Please find The Toronto Real Estate Board’s Market Watch attached below. According to TREB, the actual supply of new listings in the GTA has remained quite low, in spite of the fact that total sales volume is up 6.6%, compared to the same time in 2013.
Our Yorkville office has slowed down in the past weeks in terms of sales, but we have many new listings to make up for it. Interestingly, over all our number of sales are starting to match the number of leases we have been doing. This transition from an office that does mainly leases to sales, is indicative of our agents becoming more competent and experienced realtors to their more sophisticated client base.
Traditionally, the week leading up to Christmas and the week following New Years, tend to be the slowest time for the real estate business all year. Nevertheless, the new listings keep coming in and our agents are continuing to work productively.
For those who aren’t busy right now, this lull serves as an excellent time to connect with past clients, set goals and put together a plan for the spring market. The good news is that Jason Mercer, TREB’s Director of Market Analysis maintains that “price growth is expected to continue through 2015” and we are anticipating a strong spring market.
Best wishes for a happy healthy and prosperous New Year.
Sales & Price Growth Continue in November
December 4, 2014 -- Toronto Real Estate Board President Paul Etherington announced that Greater Toronto REALTORS® reported 6,519 residential transactions through the TorontoMLS system in November 2014. This result was up by 2.6 per cent compared to 6,354 sales reported in November 2013. Through the first 11 months of 2014, total sales amounted to 88,462 - up 6.6 per cent compared to the same period in 2013.
While the trend of year-over-year sales growth continued, the supply of listings remained constrained, with active listings at the end of November down in comparison to last year.
"Even with a constrained supply of homes for sale in many parts of the Greater Toronto Area, buyers continued to get deals done last month. Households remain upbeat about home ownership because monthly mortgage payments remain affordable relative to accepted lending standards. This is coupled with the fact that housing has proven to be a quality long-term investment," stated Mr. Etherington.
The average selling price for November transactions was up by 7.4 per cent year-over-year to $577,936. The year-to-date average price was up by 8.4 per cent to $567,198. The MLS(R) Home Price Index Composite Benchmark price for November was up by 7.7 per cent compared to a year earlier.
"The robust average price growth experienced throughout 2014 has been fundamentally sound, with demand high relative to supply. Strong competition between buyers has exerted upward pressure on selling prices. Barring a substantial shift in the relationship between sales and listings in the GTA, price growth is expected to continue through 2015," said Jason Mercer, TREB's Director of Market Analysis.