7 09, 2018

Toronto housing market has stabilized

The 2018 Toronto housing market has been an exciting one, with ups and downs, we have stabilized through August. Here’s what the London Free Press has to say:

House sign with sold over asking rider. Ford thurston and Chris Olsen Toronto housing market

Toronto’s housing market kept its footing August as sales gained while prices were little changed, continuing to stabilize after a turbulent year.

Sales jumped 8.5 per cent to 6,839 in August from the same period a year ago, the Toronto Real Estate Board reported Thursday and were up 2 per cent on a seasonally adjusted basis from July. Average prices rose 4.7 per cent from a year earlier to $765,270 but benchmark prices, which measure the value of a typical home, fell 0.5 per cent from July to $764,800.

The housing market in Canada’s biggest city has been stabilizing over the past few months, following a sharp plummet earlier in the year after various government regulations were implemented to rein in prices. The market began to crack in April last year after a foreign buyers tax was put in place but has recovered much of the decline over the past few months.

Toronto housing market August price up 4.7% in 2018 from 2017“Many home buyers who had initially moved to the sidelines due to the Ontario Fair Housing Plan and new mortgage lending guidelines have renewed their search for a home and are getting deals done much more so than last year,” Garry Bhaura, president at the housing board, said in a statement.

Detached homes lagged other housing segments in August, with the benchmark price dropping 1.9 per cent from a year ago to $914,900. Meanwhile, condo apartments led the price gains, jumping 9.9 per cent from last August to $505,500.

Toronto housing market GTA sales rise 8.5%

“Despite the fact the sales remain off the record highs from 2016 and 2017, many GTA neighbourhoods continue to suffer from a lack of inventory,” said Jason Mercer, TREB’s director of market analysis. “This could present a problem if demand continues to accelerate over the next year, which is expected.”

New listings were up 6 per cent from a year ago to 12,166. Active listings rose 8.8 per cent to 17,864, from 16,419 last year.

 

source: london free press

lead image: Ford Thurston

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

8 02, 2018

Toronto home average price forecast to climb in 2018

The Toronto Real Estate Board expects fewer home sales this year compared with 2017, but the average selling price to climb.

The board is forecasting total sales between 85,000 and 95,000 in 2018.

It says the midpoint of the range suggests total annual sales slightly lower than 2017 when there were 92,394 sales reported through the board’s MLS system.

Meanwhile, the forecast range for the average selling price in 2018 is between $800,000 and $850,000 with the midpoint suggesting a slight increase in the average selling price this year compared with $822,681 in 2017.

Detached Home Prices January 2017 vs 2018

Toronto home sales started last year on a hot streak, but slowed after the Ontario government introduced several measures to cool the market.

The real estate board says it expects year-over-year declines in transactions will be more pronounced in the first four months of this year, but sales are expected to be up compared with last year through the late spring and summer.

Detached Home Price Change January 2017 vs 2018

Source: average prices forecast to climb
All stats from Toronto Real Estate Board.

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