Toronto Market News

July's Market is HOT HOT HOT!

Jarrett Hunter — Wed, 01 Aug 2007 18:44:00 GMT

As posted in my podcast on www.TuneinRealEstate.com:

Hi, my name is Jarrett Hunter and I am a downtown Toronto realtor with Royal LePage. This is the market information for April 2007 for my area which is downtown Toronto – best defined as the area south of Bloor Street to the lake, west of the Don Valley Parkway and east of Dufferin Street. – I like to refer to it as “the Core.”

Although the numbers are not all in for July, it looks like another record breaking month for sales. Our mid-month totals were up 21% over last July’s mid-month and there doesn’t seem to be any slow down in sight. Other significant numbers quoted recently was the moderate average price increases over last July’s prices of only 8% which is very healthy. Average days on market – 31.
So, the numbers are telling us that we are having another hot July and it seems to be steaming into August (and that includes the weather as well!)

If you require any more specific information, or, want to discuss your own particular real estate needs, feel free to contact me directly via e-mail (Jarrett@jarrett.ca) or call me on my direct line at (416) 410-2300.

Another HOT Spring Market in T.O.!

Jarrett Hunter — Thu, 10 May 2007 14:12:00 GMT

As recorded in my PodCast at www.TuneInRealEstate.com:

Toronto Real Estate Board Members reported 9452 sales of single family dwellings in the GTA in April, a 13% increase over April of last year and makes it the biggest selling month of all time in the boards history! The downtown area had a total of 833 active listings with a total sales volume of 520. 406 of these were condominiums.

In spite of the large sales numbers for April, we seem to still be in a very balanced market for both buyer’s and seller’s. The exception would be in some of Toronto’s central neighborhoods where bidding wars are common.

The average days that a property was on the market before selling was still a very fast 25.5 days. The average selling price? $333,687 – a marginal increase over last month.

So, the numbers are telling us that we are having yet another hot spring market.

Strong Indicators for Another Busy Spring Market in Toronto!

Jarrett Hunter — Sun, 08 Apr 2007 14:44:00 GMT

Hi, my name is Jarrett Hunter and I am a downtown Toronto realtor with Royal LePage. This is the market information for March 2007 for my area which is downtown Toronto – best defined as the area south of Bloor Street to the lake, west of the Don Valley Parkway and east of Dufferin Street. – I like to refer to it as “the Core.”

Toronto Real Estate Board Members reported 8,518 sales of single family dwellings in the GTA in March, a decrease from March 2006 (8707 sales). Still, any number over 8000 indicates a very robust market overall. The downtown area had a total of 891 active listings with a total sales volume of 491 (almost a 25% increase from February’s sales volume). 397 of these were condominiums.

As we enter into the spring market we see many more purchaser’s entering and with the short “days on market” numbers we will also see a lot more multiple offer situations for prime properties.

The average days that a property was on the market before selling was a very fast 23.5 days. The average selling price? $330,471 – no dramatic change over last month.

We are hoping for a more “balanced” spring market with supply meeting the demand for homes.

If you require any more specific information, or, want to discuss your own particular real estate needs, feel free to contact me directly via e-mail (Jarrett@Jarrett.ca) or call me on my direct line at (416) 410-2300.

As posted in www.TuneinRealEstate.com

Second Best February on Record!

Jarrett Hunter — Thu, 08 Mar 2007 13:47:00 GMT

Hi, my name is Jarrett Hunter and I am a downtown Toronto realtor with Royal LePage. This is the market information for February 2007 for my area which is downtown Toronto – best defined as the area south of Bloor Street to the lake, west of the Don Valley Parkway and east of Dufferin Street. – I like to refer to it as “the Core.”

Toronto Real Estate Board Members reported 6,772 sales in February, an increase over February 2006 (6,756 sales) and the second best total for this month ever recorded! The downtown area had a total of 840 active listings with a total sales volume of 395 (over a 30% increase from January’s sales volume). 324 of these were condominiums.

