So here's a recent press release by the Toronto Real Estate Board:

Home ownership in the Greater Toronto Area remains affordable and there are many people looking to purchase a home. In January, the number of homes listed for sale was down quite strongly compared to last year, which means that it was difficult for some buyers to find a home.

Greater Toronto Area REALTORS® reported 4,135 sales through the TorontoMLS system in January 2014. This result was down by 2.2 per cent in comparison to January 2013. New listings entered into the system were down over the same period by 16.6 per cent to 8,822.

“Looking forward, it is possible that strong price growth, and therefore an increase in home equity, will act as a trigger for more households to list their homes for sale. This is especially the case for households whose life styles are changing, including those with an expanding family looking for a larger home or empty nesters looking to downsize,” said Dianne Usher, President, Toronto Real Estate Board

The average selling price for January 2014 sales was $526,528 – up by more than nine per cent compared to $482,080 in January 2013.

“The pace of price growth will remain strong in 2014. Similar to last year, competition between buyers for singles, semis and town homes in the City of Toronto and surrounding regions will continue to exert
upward pressure on selling prices. At the same time, mortgage rates will remain near historic lows, so despite strong price growth, home ownership will remain affordable for the average household in the
GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Here are the TREB Housing Market Charts.

As we are wont to do at urbaneer.com, we're carefully watching how the central condominium market is oscillating differently from the freehold housing market.

For example, during the month of January, in the downtown core spanning from the Don Valley Parkway west to Dufferin, and north from Lake Ontario to St. Clair Avenue (known as Districts C01, C02, C08 and C09) there were 90 freehold listings, of which 41 sold. To note – we acknowledge that this is a fairly contained and very central geography that has shifted from predominantly freehold properties to a skyline of condominium high-rises over the past 30 years. To illustrate this contrast, there were 1346 condominiums for sale in this area during the month of January, of which 261 sold. In other words, almost half the freehold properties are finding buyers, but only one in five condominium listings are being purchased. The freehold housing market remains robust, while the condominium market is much more stable.

You can read a little about how frenetic the freehold real estate market has become – including one house which sold for 33% more than its asking price – in our recent Tales From The Real Estate Trenches post.

No matter how each segment of Toronto's real estate market may oscillate, we analyze each neighbourhood, dwelling type, and price point segment as it pertains specifically to each client. We then guide, educate and gently steer them into making a rational, prudent, decision, because they have been well-educated in the context of their specific needs, wants, wishes and desires. As one of Bosley's Top Producers, our continuing success spanning twenty-four years is the result of our comprehensive knowledge of multiple micro-markets and how each influences the trade of urban real estate.

We're here to earn your trust, then your business.

~ Steven and the urbaneer team

Real Estate