Tag Archives: January 2014

GTA REALTORS® RELEASE RENTAL MARKET REPORT

TORONTO, January 22, 2014 – Greater Toronto Area REALTORS® reported an 18 per cent year-over-year increase in condominium apartment rental transactions in the fourth quarter of 2013, with a total of  4,305 condo apartments leased compared to 3,644 during the last three months of 2012. Over the same period, the number of condominium apartments listed for rent was up by 31 per cent.

“The construction of purpose-built rental properties has been a tough sell over the past decade. This means that investor-owned condominium apartments have increasingly filled the void in terms of meeting the needs of renters. People looking to rent modern apartments in popular neighbourhoods close to work and leisure opportunities have been focused on rental condos. Investor-owners have moved to meet this demand by listing their units for rent in greater numbers,” said Toronto Real Estate Board President Dianne Usher.

The majority of condominium apartment rental transactions – approximately 95 per cent – involved one-bedroom and two-bedroom apartments. Rent growth for these unit types was mixed. The average one-bedroom rent was down by 1.6 per cent year-over-year to $1,600, whereas the average two bedroom rent was up by 3.7 per cent to $2,165.

“Condominium apartment completions were up in the GTA in 2013. Some of these newly completed units are owned by investors with a longer term outlook. Many of these individuals will have listed their apartments for rent. In all likelihood we will continue to see an increase in the number of apartments listed for rent in 2014. The degree to which the increase in listings is balanced out by an increase in demand will dictate the pace of average rent growth over the next 12 months,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.

Toronto-Real-Estate-Rental-Market-January-2014-Update

Source: Toronto Real Estate Board (TREB)

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GTA REALTORS® RELEASE Q4 CONDOMINIUM REPORT

TORONTO, January 22, 2014 – Greater Toronto Area REALTORS® reported the sale of 4,586 condominium apartments through the TorontoMLS system in the fourth quarter of 2013. This result was up by 21 per cent in comparison to Q4 2012 when 3,789 condominium apartments changed hands. Both new listings of this home type during the quarter and active listings at the end of the quarter were down on a year-over-year basis.

“This time last year many were predicting that the condo apartment market would experience a downturn, both in terms of sales and selling prices. While there was a temporary lull in sales and price growth in the first half of 2013, we saw an about face in the second half of the year, as buyers realized home ownership remained affordable. As the demand for condos rebounded, competition between buyers increased and the pace of price growth accelerated,” said Toronto Real Estate Board President Dianne Usher.

The average selling price for condominium apartments in the fourth quarter was $353,665 – up 6.5 per cent compared to Q4 2012. In the City of Toronto, where condo apartments account for approximately half of sales, the average selling price was up by 8.3 per cent to $381,008.

“If market conditions in 2014 remain similar to what we experienced in the last six months of 2013, we will continue to experience year-over-year average price growth for condominium apartments above the rate of inflation. However, there was an increase in condo completions last year. The degree to which investors list their newly completed units for sale and the degree to which these units are absorbed will play a large role in dictating the pace of price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Toronto-Real-Estate-Condo-Market-January-2014-Update

Source: Toronto Real Estate Board (TREB)

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GTA REALTORS® RELEASE MID-MONTH RESALE HOUSING FIGURES

TORONTO, January 17, 2014 – Greater Toronto Area REALTORS® reported 1,287 transactions through the TorontoMLS system during the first two weeks of 2014. This result was down by approximately eight per cent compared to 1,396 sales reported during the same period in 2013. New listings entered into the system were down by a greater 20 per cent year-over-year.

“The expectation is that home sales through the TorontoMLS System will be up in 2014. This is because the cost of purchasing an average priced home, including mortgage payments, property taxes and utilities, will remain affordable for a household earning the average income in the GTA,” said Toronto Real Estate Board President Dianne Usher.

“Aside from the fact that January sales from year-to-year tend to be volatile, the dip in sales during the first two weeks in January was likely due in large part to a lack of new listings. Quite simply, some would-be home buyers could not find a home that met their needs,” continued Ms. Usher.

The average selling price for the first 14 days of January 2014 was $515,990 – up by 12 per cent compared to the average price reported for the same timeframe in 2013.

“The average selling price in the GTA will continue to trend upward in 2014. Listings will remain below the pre-recession peak and sales are expected to increase over 2013. This means that we will continue to see substantial competition between buyers for some home types and in some areas of the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Toronto-Real-Estate-Board-Mid-January-2014

Source: Toronto Real Estate Board (TREB)

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Cityplace Condos For Sale: Current Inventory January 2014

Cityplace-Condos-Map

Today we are looking at the Current Inventory of condos for sale in Downtown Toronto’s Cityplace complex as of January 15, 2014.  New listings are starting to pop up now that the holiday season is behind us.  There are currently 132 Condos for Sale in Cityplace which basically covers the condos south of Front St to Lakeshore Blvd, from Bathurst to the Rogers Centre and is split inbetween by Spadina Ave and Fort York Blvd.  There are 12 condos currently sold conditionally.  Below is a breakdown of the inventory.

  • 2  Lockers
  • 1  Parking Spots
  • 2 Bachelor
  • 27 1 bedroom condos, prices ranging from $249,900 to $349,000
  • 55 1 bedroom plus a den. prices range from $299,000 to $748,888
  • 11 2 bedroom condos, prices from $399,900 to $1,099,000
  • 26  2 bedroom plus a den. price range from $414,888 to $1,149,000
  • 8 3 bedroom or larger.  prices range from $799,000 to $1,881,000.

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

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GTA REALTORS® Report Monthly Resale Housing Market Figures

TORONTO, January 6, 2014 – Greater Toronto Area REALTORS® reported 4,078
residential transactions through the TorontoMLS system in December 2013 – up by
almost 14 per cent compared to 3,582 sales reported in December 2012. New listings
entered into the TorontoMLS system were down by almost four per cent over the same
period.

Total sales for calendar year 2013, at 87,111, were up by approximately two per cent
compared to 85,496 transactions in calendar year 2012.

“After a slow start to the year, sales growth accelerated to a brisk pace in the second
half of 2013. Despite the inclement weather in December, we finished the year with a
respectable gain in transactions compared to 2012. Looking forward, I believe that
home ownership in the GTA will remain affordable as borrowing costs stay low. The
result could be a further increase in sales in 2014,” said Toronto Real Estate Board
President Dianne Usher.

“The average selling price will be up again in 2014 and by more than the rate of
inflation. The seller’s market conditions that drove price growth in the second half of
2013 will remain in place in many parts of the GTA. Some neighbourhoods, especially
those characterized by low-rise home types like singles, semis and townhomes, will
continue to have less than two months of inventory,” said Jason Mercer, TREB’s Senior
Manager of Market Analysis.

The average selling price for December 2013 sales was $520,398 – up by 8.9 per cent
compared to the average of $477,756 in December 2012.
The average selling price for 2013 as a whole was $523,036, which represented an
increase of 5.2 per cent compared to the calendar year 2012 average of $497,130.

Toronto-Real-Estate-Board-January-2014

Source: Toronto Real Estate Board (TREB)

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