February’s big sales volume should be a good indicator of yet another busy spring market in the core. The average days that a property was on the market before selling was a very fast 25.5 days. The average selling price? $333,818 – no dramatic increase over January’s average. Looks like we are in a very balanced market for both buyer’s and seller’s. The Bank of Canada has decided to hold interest rates once again so it is still a great time to think about making your next move.

As recorded on my Podcast at www.TuneinRealEstate.com

Best January Ever!

Jarrett Hunter — Tue, 06 Feb 2007 14:49:00 GMT

This is from my Podcast on www.tuneinrealestate.com

Hi, my name is Jarrett Hunter and I am a downtown Toronto realtor with Royal LePage. This is the market information for January 2007 for my area which is downtown Toronto – best defined as the area south of Bloor Street to the lake, west of the Don Valley Parkway and east of Dufferin Street. – I like to refer to it as “the Core.”

The Toronto Real Estate Board reported that this was our best January ever! Statistics are derived from the Toronto MLS system and reports a 13% increase over January of last year and a 6% increase over sales of January 2002 which was our previous record holder. We had a total of 761 active listings with a total sales volume of 295 of which 233 of these were condominiums.

I am expecting that January’s record breaking performance will be a good indicator of the year ahead. The average days that a property was on the market before selling was 40. The average selling price? $334,123 – which is about a 6% increase over December’s average price. So, another year is off with a bang. Interest rates are still holding steady and buyer interest is still quite high. A great time to think about making your next move.

December Sales End on a High Note!

Jarrett Hunter — Thu, 04 Jan 2007 23:54:00 GMT

As Posted in www.TuneinRealEstate.com

Posted January 4, 2007 by Jarrett Hunter

Hi, my name is Jarrett Hunter and I am a downtown Toronto realtor with Royal LePage. This is the market information for December 2006 for my area which is downtown Toronto – best defined as the area south of Bloor Street to the lake, west of the Don Valley Parkway and east of Dufferin Street. – I like to refer to it as “the Core.”

December sales ended the year on a high note! We had a total of 660 active listings with a total sales volume of 257 of which 211 of these were condominiums.

The downtown market has slowed a bit in December over the November numbers but is somewhat indicative of the time of year. The average days that a property was on the market before selling was 34. The average selling price? $315,123 – which makes us a bargain in most big city markets. Looks like we are entering another great year where the market seems to be more balanced for buyer and seller alike. A great time to think about making your next move.

2006 Ends on a High Note

Jarrett Hunter — Thu, 04 Jan 2007 16:05:00 GMT

January 4, 2006 -- TREB Members reported 4,447 sales in December, up four per cent over the 4,255 recorded last December, and the second best total ever recorded for the month, TREB President Dorothy Mason announced today. "December's performance is indicative of the whole year, which saw total transactions break the 83,000 level (83,084) for only the third time since records have been kept," noted the President.

Year-over-year, the average price in 2006 rose five per cent over the $335,907 recorded in 2005 to $351,941. "This means that prices continue to outpace inflation, making home-ownership a sound investment in today's economy and invariably in the long term."

Breaking down the total, 1,643 sales were reported in TREB’s 28 West districts and averaged $318,364; 779 sales were reported in the 14 Central districts and averaged $408,599; 941 sales were reported in the 23 North districts and averaged $382,065; and 1,084 sales were reported in TREB’s 21 East districts and averaged $271,463.

City of Toronto

With 34,404 sales recorded in 2006, the City of Toronto (E-1 to E-11, W-1 to W-10, and C-1 to C-15) saw its most active resale market, up one per cent over the 33,963 recorded in 2005, the previous best-ever performance. Meanwhile, the average price rose five per cent to $378,775.

