Category Archives: Toronto Real Estate

Toronto Real Estate Statistics: TREB Mid March Update

Toronto Real Estate Board says GTA resale housing market still down

March 19, 2008 — Resale home transactions in the Greater Toronto Area continued at a moderate pace during the first half of March, Toronto Real Estate Board President Maureen O’Neill announced today.

With 3,183 transactions to mid-month, sales in the GTA and in Toronto declined 14 per cent and 18 per cent respectively compared to the same timeframe a year ago.

“It’s important to recognize that we have endured the snowiest winter since 1939 and this has undoubtedly affected the market,” said Ms. O’Neill. “The storm that pounded the GTA during the second weekend of March likely had more people focused on shoveling sidewalks than house hunting.”

Despite moderate activity, the value of homes in our city continues to appreciate. At an average of $385,405 in the GTA and $409,116 in Toronto, prices have increased five and four per cent respectively compared to a year ago.

As well, some neighbourhoods experienced an increase in activity during the first half of March.

At the North end of the Greater Toronto Area, Georgina (N17) experienced a 39 per cent increase in sales during the first half of March, driven mainly by detached home transactions.The Agincourt area of Scarborough (E07) experienced a 12 per cent overall increase in sales compared to a year ago based primarily on strong condominium apartment sales.

Strong condominium apartment sales also allowed the Weston area in York (W04) to hold strong, with a 28 per cent overall increase compared to a year ago.

Toronto’s Downtown core (C01) has also experienced healthy sales activity so far this month, due to strong condominium apartment sales as well. Overall sales in this area were up 11 per cent compared to a year ago.

“Condominium apartments have weathered the winter best so far this year, with 733 sales to date but we remain confident that once the snow has melted, we will see a very active spring market overall,” said Ms. O’Neill. “The land transfer tax in Toronto concerns us and we continue to keep a watchful eye on how this tax plays out in the market.”

Source:  TREB (Toronto Real Estate Board)

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Toronto Real Estate Statistics: February 2008

Its that time of the month again, time to show some graphs from February 2008’s Toronto Real Estate Board’s numbers.  Just a reminder, if you are looking to buy or sell your Toronto Home or Toronto Condo, the charts below can be custom made for your distict, your street or your neighbourhood.  Now, lets take a look at some graphs. 

Toronto Real Estate Average Days on Market

Toronto Real Estate February 2008 Average Days on Market 

The average days on market for February was 30.78.  Down 10.65% over the same time period in 2007.

Toronto Real Estate  February Number of Units Sold

Toronto Real Estate Statistics February 2008, Number of Units Sold

The number of units sold in February was 6424,  Down 12.59 % over the same period last year.

Toronto Real Estate February Sold to Asked Ratio

Toronto Real Estate Statistics February 2008, Average Sold to asked ratio

The Sold to Asking price ratio for February was 98.34 %.  Up .31% over the same time period last year.

Toronto Real Estate February Average Median Selling Price

Toronto Real Estate Statistics February 2008, Median Selling Price

The average median selling price for February was $330,000.00. Up 5.77% over the same time period 2007.

Toronto Real Estate February Average Mean Selling Price

Toronto Real Estate Statistics February 2008, Average Mean Selling Price

The average mean selling price in february is $385,770.00.  Up 3.45% over February 2007.

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Toronto Real Estate Statistics: TREB reports 800,000 square foot plus month

 March 11, 2008 — In February, TREB Members reported 844,348 square feet of space leased through the TorontoMLS system, Commercial Council Chair Garry Lander announced today. “This figure is up marginally over January’s 842,475 square foot total, and we should see those figures climb even higher as the IC&I Spring market gradually takes off.”Lease rates remained relatively unchanged from their year-ago levels, with Industrial space trading for $5.84 sfn and commercial space going for $15.23 sfn.

Sales Market Highlights

In February, TREB Members reported 63 sales of IC&I properties. Of these, 38 were Industrial properties of all size categories, which averaged $109.38 per square foot. This compares with a price of $72.57 per square foot derived from non-MLS sources.

