Phil Soper, President and CEO at Royal LePage discusses why he thinks home price growth will slow in heated housing markets in Toronto and Vancouver. He discusses Royal LePage’s quarterly house price survey.Source: BNN
TORONTO, January 6, 2016 — The second best sales result on record for December capped off a record year for TREB MLS® home sales in the GTA. Toronto Real Estate Board President Mark McLean announced that there were 4,945 sales reported in December bringing the 2015 calendar year total to 101,299 – a substantial 9.2 per cent increase compared to 2014 as a whole. Strong annual sales increases were experienced for all major home types last year.
“Home ownership is a quality long-term investment that families can live in while the value increases over time. A relatively strong regional economy in the GTA coupled with low borrowing costs kept a record number of households – first-time buyers and existing homeowners alike – confident in their ability to purchase and pay for a home over the long term,” said Mr. McLean.
“If the market had benefitted from more listings, the 2015 sales total would have been greater. As it stands, we begin 2016 with a substantial amount of pent-up demand,” continued Mr. McLean.
The average selling price for 2015 as a whole was $622,217 – up 9.8 per cent compared to $566,624 in 2014. The MLS® HPI Composite Benchmark Price was up by a similar annual rate of 10 per cent in December. GTA home price growth was driven by the low-rise segments of the market, but condominium apartment price growth was generally well-above the rate of inflation as well through 2015.
“TREB will release its official 2016 outlook later in January, but suffice to say that the demand for ownership housing is expected to remain very strong in 2016. Despite stricter mortgage lending guidelines and the possibility of slightly higher borrowing costs, on average, there will be many buyers who remain upbeat on the purchase of ownership housing,” said Jason Mercer, TREB’s Director of Market Analysis.
Source: Toronto Real Estate Board
TORONTO , Dec. 8, 2015 /CNW/ – Brookfield Real Estate Services Inc. (the “Company”) (BRE.TO) announced today that it has approved the acquisition of certain franchise agreements from Brookfield Real Estate Services Manager Limited (“the Manager”).
Acquisition of Franchise Agreements
Under the Royal LePage and Via Capitale brands, the Company will purchase franchise agreements representing 33 real estate operations and 459 REALTORS®1 across Canada for approximately $6.6 million . These agreements are estimated to generate an annual royalty stream of $1.0 million and will be effective January 1, 2016 .
As outlined in the Company’s Management Services Agreement (“MSA”) with the Manager, 80 per cent of the acquisition price will be paid in January 2016 and the balance paid in January 2017 when the purchase price is finalized, based on the actual performance of the acquired agreements.
The payment due January 1, 2016 of approximately $5.3 million , plus applicable HST, will be funded through a combination of cash on hand and a draw down on the Company’s debt facilities.
“The Company experienced strong growth in 2015, as high performing real estate brokers and agents from coast-to-coast continued to choose our industry-leading brands,” said Phil Soper , president and chief executive officer, Brookfield Real Estate Services Inc. “Our ongoing commitment to equipping our REALTORS® with the most innovative and complete suite of business services and tools is paying dividends, as we continue to enjoy market-leading momentum and sustained industry leadership.”
ABOUT BROOKFIELD REAL ESTATE SERVICES
Brookfield Real Estate Services Inc. is a leading provider of services to residential real estate brokers and a network of more than 16,000 REALTORS®. The Company operates in Canada under the Royal LePage, Via Capitale and Johnston & Daniel brands. Further information is available at www.brookfieldresinc.com
Brookfield Real Estate Services is an affiliate of Brookfield Asset Management, a leading global alternative asset manager with over $200 billion of assets under management. For more information, go to www.Brookfield.com
1 REALTORS® is a trademark identifying real estate licensees in Canada who are members of the Canadian Real Estate Association.
Source: Yahoo Finance
TORONTO, December 3, 2015 — Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported 7,385 home sales through TREB’s MLS® System in November 2015 – up by 14 per cent compared to November 2014. This result also represented the best result on record for the month of November. Sales through the first eleven months of 2015 amounted to 96,401.