Year Ends With a Strong December

Jarrett Hunter — Thu, 04 Jan 2007 14:36:00 GMT

January 4, 2007 -- Resale housing activity in December increased by four per cent compared to the same month a year ago, Toronto Real Estate Board President Dorothy Mason announced today.

“All year long the market has remained very stable,” Mrs. Mason said. “December’s strong showing gives consumers even more confidence that there is a solid foundation in place as we begin the new year.”

The elevated activity at the end of the year helped propel 2006 to within just 1.2 per cent of the record sales total set in 2005.

Jason Mercer, CMHC’s Senior Market Analyst for the GTA, argued that a strong economy is behind the upbeat performance:

“Households remained confident in their ability to purchase a home last year,” said Mr. Mercer. “Furthermore, steady job growth in a number of different sectors and very low mortgage rates will keep buyers upbeat about home ownership in 2007."

In Don Mills (C13), 54 per cent more overall transactions took place during the month compared to last December, fueled in part by strong condominium activity.

A 54 per cent increase in overall sales was recorded in Etobicoke’s South Humber neighbourhood (W07), also helped by elevated condominium transactions.

East of Toronto, Pickering (E13) showed an overall sales increase of 30 per cent compared to December 2005, while in West Markham / Langstaff (N01), strong condominium sales led to a 63 per cent increase in overall transactions during the month, compared to a year ago.

“The market is on solid footing and is in excellent shape heading into 2007,” TREB’s President said. The winter season is an excellent time to be active in this healthy market, whether starting out as a first time buyer or making a move to a different home.”

Downtown Toronto Market News for November 2006

Jarrett Hunter — Fri, 08 Dec 2006 14:32:00 GMT

As I reported in:

www.tuneinrealestate.com

Hi, my name is Jarrett Hunter and I am a downtown Toronto realtor with Royal LePage. This is the market information for November 2006 for my area which is downtown Toronto – best defined as the area south of Bloor Street to the lake, west of the Don Valley Parkway and east of Dufferin Street. – I like to refer to it as “the Core.”

November has been another stellar month! We had a total of 953 active listings with a total sales volume of 368 of which 266 of these were condominiums.

The market has been somewhat brisk but with a bit more breathing room for our purchasers. The average days that a property was on the market before selling was 28. The average selling price? $332,160. Still very affordable for a world class city like Toronto.

Canada's Housing Market - Both Stable and Vigorous

Jarrett Hunter — Thu, 07 Dec 2006 21:13:00 GMT

For most of Canada, the housing market exhibited moderate price increases and stable unit sales during the third quarter. Wide regional variances continued to be the dominant characteristic in the market, exemplified by frenzied levels of activity and double digit price gains observed in the energy and commodity rich Western provinces, and more reasonable sales volumes and moderate price appreciation in Ontario, Quebec and Atlantic Canada.

Nationally, market trends established through the first three quarters are forecast to continue for the remainder of the year. Robust economic conditions, low unemployment rates, modestly growing salaries and wages, and sound consumer confidence contributed to the overall strength of the residential real estate sector.

Of the housing types surveyed, the highest average price appreciation occurred in detached bungalows, which rose to $300,365 (+16.3%) year-over-year, followed by standard condominiums, which rose to $211,562 (+14.2%), and standard two-storey properties, which increased to $365,380 (+13.2%).

“Canada’s sturdy housing market continued to demonstrate steady growth during the third quarter. For all but the west, we have moved on from the frenzied expansion that characterized the first half of this decade, and are poised to show continued growth at a more moderate pace,” said Phil Soper, president and chief executive officer, Royal LePage Real Estate Services. “Gone is the sellers’ market that we have lived with for some years. We welcome the more reliable conditions that are characteristic of a healthy balanced market.”

For further information, please see the Royal LePage Survey of Canadian House Prices at www.royallepage.ca. If you’re wondering what your home is worth in today’s market, please contact me and let me put my expertise to work for you!

