Ravi Hooda
Realtor (B.com, MBA)

Re/Max Gold Realty Inc.
Brokerage
Independently owned and operated

2980 Drew Rd, Unit 231, Mississauga, ON L4T 0A7

Call: 416-825-5032  Fax: (905) 673-8900  Mobile: 4168255032

Toronto Home Sales

April 15, 2014 - Updated: April 15, 2014

Toronto home sales expected to be ‘brisk’ this summer

Low inventory could drive up prices 8 per cent this year, ReMax says in new report

Toronto home sales are expected to remain so “brisk” over the coming months, prices could jump seven or eight per cent by the end of this year, says a new report from real estate giant ReMax.
CANADIAN PRESS/FILE PHOTO

 

Toronto home sales are expected to remain so “brisk” over the coming months, prices could jump seven or eight per cent by the end of this year, says a new report from real estate giant ReMax. CANADIAN PRESS/FILE PHOTO

Canada’s housing market may be gradually cooling, but Toronto home sales are expected to remain so “brisk” over the coming months, prices could jump seven or eight per cent by the end of this year, says a new report from real estate giant ReMax.

That’s largely because buyers have emerged from winter hibernation to find that listings of homes for sale remain at record lows: In February, for instance, there were just 14,000 active listings on the Multiple Listings Service across the GTA, compared to 17,000 back in 1999 when the region had far fewer residents and, as such, less demand for housing, notes ReMax in its annual assessment of the spring market.

There has been some pickup in new listings since the March Break. But demand, especially in the City of Toronto, continues to so dramatically outstrip supply, realtors say it’s increasingly common to see houses close to transit going for $150,000 to $200,000 over the asking price — and far beyond traditional neighbourhood values — in frantic bidding wars.

That fierce competition helped push the average price of a GTA home to $557,684 in March, up almost 8 per cent over a year earlier, notes ReMax.

“Despite record-setting low temperatures and snow storms, housing market activity in Canada during the first quarter of 2014 showed year-over-year resilience in most regions,” the survey says.

The exceptions were especially hard-hit parts of Atlantic Canada, Manitoba and parts of Ontario, such as Windsor, which endured its snowiest winter since 1908. It saw sales plummet by 15 per cent, year over year, in the first quarter of 2014.

“Looking ahead, spring sales in these regions are expected to make up for the lack of activity seen during the first two months of the year as new listings help satisfy pent-up buyer demand.”

Toronto, on the other hand, “emerged from a brutal winter in strong shape with sellers in control of what will be a brisk summer market,” notes ReMax.

The report echoes last week’s Royal LePage House Price Survey which said average house price growth ranged from 2.5 to 5.4 per cent in the first quarter across much of the country, despite “a remarkably drab winter” for sales. In fact, the spring market seemed “on the verge of underperforming” and only turned a corner recently thanks to warmer weather, it said.

Teranet-National Bank house price data released Monday points to a national housing market that appears to be coming in for a soft, rather than hard, landing: Canadian house prices across 11 cities remained unchanged last month, the first time in 15 years there hasn’t been any increase between February and March.

The strongest gains in index house prices, year over year, were in Calgary (up 9.7 per cent), Vancouver (up 7.6 per cent) and Toronto (5.8 per cent.)

The biggest year-over-year declines were in Halifax (down 4.2 per cent), Quebec city (-2.4 per cent), Ottawa-Gatineau (-1.2 per cent) and Montreal (-0.7 per cent.)

The index came in lower than expected, according to TD Economics, as “soft housing demand during the winter months has taken some steam out of home price growth.

“A bounce back in activity is expected in the short run as the spring season gets underway and mortgage rates have recently hit new lows.

Capital Economics, on the other hand, says once the Teranet-National Bank data is adjusted for “seasonal effects,” Canadian house prices actually fell 0.1 per cent from February to March, the first monthly decline since October 2010.

It expects Canadian home sales to decline through 2014, “eventually prompting an outright decline in prices.”

 


Tagged with: toronto home sales trends real estate news property news home sales house sale how to sell my house how to buy a house buying a property home house apartment condo apartment town home town houses for sale in brampton toronto mississauga etobicoke vaughan richmond hill milton oakvilletoronto home sales expected to be brisk this summer low inventory could drive up prices 8 per cent this year remax says in new report share on facebook reddit this toronto home sales are expected to remain so brisk over the coming months prices could jump seven or eight per cent by the end of this year says a new report from real estate giant remax. canadian pressfile photo toronto home sales are expected to remain so brisk over the coming months says a new report from real estate giant remax. canadian pressfile photo by susan pigg business reporter published on tue apr 15 2014 canadas housing market may be gradually cooling but toronto home sales are expected to remain so brisk over the coming months says a new report from real estate giant remax. thats largely because buyers have emerged from winter hibernation to find that listings of homes for sale remain at record lows in february for instance there were just 14 000 active listings on the multiple listings service across the gta compared to 17 000 back in 1999 when the region had far fewer residents and as such less demand for housing notes remax in its annual assessment of the spring market. there has been some pickup in new listings since the march break. but demand especially in the city of toronto continues to so dramatically outstrip supply realtors say its increasingly common to see houses close to transit going for 150 000 to 200 000 over the asking price and far beyond traditional neighbourhood values in frantic bidding wars. that fierce competition helped push the average price of a gta home to 557 684 in march up almost 8 per cent over a year earlier notes remax. despite record-setting low temperatures and snow storms housing market activity in canada during the first quarter of 2014 showed year-over-year resilience in most regions  the survey says. the exceptions were especially hard-hit parts of atlantic canada manitoba and parts of ontario such as windsor which endured its snowiest winter since 1908. it saw sales plummet by 15 per cent year over year in the first quarter of 2014. looking ahead spring sales in these regions are expected to make up for the lack of activity seen during the first two months of the year as new listings help satisfy pent-up buyer demand. toronto on the other hand emerged from a brutal winter in strong shape with sellers in control of what will be a brisk summer market  notes remax. the report echoes last weeks royal lepage house price survey which said average house price growth ranged from 2.5 to 5.4 per cent in the first quarter across much of the country despite a remarkably drab winter for sales. in fact the spring market seemed on the verge of underperforming and only turned a corner recently thanks to warmer weather it said. teranet-national bank house price data released monday points to a national housing market that appears to be coming in for a soft rather than hard landing canadian house prices across 11 cities remained unchanged last month the first time in 15 years there hasnt been any increase between february and march. the strongest gains in index house prices were in calgary up 9.7 per cent vancouver up 7.6 per cent and toronto 5.8 per cent. the biggest year-over-year declines were in halifax down 4.2 per cent quebec city -2.4 per cent ottawa-gatineau -1.2 per cent and montreal -0.7 per cent. the index came in lower than expected according to td economics as soft housing demand during the winter months has taken some steam out of home price growth. a bounce back in activity is expected in the short run as the spring season gets underway and mortgage rates have recently hit new lows. capital economics says once the teranet-national bank data is adjusted for seasonal effects  canadian house prices actually fell 0.1 per cent from february to march the first monthly decline since october 2010. it expects canadian home sales to decline through 2014 eventually prompting an outright decline in prices.
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