6 02, 2020

Toronto real estate sales & prices up in January 2020

Toronto real estate sales and prices up in January, inventory down

Toronto skyline January 2020 real estate

Toronto real estate prices continue to rise in a face of falling inventory. According to the latest data from the Toronto Regional Real Estate Board (TRREB), 4,581 homes changed hands in January 2020 – a 15.4-per-cent increase year-over-year. On a month-over-month basis, sales rose by 4.8 per cent. Active listings, meanwhile, are down 35 per cent. Strong sales coupled with constrained supply resulted in double-digit price growth last month.

“We started 2020 where 2019 left off, with very strong growth in the number of sales up against a continued dip in the number of new and available listings,” TRREB President Michael Collins noted in the Toronto real estate board’s release this morning. “Tighter market conditions compared to a year ago resulted in much stronger growth in average selling prices. Steady population growth, low unemployment and low borrowing costs continued to underpin substantial competition between buyers in all major market segments.”

In lockstep with the rising rate of home sales and dwindling inventory, average Toronto real estate prices were up in January. The Greater Toronto Area, prices were up 12.3 per cent, driven by single-family home and condominium apartment sales in Toronto proper. The average selling price in the GTA was $839,363 (compared to $747,175 at this time last year). Meanwhile in Toronto proper, the average price in January was $884,385.

TRREB notes that the key price differentiator between January 2020 and January 2019 was in the low-rise property market, particularly with regard to detached houses. Many buyers who were previously priced out of the market due to the mortgage stress test are re-entering, driving strong year-over-year detached price growth.

In its 2020 Housing Market Outlook, RE/MAX calls for home prices in Toronto proper to rise by six per cent throughout 2020, to $933,691. This expectation is based on continued demand for detached housing, higher employment rates and economic growth, as well as improved affordability compared to the last three years.

 

source: RE/MAX blog
14 01, 2020

Thurston Olsen Toronto Real Estate Market Update Q4 2019

2020 has arrived! We hope you had a wonderful holiday season with family and friends and are getting ready for a great year ahead. To keep you up to date and informed about the Toronto real estate market, we have prepared your neighbourhood update to have a look at all of 2019.

Toronto Real Estate Market Stats –  January to December, 2019 for the City of Toronto:

Do you have a question about a specific sale on your street, or want to know what’s happening in another hood? Reach out and we’ll gladly send you all the info! info@thurstonolsen.com

Are you curious to know what your home is worth? Give us call at 416.465.7850 and we will be happy to provide you with an opinion of value.

Detached Homes

  •  Homes Sold: 9,327
    • An increase of 16.0% compared to 2018
  • Average Price: $1,318,953
    • An increase of 0.4% compared to 2018

Semi-Detached Homes

  •  Homes Sold: 2,932
    • An increase of 11.5% compared to 2018
  • Average Price: $1,044,675
    • An increase of 4.3% compared to 2018

Condo Apartments

  •  Homes Sold: 16,353
    • An increase of 0.5% compared to 2018
  • Average Price: $633,948
    • An increase of 6.8% compared to 2018

Click here to view our Toronto Real Estate Update from Q3 2019.

9 01, 2020

Toronto home prices rise further in 2019

The city can “expect further acceleration” if nothing is done about the city’s undersupply of new homes, TREB says.

Toronto home prices rise in 2019. Snow covered rooftops of homes in Leslieville, Toronto

The Toronto Real Estate Board says home sales were up 17.4 per cent in December compared with the same month last year, while the average price was up almost 12 per cent in the month from a year earlier.

The December jump caps a surge in activity in the second half of last year, while a slower first half meant that overall 2019 sales were in line with annual medians for the decade.

The increased sales over 2018, even as new listings dropped 2.4 per cent year-over-year, helped push the average selling price for the year up by four per cent to $819,319. The average selling price in December was $837,788, up 11.9 per cent from a year earlier.

“We certainly saw a recovery in sales activity in 2019, particularly in the second half of the year,” said Michael Collins, president of the Toronto Real Estate Board (TREB).

“As anticipated, many home buyers who were initially on the sidelines moved back into the market place starting in the spring. Buyer confidence was buoyed by a strong regional economy and declining contract mortgage rates over the course of the year.”

The region continues to struggle with an undersupply of housing, said Jason Mercer, TREB’s chief market analyst.

