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Greater Toronto REALTORS® reported 3,206 sales through the TorontoMLS® system through the first 14 days of February 2012 – up by more than nine per cent compared to the 2,933 sales reported during the same period in 2011. New listings were up by 13 per cent over the same period.
"The GTA resale home market became better supplied during the first 14 days of February. If growth in new listings continues to outstrip growth in sales this year, competition between home buyers will ease. More balanced market conditions on a sustained basis would result in a lower annual rates of price growth later in 2012," said Toronto Real Estate Board (TREB) President Richard Silver.
The average selling price during the first 14 days of February was $491,493 – up by nine per cent compared to the first 14 days of February 2011. On average, sellers 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. There is not a mismatch in expectations, so homes sell quickly at close to the asking price," said Jason Mercer, TREB’s Senior Manager of Market Analysis.
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Toronto, December 6, 2011 – Greater Toronto REALTORS® reported 7,092 residential transactions through the TorontoMLS® system in November – up 11 per cent in comparison to November 2010. At the same time, the number of new listings was up by 14 per cent in comparison to last year.
"We have seen strong annual sales growth through the 2011 fall market. The increase in transactions has been broad-based, with strong growth across low-rise and high-rise home types throughout the Greater Toronto Area," said Toronto Real Estate Board (TREB) President Richard Silver. "The market has also become better supplied, with annual new listings growth outstripping that of sales. As this trend continues into 2012, we will see more balanced market conditions."
The average price for November transactions was $480,421, representing an increase of almost 10 per cent in comparison to $437,494 in November 2010.
"Despite strong price growth this year, the housing market remains affordable in the GTA," said Jason Mercer, TREB’s Senior Manager of Market Analysis. "The correct method of assessing affordability is to consider the share of the average household’s income that is dedicated to mortgage principal and interest, property taxes and utilities. Currently, this share remains in line with generally accepted lending guidelines. Given this positive affordability picture, average price growth is forecast to continue in 2012, albeit at a more moderate pace."
Click below to see Housing Market Charts for the month of November.
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Greater Toronto REALTORS® reported 7,642 home sales through the TorontoMLS® in October 2011. This represented an increase of 17.5 per cent compared to the 6,504 transactions reported in October 2010.
Monthly sales data follow a recurring seasonal trend that should be removed before comparing monthly results within the same year. After adjusting for seasonality, the annualized rate of sales for October was 97,100, which was above the average of 90,700 for the first three quarters of 2011.
"The pace of October resale home transactions remained brisk in the GTA. This bodes well for a strong finish to 2011," said Toronto Real Estate Board President Richard Silver. "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."
The average selling price through the TorontoMLS® in October was $478,137 – up eight per cent compared to October 2010.
"Sellers’ market conditions remain in place in many parts of the GTA. The result has been above-average annual rates of price growth for most home types," said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. "Thanks to low interest rates, strong price growth has not substantially changed the positive affordability picture in the City of Toronto and surrounding regions."
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Canadian house price rally extended as low rates and relatively stable domestic economy brace confidence
Softening seen in some regions but suggestions of impending US-style correction unfounded, according to Royal LePage
TORONTO, Oct. 5, 2011 /CNW/ - The Royal LePage House Price Survey released today showed the average price of a home in Canada increased between 5.7 and 7.8 per cent in the third quarter of 2011, compared to the previous year. The strength of home price appreciation in the third quarter defied expectations as very low interest rates buoyed consumer confidence in a comparatively stable Canadian economy. Year-over-year gains appear deceptively strong in comparison to a weak third quarter of 2010.
"The strength in Canada's national housing market conceals signs of predictable softening in some regions," said Phil Soper, president and chief executive of Royal LePage Real Estate Services. "The third quarter saw a return to a normal seasonal business cycle as price appreciation slowed in many areas - with some average values even falling slightly - after the busy spring trading season. A broader slowdown is expected in the months ahead but fears of a US-style correction are completely unfounded."
In the third quarter of 2011, the national average price of a detached bungalow rose 7.8 per cent year-over-year to $349,974, while standard two-storey homes rose 7.7 per cent to $388,218 and standard condominiums rose 5.7 per cent to $239,300.
"To best provide Canadians with an accurate look at the housing market, Royal LePage uses year-over-year comparisons as the housing market follows a seasonal pattern. It is important to note that our 2011 third quarter results benefit greatly by going head-to-head with what was by far the previous year's weakest period," continued Soper.
Sustained demand from foreign buyers helped drive prices up in the country's largest markets as Vancouver's standard two-storey homes rose 16.9 per cent year-over-year to $1,142,500 while detached bungalows in Toronto climbed 9.4 per cent to $518,433.
Conversely, while the volume of homes trading hands has increased in Alberta, house prices in the province remained soft with detached bungalows in Calgary falling 1.0 per cent in the third quarter. Similarly, detached bungalows and standard two-storey homes in Victoria fell 2.0 and 1.1 per cent respectively.