Survey of Canadian Average House Prices in the Third Quarter 2006

	Detached Bungalow		Standard Two Storey		Standard Condominium
	2006 Q3 Average	Annual Change	2006 Q3 Average	Annual Change	2006 Q3 Average	Annual Change
Halifax	$186,333	7.5%	$198,667	-0.2%	$142,000	37.9%
Charlottetown	$145,000	2.8%	$175,000	2.9%	$98,000	0.0%
Moncton	$135,000	6.3%	$129,000	4.9%	-	N/A
Saint John	$141,200	-1.2%	-	N/A	-	N/A
St. John's	$143,667	0.7%	$200,667	-0.8%	$146,333	0.5%
Atlantic	$150,240	3.3%	$175,833	1.3%	$128,778	11.4%
Montreal	$213,691	5.0%	$321,141	1.6%	$193,190	2.8%
Ottawa	$290,083	4.2%	$285,667	4.5%	$181,083	5.1%
Toronto	$373,368	4.9%	$481,523	1.4%	$252,088	3.8%
Winnipeg	$181,579	13.6%	$202,337	12.0%	$105,648	10.0%
Saskatchewan	$170,667	9.3%	$182,600	9.7%	$106,250	5.2%
Calgary	$395,067	56.5%	$405,778	53.5%	$245,844	59.8%
Edmonton	$286,857	47.2%	$316,429	53.1%	$200,433	52.4%
Vancouver	$704,250	17.2%	$794,000	13.8%	$366,250	13.3%
Victoria	$375,000	7.8%	$403,000	3.1%	$229,000	4.1%
National	$300,365	16.3%	$365,380	13.2%	$211,562	14.2%

Average house prices are based on an average of all sub-markets examined in the area, except for the smaller markets of Charlottetown, Moncton, Saint John and Victoria.

November Market Does Very Well!

Jarrett Hunter — Wed, 06 Dec 2006 23:13:00 GMT

December 6, 2006 -- The Greater Toronto Area’s resale housing market maintained its strong pace in November as 6,281 homes changed hands during the month, Toronto Real Estate Board President Dorothy Mason announced today.

“The market is holding very steady as we progress through autumn and we are seeing a good level of activity across the board,” Mrs. Mason said. “Overall conditions are very healthy and 2006 remains within just one and a half percent of last year’s all-time record sales pace.”

Despite a slight moderation from last November’s total of 6,646 transactions, the resale market remains on solid footing according to Jason Mercer, CMHC’s Senior Market Analyst for the GTA.

“Existing home sales have remained very respectable through the first two months of the fourth quarter,” Mr. Mercer said. “Home buyers have remained confident in their ability to purchase a home due to low borrowing costs and steady employment and wage growth, on average.”

In the city’s east end, Scarborough Town Centre / Woburn (E09) saw an increase in overall sales of 30 per cent compared to November 2005, led by a jump in condominium transactions.

A jump in transactions of semi-detached homes fueled an overall sales increase of 53 per cent in the York South area of Toronto (W03) compared to the same timeframe a year ago.

North of Toronto in Richmond Hill North (N05), detached homes were the most common housing type changing hands as the area saw an overall increase in sales of 29 per cent compared to last November.

“It’s a great time to be getting in the market or making your move,” TREB’s President added. “Conditions in the GTA remain very stable, and that’s good news for consumers.”

Sales up in early November

Jarrett Hunter — Sat, 18 Nov 2006 16:29:00 GMT

Toronto Real Estate Board Members reported 3,008 sales during the first half of November, an increase of four per cent from the 2,886 sales recorded during the same timeframe in 2005, Toronto Real Estate Board President Dorothy Mason announced today.

“Although the holiday season is almost upon us, momentum from the autumn market has carried over and things remain very active,” Mrs. Mason said, noting that sales this month are also marginally ahead of mid-October's mark of 3,007.

Bayview Village / Hillcrest Village (C15) in Toronto showed an increase in sales of 40 per cent compared to the midway point of last November.

