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Real Estate Market Insight for the City of Toronto
Posted on Wed, 18 Jan 2017, 09:20:00 PM  in Real estate statistics,  Real estate commentary
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City of Toronto Real Estate Market Insight

for the period of time between January 1, 2017 and January 17, 2017

Attractive detached house in Toronto Beach neighbourhoodJanuary is typically a slow month in real estate sales, with kids at home during the first week, grown-ups recovering still from holiday activities, and uncooperative weather. Last year ended with a very low listing inventory and buyers eagerly awaiting new listings. We were hoping that, with a relatively mild and snow-free weather, more properties will be coming on the market early in 2017. But, so far, it didn't happen.

When compared to a year ago, number of listings and sales are a bit lower in both freehold and condominium ownership types, but not by a huge amount. Where we see a very big difference is in the proportion of listings sold above the asking price. In freehold houses 47% of listings were sold above asking this year, compared to 24% in 2016. But the largest difference is in condo sales - while only 6% were sold over asking in the first 17 days of 2016, this year 35% went over asking. 

I compared the listing and sales information for the same 17 days in 2016 and 2017 in the City of Toronto (416 area).

Freehold properties

508 houses were listed in 2017, and of these new listings 115 sold firm, and 19 were sold conditionally. Additionally, 126 older listings were sold, to a total of 241 sales.

  Listed Sold Below
asking
Full
price
Over
asking
Highest
% over
Highest
$ over
2017 508 241 106 21 114 198% $570,000
2016 602 257 153 43 61 136% $587,000

Condominium residences

including condo apartments, condo townhouses, co-op and co-ownership apartments

1058 new condo listings were added to the MLS system between January 1 and January 17, 2017. Out of these new listings 148 have been sold and 224 are sold conditionally. All of condo unit sales are conditional on the buyer's lawyer reviewing the buildings Status Certificate documents.

Additionally 247 of the existing listings from 2016 were sold, to a total of 395 sales.

  Listed Sold Below
asking
Full
price
Over
asking
Highest
% over
Highest
$ over
2017 1058 395 192 64 139 124% $166,000
2016 1373 496 409 55 32 120% $197,000
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Greater Toronto Area house and condo sales in July
Posted on Fri, 19 Aug 2016, 09:05:00 AM  in Real estate statistics,  Real estate commentary
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In the video published on July 6th, 2016, Toronto Real Estate Board Senior Manager, Jason Mercer, discusses the real estate sales in the Greater Toronto Area in June. At the end of June the spring market came officially to a close. Looking at the sales in the first half of the year it isn't surprising that it was the best June on record in the Toronto MLS system. 7.5% more properties were reported sold in the Greater Toronto Area, comparing to June 2015. In the City of Toronto the increase in the number of sales was 4.6%. New listings were down by 3.5%, and listing inventory decreased by 31.4%.  

Strong demand houses and condos continues, and, with a very limited supply, the competition between prospective buyers is fierce. Average price of all property types increased, in comparison with June 2015, by 16.8%. The highest price increase was reported for detached homes in the 905 area. In the City of Toronto detached house prices increased by 19.6%.

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Toronto real estate sales - August 2014
Posted on Thu, 04 Sep 2014, 07:40:00 AM  in Real estate statistics,  Real estate commentary
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Real estate market in Toronto and the Greater Toronto Area remained very active through August. Although the number of available listings was lower by almost 5% in comparison to last year, and 3.1% fewer properties were listed for sale, we had 2.8% more sales, and the average time required to sell a listing was lower by almost 7%.

Active listings inventory remains low - lower than in the previous two years. Toronto land transfer tax seems to be one of the factors. With an additional cost to budget into a move some home owners, who would have in the past considered moving, are instead undertaking renovations.

Average price for all types of properties in the GTA was $546,303 - that represents a 8.9% increase on a year-over-year basis, but in comparison to July the average selling price dropped by 0.8%.

On a year-over-year basis, prices for detached houses in the GTA rose by 10.9% to $704,350, for semi-detached by 9.3% to $502,658, and for townhouses by 9.6% to 421,080. Condominium apartment prices increased by 4.4% to $352,942.

Again on a year-over-year basis in the City of Toronto: Sales of detached houses increased by 1.7%, while the average price reached $902,428 (a 14.7% increase); semi-detached sales were up by 7.4% and average price at $627,725 (8.8% increase); 11.8% more townhouses were sold, with an average price of $463,798 (higher by 11.7%); and sales of condo apartments were up by 6.3%, with the average price of $370,899 (an increase of 4.1%).

