Current Market Assessment

SEPTEMBER 2019 MARKET STATISTICS

SEPTEMBER 2019 MARKET STATISTICS

GTA REALTORS® Release September 2019 Stats

October 3, 2019 — Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 7,825 sales through TREB’s MLS® System in September 2019. This result represented strong year-over-year sales growth of 22 per cent compared to 6,414 sales reported in September 2018. It is important to note, however, that sales remain well-below the record September 2016 peak of more than 9,800 sales.

On a preliminary seasonally adjusted basis, the September 2019 sales level remained in virtually the same as the August 2019 result.

The supply of listings continued to be a concern in September 2019, with new listings down by 1.9 per cent year-over-year to 15,611. We have experienced multiple months this year wherein the annual rate of sales growth outpaced the annual rate of new listings growth, resulting in the overall number of active listings at month-end being well-below last year’s levels. This speaks to tightening market conditions and an accelerating annual rate of price growth.

The annual rate of price growth in September reached the highest point so far in 2019. The MLS® Home Price Index (HPI) Composite Benchmark was up by 5.2 per cent on a year-over-year basis in September. The average selling price for all home types combined was up by a similar annual rate of 5.8 per cent to $843,115.

On a preliminary seasonally adjusted basis, the September 2019 average selling price was up by 1.2 per cent compared to August 2019.

Milton Summary:

Average Sale Price over this time last year:  + 4.5%

Number of Sales over this time last year:  + 21.4%

Oakville Summary:

Average Sale Price over this time last year:  + 0.6%

Number of Sales over this time last year:  + 3.4%

Burlington Summary:

Average Sale Price over this time last year:  + 1.7%

Number of Sales over this time last year:  + 10.1%

Halton Hills Summary:

Average Sale Price over this time last year:  + 4.4%

Number of Sales over this time last year:  + 15.3%

Mississauga Summary:

Average Sale Price over this time last year:  + 5.8%

Number of Sales over this time last year:  + 11.1%

Posted by Christine Pecharich, 0 comments
JULY 2019 MARKET STATISTICS

JULY 2019 MARKET STATISTICS

GTA REALTORS® Release July 2019 Stats

August 6, 2019 — Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 8,595 sales through TREB’s MLS® System in July 2019. This result was up by 24.3 per cent compared to July 2018. On a month-over-month basis, sales were up by 5.1 per cent, after preliminary seasonal adjustment.

New listings entered into TREB’s MLS® System in July 2019 were up compared to July 2018, but by a much lesser annual rate than sales, at 3.7 per cent. With annual growth in sales far outstripping annual growth in new listings, market conditions clearly tightened compared to last year. Active listings at the end of July were down by 9.1 per cent year-over-year, further reflecting tightening market conditions.

As market conditions continued to tighten in July, the average selling price increased by 3.2 per cent on a year-over-year basis to $806,755. The MLS® Home Price Index Composite benchmark was up by 4.4 per cent. Higher density home types continued to drive price growth, whereas detached home prices remained down in many communities throughout the GTA.

Broadly speaking, increased competition between buyers for available properties has resulted in relatively strong price growth above the rate of inflation for semi-detached houses, townhouses and condominium apartments. However, the single-detached market segment, which has arguably been impacted most by the OSFI stress test, has experienced a slower pace of price growth, with average detached prices remaining lower than last year’s levels in some parts of the GTA.

Milton Summary:

Average Sale Price over this time last year:  + 5.2%

Number of Sales over this time last year:  + 19.8%

Oakville Summary:

Average Sale Price over this time last year:  + 0%

Number of Sales over this time last year:  + 5.1%

Burlington Summary:

Average Sale Price over this time last year:  + 0.4%

Number of Sales over this time last year:  + 12.1%

Halton Hills Summary:

Average Sale Price over this time last year:  + 3.0%

Number of Sales over this time last year:  + 18.4%

Mississauga Summary:

Average Sale Price over this time last year:  + 5.7%

Number of Sales over this time last year:  + 8.3%

 

 

 

Posted by Christine Pecharich, 0 comments
MAY MARKET STATISTICS

MAY MARKET STATISTICS

GTA REALTORS® Release May 2019 Stats

June 5, 2019 — Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported 9,989 transactions through TREB’s MLS® System in May 2019.* While this result represented a substantial increase of 18.9 per cent over the 15-year low in May 2018, it should be noted that the result was still below the average for month of May sales for the previous ten years, which stands at almost 10,300.

The year-over-year uptick in sales experienced so far in the second quarter of 2019 reflects spring polling results from Ipsos (undertaken on behalf of TREB) suggesting that the share of likely home buyers in the Greater Toronto Area has edged upwards since the fall.

“After a sluggish start to 2019, the second quarter appears to be reflecting a positive shift in consumer sentiment toward ownership housing. Households continue to see ownership housing in the GTA as a quality long-term investment as population growth from immigration remains strong and the regional economy continues to create jobs across diversity of sectors. However, sales activity continues to be below the longer term norm, as potential home buyers come to terms with the OSFI mortgage stress test and the fact that listings continue to be constrained relative to sales,” said Mr. Bhaura.