"Canadian home owners have turned a deaf ear to the negative economic situation shaking housing markets in Europe and the United States," added Soper. "A resilient domestic economy coupled with the stimulative effect of ultra low interest rates has extended the post-recession bounce in house prices, but there is evidence of over-shooting in some markets. Although some commentators are predicting that the sky will fall on the Canadian housing market in a US-style implosion, we lack the structural conditions that precipitated the housing crash in the United States six years ago."
REGIONAL MARKET SUMMARIES
In Atlantic Canada, while other major markets remained relatively flat year-over-year, Halifaxposted healthy gains in all three housing types surveyed with standard condominiums increasing 10.4 per cent. Similarly, standard condominiums in Saint John also witnessed an increase of 10.4 per cent. This is attributable to sales of higher-end waterfront listings.
Continued confidence in Montreal's residential real estate market remained strong as year-over-year prices for standard two-storey homes rose 4.4 per cent to $367,500 while standard condominiums rose 7.6 per cent to $236,333.
Healthy price appreciation was witnessed in all three housing types surveyed in Ottawa, as standard two-storey homes rose on average 8.4 per cent. Standard condominiums and detached bungalows increased 7.9 per cent and 7.0 per cent respectively.
Torontowitnessed impressive price gains across all three housing types surveyed due to a lack of supply. Standard two-storey homes increased 7.6 per cent year-over-year and detached bungalows 9.4 per cent over the same period. Standard condominiums increased a healthy but more modest 6.0 per cent as demand was more easily met with a higher level of inventory.
Population growth is fueling Winnipeg's healthy price appreciation as standard condominiums increased 6.4 per cent, detached bungalows increased 5.1 per cent and standard two-storey homes increased 4.4 per cent.
Both Calgaryand Edmonton remained relatively flat year-over-year except for standard condominiums, which increased 3.2 per cent and 3.9 per cent respectively. Two storey-homes in Edmonton also posted a gain of 3.8 per cent.
Vancouver's traditional housing types performed exceptionally well as detached bungalows rose 17.0 per cent year-over-year and standard two-storey homes rose 16.9 per cent. Condominiums in the city increased a more modest, but healthy, 5.1 per cent due to higher inventory.
Royal LePage's quarterly House Price Survey shows the annual change of prices for key housing segments in select national markets.
Detached Bungalows
Standard Two Storey
Standard Condominium
Market
Q3 2011 Average
Last Quarter Avg
Q3 2010 Average
Bungalow % Change
Q3 2011 Average
Last Quarter Avg
Q3 2010 Average
2 Storey % Change
Q3 2011 Average
Last Quarter Avg
Q3 2010 Average
Condo % Change
Halifax
269,000
266,500
254,667
5.6%
300,000
301,667
287,000
4.5%
193,500
192,500
175,250
10.4%
Charlottetown
166,000
165,000
162,000
2.5%
198,000
197,000
196,000
1.0%
125,000
124,000
125,000
0.0%
Moncton
158,000
157,500
158,000
0.0%
138,500
137,500
137,900
0.4%
Fredericton
201,000
201,000
187,000
7.5%
208,000
208,000
205,000
1.5%
157,000
157,000
155,000
1.3%
Saint John
185,283
195,900
177,980
4.1%
275,220
280,750
272,000
1.2%
151,500
162,995
137,238
10.4%
St. John's
240,427
245,333
228,025
5.4%
329,933
336,667
313,775
5.1%
257,740
263,000
241,850
6.6%
Montreal
275,000
279,714
264,714
3.9%
367,500
379,529
352,143
4.4%
236,333
227,722
219,639
7.6%
Ottawa
370,750
370,750
346,417
7.0%
374,000
371,500
345,167
8.4%
246,750
245,333
228,667
7.9%
Toronto
518,433
511,100
473,867
9.4%
620,862
617,774
577,119
7.6%
351,600
346,407
331,588
6.0%
Winnipeg
276,500
281,125
263,125
5.1%
299,875
307,375
287,188
4.4%
174,286
174,857
163,857
6.4%
Regina
316,500
313,000
293,000
8.0%
300,000
300,000
274,000
9.5%
198,000
188,500
184,500
7.3%
Saskatoon
335,000
331,250
328,750
1.9%
358,750
353,750
350,000
2.5%
235,000
242,000
230,000
2.2%
Calgary
408,533
411,678
412,744
-1.0%
414,722
415,200
410,489
1.0%
254,467
249,022
246,644
3.2%
Edmonton
312,000
312,000
311,429
0.2%
351,429
349,286
338,571
3.8%
207,833
206,167
200,000
3.9%
Vancouver
1,022,375
1,033,000
873,500
17.0%
1,142,500
1,114,500
977,250
16.9%
513,500
499,250
488,500
5.1%
Victoria
480,000
475,000
490,000
-2.0%
465,000
477,000
470,000
-1.1%
277,000
278,000
275,000
0.7%
National
349,974
356,625
324,531
7.8%
388,218
390,163
360,329
7.7%
239,300
238,064
226,481
5.7%
About the Royal LePage House Price Survey
The Royal LePage House Price Survey is the largest, most comprehensive study of its kind in Canada, with information on seven types of housing in over 250 neighbourhoods from coast to coast. This release references an abbreviated version of the survey which highlights house price trends for the three most common types of housing in Canada in 90 communities across the country.
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