“Not only did we see a record sales result for November, but with one month left to go in 2015, we have already set a new calendar year record for home sales in the TREB market area, eclipsing the previous record set in 2007. Sales were up on a year-over-year basis for all major home types, both in the City of Toronto and surrounding regions. This suggests that the demand for ownership housing is widespread, from first-time buyers to long-time homeowners across the GTA,” said Mr. McLean.
The MLS® Home Price Index (HPI) Composite Benchmark was up by 10.3 per cent year over year in November. The average selling price for all transactions was also up by a similar annual rate of 9.6 per cent to $632,685. Annual rates of average price growth for November and the first eleven months of 2015 were similar, with the strongest rates of increase being reported for low-rise home types, including detached and semi-detached houses and townhouses.
“Demand for ownership housing has remained strong in the GTA throughout 2015, with sales generally incr
easing at a greater annual rate compared to new listings. This means that competition between buyers has strengthened in many neighbourhoods in the City of Toronto and surrounding regions. The end result has been upward pressure on home prices well above the rate of inflation in most cases,” said Jason Mercer, TREB’s Director of Market Analysis.
Source: The Toronto Real Estate Board
Phil Soper, President and CEO of Royal LePage discusses the state of Canadian housing in different regions of the country.
Source: Business News Network
November 17, 2015 – Toronto Real Estate Board Members reported 3,616 sales through the TREB MLS® System during the first 14 days of November 2015. This result represented a 9.4 per cent increase compared to November 2014. Year-over-year sales growth was strong for all major market segments, with the annual rate of sales growth strongest for semi-detached houses in the TREB market area as a whole.
The number of new listings entered into the TREB MLS® System by Members was also up compared to 2014, but by a lesser annual rate than sales. This suggests that market conditions remained quite tight, with inventory levels remaining low, especially for low-rise home types like detached and semi-detached houses and townhouses.
Growth in the overall average price for the TREB market area over the past year remained strong, with the average for the first two weeks of November amounting to $635,440. This result represented a 9.5 per cent increase over the average price reported for the first two weeks of November 2014.
Broken down by home type and geography, the strongest price growth in the City of Toronto and the surrounding regions was reported for single-detached houses. While tight market conditions and theresulting competition between buyers certainly played a key role in price growth, it is important to
remember that changes in average prices can also be influenced by the mix of homes sold from one period to the next.
Source: The Toronto Real Estate Board
TORONTO, November 5, 2015 — Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported 8,804 home sales through TREB’s MLS® System in October 2015. This is the best result on record for the month of October.
“It is clear that many GTA households remain upbeat about home ownership because owning a home represents a high quality, long-term investment. We will see a big, new record this year for home sales reported through TREB’s MLS® System,” said Mr. McLean.
“Despite the record October result, I must point out that the Government of Ontario could hamper home sales in the near future. The Wynne government is seriously considering allowing municipalities throughout Ontario to institute a second land transfer tax on top of the existing provincial tax. Recent polling has shown that the great majority of Ontarians oppose this tax and would consider delaying a move if they were forced to bear the additional upfront cost,” added Mr. McLean.
The MLS® Home Price Index (HPI) Composite Benchmark was up by 10.3 per cent year over year in October. Over the same period, the average selling price for all home types combined was up by 7.3 per cent to $630,876. Price growth continued to be driven by the low-rise market segments.
“Record sales coupled with a constrained supply of listings in many GTA neighbourhoods has underpinned very strong price growth throughout 2015. Even if we do see a greater supply of low-rise listings in the marketplace over the next year, market conditions will remain tight enough to see continued price growth well-above the rate of inflation,” said Jason Mercer, TREB’s Director of Market Analysis.
The Ontario Ministry of Municipal Affairs and Housing has indicated that they intend to allow every municipality in Ontario the power to charge a Municipal Land Transfer Tax (MLTT), a change that could double the land transfer taxes consumers have to pay on their next home.
Since 2008, only the City of Toronto has been able to levy a municipal land transfer tax. A recent study showed that the Toronto land transfer tax has cost the city almost 15,000 jobs and $2.3 billion in lost economic activity.
Together we can stop the spread of this tax to other municipalities. TREB along with OREA and REALTOR® Boards/Associations across Ontario are taking action against MLTT.