Average time required to sell a listing in the Greater Toronto Area was 27 days - 2 days less than in August 2013. In the City of Toronto that time was, interestingly, one day longer, at 28 days. The average ratio of selling to listing price was 99% in the City. In the GTA that ratio was 98%. The highest average sale to list price ratio, at 105%, was recorded in E01 TREB district. The shortest average time required to sell a listing, 16 days, was reported for E02 and E03 districts, followed by 17 days for E06.

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June 2014 Toronto Real Estate Sales
Posted on Tue, 05 Aug 2014, 10:31:00 AM  in Real estate statistics,  Real estate commentary
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Real estate sales were strong in June, with the number of sold houses and condos in the Greater Toronto Area up by 15.4% from the level recorded in June 2013. New listings were up by 8.3%, while active listings were 6.8% lower. 

With low inventories and affordability of home ownership due to consistently low interest rates, we expect strong demand to continue through the summer.

Average price for all types of properties in the GTA was $568,953 - that represents a 7.4% increase on a year-over-year basis. In comparison to May results there was a 2.8% drop in average selling price. Semi-detached homes in the GTA experienced the strongest price increase - 9.7% on a year-over-year basis. Condominium apartment prices increased by 6.8%.

Again on a year-over-year basis in the City of Toronto: Sales of detached houses increased by 19.3%, while the average price reached $921,127 (a 6% increase); semi-detached sales were up by 22% and average price at $672,725 (8.8% increase); 14.6% more townhouses were sold, with an average price of $485,273 (higher by 10.9%); and sales of condo apartments were up by 21.4%, with the average price reaching $390,569 (an increase of 6.3%).  

Average time required to sell a listing in the Greater Toronto Area was 22 days - 2 days less than in June 2013. In the City of Toronto that time was still one day shorter, at 21 days. The average ratio of selling to listing price was 101% in the City. In the GTA that ratio was 100%. The highest average sale to list price ratio, at 105%, was recorded in W01, E01 and E03 TREB districts.

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Toronto real estate activity in February 2014
Posted on Thu, 06 Mar 2014, 01:23:00 PM  in Real estate statistics,  Real estate commentary
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We are experiencing a particularly hard winter this year, but real estate sales are busier than in 2013. The number of new listings in the Greater Toronto Area was 1% lower in comparison to the same time a year ago. Sales were higher by 2.1%, wich resulted in 12.2% fewer active listings at the end of February. The shortage of freehold listings is still causing a lot of stress among prospective buyers. The situation is better with resale condo apartments - condo listings were up, providing plenty of choices. Average price increased from $526,528 in January to $553,193 in February. That was an 8.6% increase from the $509,396 price recorded in February 2013.  

In the City of Toronto, tight supply of detached houses resulted in detached house sales decrease by 8.0%. Semi-detached house sales were down even more, by 11.8%. Townhouse sales were down by 8.8%, and condo apartment sales increased by 9.6%.

Average price of detached residences in the City of Toronto was $955,314 (up 15.7%), of semi-detached - $668,298 (up 8.0%), of townhouses - $545,043 (up 20.7%), and of condos - $372,628 (up 6.0%).

Average time required to sell a detached house in February in the City of Toronto was 18 days (compared to 28 days in January), semi-detached homes required 13 days of market exposure (down from 23), and condos 34 days (down from 43 in January).

Average ratio of selling to listing price in the City if Toronto for detached houses was 101%, for semi-detached was 107%, and for condos 98%.

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Toronto real estate January sales
Posted on Tue, 04 Feb 2014, 04:09:00 PM  in Real estate statistics
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In January the number of new listings in the Greater Toronto Area was 16.6% lower in comparison to the same time a year ago. Sales were slightly lower as well, although only by 2.2%. Many people are looking to purchase a home, but with the shortage of listings few can make that purchase. At the end of January active listings were down by 16.4%.

Average price was up by 9.2%, from $482,080 in January 2013 to $526,528. Despite recent increases, mortgage rates remain near historic low levels, and home ownership remains affordable.

In the City of Toronto, tight supply of detached houses resulted in detached house sales decrease by 4.3%. Semi-detached house sales were also down, by 5%. Both townhouse and condo apartment sales increased by 7.4%.

Average price of detached residences in the City of Toronto was $888,210 (up 14.8%), of semi-detached - $622,319 (up 6.1%), of townhouses - $439,401 (up 4.6%), and of condos - $366,020 (up 7.6%).