“Taking 2019 as an example, we experienced a strong sales increase up against a decline in supply. Tighter market conditions translated into accelerating price growth. Expect further acceleration in 2020 if there is no relief on the supply front,” he said in a statement.

For the year, condos saw the biggest price gains, up 6.4 per cent to an average of $587,959 compared with 2018, while detached home prices were up 0.9 per cent to an average of $1.02 million compared with the previous year. Condo sales activity was up only three per cent overall last year, while detached home sales were up 18.8 per cent.

For December, detached homes actually recorded higher price gains, up 11.6 per cent in the month to $1.05 million as sales were up 26.2 per cent from a year earlier. The average condo price was up 10.4 per cent to $612,464, while sales were up 6.9 per cent.

source – The Canadian Press, with a file from HuffPost Canada

Have questions about Toronto home prices? Contact Us.

Toronto Home Prices

22 10, 2019

Thurston Olsen Toronto Real Estate Update Q3 2019

The Fall Market is in full swing! We hope you’re enjoying the beautiful fall foliage and keeping cozy as you start to bring out your favourite sweaters! To keep you up to date and informed about the real estate market, we have prepared your Toronto update for the third quarter of 2019.

Do you want the stats for your neighbourhood, or have a question about a specific sale on your street? Reach out and we’ll gladly give you all of the info! info@thurstonolsen.com

Are you curious to know what your home is worth? Give us call at 416.465.7850 and we will be happy to provide you with an opinion of value.

Toronto July to September 2019 Real Estate Update

  • 8,646 homes sold throughout Toronto from July – September, 2019
    • 2,442 were detached homes
    • 743 were semi-detached homes
    • 4,472 were condos
    • 989 were a combination of other home types
  • The average price of a detached home is $1,280,312
  • The average price of a semi-detached home is $1,009,361
  • The average price of a condo is $628,074
  • Homes are on the market an average of 21 days

Click here to view our Toronto Real Estate Update from Q2 2019.

16 08, 2019

Where you can buy houses in Toronto for under $1 million

Here’s where you can buy houses in Toronto for under $1 million

skyline with CN Tower, condos and houses in Toronto

The price of detached houses in Toronto surpassed the $1 million mark for the first time in 2015. Since then prices have hovered at a consistent high and according to a new report by RE/MAX, they’re again on the rise. RE/MAX examined the Toronto Real Estate Board‘s 65 districts and found that detached housing values rose in 57 per cent of neighbourhoods in the 416. While this is welcome news for those who already own a piece of this lucrative property pie, those trying to buy houses in Toronto find themselves wondering if and when affordability will return to this hot market.

Despite the affordability woes, detached home sales in the GTA were way up in the first half of the year. Year-to-date transactions are up 17 per cent over 2018 figures – 20,067 versus 17,202 – and double-digit sales increases happened in over 70 per cent of TREB districts, which includes areas in the 416 and 905.

The market correction – especially over the past 18 months – has been the major catalyst for the increase in detached housing sales. It’s all about price,” says Christopher Alexander, Executive Vice President and Regional Director at RE/MAX of Ontario-Atlantic Canada. “The overall average price for detached housing in the GTA is still down marginally (-1.2 per cent), compared to year-ago levels. Year-to-date average price (January to June) was $1,008,177 in 2019 versus $1,020,136 in 2018.

While balanced and seller’s market conditions are evident in the 416, an estimated 45 per cent of Toronto neighbourhoods were in clear buyer’s market territory in June. The tightest area of the city is the East End, where eight out of 11 districts are in balanced/seller’s territory.

If you’re in the market to buy and you have your heart set on the 416, but don’t have a bottomless bank account, here are 12 areas where you can still buy detached houses in Toronto for less than $1 million.

EAST END TORONTO

East End Toronto homes for under $1 million

WEST END TORONTO

West end Toronto homes for under $1 million

source: blog.remax.ca

11 07, 2019

Thurston Olsen Toronto Real Estate Update Q2 2019

Summer is here! We hope you’re enjoying this weather and finding some time to relax with friends and family. To keep you up to date and informed about the real estate market, we have prepared your Toronto real estate update for the second quarter of 2019.

Do you want the stats for your neighbourhood, or have a question about a specific sale on your street? Reach out and we’ll gladly give you all of the info! info@thurstonolsen.com

Are you curious to know what your home is worth? Give us call at 416.465.7850 and we will be happy to provide you with an opinion of value.

