Showing posts with label real-estate-market. Show all posts
Showing posts with label real-estate-market. Show all posts

Monday, November 05, 2018

Real Estate Prices UP and Sales Volume UP - Mississauga and GTA Real Estate Newsletter November 2018 - Issue 11:05

Real Estate Prices UP and Sales Volume UP - Mississauga and GTA Real Estate Newsletter November 2018 - Issue 11:05

Once again, last month was another very strong month for sales and prices in the GTA.

November 2018 News
Greetings from Fabulous Mississauga!
  • The average selling price last month was $807,340 (it was $796,786the previous month) and it was up about 3.5% compared to previous same month last year - see graph of prices here
  • Greater Toronto Area REALTORS® reported 7,492 (it was 6,455 last month) residential sales through TREB’s MLS® System last month. This result represented a 6% increase compared to sales reported in the same month in 2017.
  • The MLS® Home Price Index (HPI) Composite Benchmark price was up 2.6% on a year-over-year basis. 

  • The Bank Prime rate for most lenders now stands at3.95% read more about Interest rates
  • The Bank of Canada Prime Lending Rate is the same as last month at1.75% read more


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

Friday, October 05, 2018

How does "affordability" (sales price + interest rate) influence market direction

Greetings from fabulous Mississauga!

I received a couple of insightful questions from an avid reader and thought I would share the questions and my thoughts on them

The questions were:

Mark,

I really enjoy receiving your emails with the latest POS properties and all the real estate information that you include.

I have a couple of questions:

     1. The average house price fluctuation we see on a yearly basis, is that price when the property is sold or is it the closing date? This would shift the cycle by a couple months depending.

      2. I can’t help wonder the influence of interest rates on price. I have a suspicion that “affordability” (sales price + interest rate) has a lot to do with the market direction? Have you ever graphed the house prices vs. interest rate?

Keep the great information flowing!!

Thanks again

BB

My answer was:

Hello BB

Thank you for your email.

Regarding your first point, the sold price is as of the date the property was sold, not the closing date.   

Your second point about the relationship between interest rates and prices is interesting.  I suspect here is a relationship, but not sure how closely one follows the other.  When rates increase it seems there is often a slight pause or lull in sales and then it continues again.  On the other hand, sometimes when rates go up there is a sudden surge in sales as the people who are pre-approved and locked into the lower rate end up purchasing.  When rates are trending downwards and there is a drop in the mortgage rate or an expected drop in rates, purchasers often go into a holding pattern waiting for rates to bottom out.   It really depends upon the “mood” of the market and which direction rates are going.  I’ll see what I can find with the numbers and let you know if I find a good relationship and high confidence value.

You also mention affordability and market direction.  Yes, I believe there is a relationship between these two factors too.  Again, there seems to be a tipping point where when rates and prices get too high, affordability becomes an issue and the market slows down.  The converse is also true.  I’ve found that the trend and the mood of the real estate marketplace and the press has more impact on the market direction than the actual numbers.  There are many instances of fear influencing the market far more than a change in interest rate or price.  When the government introduced the foreign buyers tax which ultimately affects less than 4% of all sales, our market collapsed.  Conversely, the fear of missing out on the rapid and sustained rise in prices caused many people to get into the market sooner than they otherwise would have (or should have) during many periods over the past 30 years.

Depending on where we are on the “Market Cycle”  greatly affects the marketplace.  To read more, see this page: http://www.mississauga4sale.com/Market-Emotions-Cycle.htm  I see that I need to update that page!

There are many more aspects to the real estate market that one can analyze. 

All very interesting factors to consider! J

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


Thursday, May 12, 2016

How to get top dollar for your home - article from MoneySense

This is an article that appeared in MoneySense about How to get top dollar for your home and some information the current state of our real estate market in 2011.  Too bad we didn't have the foresight back then to see how much the average price would increase, otherwise we would have purchased many properties!

Read the full article here

I wish you the best,
Mark









Monday, May 09, 2016

Annual real estate cycle for Toronto and the GTA in Ontario over the past 20 years

Greeting from Fabulous Mississauga!

The graph below clearly shows the pattern of the annual real estate cycle for Toronto, the GTA in Ontario over the past 20 years.