The number of new listings entered into TREB’s MLS® System in May 2019 was up only slightly compared to May 2018, increasing by 0.8 per cent to 19,386. Year-over-year growth in new listings was far outstripped by year-over-year growth in sales. This means that market conditions continued to tighten in favour of sellers. The MLS® Home Price Index (HPI) Composite benchmark price was up by 3.1 per cent on a year-over-basis. The average selling price for all home types combined was up by a similar 3.6 per cent to $838,540. Price growth was driven by the condominium apartment and townhouse market segments.

Milton Summary:

Average Sale Price over this time last year:  + 5.4%

Number of Sales over this time last year:  + 23.3%

Oakville Summary:

Average Sale Price over this time last year:  – 1.4%

Number of Sales over this time last year:  + 4.6%

Burlington Summary:

Average Sale Price over this time last year:  – 0.8%

Number of Sales over this time last year:  + 12.0%

Halton Hills (Georgetown) Summary:

Average Sale Price over this time last year:  + 2.2%

Number of Sales over this time last year:  + 55.6%

Mississauga Summary:

Average Sale Price over this time last year:  + 6.0%

Number of Sales over this time last year:  + 9.3%

Posted by Christine Pecharich, 0 comments
MARCH MARKET STATISTICS

MARCH MARKET STATISTICS

Market Watch

GTA REALTORS® Release March 2019 Stats

April 3, 2019 — Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported 7,187 residential sales through TREB’s MLS® System in March 2019. This result was inline with 7,188 sales reported in March 2018. For the first quarter of 2019, sales were down by one per cent compared to Q1 2018.

“The OSFI stress test continues to impact home buyers’ ability to qualify for a mortgage. TREB is still arguing that the stress test provisions and mortgage lending guidelines generally, including allowable amortization periods for insured mortgages, should be reviewed. The supply of listings in the GTA also remains a problem. Bringing a greater diversity of ownership and rental housing online, including ‘missing middle’ home types, should be a priority of all levels of government. TREB is happy to be taking part in the City of Toronto’s consultations for the Housing TO – 2020-2030 Action Plan, and will certainly be raising the supply issue during these discussions,” said Mr. Bhaura.

“While the City of Toronto’s recently announced Housing TO – 2020-2030 Action Plan is exciting and commendable and TREB looks forward to contributing solutions as a Member of the External Advisory Committee, the recently proposed increase to the Municipal Land Transfer Tax on higher priced properties is problematic. As the recent City budget process showed, the MLTT is not a sustainable revenue source from which to fund municipal programs. On top of this, additional MLTT on higher priced homes could have a trickle-down effect on the supply of homes throughout the housing price continuum,” said TREB CEO John Di Michele.

The MLS® Home Price Index Composite Benchmark was up by 2.6 per cent year-over-year in March, while the average price for March sales was up by a lesser annual rate of 0.5 per cent to $788,335. The average selling price for Q1 2019 was up by 1.1 per cent year-over-year.

“Market conditions have remained tight enough to support a moderate pace of price growth. Despite sales being markedly lower than the record levels of 2016 and early 2017, the supply of listings has also receded. This means that in many neighbourhoods throughout the GTA, we continue to see competition between buyers for available listings, which provides a level of support for home prices,” said Jason Mercer, TREB’s Chief Market Analyst.

MILTON

OAKVILLE 

BURLINGTON

HALTON HILLS (GEORGETOWN)

MISSISSAUGA

Posted by Christine Pecharich in Burlington, Georgetown, Market Reports, Milton, Mississauga, Oakville, 0 comments
January Market Statistics

January Market Statistics

GTA REALTORS® Release January Stats

February 6, 2019 — TREB President Garry Bhaura announced that Greater Toronto Area REALTORS® reported 4,009 home sales through TREB’s MLS® in January 2019 – up by 0.6 per cent compared to January 2018. On a preliminary seasonally adjusted basis, sales were up by 3.4 per cent compared to December 2018.

“It is encouraging to see the slight increase in January transactions on a year-overyear basis, even with the inclement weather experienced in the GTA region during the last week of the month. The fact that the number of transactions edged upwards is in line with TREB’s forecast for higher sales in calendar year 2019,” said Mr. Bhaura.

The MLS® HPI Composite Benchmark price was up by 2.7 per cent compared to January 2018. The condominium apartment market segment continued to lead the way in terms of price growth. The average selling price was up by 1.7 per cent on a year-over-year basis. After preliminary seasonal adjustment, the average selling price edged lower compared to December 2018.

