So here's a recent press release by the Toronto Real Estate Board:
Toronto Real Estate Board President Dianne Usher announced that February 2014 home sales reported by Greater Toronto Area REALTORS® were up by 2.1 per cent compared to the same period last year. Total February sales amounted to 5,731 compared to 5,613 last year.
“Despite the continuation of inclement weather in February, we did see a moderate uptick in sales activity last month. The sales increase was largely driven by resale condominium apartments. New listings of resale condominium apartments were up on a year-over-year basis, giving buyers ample choice. This is in contrast to the listings situation for singles, semis and townhomes, where supply continued to be constrained. Some would-be buyers had difficulty finding a home that met their needs,” said Ms. Usher.
“If we see renewed growth in listings for low-rise home types, the pace of sales growth will accelerate as we move through the year,” Ms. Usher continued.
The average selling price for February 2014 sales was up by 8.6 per cent to $553,193, compared to the average of $509,396 reported for February 2013. The MLS® Home Price Index (HPI) Composite
Benchmark was up by 7.3 per cent year-over-year.
“While the strong price growth experienced over the last year should prompt an improvement in the supply of listings, sellers’ market conditions will continue to prevail this year. Home prices, on average,
will trend upwards at a pace well-above the rate of inflation. The impact of strong price growth on affordability will be mitigated by low borrowing costs,” said Jason Mercer, TREB’s Senior Manager of
For specifics, here are the Toronto Housing Market Charts for February 2014.
At urbaneer.com, we're carefully watching how the central condominium market is oscillating differently from the freehold housing market.
For example, during the month of February, in the downtown core spanning from the Don Valley Parkway west to Dufferin, and north from Lake Ontario to St. Clair Avenue (known as Districts C01, C02, C08 and C09) there were 122 freehold listings, of which 68 sold (and a near 28% increase in supply from the previous month). To note - we acknowledge that this is a fairly contained and very central geography that has shifted from predominantly freehold properties to a skyline of condominium high-rises over the past 30 years. To illustrate this contrast, there were 1545 condominiums for sale in this area during the month of February, of which 362 sold (and a near 15% increase in supply from January). In other words, about half the freehold properties are finding buyers, but only one in four condominium listings are being purchased. The freehold housing market remains robust, while the condominium market is much more stable.
You can read a little about how frenetic the freehold real estate market has become - including one house which sold for 33% more than its asking price - in our recent Tales From The Real Estate Trenches post.
No matter how each segment of Toronto's real estate market may oscillate, we analyze each neighbourhood, dwelling type, and price point segment as it pertains specifically to each client. We then guide, educate and gently steer them into making a rational, prudent, decision, because they have been well-educated in the context of their specific needs, wants, wishes and desires. As one of Bosley's Top Producers, our continuing success spanning twenty-four years is the result of our comprehensive knowledge of multiple micro-markets and how each influences the trade of urban real estate.
We're here to earn your trust, then your business.
~ Steven and the urbaneer team