 
This graph shows the cycle of how average price increases in the late winter and early spring, decreases during the summer months, increases again in the fall (but usually not as high as the highest price in the spring) and then decreases again over the  early winter months. The cycle repeats itself with near certainty, year after year and has done so since at least 1995.  When will this regular price increase stop? Nobody knows for sure, but it's a very interesting trend to see the seasonal fluctuations in home prices.

The only period that didn't show this regular increase was late 2008 to early 2009 during the Global Financial Crisis when housing prices fell more than 50% in some markets in the USA and elsewhere.  We only experienced a small downward 'blip' in our prices and then the steady increase began again in the spring of 2009

The graph below shows average single family residential prices of homes for the Toronto Real Estate Board.  Or, maybe you would like to see the average prices of single family residential homes since 1985








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 04, 2016

Toronto and GTA Home Sales Again at Record Highs for April 2016

Hello from Fabulous Mississauga!

Home sale were at record heights again last month in the GTA

Highlights of the latest report from TREB for the Residential Real Estate Market in the GTA

  • The Average price for last month was $739,082 (it was $688,181 the previous month) and this represents aver a 16.2% increase compared to the same month last year- see graph of prices here
  •  Sales volumes were 12,085 (it was 10,326 last month) and this an 7.4% increase from the same month last year 
  •  The 2015 calendar year total number of sales was 101,299 – a substantial 9.2 per cent increase compared to 2014 as a whole
  •  There were 22,575 sales in the first quarter of 2016 and the year-over-year growth rate for sales was 15.8 per cent for Q1 2016.
  •  The Bank of Canada Prime Lending Rate now stands at 2.70% steady (since July 2015) 


 See more at this page about average prices and read the TREB full price and data report below.

Read the full report below

See graphs of prices at this page



Record Home Sales in April

TORONTO, May 4, 2016 – Toronto Real Estate Board President Mark McLean announced that there were 12,085 sales reported through TREB’s MLS® System in April 2016. This result, which represented a record for the month of April, was up by 7.4 per cent in comparison to April 2015.

For the TREB market area as a whole, annual sales growth was experienced for all major home types except semi-detached houses. In the City of Toronto, sales were down for detached and semi-detached houses as well as townhouses on a year-over-year basis.

This dip in sales in the ‘416’ area code was due to a lack of low-rise listings. Many would-be buyers were not able to find a home that met their needs.

“While April’s sales result represented a new record for sales, that number could have been even higher if we had benefitted from more supply. In the City of Toronto in particular, some households have chosen not to list their home for sale because of the second substantial Land Transfer Tax and associated administration fee.

The lack of available inventory, coupled with record sales, continued to translate into robust annual rates of price growth,” said Mr. McLean.

Home selling prices continued to trend upward in April. The MLS® Home Price Index Composite Benchmark was up by 12.6 per cent year-over-year.

The average selling price was up by 16.2 per cent. The higher growth rate reported for the average home price, as compared to the MLS® HPI, points to a greater share of high-end home sales this year compared to last.

“As we move into the busiest time of the year, in terms of sales volume, strong competition between buyers will continue to push home prices higher. A greater supply of listings would certainly be welcome, but we would need to see a number of consecutive months in which listings growth outpaced sales growth before market


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, April 06, 2016

Residential Real Estate Market in the GTA April 2016 Highlights of the latest report from TREB

Greetings from Fabulous Mississauga!

Highlights of the latest report from TREB for the Residential Real Estate Market in the GTA

  • The Average price for last month was $688,181 (it was $685,278 the previous month) and this represents aver a 12.1% increase compared to the same month last year- see graph of prices here
  • Sales volumes were 10,326 (it was 7,621 last month) and this an 15.8% increase from the same month last year
  • The 2015 calendar year total number of sales was 101,299 – a substantial 9.2 per cent increase compared to 2014 as a whole
  • There were 22,575 sales in the first quarter of 2016 and the year-over-year growth rate for sales was 15.8 per cent for Q1 2016.
     
  • The Bank of Canada Prime Lending Rate now stands at 2.70% steady (since July 2015) read more




Strong Growth in Home Sales in March/Q1


TORONTO, April 5, 2016 – Toronto Real Estate Board President Mark McLean announced record TREB MLS® home sales for the first quarter of 2016 following a strong result for March transactions.

