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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Featured Toronto Condos: Introducing A New Series

Welcome to the release of a new series: Featured Toronto Condos.    The Toronto condo market is a very popular part of real estate.  With that in mind I would like to introduce a new regularly updated series featuring different buildings in the GTA.  I will try to post 3-4 each week.  Every article will feature a different building focusing on the location, amenities within the building or complex, year it was built, who built it, what style and size are the units and will be complemented with a map to the building.  This series will serve as a complete guide to Condos and Condominium buildings in Toronto.  If you would like more information about a particular building in Toronto, please e-mail me the address and it will become a future featured condo.

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

Fill in the form below for a list of condos For Sale or Rent sent to your email.

Toronto Real Estate Terrible MLS Photo of the Day #4

Terrible photo of the day logo 

Everyday I search the Toronto MLS looking for homes for my clients.  It still amazes me to see pictures of homes that their owners consider acceptable for there REALTOR® to use on the MLS to sell their valuable real estate.  I have been inspired to post these photos by Athol Kay a REALTOR® in Connecticut.  His series the “Bad MLS Photo of the Day” is a must read.

Todays photo is a great photo of a gate, hopefully there is a house that comes with it.

Terrible MLS Photo of the Day #4

 

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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 Terrible MLS Photo of the Day #3

bad photo logo

Thanks for dropping by the 3rd MLS Terrible Photo of the day.  Everyday I spend time searching for listing for clients.  It just totally amazes me the quality of photos some REALTORS think is acceptable to sell Toronto Real Estate.  Some of these photos are so bad it is funny.

Terrible MLS photo of the day #3

Selling Toronto Homes is just like Exercise, Make sure you properly STRETCH before participating.

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

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Toronto Real Estate Terrible MLS Photo of the Day #2

Welcome to the second Terrible Toronto MLS Photo of the Day. During my day to day duties, I am always searching the MLS for available properties. Sometimes I just have to give my head a shake at the photos that some REALTORS consider worthy or marketing there clients home.

Do you think this photo shows the home in the best possible light? YIKES!!!!!!!!

YIKES, Would you want to buy this house.

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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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