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Toronto Real Estate

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Tag Archives: mls sales

Across the country, real estate resilience persists

Tara Perkins – The Globe and Mail

Canadian house sales continued to be strong in October, and economists are watching to see if the strength persists through to the new year.

While national data from the Canadian Real Estate Association will not be available until mid-month, local real estate boards have been disclosing their October data and most are showing double-digit, year-over-year gains.

Sales were up 19.2% in the Toronto area last month, 37.8% in Vancouver, 18% in Calgary, 37.27% in Victoria, 15.6% in Edmonton, and 2% in Ottawa.

“Ho hum, another double-digit gain for Canadian home sales in October,” Bank of Montreal chief economist Douglas Porter wrote in a research note.

Comment: Strange, usually economists come with some reason why the number is wrong or why it is the last month before the apocalypse.

“Sales may not quite match the knockout 18% year-over-year national gain seen in September, but the comparison is a bit more challenging this month,” he wrote. “Bottom line is that Canadian home sales remain quite resilient, and have put the weakness in late 2012 and early 2013 far into the rear-view mirror.”

Comment: Toronto sales were up 19%. That matches and even exceeds 18%.

Dianne Usher, president of the Toronto Real Estate Board, said in a press release that the city’s “home ownership market has been broadly characterized by a rebound in sales since the summer.”

Toronto home sales and prices

There were 8,000 sales via Toronto’s Multiple Listing Service last month, up from 6,713 in the same month of 2012.

Comment: Note, though, that while October sales were up 19% over 2012, that month was down almost 16% over 2011. Putting things in better perspective, this October’s 8,000 sales were only up 7.8% over October 2011. That is a much more reasonable measurement.

The city’s average selling price was $539,058, up by more than 7% from $502,127 a year earlier.

Detached houses in the downtown 416 telephone area code saw their average selling price rise by 12.4%, to $873,509. The average selling price of existing condos in the 416 area rose 7.2% to $384,441. Price growth in the suburban 905 area code was softer.

The Greater Toronto MLS Home Price Index, which seeks to account for fluctuations in the type or size of houses that are selling, was up by 4.5%.

Mr. Porter said that while sales are strong, “it’s a much more restrained picture on the price side … which may help explain why the merchandise is moving.

“Half the cities reporting so far for October have recorded slight price dips, while gains in other cities are modest,” he said.

Economists have been noting that price movements usually lag changes in sales. Sales plunged in the summer of 2012 and remained soft through to last spring.

Comment: So what happens now that sales have risen for 5 straight months? And prices have risen all that time, as well as every month with lower sales. Kinda puts a hole in that theory.

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

Laurin Jeffrey is a Toronto Realtor 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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