There were 10,326 sales in March and 22,575 sales in the first quarter.

The year-over-year growth rate for sales was 15.8 per cent for Q1 2016 and 16.2 per cent for March 2016. For the TREB market area as a whole, double-digit year-over-year rates of sales growth were experienced for all major home types during the first quarter.

The positive annual growth in sales was not mirrored on the listings front. The number of new listings entered into TREB's MLS® System during March and the first quarter were down compared to the same periods in 2015.

“At the beginning of 2016, TREB’s outlook for the year pointed to a strong possibility of a second consecutive record year for home sales. This outlook was based, in part, on upbeat consumer survey results pointing to robust home buying intentions. It is clear that these upbeat intentions have translated into record first quarter results,” said Mr. McLean.

The MLS® Home Price Index Composite Benchmark for March 2016 was up by 11.6 per cent compared to March 2015.

The average selling price for all home types combined was up 12.1 per cent year-over-year in March and 13.6 per cent in the first quarter.

“Demand was clearly not an issue in the first three months of 2016, regardless of the housing market segment being considered. The supply of listings, however, continued to aggravate many would-be home buyers. We could have experienced even stronger sales growth were it not for the constrained supply of listings, especially in the low-rise market segments.

The resulting strong competition between buyers has underpinned the double-digit rates of price growth experienced so far this year," 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


Friday, March 04, 2016

Highlights Latest Report from TREB Market Watch for the Residential Real Estate Market in the GTA March 2016

Highlights of the latest report from TREB for the Residential Real Estate Market in the GTA


  • The Average price for last month was $685,278 (it was $631,092 the previous month) and this represents aver a 11.1% increase compared to the same month last year

    see graph of prices here
  • Sales volumes were 7,621 (it was 4,672 last month) and this an 21.1% increase from the same month last year  
  • The Bank of Canada Prime Lending Rate now stands at 0.50% since July 2015 read more

    read more
  • See more at this page about average prices and read the TREB full price and data report below.

This is the full price and data report from TREB for last month

Record February Sales

TORONTO, March 3, 2016 – Toronto Real Estate Board President Mark McLean announced Greater Toronto Area REALTORS® reported a record number of home sales through TREB’s MLS® System in February 2016. There were 7,621 transactions reported this past February – up 21.1 per cent compared to February 2015.

The number of new listings entered into TREB’s MLS® System was also up on a year-over-year basis, but by a lesser 8.2 per cent. The fact that the annual rate of sales growth outstripped the annual rate of price growth shows a tightening of market conditions compared to last year.

“Even after accounting for the leap year day, sales were above the previous record for February set back in 2010. Sales were up strongly from the 15th day of the month onward as well, despite the new federal mortgage lending guidelines coming into effect that require at least a 10 per cent down payment on the portion of purchase prices between $500,000 and $1,000,000,” said Mr. McLean.

Seller’s market conditions continued throughout the GTA in February. Strong competition between buyers resulted in a healthy growth in selling prices. The MLS® Home Price Index (HPI) Composite Benchmark was up by 11.3 per cent year-over year.

The average selling price was up by 14.9 per cent annually to $685,278.
“Recent polling conducted for TREB by Ipsos suggested that GTA households will remain upbeat about purchasing a home in 2016. Early sales results for January and February certainly support this view. 

With strong sales up against a constrained supply of listings, home prices continued to trend strongly upward,” said Jason Mercer, TREB’s Director of Market Analysis.

All the Best!
Mark

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, November 05, 2015

Ontario Property Taxes - Estimations - Real Estate Humour

Everyone talks about Location, Location, Location when it comes to Real Estate

There is no doubt that the location of your house will determine it's market value for TAX ESTIMATION, the only EXCEPTION is that it also depends upon who is looking at the value of your home!


Your House As Seen By:





Yourself...



and this is how your house looks from the perspective of



Your Buyer...





and this is how your house looks from the perspective of

Your Lender...







and this is how your house looks from the perspective of

Your Appraiser...







and this is how your house looks from the perspective of

Your Ontario Tax Assessor...



Read more about:Homes for Sale


Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987

( BUS 905-828-3434
mark@mississauga4sale.com8 Website : Mississauga4Sale.com


Homes for Sale






Wednesday, October 28, 2015

Skinniest house sells in NYC


This house sale caught my eye, if the square footage calculations are correct, the value for this slice of New York is $2753 per square foot.  

