Whatâ€™s Happening in the Toronto Market (October 2013)
Toronto and GTA Real Estate Market (October 2013)
I thought that you might be interested in the real estate performance of Toronto real estate. Just about everyone else is.
Here’s the report which was just released:
Toronto MLS Home Sales Up Annually in October
TORONTO, November 6, 2013 – Greater Toronto Area REALTORS® reported 8,000 home sales through the TorontoMLS system in October 2013 – up from 6,713 transactions reported in October 2012. Over the same period, new listings on the TorontoMLS system were down.
“The GTA home ownership market has been broadly characterized by a rebound in sales since the summer. Market conditions have been tighter in some market segments more so than others. Ground-oriented homes listed for below one million dollars in some areas of the GTA have been especially popular with buyers, while listings for these home types have been constrained,” said Toronto Real Estate Board President Dianne Usher.
“The supply of listings for many home types and price points has either been down year-over-year or at least not up by the same annual rate as sales. The additional Land Transfer Tax in the City of Toronto and the removal of the government guarantee on high ratio mortgages for home purchases over one million dollars have arguably led many homeowners not to list,” continued Ms. Usher.
The average selling price for TorontoMLS sales in October 2013 was $539,058– up by more than seven per cent in comparison to the average price of $502,127 in October 2012. The MLS® Home Price Index (MLS® HPI) Composite Benchmark was up by 4.5 per cent year-over-year.
“Growth in the average selling price and the MLS® HPI Composite Benchmark will continue through 2014. Inventory levels for ground-oriented home types will be low from a historic perspective and home ownership demand will stay strong as affordability remains in check due to the continuation of accommodative borrowing costs,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.
As previously noted, the Toronto Real Estate Board does a year over year analysis. So, October 2013 is compared with October 2012. That may or may not make any particular sense, but, that’s how they do it.
It is noteworthy that sales for the first 10 months in 2012 were 76,302, and for 2013, they reached 76,734. Now, that extra 432 units may not seem that important, but what it did do is signify that 2013 has finally caught up and surpassed 2012. Since it had been trailing, this resurgence in sales is an indicator of a hot market.
Here are the comparative numbers:
January 4,229 $482,080
February 5,613 $509,396
March 7,539 $517,224
April 9,536 $525,130
May 9,946 $540,544
June 8,822 $529,616
July 8,371 $512,303
August 7,397 $501,937
September 7,281 $533,221
October 8,000 $539,058
Year-to-Date total sales 76,734
January 4,431 $462,701
February 6,809 $500,249
March 9,383 $500,892
April 10,021 $515,888
May 10,542 $514,464
June 9,129 $507,342
July 7,338 $475,523
August 6,249 $477,170
September 5,687 $501,326
October 6,713 $502,127 (76,302 sales)
November 5,613 $484,208
December 3,582 $477,756
If you would like to discuss the market, please contact your RE/MAX West Realtor.
Brian Madigan LL.B., Broker www.iSourceRealEstate.com