Visit www.donttaxmydream.ca for more information!
Greetings Dear TanTeam.com readers!
It’s that time of the year again where the music flares and the cups go up for *clings*, laughter and cheers flood the air. It’s also an opportunity for us to thank our patrons, clients, supporters and good friends for a wonderful year of support!
We are proud to announce our annual Client Appreciation 2015 this year will be taking place and the location is set! Get ready for some great socializing and fun.
Be Sure To RSVP With The TanTeam by November-10th-2015
Warm Regards,
-Tan and The TanTeam
“We hope to see you and family soon!”
TORONTO, October 5, 2015 — Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported a record number of transactions for the month of September through TREB’s MLS® System. There was a combined 8,200 home sales reported for September 2015. This result was up 2.5 per cent compared to September 2014.
TREB MLS® sales through the first nine months of 2015 amounted to 80,331, which also represented a record result and a 9.5 per cent increase compared to the first three quarters of 2014.
“We are on track for record home sales reported through TREB’s MLS® System this year. Barring a drastic shift in the economy over the next three months, total transactions reported by TREB Members in 2015 are expected to be at or near the 100,000 mark. This is a testament to the importance that GTA households put on home ownership as a long-term investment,” said Mr. McLean.
The MLS® Home Price Index (HPI) Composite Benchmark Price was up by 10.5 per cent year over year. The average selling price for all home types combined was also up by 9.2 per cent annually to $627,395. Growth in the MLS® HPI Composite Benchmark and the average price was driven by the low-rise market segments, including detached and semi-detached houses and townhouses.
“While September was the second straight month where annual growth in new listings outstripped annual growth sales, total active listings at the end of the month still remained below last year’s level. This, coupled with the record pace of sales experienced so far this year, suggests that competition between buyers will remain strong as we move into the fourth quarter. Expect strong rates of price growth to continue through the remainder of 2015 and into 2016,” said Jason Mercer, TREB’s Director of Market Analysis.
Source: Toronto Real Estate Board
The Machu Picchu Challenge for Shelter will support shelters providing safety and hope for women and children fleeing domestic violence
TORONTO, August 5, 2015 – For eight days this August, 60 Royal LePage agents, broker/owners, staff and family members from across Canada will hike at high altitude to raise much-needed funds and awareness to break the cycle of domestic violence. For the cause, they will endure zero temperature nights camping in tents and go without running water, electricity or cell phone service.
Heralding from seven provinces, all participants in the Machu Picchu Challenge for Shelter must raise at least $5,000 for the Royal LePage Shelter Foundation and cover their airfare to Peru and the majority of their trek costs. The participants range in age from 16-70 and consist of solo trekkers plus husband-wife, mother-son and mother-daughter teams. One Royal LePage agent is bringing her daughter as a 16th birthday gift and there is a couple that will be celebrating their 30th anniversary on the trek. Several participants in the Machu Picchu Challenge for Shelter experienced abuse in their past relationships or lived with family violence when they were growing up. All are motivated to make a difference in the lives of those currently experiencing abuse.
“We have watched our supporters do incredible things on behalf of the women’s shelters in their communities. They’ve ran marathons, climbed mountains, paddled long distances and created other personal challenges to demonstrate their commitment to our foundation,” said Shanan Spencer-Brown, Executive Director of the Royal LePage Shelter Foundation. “In that same spirit, we partnered with Charity Challenge, a company that offers international travel adventures to raise funds for charity, and chose the trek to Machu Picchu because it offers a physically demanding hike in a beautiful and remote location that is considered by many to be a ‘bucket list’ experience.”
Trekkers will begin in the ancient Inca capital of Cusco where they will acclimate to the high altitude (11,400 feet) by visiting local Inca ruins and Spanish Colonial churches. Then, they will hike through the remote Lares Valley where they will glimpse a way of life that has remained unchanged for centuries. The Challenge trekkers will make their way to the Sun Gate at Machu Picchu, the “lost City of the Incas,” via the Inca Trail where they will explore breathtaking pre-Columbian ruins nestled high in the Andes Mountains. In addition to collectively raising close to $400,000 for the charity, the participants have trained for months with regimens such as CrossFit and stair climbing to ensure they can meet the physical demands of hiking for long days at high altitude.