Average price for a 3 bedroom 1900 sqft home in Mississauga is about $400,000 or about $210 per square foot.  

Wow, that means it's 10 times more expensive to live in New York!

This is the full article:

The sale of 75 1/2 Bedford Street, NYC's skinniest house, has made it to public record.

The nine-and-half-foot-wide house of indeterminate mid-1800s construction date was asking $2.75 million when it hit the market   at the end of August, and it saw one chop to $2.499 million   before it found a buyer.
That buyer's identifying information is sadly obscured behind a corporation (with, clue, a P.O. Box in South Florida), but we do at least now know the 999-square-foot property's final sales price  : $2.175 million.
A profit for seller Stephen Balsamo, who paid $1.6 million for the house -- after a bidding war -- back in 2000. And a bit of a deal for the buyer, who got a roughly 13 percent discount off the most recent asking price. (More of a deal considering an early '08 estimate that pegged the value of the house at $2.5 million.)... read more...
I hope this finds you Happy and Healthy!
All the Best!
Mark
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? | Best Mortgage Rates | Current Home Prices | Search MLS | Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987

(
BUS 905-828-3434
2
FAX 905-828-2829  ÈCELL 416-520-1577
E-MAIL : mark@mississauga4sale.comWebsite : Mississauga4Sale.com

Thursday, September 10, 2015

Record Setting Month in GTA for Average Prices and Sales of Single Family Residential Sales

Once again, last month was another very strong month for sales and prices in the GTA.

The Average price for last month was $602,607 (it was $609,236 the previous month) and this represents aver a 10.3% increase compared to the same month last year- see graph of prices here

Sales volumes were 7,568 (it was 9,880 last month) and this is UP 5.7% from the same month last year

The Bank of Canada Prime Lending Rate now stands at 2.70% steady (since July 2015) read more

Read more about what happened last month at see last month results and prices here



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

Monday, June 08, 2015

June 2015 Market Watch Report for Toronto and GTA - sales figures are in for last month

Hello from Beautiful Mississauga!

The Toronto Real Estate Board released its latest figures for the Toronto and GTA real estate marketplace.
  • The Average price for last month was $649,599 (it was $613,933 the previous month) and this represents aver a 11% increase compared to the same month last year- see graph of prices here
  • Sales volumes were 11,706 (it was 8,940 last month) and this is UP 6.3% from the same month last year 
  •  The Bank of Canada Prime Lending Rate shocked the experts and lowered the rate to 2.75% in January 2015 read more


Read more about average prices and read the TREB full price and data report below.


This is the press release from TREB

All the best!
Mark



A New Sales Record for the Month of May


June 3, 2015 -- Toronto Real Estate Board President Paul Etherington announced 11,706 sales reported by Greater Toronto REALTORS® in May 2015. This result was up by 6.3 per cent in comparison to 11,013 sales reported in May 2014. For the TREB market area as a whole, sales were up for all major housing types. However, in the City of Toronto, where the supply of low-rise listings has been constrained, sales were down for detached homes.


“During my tenure as TREB President over the past year, it is clear to me that ownership housing remains top of mind as a quality long-term investment for GTA households. This is why, despite a shortage of listings in some market segments, we experienced a record number of sales reported through TREB’s MLS® System for the month of May,” said Mr. Etherington.


Record May transactions, coupled with a dip in the number of homes available for sale, resulted in strong price growth. The MLS® Home Price Index (HPI) Composite Benchmark was up by 8.9 per cent year over year in May. The MLS® HPI uses benchmark homes to estimate price growth. This allows for an “apples to apples” comparison of price growth that is not affected by changes in the mix of sales activity.


The average selling price for all home types combined in May 2015 was up by 11 per cent annually to $649,599. The higher annual rate of average price growth compared to the MLS® HPI Composite Benchmark points to the fact that the proportion of high-end home sales continued to be greater compared to 2014.


“Tight market conditions, especially for singles, semis and town homes in the GTA, have resulted in strong price growth regardless of the price metric being considered. With no relief so far on the listings front, expect similar rates of price growth as we move through the remainder of 2015. At this point, a number of months where listings growth outstrips sales growth would be required to satisfy pent-up demand,” 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
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