Strong Spring Results Continue - May 2010
Greater Toronto REALTORS® reported 4,887 sales through the Multiple Listing Service® (MLS®) during the first two weeks of May. This represented a seven per cent increase compared to the 4,561 sales recorded during the same period in 2009. New listings increased by 48 per cent annually to
10,059.
“The average household looking to purchase a home continued to benefit from
affordable opportunities in the first half of May,†said Toronto Real Estate Board
President Tom Lebour. "The number of done deals will remain high for the remainder of 2010, but will dip from record levels.â€
The average price for May mid-month transactions was $448,641 – up 12 per cent compared to the average of $399,811 recorded during the first 14 days of May 2009. "The total number of homes currently listed in the GTA is now within a more normal range. As buyers benefit from more choice in the second half of 2010, average selling prices will grow at a slower pace," said Jason Mercer, TREB's Senior Manager of Market Analysis.
May 2010 Average Price % Change vs 2009
City of Toronto (416) $500,375 +14%
Detached $686,147 +8%
Semi-Detached $503,160 +14%
Townhouses $405,549 +22%
Condo Apartments $352,294 +25%
North York Sales and Prices by Neighbourhood
Neighbourhood Average Price % Price change vs ‘09
Willowdale/Newtonbrook C14
$511,999
+10%
Willowdale/Lansing C07 $448,910 +21%
Dublin Heights/Bathurst C06 $499,441 -3%
Bayview Village C15 $466,054 +27%
York Mills C12 $1,505,767 +17%
Don Mills C13 $442,412 +18%
Downsview W05 $332,128 +18%
Source: Toronto MLS
Sunday, May 30, 2010
Wednesday, May 19, 2010
Tornto market mid May 2010 sales results
TORONTO, May 19, 2010
Greater Toronto REALTORS® reported 4,887 sales through the Multiple Listing Service® (MLS®) during the first two weeks of May.
This represented a seven per cent increase compared to the 4,561 sales recorded during the same period in 2009. New listings increased by 48 per cent annually to 10,059.
“The average household looking to purchase a home continued to benefit from affordable opportunities in the first half of May,” said Toronto Real Estate Board President Tom Lebour. “The number of done deals will remain high for the remainder of 2010, but will dip from record levels.”
The average price for May mid-month transactions was $448,641 – up 12 per cent compared to the average of $399,811 recorded during the first 14 days of May 2009.
“The total number of homes currently listed in the GTA is now within a more normal range. As buyers benefit from more choice in the second half of 2010, average selling prices will grow at a slower pace,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
TORONTO, May 19, 2010
Greater Toronto REALTORS® reported 4,887 sales through the Multiple Listing Service® (MLS®) during the first two weeks of May.
This represented a seven per cent increase compared to the 4,561 sales recorded during the same period in 2009. New listings increased by 48 per cent annually to 10,059.
“The average household looking to purchase a home continued to benefit from affordable opportunities in the first half of May,” said Toronto Real Estate Board President Tom Lebour. “The number of done deals will remain high for the remainder of 2010, but will dip from record levels.”
The average price for May mid-month transactions was $448,641 – up 12 per cent compared to the average of $399,811 recorded during the first 14 days of May 2009.
“The total number of homes currently listed in the GTA is now within a more normal range. As buyers benefit from more choice in the second half of 2010, average selling prices will grow at a slower pace,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Tuesday, May 11, 2010
Back to Banks cut some mortgage rates
Banks cut some mortgage rates
Toronto Star May 10, 2010
Madhavi Acharya-Tom Yew
The massive European bailout that sent stock markets soaring Monday also gave Canadian homeowners a reason to smile.
Several big banks cut residential mortgage rates, taking some of the sting out of a recent round of rate hikes.
RBC decreased its rates by 10 and 15 basis points, or 0.1 to 0.15 of a percentage point, on mortgages ranging from six months to 10 years.
National Bank and Scotiabank also dropped the posted rate on their five-year fixed rate mortgage by 0.15 percentage points, to 6.1 per cent.
That follows similar moves on Friday by the Bank of Montreal and Toronto Dominion Bank.
The decreases apply to fixed-rate mortgages, which are set at the discretion of the banks and do not affect variable-rate mortgages, which are tied instead to a bank’s prime rate.
