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.
2015 Average Monthly Price |
February |
596,163 |
January |
552,575 |
|
2014 Average Monthly Price |
December |
556,602 |
November |
578,353 |
October | 587,505 |
September | 573,676 |
August | 546,303 |
July | 550,700 |
June | 568,953 |
May | 585,204 |
April | 577,898 |
March | 557,684 |
February | 553,193 |
January | 526,528 |
|
2013 Average Monthly Price |
December | 523,096 |
November | 538,881 |
October | 539,415 |
September | 533,232 |
August | 501,794 |
July | 513,246 |
June | 530,636 |
May | 542,174 |
April | 526,335 |
March | 519,879 |
February | 510,580 |
January | 482,648 |
The average
selling price for 2014 was
$566,726 and for 2013 was $523,036,
which represented an increase of 8.4%
compared to 2013 and a 5.2 per cent compared
to the calendar year 2012 average of $497,130
- see
graph of prices here |
|
2012 Average Monthly Price |
December | 478,739 |
November | 485,544 |
October | 502,274 |
September | 501,704 |
August | 477,533 |
See seasonal fluctuations in average prices
As can be seen from the chart above, prices are still strong. Number of sales are down, but this could be due to reduced inventory.
See the full report from TREB below.
I hope this finds you healthy and happy!
All the best,
Mark
You are reading the latest newsletter
March News Report
Last months Resale Housing Results Show Healthy Market!
This is the latest monthly report for TREB for the average prices and the number of sales in previous month, both were very strong last month.
Sales & Price
Growth Continue
PRESS RELEASE:
First time in Toronto the Average Detached Sold Price above $1 million dollars!
This is for detached homes in Toronto, not the GTA, but this represents
a milestone in the Toronto Real Estate Market
See the full press release below.
Please refer to this page to see
a graph of Average prices and More
All the Best!
Mark
TORONTO, March 4, 2015 – Toronto Real Estate Board President Paul
Etherington announced that Greater Toronto Area REALTORS® reported 6,338
home sales through the TorontoMLS system in February 2015.
This result represented a substantial 11.3 per cent year-over-year increase
compared to February 2014. Large annual increases in transactions were noted
for most major home types, in the City of Toronto and surrounding GTA regions.
“Even with the record low temperatures last month, we still saw an
increase in the number of people purchasing homes in the GTA. This speaks
to the importance households place on home ownership and the fact that buyers
continue to view ownership housing as a quality long-term investment in which
they can live,” said Mr. Etherington.
The overall supply of homes for sale, as measured by the count of active
listings at the end of February 2015, was down by 8.7 per cent compared to
the same count in February 2014. This means that market conditions became
tighter, leading to more competition between buyers.
The overall average selling price for February 2015 home sales was $596,163 – up
by 7.8 per cent compared to the average for February 2014. Driving this increase
was the detached market segment.
In the City of Toronto, the average detached selling price moved above $1
million dollars for the first time in a calendar month.
“The strong year-over-year price growth we experienced in February
points to the robust demand for ownership housing in the GTA, coupled with
a constrained supply of homes for sale in some market segments, especially
where low-rise home types like singles, semis and townhouses are concerned,” said
Jason Mercer, TREB’s Director of Market Analysis.
This is the full report from TREB
Robust Sales and Price Growth in February
TORONTO, March 4, 2015 – Toronto Real Estate Board President Paul
Etherington announced that Greater Toronto Area REALTORS® reported 6,338
home sales through the TorontoMLS system in February 2015. This result represented
a substantial 11.3 per cent year-over-year increase compared to February
2014. Large annual increases in transactions were noted for most major home
types, in the City of Toronto and surrounding GTA regions.
“Even with the record low temperatures last month, we still saw an
increase in the number of people purchasing homes in the GTA. This speaks
to the importance households place on home ownership and the fact that buyers
continue to view ownership housing as a quality long-term investment in which
they can live,” said Mr. Etherington.
The overall supply of homes for sale, as measured by the count of active
listings at the end of February 2015, was down by 8.7 per cent compared to
the same count in February 2014.
This means that market conditions became tighter, leading to more competition
between buyers.
The overall average selling price for February 2015 home sales was $596,163– up
by 7.8 per cent compared to the average for February 2014. Driving this increase
was the detached market segment.
In the City of Toronto, the average detached selling price moved above $1
million dollars for the first time in a calendar month.
“The strong year-over-year price growth we experienced in February
points to the robust demand for ownership housing in the GTA, coupled with
a constrained supply of homes for sale in some market segments, especially
where low-rise home types like singles, semis and townhouses are concerned,” said
Jason Mercer, TREB’s Director of Market Analysis.
Where are mortgage rates heading?
The Bank of Canada Prime Lending Rate recently dropped to 2.75% read
more
A common question I frequently get is "where are mortgage rates heading?" While all we can do is speculate and anything can happen, we can always make predictions based on what tools we have available to us today.
For shorter term predictions, we can follow the bond yield charts, which you
can find here: http://www.investing.com/rates-bonds/canada-5-year-bond-yield Fixed
mortgage rates are determined by bond yields. When the yields rise,
upward pressure is placed on fixed mortgage rates. When they drop,
downward pressure is placed. Last spring, we saw a large spike
in bond yields within a very short time span which sent fixed mortgage rates
skyrocketing as much as 0.75% within a matter of a few short weeks...which
is not something that anyone could have predicted. They didn't start
settling down until earlier this year and have been slowly trending downwards
ever since. If the downward trend continues, we may very well
see some lower rates soon, and I think this is a definitely possibility.
The Bank of Canada Prime Lending Rate
recently dropped to 2.75% read
more