GTA Market Report – February 17, 2012

Housing demand surges across GTA

Statistics were just released by TREB for the first two weeks of February. The average sale price was $491,493, up about 9% over the same period last year. 3,206 homes were sold in this period, a figure that’s also up about 9%.

Low mortgage rates were on many buyers’ minds during this period. The 2.99% rates advertised by several banks may not last for long, though most observers expect generally low rates to continue through the year.

More listings expected this spring

On average, sellers in early February received 99 per cent of their asking price and their homes were on the market for an average of 25 days. “Both buyers and sellers are aware of the substantial competition that exists for most listings in the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. Mercer has been pointing out that an increased supply of listings this year will help to flatten out the competitive pressures that push sale prices up.

If you would like to sell your home in this spring market, email us, or call James or Joanne at 416-483-8000.

GTA Market Update – February 3, 2012

Spring is here for Toronto real estate

The monthly market figures just released by TREB show that 4,567 sales were made in January, 2012. This is 8.8% higher than the number reported last January. Activity was strong across the GTA, in both the 416 and 905 areas.

Interestingly, January’s average selling price of $463,543 was also up almost 9% from a year ago. The low posted mortgage rates have helped to keep homes affordable, while the continuing low supply of homes for sale has kept prices up. “A better supplied market should result in a slower rate of price growth, especially in the second half of 2012,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.

If you would like to sell your home in this spring market, email us, or call James or Joanne at 416-483-8000.

Toronto meets Sao Paulo

Falling Androids dance video in Kensington Market

The warm colours and sensuous rhythms will make you forget the bleak Toronto midwinter. This lovely video was shot – in one take – in a downtown Toronto laneway for for the single “Let You Shine,”on the Falling Androids LP.

The magical back alley sculpture was created by Urban Trash Art, a collective led by artists Cleber Padovani and Rodrigo Machado and brought to Toronto last summer by Whippersnapper. You can download the full Falling Androids album here.

GTA Market Update – January 23, 2012

How Toronto home prices might look in 2012

It’s early days yet, in what we real estate agents like to call “the spring market.” Still, a few weeks of January sales can give us a starting point for the year.

The chart above projects what a “typical” year of home sales might look like, based on historical patterns. Seasonal activity usually produces a higher number of sales in the spring and fall months. As it happens, the highest average prices usually occur at the same times, when the greatest number of homes are available.

As we go on through 2012, we’ll update our chart with actual monthly sale prices, and you’ll be able to compare these with the “projected” values.

If you’re interested in what prices are like where you live, we can provide some information that specifically reflects your kind of home, and your neighbourhood. Call us at 416-483-8000, or send us a message here.

Time-Lapse Toronto condo builders

construcTORONTO

This time-lapse video of a new condo under construction in Toronto may remind you of Playmobil toys… but those are real machines and real workers, unfurling plans and putting up rebar! Very nice piece by Toronto film maker Fayeque Rahman: watch it in fullscreen mode. And check out more of his work.

Leslieville reno a real treat to list

Sometimes we get a real sense of pleasure bringing out a new listing… when everything just seems right. This weekend, we’ll be doing Open Houses at 33 Redwood Avenue, and this is one of those “real treat” homes.

Redwood Avenue is just one block, running north from Gerrard, east of Greenwood, lined by tall mature trees. The house is one of the oldest on the street, with high ceilings and a simple, farm house appearance.

The current owners have done extensive renovations and upgrades since 2006, always keeping in mind the unique feeling of the house. The result is a relaxed, urban style – a balance of contemporary design with the architecture of an older house.

To find out more about this delightful family home and the surrounding neighbourhood, please visit our listing web site.

If we can help you with your search for a home, call us at 416-483-8000, or drop us a note using the comments box below.

Toronto Tempo – a time-lapse vision of Toronto

This is a dazzling timelapse video of some familiar Toronto scenes. Ryan Emond’s work is painstaking and truly remarkable. Watch it in full-screen and HD if you can!

What’s your favourite place in Toronto?

Ryerson film student Adam Bischoff directed this affectionate look at Toronto places that hold a special place in people’s hearts. The assignment was to produce a short documentary that would address the phrase, “I live here.” Great work by Adam and the entire crew!

Toronto’s skyline is changing

Architecture critic Christopher Hume shows how the skyline in Toronto’s downtown core will change over the next few years. The big surprise is the return of major new office tower development in the waterfront areas that have been defined so far by condos alone.

Christmas spirit – alive in TO

This delightful version of “Last Christmas” was performed by Choir! Choir! Choir! recently in downtown Toronto, at their regular College Street venue, No One Writes to the Colonel. It was recorded by videographer Amanda Lowe. The smiles are pure gold!

GTA Market Update – November 17

Sales still strong in mid-November

Toronto MLS sales for the first part of November averaged $481,548, about 10% over the same period in 2010. The number of sales was also strong, about 13% higher than in 2010.

Prices for semi-detached homes rose strongest in the 416 area, while detached home prices rose most in the 905 area. Interestingly, these two categories are both in the mid-$500K range, which may suggest a price point that is in great demand.

Affordability and market confidence

“Little or no movement is expected for mortgage rates through 2012. Low rates coupled with the consensus outlook for continued economic growth next year suggests that homes will remain affordable in the GTA and households will remain confident in doing deals,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.

GTA Market Update – November 3

Strong fall season in Toronto

The October MLS stats show a high volume of transactions in October, along with the expected seasonal price levels. 7,642 homes were sold during October, about 17% more than during October 2010.

The average sale price for the GTA in October was $478,137. This result is consistent with the pattern during the year, which projects an increase of 8 to 9% over 2010.

New listings were also up in October, which made it easier for buyers to find a property. ”Home buyers who found it difficult to make a deal in the spring and summer due to a shortage of listings have benefitted from increased supply in the fall.” said Toronto Real Estate Board President Richard Silver.

Reduced supply of new building lots

While low interest rates may be the key element in home pricing, economist Will Dunning expects that a reduced availablity of new building lots will be another strong factor in Toronto home prices for the next few years.

In a report prepared for the Residential Construction Council of Ontario, Dunning writes, “Should these circumstances (of constrained land supply and rising government-imposed costs) continue, house prices in the GTA are likely to continue rising rapidly (so long as job creation continues to support housing demand).”

If we can help you with your real estate questions, email us or call us at 416-483-8000.