Source: TREB (Toronto Real Estate Board)

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Toronto Real Estate Board MLS Update: GTA Resale Housing Down but Healthy

March 5, 2008 — President Maureen O’Neill announced today, Toronto Real Estate Board Members recorded 6,015 resale home transactions last month, down 11 per cent in the Greater Toronto Area overall , 14 per cent in the City of Toronto and 9 per cent in the 905 suburbs compared to February 2007.

“To get an accurate perspective of current market conditions, a number of factors have to be considered,” said Ms. O’Neill. “With 18,018 properties available for sale, inventory has decreased seven per cent from last February.

“This indicates that despite moderate sales, there is not an over-supply of homes on the market. Generally, properties that are listed are selling fairly quickly and with a list to sale price ratio of 99 per cent, for the most part, sellers are realizing their asking price,” O’Neill added.

Despite the decrease in the number of sales from this time last year, there was positive news with respect to prices in February. At $382,048 in the Greater Toronto Area and $424,235 in the City of Toronto, the average price increased four and two per cent respectively compared to February 2007. As well, the time on market in February was 30 days compared to 35 days a year ago.

Despite the overall decline, some GTA neighbourhoods experienced strong sales in February.

In Pickering (E13) sales rose 28 per cent overall compared to a year ago due to a strong increase in condo townhouse and condo-apartment transactions.

Strong condo-apartment sales also drove transactions in Rexdale (W10) to an overall increase of 18 per cent compared to February 2007.

Richmond Hill North (N05) experienced a 19 per cent sales increase compared to a year ago primarily as a result of strong detached home transactions.

“All economic indicators are in place for an active year in the GTA, and as the weather improves sales are expected to increase as well,” said Ms. O’Neill.

Source:  TREB (Toronto Real Estate Board)

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Toronto Real Estate Update: January 2008 GTA New Home Market Report

— RealNet Canada Inc. releases the January 2008 GTA New Home Market Report, providing insight into sales activity, index price and remaining inventory of Low Rise and High Rise projects by product type for each Toronto Real Estate Board district.

January 2008 GTA Low Rise New Homes Sales Regain Momentum

There were 1,703 new home sales recorded in January 2008 in the Greater Toronto Area, down 16% from the same time last year. January 2008 Low Rise sales accounted for 60% (1,019) of the new home sales activity in the GTA, with an increase of sales of 10% from the previous month and a decline of 26% from the same month last year. According to the RealNet New Home Price Index the average asking price of a new Low Rise home increased by 8.2% within the last 12 months. January 2008 High Rise sales totaled 684 units sold, down 31% over the previous month and up 3% compared to the same time last year. Similar to Low Rise, the average asking price of a condominium unit increased by 11.1% since January 2007. 
 
 
 

Source: TREB (Toronto Real Estate Board)

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Toronto Real Estate Board reports sales near 3,000 at mid-month

February 20, 2008 — Resale home transactions in the Greater Toronto Area declined in the first two weeks of February, Toronto Real Estate Board President Maureen O’Neill announced today.

The first half of the month yielded 2,775 transactions, down 14 per cent from the 3,240 sales recorded in the same timeframe last year. The moderation in sales was more pronounced within the City of Toronto–down 18 per cent to 1,066 from last February’s 1,308—than in the 905 suburbs, which saw transactions off 11 per cent.

“It’s important to recognize that the mid-month report provides an indication of market conditions based on a very brief period,” said Ms. O’Neill.

“However, we believe the harsh winter weather we’ve experienced in the early part of the month has had a negative impact on both sales and inventory levels. If you can’t get buyers out to your open house, then you are less inclined to list. And fewer listings means less appealing product for the potential home-buyer. It’s a compound effect.”

Although sales eased, several positive factors were also noted. At $385,735, the average price in the GTA rose seven per cent compared to $358,533 recorded in mid-February 2007. Within the City of Toronto, the average rose 11 per cent to $434,657, although pockets within the East end (Agincourt, for example) rose at the more affordable pace of around five per cent. As well, properties are remaining on the market fewer days.

The average number of days on market is currently 31 versus 35 days at the same time last year.

Furthermore, a few neighborhoods both within and outside of the 416 area code saw increased sales over the first half of February, 2007.

