GTA REALTORS® Report Mid-Month Resale Housing Market Figures

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jason mercer, resale home, richard silver, toronto real estate, toronto real estate board, toronto realtors

GTA REALTORS® Report Mid-Month Resale Housing Market Figures

 

Toronto, February 16, 2012

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. Summary of TorontoMLS® Sales and Average Price
February 1 – 14
2012												2011
			Sales			Average Price						Sales				Average Price
City ofToronto  (“416”)			1,214				$543,068					1,244			$499,489
Rest of GTA (“905”)			1,992				$460,061					1,689			$414,958
GTA			3,206				$491,493					2,933			$450,811
TorontoMLS® Sales & Average Price By Home   Type
February    1 – 14, 2012
Sales										Average Price
	416				905			Total		416				905				Total
Detached		417		1,154					1,571		776,011		553,233				612,366
Yr./Yr. % Change		8%		22%					18%		3%		11%				7%
Semi-Detached		131		209					340		595,453		382,458				464,524
Yr./Yr. % Change		-2%		12%					6%		18%		9%				12%
Townhouse		103		343					446		390,750		341,459				352,842
Yr./Yr. % Change		-12%		11%					5%		0%		10%				6%
Condo Apartment		552		247					799		388,215		269,637				351,558
Yr./Yr. % Change		-7%		15%					-1%		8%		4%				5%

Source: TorontoReal Estate Board
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Introducing the MLS® Home Price Index,MLS® Home Price Index (MLS® HPI).

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financial investments, home price index, mls home, toronto real estate, toronto real estate board, www youtube

Introducing the MLS® Home Price Index

How This Service works Few FAQ>>> click

The Toronto Real Estate Board (TREB), Canadian Real Estate Association (CREA), and four other major real estate boards across Canada have developed a new system to measure home prices and home price growth: the MLS® Home Price Index (MLS® HPI). The MLS® HPI is calculated using a sophisticated statistical model that takes into account a home’s quantitative (e.g., the number of rooms it has) and qualitative (e.g., whether it has a finished basement) features.

The MLS® HPI traditionally is less volatile than average and median measures, which can swing dramatically in response to changes in the number of very expensive or inexpensive home sales from one time period to the next.

In the coming months, TREB will publish an increasing amount of data and analysis based on the MLS® HPI in its monthly Market Watch publication in a new section called “Focus on the MLS® Home Price Index”. Traditional average and median calculations will continue to be published in the Market Watch.

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