Now in its 17th year, the Royal LePage Shelter Foundation supports 200 women’s shelters and other domestic violence programs across the country, helping more than 30,000 women and children every year. It’s also committed to funding violence prevention initiatives and education programs aimed at helping youth develop healthy relationships. Since its inception, the Royal LePage Shelter Foundation has raised more than $20 million. This is achieved with the help and support of generous Royal LePage agents, broker/owners, staff and business partners, along with members of the communities where Royal LePage operates.
“Royal LePage Realtors® understand that a house is only truly a home when the people who live there are safe,” said Ms. Spencer-Brown. “Unfortunately, for the thousands of women and children in Canada who experience domestic violence, this is not the case. On average, every six days a Canadian woman is killed by her current or former partner. Participants in the Machu Picchu Challenge for Shelter are going the extra distance to bring safety to abused women and children in their communities and to prevent such tragedies from taking place.
Source: Royal LePage
The Royal LePage Shelter Foundation has been named a national partner in Sheltersafe.ca – a new online resource – along with RBC Foundation. Funds will be provided to underwrite the costs of the new website. Sheltersafe.ca uses a clickable map to help women connect quickly with the shelter in their community. In addition to being a safe place to stay, shelters have 24-hour phone lines to support women in crisis.
“Royal LePage has long been known as a leader in real estate industry technological innovation. We felt it was important to apply the same focus to our Royal LePage Shelter Foundation, as another way to show our commitment to helping women and children who have experienced domestic violence,” says Phil Soper, president and CEO of Royal LePage. “The Sheltersafe.ca website is the only one of its kind in Canada and is accessible on all platforms including the web, on smartphones and tablets. In this way, the needs of women living in remote, rural and urban areas will be served.”
Shanan Spencer-Brown, executive director of the foundation, says: “The key to bringing safety to women who have experienced abuse is for them to know that support is available at a local women’s shelter. Sheltersafe.ca will make it easier for them to find this help.”
Source: Remonline.com
Royal LePage has launched an online contest to connect with clients and prospects over the summer and fall months.
Canadians are being asked to take photos of what home means to them and share them on the #IMHOME contest site.
Contestants are entered for a chance to win $25 weekly gift card prizes, $250 monthly gift card prizes or a $2,500 home shopping spree at Hudson’s Bay, Home Depot or Best Buy Canada.
Royal LePage’s brokers and sales reps have been equipped with a variety of digital marketing tools and pre-printed and customizable signs to be used in their client photos.
Clients and prospects can enter their photos in the contest by clicking on a personalized URL they receive from their agent. Or, they can enter at at the #IMHOME contest website and include the agent’s name on the entry form.
The sales rep or broker with the most submissions is eligible to win a grand prize $2,500 Air Canada or Sunwing Vacations travel voucher.
Source: Royal LePage
Move makes it the largest real estate company on Vancouver Island.
Royal LePage Real Estate Services (Royal LePage) has announced the acquisition of the Coast Realty Group brokerage and property management business which will operate under the Royal LePage banner, effective immediately.
“I am thrilled to welcome the more than 150 highly regarded professionals at Coast Realty to the Royal LePage family,” said Phil Soper, President and CEO, Royal LePage. “This important acquisition is consistent with our goal to give Canadians everywhere access to the superior service that only comes from working with one of our uniquely trained and equipped Realtors®.”
“We have made growth in the all-important British Columbia market a strategic priority and the focus has paid huge dividends. In the last year alone, Royal LePage has experienced incredible momentum across the province, adding 600 Realtors® through acquisition. We are both the oldest and the fastest growing national real estate business in British Columbia and in Canada,” Soper continued.
Established in 1984, Coast Realty Group is a large, independent real estate company operating out of nine offices on Vancouver Island and one office on the mainland in Powell River, British Columbia.
