Good morning everyone and Super Fantastic Thursday!
Hot and fresh off the presses. The July numbers are in and it seems like the typical summer slow-down in the real estate market was less so this year. We have just gone through the second best July sales results on record!
Back to school displays have popped up everywhere and to me it signals the fast approaching fall real estate market. The fall is typically the second busiest time of the year for home sales transactions. This summer, up until now, has not shown any signs of a sluggish market. Read below.
GREATER TORONTO REALTORS® REPORT JULY RESALE HOUSING MARKET FIGURES TORONTO, August 7, 2014 (See Full Report)
You Tube Channel – www.YouTube.com/TREBChannel
Toronto Real Estate Board President Paul Etherington reported strong year-over-year growth for July 2014 sales and the average selling price. Sales reported
by TREB Members through the TorontoMLS system were up by 10 per cent to 9,198. This was the second-best July sales result on record. “The second half of 2014 started where the first half left off, with very strong demand for the diversity of affordable home ownership options in the Greater Toronto Area. Sales were up strongly for most major home types and market conditions actually tightened, with sales growth outpacing listings growth. The result was average price growth well-above the rate of inflation,” said Mr. Etherington.
The average selling price for July 2014 sales was $550,700 – up by 7.5 per cent compared to July 2013. The strongest rate of price growth was reported for the detached market segment in the City of Toronto, with a year-over-year change of 11 per cent. The better-supplied condominium apartment segment experienced average price growth of 5.3 per cent for the GTA as a whole. “Strong demand for ownership housing will underpin robust average price increases for the remainder of 2014. In fact, the pace of price growth that we have experienced over the past year will continue until growth in listings outpaces growth in sales for a sustained period of time,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Summary of TorontoMLS Sales and Average Price July 1-31
In July, the average price of a detached home in the 416 area was $880,433. Semi-detached: $635,311 Townhome: – $493,989 Condo: $379,002
GTA REALTORS® Report Commercial Market Figures
August 6, 2014 — Toronto Real Estate Board President Paul Etherington announced that TREB Commercial Network Members reported 360,808 square feet of space leased on a per square foot net basis through the TorontoMLS system in July
TORONTO, August 7, 2014 – Toronto Real Estate Board President Paul Etherington announced that TREB Commercial Network Members reported 360,808 square feet of space leased on a per square foot net basis through the TorontoMLS system in July. This result, which included transactions with pricing disclosed, was down from 696,939 square feet reported in July 2013. The amount of leased commercial/retail space was up on a year-over-year basis, whereas the amount of industrial and office space leased was down. Industrial properties accounted for 60 per cent of total square footage leased. “Commercial real estate transactions are often complex in nature, so it is common to see volatility in the amount of space leased from one year to the next on a monthly basis. While the amount of industrial space leased was down compared to July 2013, the average industrial lease rate was up over the same period. Part of this increase was due to the fact that there were fewer large spaces leased this past July compared to last year. Smaller properties tend to command comparatively greater lease rates,” said Mr. Etherington. The average per square foot net lease rate for industrial properties was up year-overyear to $5.45. The average office lease rate was also up over the same period to $13.75. The average commercial/retail lease rate was down over the same time frame to $18.77. There were 71 combined industrial, commercial/retail and office properties sold through the TorontoMLS system with pricing disclosed in July 2014. This result represented an increase compared to July 2013, when 60 sales were reported. Sales for industrial and commercial/retail properties were up year-over-year, while sales of office properties were down.
Launch of Relationship Learning Network
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Upcoming information that I will share will include tips and advice on how couples can survive the stress of going through major home renovations!
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Have a fantastic up-coming weekend! Cheers, Anthony
Photo courtesy of Max Chu