A jump in sales of semi-detached homes in York South (W03) fueled a 70 per cent overall increase during the first half of November, compared to the same timeframe last year.

In Ajax (E14), east of Toronto, mid-November sales were double the pace of what they were to mid-November 2005, with gains in most housing types.

The average home price to mid-month had risen one per cent to $357,023 over October's $353,677. On a year-to-year basis, November's average was up five per cent compared to the first half of last November ($338,831).

Active listings stand at 24,155, down six per cent from mid-October, as some houses have been pulled from the market in advance of the holiday season. The average time on the market for a home is 37 days.

According to Jason Mercer, CMHC’s Senior Market Analyst for the GTA, strong sales and solid price gains reflect a healthy Toronto Area housing market.

“Steady existing home sales, at close to last year's levels, are evidence of continued demand for ownership housing in the Toronto Area,” Mr. Mercer said. “Above-average home sales have kept the annual rate of price growth above inflation.”

TREB’s President said, “The GTA market is performing well, and consumers can be confident that it’s a good time to purchase their first home or move to a different home for a change in lifestyle.”

House vs. Condo

Jarrett Hunter — Sat, 11 Nov 2006 15:09:00 GMT

Every home buyer I have every worked with has asked this question: should I be looking at a house or a condo? Which is better? My answer: It depends. It depends on where you are looking, what price range you are looking in and most importantly - your lifestyle.

Ipsos Reid did a poll of 2000 adults (aged 25-29) living in Toronto, Vancouver, Montreal, Calgary, & Ottawa. In Toronto, 42% of respondents would consider buying a condominium as their primary residence. Here are the top 5 reasons given to buy a condominium in order:

Easier to maintain.
More affordable. The RealNet Canada Inc. new house price index for condos is currently $317,896 compared to $392,893 for low rise homes.
Amenities in the building.
More secure.
Lot's of places within walking distance.

Top five reasons Not to buy a condominium:

No backyard or play area.
Not enough room.
Don't want to live downtown.
Don't want kids to grow up downtown.
Not the right environment for children.

Granted, you really don't see many children in downtown condominium buildings and I would expect that most couples planning a family will be more inclned to find a home in the burbs.

So - House vs. Condo? Make a list of your own wants and desires - the answer is in the list.

Housing market stability continues

Jarrett Hunter — Wed, 08 Nov 2006 14:32:00 GMT

November 3, 2006 -- Toronto resale housing activity remained strong in October, as 6,876 homes changed hands during the month, Toronto Real Estate Board President Dorothy Mason announced today.

“The market has shown strong overall numbers despite having normalized from record activity,” Mrs. Mason said. “Year-to-date figures show this year within one and a half per cent of 2005’s record pace, and October sales were four per cent higher than September’s, indicating a solid autumn market.”

In The Beach neighbourhood of Toronto (E02), overall sales were 45 per cent higher than October 2005, led by a large increase in semi-detached housing transactions.

A jump in condominium activity in Rexdale (W10) contributed to 23 per cent more overall transactions in October, compared with October of a year ago.

Outside the city, Richmond Hill North (N05) showed an overall increase of 32 per cent compared to last October, with detached homes the most common housing type.

Jason Mercer, CMHC’s Senior Market Analyst for the Greater Toronto Area, noted that the GTA’s stable housing market benefits from solid economic conditions overall.

“The annual rate of existing home sales remains near record levels,” Mr. Mercer said. “Home buyers remain confident in their ability to purchase and pay for a home, due to steady growth in jobs and relatively low borrowing costs.”

The average price of a home in the GTA in October was $356,423, two per cent higher than September and four per cent higher than October 2005.

“Prices and activity are very consistent,” TREB’s President said. “This indicates that the market is firmly anchored on a solid foundation. It’s a great time to take advantage of all the choice in the marketplace.”

*Message from Toronto Real Estate Board