for those REALTORS® to see and send to their clients.  When your property is loaded on the MLS, it is also submitted to the public MLS which is know as REALTOR.ca to maximize the listings exposure.  This is a a very important tool in any home selling plan.

As important to selling a home as the MLS is, it is still just one tool within a marketing plan available to REALTORS®.   There are many aspects of marketing your home, some are promotional, such as open houses, on-line advertising, social media, agent to agent networking, videos and more.  Then there are aspects to enhance the listing such as a virtual tour, professional photography, professional laser measurements and floor plans.  All of these things are part of the selling process, each are important tools, that all work together to maximize the selling price of your home.  Just posting your listing on the MLS without the rest of the tools working together is a plan in having your home become  an expired listing.

Yes the MLS is a very important tool, but it is still just a tool within  a portfolio of tools to maximize the selling of your home .

Steven

Steven Campbell, Sales Representative
Forest Hill Real Estate Inc., Brokerage

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Toronto Real Estate Board Market Update, March 2013

GTA REALTORS® RELEASE MONTHLY RESALE HOUSING FIGURES

TORONTO, April 3, 2013 – Greater Toronto Area REALTORS® reported 7,765 transactions through the TorontoMLS system in March 2013 – down 17 per cent compared to 9,385 transactions in March 2012.
While the year-over-year dip in March sales followed the trend that has unfolded since mid-way through 2012, it is also important to note that the Good Friday holiday was in March this year versus April in 2012. Generally speaking, there are fewer sales reported on statutory holidays and weekends.

In the first quarter of 2013, sales amounted to 17,678 – down by 14 per cent compared to Q1 2012.

“Home ownership remains affordable for a household earning the average income in the Greater Toronto Area. There are many willing buyers in the marketplace today. While some households have put their decision to purchase on hold as a result of stricter lending guidelines or the additional Land Transfer Tax in the City of Toronto, other households simply haven’t been able to find the right house due to a shortage of listings in some market segments,” said Toronto Real Estate Board President Ann Hannah.

The average selling price in March was $519,879 – up by 3.8 per cent compared to March 2012. The average price in Q1 2013 was $508,066 – up by 3.2 per cent compared to the first quarter of 2012.

“The average selling price and the MLS® Home Price Index Composite Benchmark was up on a year-over-year basis across most home types, especially in the low-rise market segments where supply remains an issue. TREB’s average price forecast for 2013 remains at $515,000, representing a 3.5 per cent annual rate of growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

TREB-March-2013-Market-Report

Source: TREB (Toronto Real Estate Board)

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