Barry Clark and Travis Carmichael, broker owners of Royal LePage Nanaimo Realty have acquired, and will merge their brokerage with, Coast Realty Group offices in Nanaimo and Ladysmith and on Gabriola Island. The merged brokerage will operate as Royal LePage Nanaimo Realty. Combined, the brokerage has the largest market share in Ladysmith and on Gabriola Island and has almost tripled its market share in Nanaimo, based on units sold.
Clinton Miller, broker owner of Royal LePage Port Alberni-Pacific Rim Realty has acquired the Coast Realty Group offices in Port Alberni and Ucluelet. The Port Alberni office will merge with Miller’s brokerage in Port Alberni, and the Ucluelet office will be a branch office of that location. Both offices will operate as Royal LePage Port Alberni-Pacific Rim Realty. Combined, the brokerage has the largest market share in both Port Alberni and Ucluelet, based on units sold.
Clinton Miller, broker owner of Royal LePage Parksville-Qualicum Beach Realty has acquired the Coast Realty Group offices in Parksville and Qualicum Beach. The merged brokerage will operate as Royal LePage Parksville-Qualicum Beach Realty. Combined, the brokerage has the largest market share in both Parksville and Qualicum Beach, based on units sold.
Gregg Hart, broker owner of Royal LePage in the Comox Valley, has acquired, and will merge his brokerage in Courtenay with the Coast Realty Group office in Courtenay. He has also acquired Coast Realty Group’s offices in Hornby, Denman Island, Cumberland and Union Bay, and will operate them as satellite offices of the Courtenay location. The merged brokerage will operate as Royal LePage in the Comox Valley. Combined, the brokerage has 38 per cent market share in Courtenay, and 80 per cent market share in the areas served by the satellite offices, based on units sold.
Stephen Grant, broker owner of Royal LePage Advance Realty, has acquired the Coast Realty office in Campbell River, and will merge it with his existing Royal LePage brokerage in Campbell River. The merged brokerage will operate as Royal LePage Advance Realty. Combined, the brokerage has the largest market share in Campbell River, based on units sold.
The Coast Realty Group office in Powell River will be converting to Royal LePage in the next 30 to 60 days.
“Attracting the best real estate professionals to better serve our consumer clients is vital to sustaining our leadership position as Canada’s Real Estate Company. With this acquisition, Royal LePage extends our lead as the largest brokerage firm on Vancouver Island,” concluded Soper.
Source: Royal LePage News
TORONTO, July 7, 2015 – Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported 11,992 sales through TREB’s MLS® System in June 2015. This result represented a new record for the month of June and an 18.4 per cent increase over the June 2014 result of 10,132.
“As I begin my term as TREB President, I think it is important to point out that our region continues to grow in response to our diverse economic, ethnic and cultural bases. The GTA consistently receives international accolades as one of the best places in the world to live and do business. As the number of households grow, many of them will take advantage of the diversity of affordable home ownership opportunities that exist in Toronto and the surrounding areas,” said Mr. McLean.
Selling prices were up markedly on a year-over-year basis in June, for all major home types. The MLS® Home Price Index (HPI) Composite Benchmark was up by 8.9 per cent in comparison to June 2014. The average selling price was up by 12.3 per cent over the same period to $639,184.
High-end homes have accounted for a greater share of overall transactions this year compared to last year. This is the key reason why the average selling price has increased at a greater annual rate than the MLS® HPI Composite Benchmark. “It is encouraging to see that new listings have edged upward so far this year, as homeowners have reacted to strong home price growth and have looked to take advantage of increased equity in their homes. However, the annual rate of sales growth continues to far outstrip listings growth, which means that there remains a lot of willing buyers in the marketplace who haven’t found a home that meets their needs. As long as this situation persists, expect home prices to trend strongly upward,” said Jason Mercer, TREB’s Director of Market Analysis.
Source: The Toronto Real Estate Board
TORONTO, June 16, 2015 — Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 5,661 home sales through TREB’s MLS® System during the first two weeks of June 2015. This result represented a 15.7 per cent increase compared to the same period in 2014.
“We continued to see a record pace of home sales in the first half of June, as home buyers remained upbeat on ownership housing as a quality long-term investment. Growth in home sales was widespread, with year-over-year increases for all major home types, suggesting that households from many different age groups and walks of life are active in today’s market,” said Mr. Etherington.
