Showing posts with label TREB-average-prices-toronto-2017. Show all posts
Showing posts with label TREB-average-prices-toronto-2017. Show all posts

Friday, August 25, 2017

Sales Bubble? Average GTA Prices and Sales volumes can seem confusing - I'll try and remove some of the confusion

I just received a question from a reader and thought I would share the question and my answer to you.

The question was:

Hello Mark,

I  was able to observe  some variances the monthly price statics in your website and other data sources as noted below.  Since you're a professional Engineer I am confident that you have much stronger quantitative skills than most realtors and was wondering if you could help me to reconcile some real estate pricing data? 

I am specifically referring to the the Oakville Milton and York Region pricing data.   



Regards,

G.

Hello G

Thank you for your email.

The Huffington Post article you are referring to below flips back and forth talking about volume of sales and sales prices.  Then at the end of the article they quote that prices are still up comparing July 2016 to July 2017 by 5.1%   I can see how this can seem confusing.

The chart they show are actual selling prices in the two areas, York and Oakville Milton.  The article states that the graphs are 'Residential Sales" and I'm assuming they are showing "only" detached home prices, not the overall average residential (which would include condos townhomes etc. I say this because I don't believe the average of ALL residential in Oakville and Milton in the spring was ever about $2.3Million.    Seems high for the 'average'  Regardless, I would say that the graphs are likely very accurate. 

You could write the author and ask where the data came from and what the actual data is showing.

You can see my graph of the data here:


It is similar to the data shown in the article.

My graph also shows a drop in the overall TREB average single family residential price from approximately $916k in March 2017 to $746k in July 2017 – a giant overall drop in average price.  This coincides with the seasonal summer slowdown period, so it's not quite as dramatic as you many think.  On the other hand, it's only the second time since January of 1995 that summer prices have dropped below the previous fall average prices – this signals a significant change in the marketplace.

It's not all doom and gloom, but it shows how quickly the market can turn.  We've seen this before in 1988/1989 and again in 2008/2009 - this could be a short blip in the market or a trend, only time will tell!

I hope this helps a little.

Please let me know if you have other questions

Thank you,
Mark

Monday, June 05, 2017

Mississauga and GTA Real Estate Marketplace Conditions as reported on June 5th 2017

Hello from Fabulous Mississauga!

The latest numbers have just been reported from TREB for last months (May 2017) real estate marketplace.

As expected, the number of MLS listings are up by over 42% and the number of sales were down by 26%

Average prices year over year were up BUT the average price dropped from $919,614 in April to $863,910 in May.  This is highly unusual for average prices to drop in the period April to May.  Generally the average price increases during this period and has increased over the past 8 years except in 2012 where it dropped marginally.  This year the drop from April to May was about 6%

See the graph of average prices by clicking the image below.




The full report is below

I wish you all the best!
Mark



Active Listings Increase in May

TORONTO, June 5, 2017 – Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 10,196 sales through TREB’s MLS® System in May 2017 – down by 20.3 per cent compared to 12,790 sales reported in May 2016.

Sales of detached homes were down by 26.3 per cent. Sales of condominium apartments were down by 6.4 per cent.

Active listings – the number of properties available for sale at the end of May – were up by 42.9 per cent compared to the lowest level in 15 years recorded in May 2016, but remained below the average and peak during that period. The number increased considerably for low-rise home types including detached and semi-detached houses and townhouses. Active listings for condominium apartments were down compared to May 2016.

“Home buyers definitely benefitted from a better supplied market in May, both in comparison to the same time last year and to the first four months of 2017. However, even with the robust increase in active listings, inventory levels remain low. At the end of May, we had less than two months of inventory. This is why we continued to see very strong annual rates of price growth, albeit lower than the peak growth rates earlier this year,” said Mr. Cerqua.

Selling prices continued to increase strongly in May compared to the same month in 2016. The MLS® HPI Composite Benchmark price was up by 29 per cent year-over-year. The average selling price for all home types combined for the TREB Market Area as a whole was up by 14.9 per cent to $863,910. Year-over-year price increases were greater for condominium apartments compared to low-rise home types.

This likely reflects the fact that the low-rise market segments benefitted most from the increase in listings.