The prime rate is set in relation to the key overnight rate set by the Bank of Canada and currently stands at an all-time low of 0.25 per cent.
The mortgage changes reflect easing in the bond market in the wake of the $1-trillion European bailout package, hammered out over the weekend.
The rescue deal is meant to ease the Greek debt crisis and keep it from spreading to other countries, threatening to derail the global recovery and pull apart the euro currency.
“It’s made the world feel a little more comfortable,” BMO Capital Markets economist Sal Guatieri said.
Canadian banks began increasing mortgage rates at the end of April to reflect their higher borrowing costs in the bond market. Stern warnings from the Bank of Canada about coming interest rate increases put pressure on the market.
More recently, investors clamoured out of European and corporate bond markets in search of a safe haven. That pushed up prices in North American bond markets.
As the bailout looked to smooth over concerns about the Greek debt crisis, investors regained their appetite for risk, and went streaming back into equities, currencies, and European bond markets Monday.
Market watchers still expect the Bank of Canada to increase the overnight rate starting June 1 to combat inflation as the Canadian economy gathers steam. The central bank has noted that the recovery has been stronger than anticipated, particularly in consumer spending, housing markets, and the labour market.
That’s likely to send borrowing costs higher through the rest of this year.
Banks cut some mortgage rates
Toronto Star May 10, 2010
Madhavi Acharya-Tom Yew
The massive European bailout that sent stock markets soaring Monday also gave Canadian homeowners a reason to smile.
Several big banks cut residential mortgage rates, taking some of the sting out of a recent round of rate hikes.
RBC decreased its rates by 10 and 15 basis points, or 0.1 to 0.15 of a percentage point, on mortgages ranging from six months to 10 years.
National Bank and Scotiabank also dropped the posted rate on their five-year fixed rate mortgage by 0.15 percentage points, to 6.1 per cent.
That follows similar moves on Friday by the Bank of Montreal and Toronto Dominion Bank.
The decreases apply to fixed-rate mortgages, which are set at the discretion of the banks and do not affect variable-rate mortgages, which are tied instead to a bank’s prime rate.
The prime rate is set in relation to the key overnight rate set by the Bank of Canada and currently stands at an all-time low of 0.25 per cent.
The mortgage changes reflect easing in the bond market in the wake of the $1-trillion European bailout package, hammered out over the weekend.
The rescue deal is meant to ease the Greek debt crisis and keep it from spreading to other countries, threatening to derail the global recovery and pull apart the euro currency.
“It’s made the world feel a little more comfortable,” BMO Capital Markets economist Sal Guatieri said.
Canadian banks began increasing mortgage rates at the end of April to reflect their higher borrowing costs in the bond market. Stern warnings from the Bank of Canada about coming interest rate increases put pressure on the market.
More recently, investors clamoured out of European and corporate bond markets in search of a safe haven. That pushed up prices in North American bond markets.
As the bailout looked to smooth over concerns about the Greek debt crisis, investors regained their appetite for risk, and went streaming back into equities, currencies, and European bond markets Monday.
Market watchers still expect the Bank of Canada to increase the overnight rate starting June 1 to combat inflation as the Canadian economy gathers steam. The central bank has noted that the recovery has been stronger than anticipated, particularly in consumer spending, housing markets, and the labour market.
That’s likely to send borrowing costs higher through the rest of this year.
Sunday, May 9, 2010
Greater Toronto REALTORS® reported 10,898 sales through the Multiple Listing Service® (MLS®) in April, representing a 34 per cent increase compared to April 2009. There were also 20,683 new listings in April – a 59 per cent annual increase.
Both the sales and new listings results amounted to new records for the month of April under the current Toronto Real Estate Board (TREB) boundaries.
The GTA resale market is functioning very well in current market conditions. Sales were high as buyers continued to take advantage of affordable home ownership opportunities and listings grew as home owners reacted to strong sales and price growth. Average days on market was 21 this year vs 37 for April 2009.
The average price for April transactions was $437,600 – up 13 per cent compared to the average of $385,641 recorded in April 2009. "Home sales continue to be driven by many different segments of the market, with sales growth for all major home types in both the City of Toronto and surrounding 905 regions," said Jason Mercer, TREB's Senior Manager of Market Analysis. "Home sales will remain strong in the second half of 2010, but will slip from the current record pace as borrowing costs rise.”
