TORONTO, April 22, 2016 – Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported 5,974 condominium apartment sales through TREB’s MLS® System during the first quarter of 2016 – an increase of 21.2 per cent compared to the first quarter of 2015. Approximately 70 per cent (4,131 sales) of first quarter 2016 transactions occurred in the City of Toronto.
The same annual rate of growth was not experienced for new listings. There were 11,112 new condominium apartment listings entered into TREB’s MLS® System in the first quarter – down 1.7 per cent compared to the same period in 2015. “It is clear that the demand for condominium apartments more than kept up with the supply of listings in the first quarter of this year. This housing type is an important entry point into home ownership for a lot of GTA households, particularly in the City of Toronto. Recent polling undertaken for TREB by Ipsos suggested that approximately half of home purchases made in the GTA this year would be accounted for by first-time buyers,” said Mr. McLean. The average condominium apartment selling price was $393,589 in the first quarter – up 8.1 per cent compared to Q1 2015. Similarly, the MLS® Home Price Index benchmark price for apartments was up by 7.1 per cent on a year-over-year basis at the end of March. "While the condominium apartment market segment remains the best supplied in the GTA, market conditions have tightened considerably since the first quarter of 2015. Not surprisingly, the pace of year-over-year price growth has accelerated over the same period of time,” said Jason Mercer, TREB’s Director of Market Analysis.
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TORONTO, April 22, 2016 – Toronto Real Estate Board President Mark McLean announced 6,458 condominium apartment rental transactions reported through TREB’s MLS® System during the first quarter of 2016. This result represented a year-over-year increase of 6.5 per cent compared to the first quarter of 2015. “It’s not just the home ownership market that is tight in the Greater Toronto Area. Demand for condominium apartment rentals remained very strong relative to available listings. As a result, strong competition between renters prompted very strong growth in average rents, particularly for the popular one bedroom and two-bedroom apartment categories,” said Mr. McLean. The average one-bedroom apartment rent was $1,662 in the first quarter – up 4.8 per cent compared to the same period in 2015. The average two-bedroom rent climbed by 8.9 per cent to $2,375 on a year-over-year basis. “Even with record and near-record completions over the last few years, condominium apartment vacancy rates have remained low. Renters looking for new apartments in popular neighbourhoods are by and large pointed at investor-held condominium apartments. This is why new rental listings have been absorbed in short order and average rents have trended upwards over the past year,” said Jason Mercer, TREB’s Director of Market Analysis. Full report download:
CMHC REPORT - April 2016. In recent years, the topic of foreign ownership has gained in importance as evidenced by the level of interest generated in the media. The general perception is that foreign buyers are key players whose actions could have significant implications for Canadian housing markets. Despite a range of statistics suggested by various studies on the size of foreign ownership, available factual information remains scarce. One meaningful first step towards filling this data gap is through CMHC’s Condominium Vacancy Survey which has been used to collect data on foreign ownership since 2014. The Toronto CMA is where analysis by the age of the building provides the most interesting insights into foreign buyers’ activities. The share of foreign ownership is less than 2% for buildings completed before 2000 to over 7% for those completed since 2010 (see Graph 1). This variation is even more pronounced in Toronto Centre where about 10% of the newer stock is owned by foreigners compared to about 2% of the stock built in the 1990s. For complete report download the attached.
April 19, 2016 – Greater Toronto Area REALTORS® reported 5,537 sales through TREB’s MLS® System during the first 14 days of April 2016. This result represented more than a 20 per cent increase compared to 4,604 sales reported for April 2015. Double-digit annual rates of sales growth were common for many market segments, both in the City of Toronto and the surrounding regions making up the balance of the TREB market area. A notable exception was for sales of semi-detached homes in the ‘416’ area code, where sales were down compared to last year. This was likely due to a lack of listings rather than a lack of demand. The average selling price for the first two weeks of April 2016 was $730,330, which represented a year over-year increase of 16.9 per cent compared to an average price of $624,821 reported for the same time period in 2015. Annual rates of price growth were stronger for low-rise home types, both in the City of Toronto and the surrounding regions. This reflects the tighter market conditions for these home types compared to those for condominium apartments. It is important to remember that average price growth can result from both changes in market conditions and changes in the mix of home types sold from one year to the next. In contrast, MLS® Home Price Index (HPI) benchmark prices reflect price changes attributable to market conditions. MLS® HPI statistics are released monthly in TREB’s Market Watch publication. See attached for full report
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680 NEWS reports: Mississauga city council voted Wednesday to study a proposal brought forward by Mayor Bonnie Crombie that would see the city separate from Peel Region. Crombie says the review will look into long-standing issues about whether or not Mississauga should continue to be part of Peel Region, which also includes Brampton and Caledon. “It’s time that we control our own destiny,” said Crombie. “Hamilton, London, Sudbury, Ottawa are all single tier. Why is Mississauga, with 800,000 people, still in a two-tier government.” If the study supports such a move, citizens would be asked to vote on it as part of a referendum in the 2018 election. This is not the first time that Mississauga has entertained the idea of leaving the region. complete report |
AuthorIrene Owchar is a Mississauga Realtor: "I grew up in Missy, lovin' raising my kids and working in this beautiful City." CONTENT RICH NEWSLETTERS WITH CURRENT MARKET TRENDSSign up here: Irene@SoldByIrene.ca or call/text 416 523 3425
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