“Market conditions in January, as represented by the relationship between sales and listings, continued to support moderate year-over-year price increases, regardless of the price measure considered. Given housing affordability concerns in the GTA, especially as it relates to mortgage qualification standards, we have seen tighter market conditions and stronger price growth associated with higher density low-rise home types and condominium apartments, which have lower average selling prices compared to single detached homes,” said Jason Mercer, TREB’s Director of Market Analysis and Service Channels.

Milton

Oakville

Burlington 

Halton Hills (Georgetown) 

Mississauga

Posted by Christine Pecharich in Burlington, Georgetown, Market Reports, Milton, Mississauga, Oakville, 0 comments
December Market Statistics

December Market Statistics

Market Watch

December and 2018 Annual Statistics Released

January 4, 2019 — Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported a total of 77,426 residential transactions through TREB’s MLS® System in 2018. This result represented a 16.1 per cent decline compared to 92,263 sales reported in 2017. Total new listings entered into TREB’s MLS® System were down by 12.7 per cent over the same period to 155,823.

The overall average selling price for 2018 transactions, at $787,300, was down by 4.3 per cent year-over-year for all home types combined across the TREB market area.

Home prices were up very slightly in the City of Toronto and down in the surrounding GTA regions. This dichotomy reflects the fact that the condominium apartment segment, which accounted for a large proportion of sales in the City of Toronto, performed better from a pricing perspective than the detached market segment. The average price for condominium apartment sales across the TREB market area was up by 7.8 per cent year-over-year.

“Higher borrowing costs coupled with the new mortgage stress test certainly prompted some households to temporarily move to the sidelines to reassess their housing options. With this said, it is important to note that market conditions were improved in the second
half of the year, both from a sales and pricing standpoint,” said Garry Bhaura.

“After spiking in 2017, new listings receded markedly in 2018. In many neighbourhoods, despite fewer sales from a historic perspective, some buyers still struggled to find a home meeting their needs. The result was a resumption of a moderate year-over-year pace of home price growth in the second half of the year. Price growth was strongest for lessexpensive home types, as many home buyers sought more affordable home ownership options,” said Jason Mercer, TREB’s Director of Market Analysis and Service Channels.

MILTON

OAKVILLE

BURLINGTON

HALTON HILLS (Georgetown)

MISSISSAUGA

Posted by Christine Pecharich in Burlington, Georgetown, Market Reports, Milton, Mississauga, Oakville, 0 comments
8 Reasons Why December is a Perfect Time to Sell a Home

8 Reasons Why December is a Perfect Time to Sell a Home

There’s this myth out there that the real estate market slows or even stops in December. It may seem counterintuitive, but the holidays are actually an excellent time to sell your home!

Here are 8 reasons to buy or sell a home during the holidays:

  1. Serious Buyers: People who are looking to buy a home during the holidays are serious about finding their new residence! There may be fewer of these folks out there in general, but the ones who are looking are ready and wanting to buy, and they’re not messing around.
  2. Low SupplyTypically, there are fewer homes for buyers to look at around the holiday season, which means there’s less competition for the attention of those buyers! When the holiday season ends and the new year begins, the supply of homes goes up. More inventory can mean more competition, longer days on market and potentially less money for your home.
  3. Sell High, Buy LowIf want to buy a home in the 2018 spring market, selling now (and potentially renting short term) gives you the chance to be a non-contingent buyer when you’re ready to purchase in the spring. This is ideal. Since the spring time will bring more buyers into the marketplace for you to compete with, now you are set up as a “great buyer” who can compete with anyone, without a house sale contingency!
  4. Holiday DecorThe holidays tend to bring out the best in a home, when it’s all decorated and dressed to the nines! Your home will show beautifully, decked out in wreaths, red bows, and white lights! I particularly love the winter scents of pine, cinnamon and the toasty wood burning fireplace. Plus, the holidays can provide that emotional connection to a home that will help a buyer feel more attached and pay your asking price.
  5. More TimeWhile your first instinct might be that people are too busy during the holidays to look at homes, think again! Many buyers may have less demanding schedules during the holiday season, or time off during Christmas as opposed to a normal work week. Especially the case for relocation buyers… one of the best opportunities for a seller. They need to purchase and only have a short time to find their next home before the new year. (See #8!)
  6. Scheduling ControlDon’t worry—if you’re selling, you can still enjoy the holidays as usual! You can limit home showings to when you’re comfortable. You stay in control!
  7. Move in the SpringYou can sell during this prime holiday time, but still not have to worry about moving until January through March, well after the holiday season is over. You can negotiate a longer closing period or an extended use and occupancy.
  8. Capture the Relocating BuyerJanuary is often a time when employees begin new jobs. Oftentimes, when someone is transferred to a new position, they need a home, and they need it ASAP! This means they can’t necessarily wait until spring to buy, and that means you need to be on the market during the final months of the year to capture this unique buyer opportunity.


We’d love to help you sell your home for the holidays! You can contact us here: JP Team

 

 

Posted by Christine Pecharich in Burlington, Georgetown, Milton, Mississauga, Oakville, 0 comments