See below for sales by type of dwelling and by area..
Housing Market Trends by Type of Dwelling– Total GTA
Detached Jan‘10 Feb‘10 Mar’10 Apr’10
Average Price $445,000 $453,000 $541,535 $542,348
% chge vs Yr Ago +22% +22% +24% +14%
Semi-detached Jan‘10 Feb‘10 Mar’10 Apr’10
Average Price $345,500 $367,000 $396,825 $412,602
% chge vs Yr Ago +22% +22% +14 +19%
Condos Jan‘10 Feb‘10 Mar’10 Apr’10
Average Price $270,000 $285,000 $304,930 $307,770
% chge vs Yr Ago +19% +12% +17% +13%
District
Area Avge Selling Price April 2010 %chge Apr’10 vs
Apr’09
Total GTA $437,600 +13%
C01 Downtown $404,911 +17%
C02 Annex/Bloor W, etc $742,781 +16%
C03 Midtown $958,262 +27%
C04 North Toronto $846,157 +14%
C06 Dublin Heights/Willowdale $504,663 +6%
C08 Cabbagetown/Downtown $393,901 +16%
C09 Rosedale $1,340,350 +29%
C10 Davisville/ L. Park $804,975 +34%
C11 Leaside/Old East York $530,512 -5%
C12 Bayview/York Mills $1,518,902 +28%
E01 Riverdale/Leslieville $509,260 +21%
E02 The Beach/Leslieville $624,798 -3%
E03 Danforth/East York $434,605 +23%
Condo Sales
C01 Downtown Core $380,936 +16%
C08 St Lawrence/Downtown $361,975 +13%
C07-14 Yonge Sheppard $351,588 +17%
C15 Bayview Sheppard $309,526 +16%
Source: Toronto MLS
Both the sales and new listings results amounted to new records for the month of April under the current Toronto Real Estate Board (TREB) boundaries.
The GTA resale market is functioning very well in current market conditions. Sales were high as buyers continued to take advantage of affordable home ownership opportunities and listings grew as home owners reacted to strong sales and price growth. Average days on market was 21 this year vs 37 for April 2009.
The average price for April transactions was $437,600 – up 13 per cent compared to the average of $385,641 recorded in April 2009. "Home sales continue to be driven by many different segments of the market, with sales growth for all major home types in both the City of Toronto and surrounding 905 regions," said Jason Mercer, TREB's Senior Manager of Market Analysis. "Home sales will remain strong in the second half of 2010, but will slip from the current record pace as borrowing costs rise.”
See below for sales by type of dwelling and by area..
Housing Market Trends by Type of Dwelling– Total GTA
Detached Jan‘10 Feb‘10 Mar’10 Apr’10
Average Price $445,000 $453,000 $541,535 $542,348
% chge vs Yr Ago +22% +22% +24% +14%
Semi-detached Jan‘10 Feb‘10 Mar’10 Apr’10
Average Price $345,500 $367,000 $396,825 $412,602
% chge vs Yr Ago +22% +22% +14 +19%
Condos Jan‘10 Feb‘10 Mar’10 Apr’10
Average Price $270,000 $285,000 $304,930 $307,770
% chge vs Yr Ago +19% +12% +17% +13%
District
Area Avge Selling Price April 2010 %chge Apr’10 vs
Apr’09
Total GTA $437,600 +13%
C01 Downtown $404,911 +17%
C02 Annex/Bloor W, etc $742,781 +16%
C03 Midtown $958,262 +27%
C04 North Toronto $846,157 +14%
C06 Dublin Heights/Willowdale $504,663 +6%
C08 Cabbagetown/Downtown $393,901 +16%
C09 Rosedale $1,340,350 +29%
C10 Davisville/ L. Park $804,975 +34%
C11 Leaside/Old East York $530,512 -5%
C12 Bayview/York Mills $1,518,902 +28%
E01 Riverdale/Leslieville $509,260 +21%
E02 The Beach/Leslieville $624,798 -3%
E03 Danforth/East York $434,605 +23%
Condo Sales
C01 Downtown Core $380,936 +16%
C08 St Lawrence/Downtown $361,975 +13%
C07-14 Yonge Sheppard $351,588 +17%
C15 Bayview Sheppard $309,526 +16%
Source: Toronto MLS
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