In Ajax (E14) sales were up 11 per cent compared to mid-February 2007, based mainly on an increase in detached home sales.

In the West region, the W3 (York South) district saw a 41 per cent increase in transactions, driven by strong sales of semi-detached homes.

Central Richmond Hill (N04) also experienced a notable increase in sales compared to the same timeframe last year. Transactions were up 21 per cent, primarily due to an increase in attached row sales.

“We are optimistic that we will see a strong spring market because the economic fundamentals remain in place,” said Ms. O’Neill. “Prices are still particularly affordable in Toronto’s East end.”

Source:  TREB (Toronto Real Estate Board)

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Toronto Real Estate MLS Statistics January 2008

Below is a look at Toronto’s real estate statistics for January 2008.  The information is taken directly from the Toronto Real Estate Board.  The new year has started of strong.  If you are considering buying or selling a home in Toronto, be sure to e-mail me to get these graphs broken down to the street you are buying or selling on.

Average Days On Market

 January Toronto days on market graph

The Average Days on the Market in January was 35.60 Down from Decembers 37.11

Number of Units Sold 

 January Toronto units sold graph

The number of units sold in January was 5211 up from Decembers 4799.

Average Sold to Asking Price Ratio

January Asked to selling ratio graph

Januarys selling price to asking price ratio was 98.09 % up from Decembers 97.99 %.

Median Selling Price

 January Median selling price graph

Januarys median selling price was $321,000.00, Down from Decembers $325,000.00

Average Selling Price

January average selling price graph

Januarys average selling price was $377,368.00 Down from Decembers $401, 432.00.

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Toronto Real Estate Questions Answered: What is the Standard Commission?

Toronto-Real-Estate-Commission

There really isn’t a Standard Real Estate Commission in Toronto.  The word Standard Commission is a real no no.  That goes against competition laws.  Each individual REALTOR® sets their own commission.  Things to remember:

  • Don’t worry about how much you are paying your agent.

  • You should be more interested in what your agent is going to do for you.

  • Some REALTORS® charge a typical commission and then offer part of that commission the buyer agent.

  • Some offer a flat rate for the listing and a flat rate for the buyer.

  • You should interview your potential REALTORS® and make an informed decision as to who you wish to work on.

  • Don’t make your big decision based on commission alone.

Steven

Visit the Commission Page for more information.

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

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Toronto Real Estate Market Report: New Year Off To Good Start

New Year Off To Good Start

February 5, 2008 — A strong performance within TREB’s Central districts drove the Toronto area real estate market to a healthy 5,073 sales in January, off just two per cent from last year’s record performance, President Maureen O’Neill announced today.

“While sales were strong, price increases remained modest, with the average rising six per cent to $374,449,” said Ms. O’Neill. “There is clearly still a place for the first-time buyer in today’s resale market.”

Breaking down the total, 1,940 sales were reported in TREB’s 28 West districts and averaged $351,594; 945 sales were reported in the 14 Central districts and averaged $485,259; 966 sales were reported in the 23 North districts and averaged $410,289; and 1,224 sales were reported in TREB’s 21 East districts and averaged $296,838.

Source: TREB (Toronto Real Estate Board)

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Toronto Real Estate Statistics: A Year in Review

This the 2007 year in review for the Toronto Real Estate Market.  All information below is taken directly from the Toronto Real Estate Board.  2007 was a year in which every month, so it was no real shock when the boards statistics came out showing it as the best year ever.  The below statistics are broken down into Average Price, Average Days on Market and Units Sold.  If you would like this information broken down into your postal code, MLS district or even to your street, please feel free to call or e-mail me.

Average Days on Market

Shown on the Graph below you can see that the Average Days on Market increased in December to 36.97, and the yearly average was 32.74 Days on the Market.

 december-toronto-Daysonmarket

Units Sold

As expected with the Holiday season the number of units sold in December droped to 4692 giving a total of 100,981 units sold in 2007

 december-toronto-Unitssold

Average Selling Price 

The December average selling price was the highest for 2007 at $401,905.00 and the overall yearly average was $381,011.29

 december-toronto-Averageprice

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