The average selling price for transactions reported during the first 14 days of June was $650,732 – up 12 per cent in comparison to the first 14 days of June 2014. Strong price growth was noted for low-rise home types and condominium apartments.
“The familiar story of strong demand running up against a constrained supply of homes for sale continued to play out in the first half of June. Modest growth in new listings was not enough to offset the pent-up demand that has built during the first half of 2015. As a result, strong competition between buyers continued to result in strong price growth,” said Jason Mercer, TREB’s Director of Market Analysis.
Source: The Toronto Real Estate Board
Royal LePage Real Estate Services has been named the 2015 Outstanding Corporate Citizen by the Canadian Franchise Association (CFA). The company received the award for demonstrating sustained support for the local communities through its network of over 600 brokerage offices and for philanthropic innovation on a national scale.
The company’s 16,000 Realtor network has raised more than $20 million through the Royal LePage Shelter Foundation, the largest public foundation in Canada committed to ending violence in the home, and providing support to the women and children who fall victim to it.
Phil Soper, president and CEO of Royal LePage, says, “I am extremely proud of the women and men of Royal LePage, for their ongoing financial commitment to our foundation and for the compassion they show through countless hours of volunteer work for the cause. The good works we do wouldn’t be possible without the immense support we receive from business partners and clients.”
The Outstanding Corporate Citizen Award is presented annually to a franchise system that has demonstrated genuine and ongoing concern and support for a community or social service organization. Royal LePage is the only real estate company to ever win the award.
All administrative costs of the Royal LePage Shelter Foundation are underwritten by the company, ensuring 100 per cent of all donations go to the cause.
Source: Remonline.ca
TORONTO, June 3, 2015 — Toronto Real Estate Board President Paul Etherington announced 11,706 sales reported by Greater Toronto REALTORS® in May 2015. This result was up by 6.3 per cent in comparison to 11,013 sales reported in May 2014. For the TREB market area as a whole, sales were up for all major housing types. However, in the City of Toronto, where the supply of low-rise listings has been constrained, sales were down for detached homes.
“During my tenure as TREB President over the past year, it is clear to me that ownership housing remains top of mind as a quality long-term investment for GTA households. This is why, despite a shortage of listings in some market segments, we experienced a record number of sales reported through TREB’s MLS® System for the month of May,” said Mr. Etherington.
Record May transactions, coupled with a dip in the number of homes available for sale, resulted in strong price growth. The MLS® Home Price Index (HPI) Composite Benchmark was up by 8.9 per cent year over year in May. The MLS® HPI uses benchmark homes to estimate price growth. This allows for an “apples to apples” comparison of price growth that is not affected by changes in the mix of sales activity.
The average selling price for all home types combined in May 2015 was up by 11 per cent annually to $649,599. The higher annual rate of average price growth compared to the MLS® HPI Composite Benchmark points to the fact that the proportion of high-end home sales continued to be greater compared to 2014.
“Tight market conditions, especially for singles, semis and town homes in the GTA, have resulted in strong price growth regardless of the price metric being considered. With no relief so far on the listings front, expect similar rates of price growth as we move through the remainder of 2015. At this point, a number of months where listings growth outstrips sales growth would be required to satisfy pent-up demand,” said Jason Mercer, TREB’s Director of Market Analysis.
Source: The Toronto Real Estate Board
TORONTO, May 19, 2015 — Toronto Real Estate Board President Paul Etherington announced a 9.6 per cent year-over-year increase in home sales reported by Greater Toronto Area REALTORS® during the first 14 days of May. There were 5,655 sales reported in the first two weeks of May 2015 compared to 5,160 sales during the same period in May 2014. “It is clear that demand for ownership housing remains very strong in the GTA. So much so that, if the pace of sales experienced in the first half of this month is sustained in the second half, we will see record home sales for the month of May,” said Mr. Etherington. The average selling price for transactions reported during the first 14 days of May was $652,882 for all home types combined – up by 10.7 per cent compared to the first two weeks of May 2014. The strongest price growth was experienced in the detached market segment, with the average price up by 13.8 per cent. “The low-rise market segments, including detached home sales, have been the driver of average price growth in the GTA this year. As market conditions have tightened, average price growth has remained very strong. However, while tighter market conditions have been a key factor, so too has been a shift to higher priced homes. Detached sales growth in the City of Toronto, for example, has been strongest for high-end homes. The resulting change in the mix of homes sold has also been an important factor in pushing the average price higher,” said Jason Mercer, TREB’s Director of Market Analysis.
