TREB Releases mid-month Real Estate Statistics

MID-MONTH REAL ESTATE FIGURES RELEASED
TORONTO, May 19, 2015 – A 9.6 per cent year-over-year increase in home sales was 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.
The average selling price for transactions reported during the first 14 days of May was $652,782.00 for 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.

Toronto Real Estate Update for November

Toronto Real Estate Continues Upward Trend in November

A review of the Toronto real estate market shows that it continues its upward trend, with 6,519 residential transactions reported through the Toronto MLS system in November 2014. Results were up by 2.6% compared to November 2013 sales totals of 6,354 sales. From January through the end of November,  total sales reached 88,462 – an increase of 6.6% compared to the same period last year.

While sellers enjoyed year-over-year sales increases, the number of active listings continued to be smaller than expected, with available listings at November’s end down compared to last year.

The Toronto Real Estate Board (TREB) issued a statement that despite the constrained supply of homes for sale, buyers continue to purchase properties with enthusiasm. Home ownership remains an attractive option, as monthly mortgage payments are relatively affordable compared to market rental rates. This combined with the fact that Toronto real estate has proven to be an attractive  long-term investment.

Average selling price of $577,936 for November 2014 transactions versus November 2013 was up by 7.4%. The year-to-date average price was up by 8.4% to $567,198.

The strong price growth in Toronto real estate as seen throughout 2014 has been built on a solid foundation, with demand high relative to supply. The triple market drivers of 1.) continued low interest rates 2.) continued immigration into the Greater Toronto Area, and 3.) continuing good economy with ongoing job creation, continue to fuel the ongoing healthy local market. Ongoing competition between prospective buyers has created strong upward pressure on prices – and all these trends appear to be continuing. Unless there is a major shift in the ratio of  sales and listings in the Greater Toronto Area, which we do not foresee, rising prices are expected to continue into 2015. Even though prices are at historic highs, the pressure and desirability of home ownership seems to be unabated, and we think that is a good thing for the local Toronto real estate scene, and indeed for the whole Canadian economy.

Focus on Mississauga

Focus on Mississauga

From stunning lakefront views to great shopping, as well as top notch schools and golf courses, the Toronto suburb of Mississauga offers something for local residents and visitors alike. In 2011 Canadian Money Magazine voted Mississauga as one of the 10 best cities to live in, and it was also ranked as one of Canada’s fastest growing cities just before that.

Mississauga condo
Mississauga condo

Mississauga has more than doubled in population over the past decade, and the property market has reflected that growth. While areas outside of the GTA have have experienced moderate growth and price appreciation, Mississauga real estate has enjoyed rapid sales, with bidding wars not uncommon. Canada’s stability and its relatively good economic performance has been a magnet for people from all corners of the planet, and today, Mississauga is one of the most multicultural cities anywhere. For anyone planning to make a change and relocate to one of the greatest cities in Canada, Mississauga provides a complete array of amenities, as well as plenty of terrific fine dining and shopping choices. Big city appeal and small town friendship are felt throughout Mississauga, making this a great location to call your new home. Perhaps the biggest centre of activity for shopping is the Square One Shopping mall, which is currently undergoing an extensive expansion.

There are many areas in the city which provide a superior combination of lifestyle and affordability. Erin Mills, for example, was one of Canada’s original master planned communities, and today offers a wide assortment of housing types to suit any budget. For example, today you can find townhomes priced from $350,000,  which these days is good value and a terrific opportunity in the pricey Greater Toronto area.  At the other end of the price scale, in the Lorne Park subdivision, there are multi-million dollar estate homes bordered by lush greenery, with dense forests, well designed parks, and much more in the area. In the community of Clarkson, there are beautiful, affordable 3 and 4 bedroom semi-detached homes with 3 baths awaiting your family, many with yards big enough large families, and pets. With lovely flora as well as fauna bordering many of the homes south of the QEW highway,  you are simply minutes from the lake, as well as close to shopping.

Mississauga Square One Condos

In the Square One area, condo apartments abound, and you can find nice ones on the MLS starting at around $250,000 list price. With the twinkling lights of Toronto in the distance, and with Lake Ontario as a backdrop for many of these 1, 2, and 3 bedroom condos, high rise living in the Square One area has become the choice for thousands of today’s home buyers.

In newer areas of Mississauga such as Churchill Meadows, homes that are less than 10 years old can be found – fully detached, semi-detached, freehold and condominium townhouses are all available.

Small Town Flair, Big Town Festivities

Parts of Mississauga still have some of their original small town flavor, especially in the historic areas such as Port Credit and Streetsville. Local festivals celebrate city life during spring, summer, and fall, and Celebration Square in the Mississauga town centre has a constant stream of events throughout the summer months, with a very popular skating rink in the winter. The real estate market here offers so many choices, no matter what your preferred lifestyle is, and the local people are a happy lot. With Mississauga property offering great value for the price, why not find a home to call your own today?

real estate in Mississauga