Average time required to sell a detached house in December in the City of Toronto was 28 days, semi-detached homes required 23 days of market exposure, and condos 43 days.

Average ratio of selling to listing price in the City if Toronto for detached houses was 99%, for semi-detached was 102%, and for condos 97%.

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December real estate sales in the City of Toronto
Posted on Sun, 15 Dec 2013, 10:35:00 PM  in Real estate statistics
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In the first 2 weeks of December 705 properties were sold on MLS in the City of Toronto. The highest number of sales was of condo apartments and townhouses, followed by detached houses. Following table lists the sales in central, east and west districts, showing numbers of sales of various types of housing, average prices and average percentages of the listing prices.  

 Type  Central districts    East districts   West districts
   #  price  % ask #  price % ask  #  price % ask
 Detached  66  $1,262,215  100  94  $615,589  100  81  $675,701  99
 Semi  20  $941,190  106  27  $574,009  104  26  $513,705  102
 Attached  7  $802,000  102  10  $524,628  102  6  $601,547  103
 Other  3  $722,833  99  3  $537,500  98  2  $1,770,750  96
 Condos  199  $443,846  98  71  $259,892  98  90  $277,398  96

We are now approaching Christmas, and expect less activity for the remaining two weeks of December. 

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November 2013 Toronto Real Estate Statistics
Posted on Sun, 01 Dec 2013, 08:36:00 AM  in Real estate statistics
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Greater Toronto Area experienced a busy November. On a month-over-month basis 13.9% more listings were sold, with 4.4% fewer new listings, and 12.1% fewer available listings at the end of the month.

In the City of Toronto detached house sales were 23.9% higher than in November 2012, and condo apartment sales were 12.7% higher. There was a small (4.2%) increase in townhouse sales, and a very small (1.1%) drop in the sales of semi-detached houses. 

Mortgage rates remain affordable, despite recent increases, and they are expected to remain affordable in 2014 as well.

Average price of detached residences in the City of Toronto was $855,188 (up 16.0%), of semi-detached - $640,208 (up 9.9%), of townhouses - $472,722 (up 6.4%), and of condos - $385,968 (up 10.0%).

Average time required to sell a detached house in the City of Toronto was 22 days, semi-detached homes required 17 days of market exposure, and condos 35 days.

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Toronto real estate sales in September 2013
Posted on Sat, 05 Oct 2013, 10:09:00 PM  in Real estate statistics,  Real estate commentary
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Real estate sales in the Greater Toronto Area continued to be very busy in September. Although the year-to-date sales ended up one percent lower than in 2012, 30% more listings were sold in September on a year-over-year basis.

In the City of Toronto both detached house and condo apartment sales were almost 32% higher than in September 2012. But in contrast to detached homes, which increased in price by 10.2% over the same period of time, condos in the city experienced a 3.7% price drop.

Mortgage rates remain affordable, despite recent increases, and real estate sales are expected to be strong for the remainder of the year.

Average price of detached residences in the City of Toronto was $856,169 (up 10.2%), of semi-detached - $636,049 (up 1.9%), of townhouses - $455,518 (up 7.5%), and of condos - $363,149 (down 3.7%).

Average time required to sell a detached house in the City of Toronto was 22 days, semi-detached homes required 14 days of market exposure, and condos 36 days.

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Toronto real estate market in July 2013
Posted on Thu, 08 Aug 2013, 02:18:00 PM  in Real estate statistics,  Real estate commentary
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Greater Toronto Area real estate sales represented the best July results since 2009. Compared to July 2012 the number of sales increased by 16%, and the average price, $513,246, was up by 7.9% on a year-over-year basis.

Although the low rise market segment contributed most to the price increases, average condominium price also increased by more than the inflation rate.

Inventory of low-rise houses remains very low, and it is expected that the prices will continue to grow in 2013 and 2014. It seems that the seller's market is here to stay, at least for the remainder of 2013. An increase in the number of listings in 2014 would result in a more balanced market and a slower price growth.

In the City of Toronto we have experienced a 20.7% increase of sales of detached homes and 28.8% increase of sales of semi-detached houses. Sales of townhouses went up by 12.5%, and condos by 10.6%.

Average price of detached residences in the City of Toronto was $793,842 (up 6.5%), of semi-detached - $584,499 (up 11.1%), of townhouses - $452,167 (up 8.8%), and of condos - $361,969 (up 4.1%).

Average time required to sell a detached house in the City of Toronto was 22 days, semi-detached homes required 17 days of market exposure, and condos 33 days.

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