Source: Toronto Real Estate Board
TORONTO, May 5, 2015 — Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 11,303 sales in April 2015. This was the highest sales result on record for the month of April and represented a 17 per cent increase in comparison to April 2014. While sales increased strongly on a year-over-year basis, new listings were up over the same period by a more moderate five per cent.
“The record April result clearly points to the fact that a growing number of GTA households view ownership housing as a high quality long-term investment. This is evidenced by the strong sales growth we have experienced in Toronto and surrounding regions for all major home types. First-time buyers and existing homeowners remain very active in today’s market,” said Mr. Etherington.
The overall average selling price, which accounts for all homes reported sold by GTA REALTORS® in April 2015, was up by 10 per cent year-over-year to $635,932. The MLS® Home Price Index (HPI) composite benchmark, which estimates the price of a benchmark home with the same attributes from one period to the next, was up by 8.4 per cent over the same period. The fact that average price growth outpaced growth for the MLS® HPI Composite Benchmark, suggests that a greater share of higher-end homes changed hands this year compared to last.
Irrespective of the indicator used, price growth in the GTA was strongest for low-rise home types. However, the better supplied condominium apartment segment also remained healthy with price growth above the rate of inflation.
“Demand for ownership housing was very high relative to the number of homes available for sale in April. This situation is not expected to change markedly as we move through the remainder of 2015. Until we experience a sustained period in which listings grow at a faster pace than sales, annual rates of home price growth will remain strong,” said Jason Mercer, TREB’s Director of Market Analysis.
Source: The Toronto Real Estate Board
TORONTO, April 16, 2015 — Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 4,635 home sales during the first 14 days of April 2015. This result represented a 3.4 per cent increase compared to April 2014. New listings over the same period were down by 4.6 per cent year over year.
“Home sales in the GTA continued to increase in comparison to 2014 as a diversity of buyers took advantage of affordable home ownership options. However, in many neighbourhoods, listings remain scarce, particularly for ground-oriented home types like singles, semis and towns. Given the amount of pent-up demand in the market today, sales growth would accelerate further if more homes were listed for sale,” said Mr. Etherington.
The average selling price for April mid-month home sales was $625,121 – up seven per cent in comparison to the same time frame in 2014. Average prices were up for all major home types, both in the City of Toronto and the surrounding regions.
“We are experiencing balanced to seller’s market conditions in most areas and market segments in the GTA. This suggests that home ownership demand is being driven by a wide swath of the population. On one hand, strong growth in condo listings has been met with strong growth in condo sales. On the other hand, we have also experienced growth in higher-end home sales,” said Jason Mercer, TREB’s Director of Market Analysis.
Source: The Toronto Real Estate Board
TORONTO, April 7, 2015 — Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 8,940 sales in March 2015. This result represented an 11 per cent increase compared to March 2014. Sales were up for most major home types, both in the City of Toronto and the surrounding regions. New listings were also up, but by a lesser 5.5 per cent, indicating tighter market conditions.
“Home sales increased compared to last year as the cost of home ownership remained affordable, with lower interest rates going a long way to mitigate the effect of rising home prices. However, a substantial amount of pent-up demand remains in place, especially as it relates to low-rise market segments. This suggests that strong competition between buyers, which has fuelled strong price growth so far this year, will continue to be experienced throughout the spring,” said Mr. Etherington.
In March, the average selling price for all reported transactions was $613,933 – up 10 per cent year-over-year. The MLS® HPI Composite Index, which tracks benchmark homes with the same attributes from one period to the next, was up by 7.9 per cent. Average price growth was strongest for detached homes in the City of Toronto, at 15.9 per cent. Over the same period the detached MLS® HPI in the ‘416’ area code increased 7.8 per cent.
