January, Toronto’s traditionally quiet month, got off to a vigorous and robust start. The Toronto Real Estate’s Market Watch is attached below for your perusal.
Our Yorkville office reflected the active market experienced by so many realtors throughout the GTA. FH Yorkville agents, sold million dollar plus properties in only a few days, double-ended multiple listings and made deals on a daily basis. Ironically, our position in the overall real estate market was reinforced over the past weeks. I can only imagine the incredible productivity we will see in the coming months.
If we look at overall listings, as calculated by Toronto’s MLS system, we see an increase of nearly 10% over the same period in 2014. There are many factors which can be attributed to this occurrence. A look at all large investment options over the past ten years, will illustrate that the real estate market in Toronto remains the most stable, dependable and wisest place to invest one’s savings. Low interest rates, steady increase in price and a shortage of listings has placed our condominium market and residential market on par with the most competitive in the world. But best of all, it is the only investment that you can live in, improve and watch increase in value on a monthly basis.
Toronto has established itself as New York’s affordable younger brother. Boasting all the bravado, allure, restaurants, fine shops and theatre as Manhattan, without the outrageous price tags, Toronto has caught the eye of investors around the globe. All of these features not only make Toronto an attractive option; they make our city a compelling choice.
Consider yourselves fortunate to be situated in beautiful Yorkville with all of the real estate in the GTA at your finger tips. As a group of consummate professionals, I am certain your success will only heat up as the bitter chill finally leaves the air this coming beautiful spring.
Best of luck and much thanks,
MARKET WATCH: Strong Start to 2015
February 4, 2015 -- Toronto Real Estate Board President Paul Etherington announced a strong start to 2015, with robust year-over-year sales and average price growth in January. Greater Toronto Area REALTORS® reported 4,355 home sales through the TorontoMLS system during the first month of the year. This result represented a 6.1 per cent increase over January 2014. During the same period, new listings were up by 9.5 per cent.
"The January results represented good news on multiple fronts. First, strong sales growth suggests home buyers continue to see housing as a quality long-term investment, despite the recent period of economic uncertainty. Second, the fact that new listings grew at a faster pace than sales suggests that it has become easier for some people to find a home that meets their needs," said Mr. Etherington.
The average selling price for January 2015 home sales was up by 4.9 per cent year-overyear to $552,575. The MLS® Home Price Index (HPI) Composite benchmark was up by 7.5 percent compared to January 2014.
"Home price growth is forecast to continue in 2015. Lower borrowing costs will largely mitigate price growth this year, which means affordability will remain in check. The strongest rates of price growth will be experienced for low-rise home types, including singles, semis and town houses. However, robust end-user demand for condo apartments will result in above-inflation price growth in the high-rise segment as well," said Jason Mercer, TREB's Director of Market Analysis.