GTA Market Update – Dec. 17, 2013

Setting the stage for 2014: What do rising prices and volumes mean?

Home buyers were busy across the Toronto area this fall. Prices were up for low-rise homes and for condos. The number of sales was also up, in both categories. In the first two weeks of December, the average sale price for a home in the GTA was $520,379 – up 10% over the same period in 2012.

We think it’s remarkable that this level of action is taking place in the 905 area as well as in the City of Toronto. The average sale price of a home in the 905 went up $53,000 since last December (about 11.5% in 12 months.) While low-rise homes are the dominant part of the housing supply outside the City, condo apartments are now growing in importance in the 905.

Signs point to a busy year ahead

Builders are pulling back on new projects. One economist projects a 37% drop in housing starts for 2014, and 28% fewer sales of new homes. Thousands of new buyers are poised to enter the market for a first home in 2014. Finding the right properties for all of them will be a challenge for all of us in the real estate business.

If you’re thinking of selling your home, let us help you with your strategy. We can give you a clear idea of what is happening in your neighbourhood, and we have the marketing expertise to help you take advantage of the demand for housing. You can email us, or call James and Joanne at 416-483-8000.

GTA Market Update – December 4, 2013

Fall sales stay on course

The average sale price for Toronto homes in November was $538,881. The fall season has been remarkably steady since Labour Day. During this time, the number of sales has been high, listings have been slow to come onto the market, and prices have held firm.

Real estate is always local, and some parts of Toronto have been busier than others. Likewise, types of housing show different outcomes. Condo apartments, both downtown and in North York’s Yonge corridor, have shown price increases while condos in the 905 area have not. Detached houses in central Toronto have been bid up the most this year. At the same time, bungalows in some inner suburbs near the DVP have also become hot properties.

The next six weeks

December and early January are typically a slower time in the market. This can be an opportunity for buyers to reconsider the listings that remain unsold. They do need to recognize that the flow of new listings is also much less, as sellers decide to wait for the January market to bring out their properties.

If you’re thinking of selling your home, let us help you with your strategy. We keep stats on many Toronto neighbourhoods and can give you a clear idea of what is happening near you. You can email us, or call James and Joanne at 416-483-8000.