Sotheby's
International Realty Canada, Brokerage Mar 22, 2015
Toronto Real Estate Market Update - March 22, 2015
Posted by: louisa
March 22, 2015
Hello again.
Happy Springtime! Snowdrops are pushing through the soil in my garden. Thank you for your continued support and help. I couldn't do this job without you!
The market keeps on going although it's tough in Toronto where buyers are confronted on closing with having to pay a hefty chunk in Land Transfer Tax. It's a very different scenario north of Steeles.
Plunging oil prices are leading to lower interest rates and our GDP is expected to iHappy Springtime!
Snowdrops are pushing through the soil in my garden. ncrease only by 2.2% this year. We have a dollar that is now at 78% of the US dollar, making travelling outside the country, buying anything from the US a pretty depressing experience.
On the 4th of March, the Bank of Canada cut its overnight rate to .75%...so far, BMO and TD have responded by cutting their 5 year fixed to 2.79%... The well-known opening sentence from Dicken's "A Tale of Two Cities" comes to mind: "it was the best of times and the worst of times."
The average price for a detached home in Toronto reached $1,040,018 in February. And there is lots of competition in this price point amongst buyers. Jump to $1,500,000 and you are into what is now termed a luxury home. Not much competition here and above and a lot sit on the market for a bit.
Here are a few of my own average statistics for the period of March 1st to March 16th. If you'd like for your area, let me know. I am happy to supply. Not all homes were detached :
CO2: Annex:
5 semis sold with an average price of $1,798,400. 102% of asking. 12 days on the market.
C03: Oakwood/Vaughan
5 detached homes sold with an average price of $562,700. 105% of asking. 7 days on the market
C07: Lansing/Westgate
5 detached 4 bedroom homes sold with an average price of $1,651,000.103% of asking. 22 days on the market.
C10: Mt.Pleasant.
4 semis sold with an average price of $826,250. 106% of asking. 10 days on the market.
C14: Willowdale.
11 detached homes sold with an average price of $2,040,371. 98% of asking. 16 days on market.
E01: North Riverdale
4 X 4+ beds detached homes sold with an average price of $1,218,750. 115% of asking.6 days on the market
E02: Woodbine Corridor
2 semis sold with an average price of $718,500. 109% of asking. 2 days on the market
W01: High Park/Swansea
5 X 4 bedroom detached homes sold with an average price of $1,157,400. 110% of asking. 7 days on the market
W02: Junction
3 semis sold with an average price of $636,000. 103% of asking. 8 days on the market.
Markham: Grandview
3 detached homes sold with an average price of $1,108,333. 9 days on the market. 103% of asking.
Vaughan: Crestwood/Springfarm
9 detached homes sold with an average price of $1,567,756. 14 days on the market. 98% of asking.
There were 3,838 sales in Toronto in the first two weeks of March 2015. This was 11.8% more than the same time period in 2014. New listings were up by 8.4%..a lot of downtown condos made up this number.
The average selling price was up by 10.6% to $620,106 - driven mainly by low-rise freehold homes.
"The fact that sales growth has continued to outpace listings growth suggests that there is pent-up demand in the marketplace, especially for singles, semis and townhouses. This is why we have experienced a sustained period of strong price growth for low-rise home types. So far in March, we have also experienced a greater share of high-end detached home sales compared to the same time frame in 2014. This has also influenced growth in the average selling price," said Jason Mercer, TREB's Director of Market Analysis.
Kind regards,
Louisa
Hello again.
Happy Springtime! Snowdrops are pushing through the soil in my garden. Thank you for your continued support and help. I couldn't do this job without you!
 |
 |
Plunging oil prices are leading to lower interest rates and our GDP is expected to iHappy Springtime!
Snowdrops are pushing through the soil in my garden. ncrease only by 2.2% this year. We have a dollar that is now at 78% of the US dollar, making travelling outside the country, buying anything from the US a pretty depressing experience.
On the 4th of March, the Bank of Canada cut its overnight rate to .75%...so far, BMO and TD have responded by cutting their 5 year fixed to 2.79%... The well-known opening sentence from Dicken's "A Tale of Two Cities" comes to mind: "it was the best of times and the worst of times."
The average price for a detached home in Toronto reached $1,040,018 in February. And there is lots of competition in this price point amongst buyers. Jump to $1,500,000 and you are into what is now termed a luxury home. Not much competition here and above and a lot sit on the market for a bit.
Here are a few of my own average statistics for the period of March 1st to March 16th. If you'd like for your area, let me know. I am happy to supply. Not all homes were detached :
CO2: Annex:
5 semis sold with an average price of $1,798,400. 102% of asking. 12 days on the market.
C03: Oakwood/Vaughan
5 detached homes sold with an average price of $562,700. 105% of asking. 7 days on the market
C07: Lansing/Westgate
5 detached 4 bedroom homes sold with an average price of $1,651,000.103% of asking. 22 days on the market.
C10: Mt.Pleasant.
4 semis sold with an average price of $826,250. 106% of asking. 10 days on the market.
C14: Willowdale.
11 detached homes sold with an average price of $2,040,371. 98% of asking. 16 days on market.
E01: North Riverdale
4 X 4+ beds detached homes sold with an average price of $1,218,750. 115% of asking.6 days on the market
E02: Woodbine Corridor
2 semis sold with an average price of $718,500. 109% of asking. 2 days on the market
W01: High Park/Swansea
5 X 4 bedroom detached homes sold with an average price of $1,157,400. 110% of asking. 7 days on the market
W02: Junction
3 semis sold with an average price of $636,000. 103% of asking. 8 days on the market.
Markham: Grandview
3 detached homes sold with an average price of $1,108,333. 9 days on the market. 103% of asking.
Vaughan: Crestwood/Springfarm
9 detached homes sold with an average price of $1,567,756. 14 days on the market. 98% of asking.
There were 3,838 sales in Toronto in the first two weeks of March 2015. This was 11.8% more than the same time period in 2014. New listings were up by 8.4%..a lot of downtown condos made up this number.
The average selling price was up by 10.6% to $620,106 - driven mainly by low-rise freehold homes.
"The fact that sales growth has continued to outpace listings growth suggests that there is pent-up demand in the marketplace, especially for singles, semis and townhouses. This is why we have experienced a sustained period of strong price growth for low-rise home types. So far in March, we have also experienced a greater share of high-end detached home sales compared to the same time frame in 2014. This has also influenced growth in the average selling price," said Jason Mercer, TREB's Director of Market Analysis.
Kind regards,
Louisa