 

Thurston Olsen Real Estate Team update Toronto Q2 2019

  • 10,131 homes sold throughout Toronto from April – June, 2019
    • 3,150 were detached homes
    • 1,021 were semi-detached homes
    • 4,836 were condos
    • 1,124 were a combination of other home types
  • The average price of a detached home is $1,359,192
  • The average price of a semi-detached home is $1,052,834
  • The average price of a condo is $639,316
  • Homes are on the market an average of 17 days

Click here to view our Toronto Real Estate Update from Q1 2019.

11 04, 2019

Thurston Olsen Toronto Real Estate Update Q1 2019

Bring on the spring! In an effort to keep you up to date and informed about the Toronto real estate market, we have prepared your Toronto real estate update for the first quarter of 2019.

Do you want the stats for your specific neighbourhood, or have a question about a specific sale on your street? Reach out and we’ll gladly give you all of the info! info@thurstonolsen.com

Are you curious to know what your home is worth? Give us call at 416.465.7850 and we will be happy to provide you with an opinion of value.

 

Thurston Olsen real estate team Toronto update Q1 2019

  • 5,837 homes sold throughout Toronto from January – March, 2019
    • 1,480 were detached homes
    • 480 were semi-detached homes
    • 3,247 were condos
    • 630 were a combination of other home types
  • The average price of a detached home is $1,254,683
  • The average price of a semi-detached home is $1,039,640
  • The average price of a condo is $603,243
  • Homes are on the market an average of 22 days

Click here to view our Toronto Real Estate Update for 2018.

4 03, 2019

Toronto home prices by subway station

Owning a home “steps from transit” certainly has its perks and can command a pretty penny on its sale price. Whether or not a home is within walking distance to the closest subway or Light Rail Transit stop is a top consideration for Toronto home buyers who lead a pedestrian lifestyle, or simply wish to leave the car at home on their commute. But what exactly is the cost of a home or condo by each TTC subway stop?

Christie Subway Station Toronto Ontario

To find out, the average 2018 sold prices for houses and condos within 800 metres (roughly a 10-minute walk) of all 75 TTC subway and LRT stations were collected. Sold prices were sourced from the Toronto Real Estate Board for the period between January 1 and December 31, 2018.

House Condo Price by Toronto Subway Station 2018

The 5 Most Affordable TTC Stops for Houses

  1. Ellesmere (Line 3): $708,489
  2. Midland (Line 3): $716,813
  3. Lawrence East (Line 3): $725,813
  4. Finch West (Line 1): $741,891
  5. McCowan (Line 3): $761,074

 

The 5 Least Affordable TTC Stops for Houses

  1. York Mills (Line 1): $3,426,020
  2. Museum (Line 1): $3,002,150
  3. Summerhill (Line 1): $2,932,837
  4. St. Clair (Line 1): $2,888,106
  5. Sherbourne (Line 2): $2,870,130

 

The 5 Most Affordable TTC Stops for Condos

  1. Kennedy (Lines 2 & 3): $329,530
  2. Lawrence East (Line 3): $364,656
  3. Ellesmere (Line 3): $382,752
  4. Victoria Park (Line 2): $388,953
  5. McCowan (Line 3): $420,572

 

The 5 Least Affordable TTC Stops for Condos

  1. Summerhill (Line 1): $1,242,618
  2. Rosedale (Line 1): $1,172,898
  3. St. George (Lines 1 & 2): $1,141,827
  4. St. Clair West (Line 1): $1,090,897
  5. St. Clair (Line 1): $1,078,285

 

Methodology

Sold prices of individual properties were sourced from the Toronto Real Estate Board from January 1, 2018 to December 31, 2018. Sold condo prices includes sold condo apartments and condo townhouses. Sold house prices includes sold detached, semi-detached and attached houses. The boundary used for sold listings was a 800m radius from each subway stop. All calculations by Zoocasa.

Curious about the average price in your neighbourhood? Check out Toronto data here and reach out for your specific hood! Toronto Real Estate Update 2018

source: zoocasa

lead image by Doug Estey

6 03, 2018

Toronto home prices continue to climb

Average home prices in the Toronto region climbed more than 4 per cent last month as buyers began to absorb the impact of tougher new mortgage qualification rules introduced in January.

Toronto home prices climb

Data from the Toronto Real Estate Board showed home prices rose 4.2 per cent in February compared to January to an average of $767,818, marking the strongest month-over-month price gain since September.

