Good evening everyone;
It has been quite the hectic month in so many ways. My apologies for the delay in the communication. I have been literally running around prepping several homes for sale and it was a challenge to say the least. My days are never standard.
To market a home properly requires much leg work and preparation. To me, even if a home may be considered a “gutter” or “knockdown” there is value in prepping a property for sale.
You always want a potential buyer’s visit to be as pleasant as possible.
Luckily, in my office I have colleagues that are willing to assist me when needed and I, as much as possible offer my help in return. This may seem normal and a simple nicety but in our industry it is somewhat rare.
The 416 real-estate markets continue to move forward and overall pricing for freehold homes rise. Condo sales are also robust as are holding their own with modest price increases. In my opinion the summer market will continue to be strong with possibly only a small pause due to the Pan Am games.
GTA REALTORS® RELEASE MID-MAY RESALE HOUSING FIGURES
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 $
652,782for 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.
Record Sales in April 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.
Construction Blog #6
We finally submitted for permits today!!!! Yes only 2-6 more weeks before we actually knock down and begin construction. There is real joy wrapped up in that sarcasm. Truly, it’s been a trying few months and it’s almost best that our construction has not started.
The hold up to date – We have been waiting for roof truss designs to come back with engineering stamps so that we can submit a complete package to the city for approval.
Today we actually submitted for permits but still need one small revision in the roof plans. Now we can start in as early as 2 weeks (It may take up to 6 weeks).
Living with my in-laws has been sweeeeet! I’m sure they must be thinking that I’m delaying the process on purpose. I told myself from the beginning that to keep my sanity I just need to “go with flow” so I chase things down as much as possible but don’t get too upset about things (yet).
Have a fantastic weekend,