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Toronto Loft Conversions

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Modern Toronto Lofts

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Unique Toronto Homes

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Condos in Toronto

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Toronto Real Estate

Toronto Real Estate

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Tag Archives: greater toronto area

Toronto housing market still on fire, adding heat to national debate

Garry Marr – Financial Post

Home prices continued to rise across the Greater Toronto Area in October, matching similar gains in Calgary and Vancouver which should continue to inflate national housing numbers due out later this month.

Comment: Just as the bottom 3 markets pull the national numbers down. But when almost every single city in Canada is seeing sales and prices rise, there is little effect to be had by other rising cities.

The Toronto Real Estate Board said Wednesday the average sale price in the region in October was $587,505, an 8.9% increase from a year ago. While condominium prices have slowed, low-rise housing prices continue to rise with the average detached home selling for $951,746 in October, an 8.7% increase from a year ago.

Comment: Condo prices have slowed? Uh, nope. They were slow last year, but of late they have taken off. Prices were up 1.5% last month, 9.2% in September, 4.1% in August, 4.7% in July, 6.3% in June… shall I go on? So 1.5% is not the same as 9.2%, but the prices are still rising, month after month after month. That is not what I would call slowing.

Toronto housing market on fire
“Strong growth in sales was evident across all major home types during the first full month of fall. This suggests that there are a lot of households across the Greater Toronto Area who remain upbeat about the benefits of home ownership over the long term, whether we’re talking about first-time buyers or existing home owners looking to change their housing situation,” said Paul Etherington, president of the board, in a release.

GTA sales were up 7.7% in October, gains that follow reports earlier this week that October Vancouver sales were up almost 15% from a year ago while Calgary condo sales jumped 14% during the same period.

Comment: Montreal sales fell by 1%, but prices rose 6%. Manitoba sales are up 0.2% with prices up 3.74% in Q3. Regina and Halifax are still showing September data… But my point is that it is NOT just Toronto/Vancouver/Calgary that are rising.

Concern has been raised that those three markets may be skewing the national price figures which are due out on Nov. 15, a sentiment that even Joe Oliver, the finance minister, has expressed. The government has intervened four times to tighten mortgage rules, but Mr. Oliver has so far rejected further regulation.

In the Toronto market there are few signs of price growth slowing, with the exception of the condo sector which saw 2.5% year over year price growth for October.

Comment: Say what now? Toronto condo prices rose 1.5% last month. They rose 2.5% for the GTA as a whole, pushed up by the 4.6% price rise in the 416.

It’s a much different story for low-rise housing. Detached home prices across the GTA rose 9.6% in October from a year ago while semi-detached and townhouses were up 8% and 9.5% during the same period, respectively.

Analysts have suggested provincial land use policy encouraging intensification have created the dichotomy between high-rise and low-rise housing in the GTA. The spread between low-rise home prices and condominiums prices has never been greater, according to Toronto builders.

Comment: It is part of it, but there are many more reasons. Changing demographics, increasing preference for downtown over the suburbs, etc.

“While sales growth has tracked strongly so far this fall, many would-be home buyers have continued to have difficulties finding a home due to the constrained supply of listings in some parts of the Greater Toronto Area, particularly where low-rise home types are concerned. The resulting sellers’ market conditions are forecast to drive strong price growth through the remainder of 2014 and indeed into 2015 as well,” said Jason Mercer, TREB’s director of market analysis, in a release.

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Contact Laurin Jeffrey for more information – 416-388-1960

Laurin Jeffrey is a Toronto real estate agent with Century 21 Regal Realty.
He did not write these articles, he just reproduces them here for people who
are interested in Toronto real estate. He does not work for any builders.

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