May 2013 Toronto Market Update

Well, we are finally heading into summer and the "spring" market is in full force.  It's a good market in that there are a lot of buyers looking, but we still have a shortage of available homes in the more affordable price ranges. Sales activity was stronger in April than earlier in the year as you will see in the numbers below. Selling prices continued to be positive with the exception of detached homes in the 416 area code.  The price declines that we see reflect softer prices for homes above 1.5 million dollars.  Generally speaking, houses below a million dollars are selling very well and we are seeing a lot of multiple offers in the 600k tp 900k range. Many of these are selling for 50 to 150,000 above asking prices (hello lack of inventory!) Thiis can be an ideal time if you are thinking about trading up.  You can be in a beautiful new home and capitalize on an advantagious price spread. Preparing your home for showings can be a lot of work, especially if you have kids running around.  This month's article discusses strategies to help you prepare your home for show with kids in tow. We also share a few valuable debt management strategies as well as some tips on how to seasonally transform your home with a fresh spring theme. Thanks so much for checking out this month's newsletter.  Please get in touch if you have any questions or comments regarding the articles, or real estate in general -- it'd be great to hear from you! Sincerely, Armand

Toronto Real Estate Market Report Activity by Type of Home - April 2013 Georgian Bay/Muskoka Cottage 100 ft of Waterfront on Lake Simcoe Preparing a Home for Show with Kids in Tow Paying Off Debt Pays Off Spring Your Home Decor Into Action

Toronto Real Estate Market Report

Greater Toronto Area sales through the TorontoMLS system were 9,811 in April 2013.  This represented a dip of two per cent in comparison to 10,021 transactions in April 2012. Both new listings during the month and active listings at the end of April were up on a year-over-year basis. However, listings were still below the norm for this time of year. “Despite the headwinds we have experienced in the housing market this year, April sales came in quite strong in comparison to last year.  As we move through the spring and into the second half of 2013, the demand for home ownership should continue to firm-up relative to last year,” said Toronto Real Estate Board President Ann Hannah. “It has been almost a year since the federal government enacted stricter mortgage lending guidelines.  It is realistic to surmise that some households, who originally put their decision to purchase on hold, are once again looking to buy,” continued Ms. Hannah. The average selling price for April 2013 transactions was $526,335 – up by two per cent in comparison to April 2012.  The MLS® HPI Composite Benchmark Price was up by 2.9 per cent. “The condominium apartment segment in the City of Toronto was a key driver of price growth in April, with both the average selling price and the MLS HPI apartment index up on a year-over-year basis.  The improved condo sales picture, with Toronto sales down by only one per cent compared to last year, suggests that interest in condo ownership may be improving," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Activity by Type of Home - April 2013

Below is  breakdown of sales and price activity by type of home and region for April 2013 vs. 2012. TorontoMLS Sales & Average Price Sales / Average Price                           416                         905                         Total  Detached            1,264                     3,675                     4,939 Yr./Yr. % Change  -11.8%                  2.5%                      -1.6%                            $852,090              588,784                 656,170                             2.5%                      2.2%                      1.1% Semi-Detached     415                         681                       1,096 Yr./Yr. % Change   -5.5%                    1.3%                      -1.4%                             $595,398              410,739                 480,660                               2.4%                      4.3%                      2.7% Townhouse          398                         1,123                     1,521 Yr./Yr. % Change   -3.6%                     -1.2%                    -1.9%                              $433,710              375,269                 390,562                               2.3%                      3.5%                      3.1% Condo Apartment 1,479                     582                         2,061 Yr./Yr. % Change   -1.3%                     -7.3%                     -3.1%                              $379,266              273,832                 349,493                              5.6%                      -5.9%                     3.1%