“The actual, or normalized, effect of the Ontario Fair Housing Plan remains to be seen. In the past, some housing policy changes have initially led to an overreaction on the part of homeowners and buyers, which later balanced out. On the listings front, the increase in active listings suggests that homeowners, after a protracted delay, are starting to react to the strong price growth we’ve experienced over the past year by listing their home for sale to take advantage of these equity gains,” said Jason Mercer, TREB’s Director of Market Analysis.


I hope this finds you Happy and Healthy!
All the Best!
Mark
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987

BUS 905-828-3434
FAX 905-828-2829  CELL 416-520-1577
mark@mississauga4sale.com

Mississauga4Sale.com


Wednesday, May 03, 2017

Toronto and GTA Residential Real Estate Marketplace update for May 2017 Strong Growth in New Listings in April

This is the May report from TREB for the month of April

See graph of sales prices by clicking the graph below




Strong Growth in New Listings in April

TORONTO, ONTARIO, May 3, 2017 – Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® entered 33.6 per cent more new listings into TREB's MLS® System in April 2017, at 21,630, compared to the same month in 2016. New listings were up by double-digits for all low-rise home types, including detached and semi-detached houses and townhouses. New listings for condominium apartments were at the same level as last year.

Total sales for the TREB market area as a whole amounted to 11,630 – down 3.2 per cent year-over-year. One issue underlying this decline was the fact that Easter fell in April in 2017 versus March in 2016, which resulted in fewer working days this year compared to last and, historically, most sales are entered into TREB's MLS® System on working days.

"The fact that we experienced extremely strong growth in new listings in April means that buyers benefitted from considerably more choice in the marketplace. It is too early to tell whether the increase in new listings was simply due to households reacting to the strong double-digit price growth reported over the past year or if some of the increase was also a reaction to the Ontario government's recently announced Fair Housing Plan," said Mr. Cerqua.

The MLS® Home Price Index (HPI) Composite Benchmark Price was up by 31.7 per cent year over- year in April 2017. Similarly, the average selling price for all home types combined was up by 24.5 per cent to $920,791.

"It was encouraging to see a very strong year-over-year increase in new listings. If new listings growth continues to outpace sales growth moving forward, we will start to see more balanced market conditions. It will likely take a number of months to unwind the substantial pent-up demand that has built over the past two years. Expect annual rates of price growth to remain well-above the rate of inflation as we move through the spring and summer months," said Jason Mercer, TREB's Director of Market Analysis.


I hope this finds you Happy and Healthy!
All the Best!
Mark
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987

BUS 905-828-3434
FAX 905-828-2829  CELL 416-520-1577
mark@mississauga4sale.com

Mississauga4Sale.com


Thursday, April 13, 2017

Real Estate Prices continue their upward march in March of 2017

Greetings from Fabulous Mississauga!
  • The average selling price last month was $916,567 (it was $688,011 in March of 2016 - over 30% increase year over year), and it was $876,186 the previous month.see graph of prices here
  • Greater Toronto Area REALTORS® reported 12,077 residential sales through TREB’s MLS® System in March 2017. This result represented a 17.7 per cent increase compared to the 10,260 sales reported in March 2016.
  • The Bank of Canada Prime Lending Rate now stands at 2.70% steady (since July 2015) read more

The statistics for last month are out, the figures for previous month are out and average GTA sale price and volumes continue to be at or near all time highs, see this page for latest market stats and results from the previous month


Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1
BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Tuesday, March 07, 2017

Real Estate Prices UP by nearly 28% in the GTA Real Estate Marketplace




Greetings from Fabulous Mississauga!

click this image to see a graph of real estate prices
  • The average selling price last month was $875,983 (it was $770,745 the previous month) compared to January of last year. and this represents aver a 27.7% increase compared to the same month last year- see graph of prices here
  • The overall average selling price for calendar year 2016 was $729,922 – up 17.3 per cent compared to 2015
  • Greater Toronto Area REALTORS® reported 8,014 residential transactions through TREB's MLS® System last month. This result was up by 5.7 per cent compared to the same month last year
  • The Bank of Canada Prime Lending Rate now stands at 2.70% steady (since July 2015) read more
The statistics for last month are out, the figures for previous month are out and average GTA sale price and volumes continue to be at or near all time highs, see this page for latest market stats and results from the previous month

Mortgage Interest Rates - time to lock in? read more


Once again, last month was another very strong month for sales and prices in the GTA.
TREB reports that the volume of sales was down but prices are up year over year. 



All the best!
Mark