Detached home prices rose 3.1 per cent across the Greater Toronto Area in February compared to the prior month, averaging $1,000,736, while condo prices climbed 4.4 per cent over January to an average of $529,782.

Despite the increases, average prices were down 12.4 per cent in February compared to the same month last year, when sales were booming prior to a price correction that began in May last year, TREB said.

TREB said 5,175 homes sold in February across the GTA , a 35-per-cent drop compared to the record 7,955 sales in February last year, but an increase of almost 29 per cent compared to 4,019 homes sold in January this year.

There were 10,520 new listings of homes for sale in February, an increase of 7.3 per cent from the same month last year, and a jump of 23 per cent from January. Despite the increase, however, TREB said the level of new listings still remained below the February average for the previous 10 years.

Jason Mercer, TREB’s director of market analysis, said he expects sales to pick up further as the year progresses.

“As we move further into the spring and summer months, growth in sales and selling prices is expected to pick up relative to last year,” he said in a statement, predicting price growth will come in the comparatively more affordable townhouse and condominium markets.

“That being said, listings supply will likely remain below average in many neighbourhoods in the GTA, which, over the long-term, could further hamper affordability,” Mr. Mercer said.

TREB president Tim Syrianos said his association anticipated sales would be slow in the opening months of 2018 compared to historic highs in early 2017.

He said prospective buyers “are still coming to terms with the psychological impact” of housing reforms introduced last April by the Ontario government, which included a new foreign buyer’s tax, as well as new mortgage qualification rules introduced Jan. 1 that require buyers to prove they can still afford their mortgages even if interest rates rise.

While sale prices are lower than they were at their peak a year ago, TREB said they are still up 12 per cent compared to the average sale price in February, 2016, “which represents an annualized increase well above the rate of inflation for the past two years.”

Scott Ingram, a Century 21 real estate agent in Toronto, said most home owners in Toronto have made money on their property despite last year’s downturn, calculating fewer than 9,500 buyers who purchased homes in the City of Toronto last year may still be unhappy because the benchmark price in January was at least $10,000 below the price they paid last year. He said they represent about 1.3 per cent of all homeowners in Toronto.

In a new analysis for his blog, Mr. Ingram said the benchmark prices for detached houses, semi-detached houses and townhouses in the City of Toronto in January were still below the peak levels they hit last year, but said prices for all housing types are higher than they were two years ago. The benchmark condominium price has increased compared to all months last year, so buyers in that category are not under water.

Even buyers who may feel “burned” by purchasing at the peak last year will be fine in the long run, Mr. Ingram said, as long as they do not plan to flip their home quickly.

For those who bought at the peak and planned to flip quickly, Mr. Ingram said the experience is a lesson that “real estate isn’t a guaranteed investment vehicle.”

Source: toronto home prices climb
Photo: Thurston Olsen Real Estate Team

15 02, 2018

Toronto real estate market off to a good start in 2018

The Canadian real estate market got off to a good start this year with house prices rising in January, as Toronto saw its first gain in six months, according to a bank measurement.

Toronto real estate market off to a good start in 2018

The Teranet-National Bank composite house price index, rose 0.3 per cent last month from December and gained 8.7 per cent in January from a year ago.

That’s up from a 0.2 per cent monthly gain in December, but down from the 9.1 per cent yearly rise that month.

The index measures changes in resales of single-family homes, and each month’s reading is a rolling three-month average to smooth out monthly fluctuations in price.

While the national gauge rose for the second time since a monthly decline in November, only four of the 11 major cities measured on the index saw price increases last month.

Toronto was one of them — rising 0.2 per cent from December — marking its first gain since the middle of last year.

But National Bank economist Marc Pinsonneault warned that it was premature to conclude that home prices in Canada’s largest city have “turned the corner.”

“This firming of home prices in Toronto might reflect a rush to buy with pre-approved mortgages granted before more stringent rules on qualification for uninsured mortgages were applied starting Jan. 1,” he said.

Further increases to mortgage rates could still impact prices in the city, he added.

Toronto’s housing market pulled back last year after Ontario implemented a series of measures such as restricting foreign buyers to cool the once red-hot market.

Last week, data from the Toronto Real Estate Board showed the average selling price of a detached home in Toronto fell almost four per cent in January from a year ago.

The National Bank index reading of an 8.4 per cent gain in Toronto from a year ago is still below the national average.

source: toronto sees first gain

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