The MLS® HPI provides a clear indication of price growth due to market forces – the relationship between demand and supply. Comparing MLS® HPI growth to average price growth provides a sense of the changing mix of home types sold from one period to the next.
“It is clear that seller’s market conditions in many parts of the GTA are driving price growth. However, looking at the detached market segment in the City of Toronto in particular, growth in the average selling price outstripped growth in the MLS® HPI. This points to the fact that the mix of detached homes sold this year compared to last has shifted towards more expensive properties,” said Jason Mercer, TREB’s Director of Market Analysis
Source: The Toronto Real Estate Board
Greater Toronto REALTORS® kick off 2015 by providing grants to 60 different shelter-related charities throughout the Greater Toronto Area.
“For the past seven consecutive years Greater Toronto REALTORS® have voted overwhelmingly in favour of participating in the Ontario REALTORS Care® Foundation’s ‘Every REALTOR®’ campaign,” said Toronto Real Estate Board President Paul Etherington. “The decision, which allowed the Toronto Real Estate Board to donate $485,410 to the Ontario REALTORS Care® Foundation on their behalf, is just one example of our Members’ commitment to fostering quality of life in the communities in which they live and work.”
As a result of the Greater Toronto REALTORS’® donation, grants were provided to the following shelter-based charitable organizations:
Included among this year’s grant recipients was Habitat for Humanity Greater Toronto Area, which is currently building a home sponsored by Greater Toronto REALTORS® in the York Region municipality of Georgina. Greater Toronto REALTORS® have also participated in the construction of the home, setting one family on the path to a better life.
“Our support of Habitat for Humanity Greater Toronto Area reflects the ideal that everyone should have a place to call their own,” said Mr. Etherington. “As REALTORS® we dedicate our lives to helping people achieve this important goal.”
Recognizing that young people represent the city’s future, Greater Toronto REALTORS® also support a Children’s Breakfast Program operated in conjunction with the Toronto District School Board’s Toronto Foundation for Student Success. Through sponsorship and volunteerism in the program they work to provide children in need with nutritious breakfasts to sustain their learning throughout every school day.
Each year scholarships are also presented to four graduating high school students in the GTA, to be used towards their post-secondary education. In addition, a Ryerson University student is selected annually to receive a summer work placement and award.
“Through the Toronto Real Estate Board, brokerage initiatives and individual volunteerism, Greater Toronto REALTORS® routinely demonstrate that they’re dedicated to helping others, and in today’s globally competitive world, their work to build a better city benefits us all,” said Mr. Etherington.
Source: The Toronto Real Estate Board
TORONTO, January 7, 2015 — Toronto Real Estate Board President Paul Etherington announced that Greater Toronto REALTORS® reported 92,867 residential sales through the TorontoMLS system in 2014, including 4,446 in December. The calendar year 2014 sales result represented a 6.7 per cent increase over the 2013 sales figure of 87,049 and was just short of the record set in 2007.
“TREB’s 2014 sales figures are a testament to the importance Greater Toronto Area households continue to place on home ownership. GTA households realize that home purchases have been a quality long-term investment. While home prices certainly increased substantially in 2014, the purchase of an average priced home remained affordable, in terms of the average household’s ability to comfortably cover their monthly mortgage payments,” said Mr. Etherington.
The average selling price continued to grow on a year-over-year basis in calendar year 2014, with an 8.4 per cent increase over calendar year 2013 to $566,726. This included a seven per cent increase in the December 2014 average selling price to $556,602. Throughout 2014, annual increases in the average selling price and the MLS® HPI Composite Benchmark were consistently reported on a monthly basis for most market segments, from detached homes through to condominium apartments.
“The strong price growth we experienced in 2014 can be explained with two words: listings shortage. The constrained supply of listings was especially evident for low-rise home types like singles, semis and town houses. The number of households looking to purchase these home types increased, while the number of homes from which they could choose decreased. This situation resulted in more competition between buyers and more aggressive offers,” said Jason Mercer, TREB’s Director of Market Analysis.
Source: The Toronto Real Estate Board
