The average selling price for September 2014 transactions
was $573,676 – up by 7.7 per cent compared
to the same period in 2013.
Average year-over-year price
growth was strongest in the City of Toronto, both for low-rise home types like detached and
houses and for condominium apartments.
The average selling price year-to-date was $563,813 – up 8.5
per cent compared to the first nine months
"Despite a persistent shortage of listings in some
market segments, we have
experienced strong growth in sales though the first nine
months of 2014. This is
evidence that GTA households remain upbeat about purchasing
a home. The majority of
home buyers purchase a home using a mortgage. The share of
the average household's
income dedicated to their mortgage payment remains
affordable, which is why buyer
interest has remained solid," said TREB President .
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reported 7,600 sales through the TorontoMLS system in August 2014. This result
was up by 2.8 per cent compared to 7,391 transactions reported in August 2013.
Year-to-date sales through the end of August amounted to 65,454, which
represented an increase of 6.5 per cent compared to the same period in 2013.
The average selling price in
August 2014 was $546,303 – up 8.9 per cent in comparison to the average of
$501,677 reported in August 2013. The year-to-date average price through August
was $562,504, which represented an increase of 8.5 per cent in comparison to
the same period in 2013.
The number of listings in
August was down in comparison to last year, while the number of sales
increased. This means that sellers’ market conditions remained in place with a
lot of competition between buyers. This is why we continued to see strong price
growth last month.
Looking forward, if sales growth continues to outstrip listings
growth, the average selling price should continue to increase on a
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Sales were up by 15.4 per cent year-over-year to 10,180 transactions. New listings were also up
compared to the same period in 2013, but by a lesser annual rate. This means that competition between
buyers increased in June.
“Home buyers in the Greater Toronto Area are confident in their ability to purchase and affordably pay for
a home. Generally speaking, buyers feel that ownership housing will be a good investment over the long
term. This is why we continued to see increases in home sales in June for all major home types across
the GTA. Given the degree of pent-up demand in the market today, I would expect to see sales growth
continue through the summer,” said Mr. Etherington, TREB President.
The average selling price for June transactions was $568,953, representing an increase of 7.4 per cent
compared to June 2013. The strongest price increase for the GTA as a whole was for semi-detached
houses, with the average price up by 9.7 per cent year-over-year. The pace of price growth for
condominium apartments was also strong at 6.8 per cent.
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April 3, 2014 – Toronto Real Estate Board President Dianne Usher announced that
GTA REALTORS® reported strong year-over-year increases in TorontoMLS home sales
and the average selling price in March 2014.
A total of 8,081 sales were reported in March 2014 – up by
7.2 per cent in comparison to March 2013.
Sales growth was much stronger in March compared to the
first two months of the first quarter. Sales for Q1 as a whole were up by three
per cent compared to the first three months of 2013.
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Toronto, August 2, 2013 -- Greater Toronto Area REALTORS® reported 8,544
residential sales through the Toronto Multiple Listing Service® (MLS®) system
in July 2013. Total sales were up by 16% compared to July 2012. Over the same
period, new listings added to Toronto MLS® and active listings at the end of
the month were up, but by a substantially smaller rate of increase compared to
“Last month’s sales
represented the best July result since 2009 and was the third best July result
on record. Despite recent increases in average borrowing costs, home buyers are
still finding affordable home ownership options in the GTA,” said Toronto Real
Estate Board (TREB) President Dianne Usher.
“We are a year removed
from the onset of stricter mortgage lending guidelines and many households who
put their decision to purchase a home on hold have reactivated their search. An
increasing number of these households are getting deals done,” continued Ms.
market conditions, the average selling price for July sales was up on a year
over-year basis by 8% to $513,246. The low-rise market segment continued to be
the driver of overall price growth. It should be noted, however, that the
average condominium apartment price was also up by more than the rate of
inflation on an annual basis. The MLS® Home Price Index (HPI) was also up on a
year-over-year basis for all major home types.
“We are forecasting
continued average price growth for the remainder of 2013 and through 2014 as
well. Months of inventory for low-rise homes remains near record lows
suggesting that sellers’ market conditions will remain in place in the second
half of 2013. An increase in listings in 2014 would lead to more balanced
market conditions and a slower pace of price growth next year, albeit still
above the rate of inflation,” said Jason Mercer, TREB’s Senior Manager of
Easier to maintain. Anyone who has owned a house knows the amount of time, energy, and effort to maintain it. All things being equal, a smaller home requires less of your time, energy, and effort to accomplish that task.
Less time spent cleaning. And that should be reason enough…
Less expensive. Smaller homes are less expensive to purchase and less expensive to keep (insurance, taxes, heating, cooling, electricity, etc.).
Less debt and less risk. Dozens of on-line calculators will help you determine “how much house you can afford.” These formulas are based on net income, savings, current debt, and monthly mortgage payments. They are also based on the premise that we should spend ”28% of our net income on our monthly mortgage payments.” But if we can be more financially stable and happier by only spending 15%… then why would we ever choose to spend 28?
Mentally Freeing. As is the case with all of our possessions, the more we own, the more they own us. And the more stuff we own, the more mental energy is held hostage by them. The same is absolutely true with our largest, most valuable asset. Buy small and free your mind.
Less environmental impact. A smaller home requires less resources to build and less resources to maintain. And that benefits all of us.
More time. Many of the benefits above (less cleaning, less maintaining, mental freedom) result in the freeing up of our schedule to pursue the things in life that really matter – whatever you want that to be.
Encourages family bonding. A smaller home results in more social interaction among the members of the family. And while this may be the reason that some people purchase bigger homes, I think just the opposite should be true.
Forces you to remove baggage. Moving into a smaller home forces you to intentionally pare down your belongings.
Less temptation to accumulate. If you don’t have any room in your house for that new treadmill, you’ll be less tempted to buy it in the first place (no offense to those of you who own a treadmill… and actually use it).
Less decorating. While some people love the idea of choosing wall color, carpet color, furniture, window treatments, decorations, and light fixtures for dozens of rooms, I don’t.
Wider market to sell. By its very definition, a smaller, more affordable house is affordable to a larger percentage of the population than a more expensive, less affordable one.
Only you know all the variables that come into play when making your decision.
Why people buy larger homes?
They “outgrow” their smaller one.
They receive a promotion and raise at work.
They are convinced by a realtor that they can afford it.
They hope to impress others.
They think a large home is the home of their dreams.
Which option did you chose?