Toronto Sales Up 14.5% in May

 

Toronto Sales Up 14.5% in May

 

Greater Toronto Realtors reported 5,142 transactions through the TorontoMLS® System during the first 14 days of May 2012. This result was up by more than 14.5 per cent in comparison to the first 14 days of May 2011. The number of new listings continued to grow at a slower pace than sales – up 13 per cent year-over-year to 8,749.

“Annual growth in sales was experienced across the GTA for all major home types in the first half of May. Sales growth was strongest for the condominium apartment segment. While the condo market has generally been the best supplied market over the past year, we have continued to see enough demand to exert moderate upward pressure on average selling prices in this market segment,” said Toronto Real Estate Board President Richard Silver.

The average selling price for transactions in the first 14 days of May was $517,242 – up by six per cent compared to the same period in 2011.

“A shortage of listings in the low-rise segment of the market has resulted in a lot of competition between buyers and above average annual rates of price growth. Tight market conditions are expected to remain in place for the balance of 2012,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Summary of TorontoMLS® Sales and Average Price

 

 

May 1 - 14

 

 

2012

 

2011

 

 

Sales

Average Price

Sales

Average Price

 

City of Toronto ("416")

1,959

$572,159

1,763

$547,659

 

Rest of GTA ("905")

3,183

$483,443

2,725

$448,126

 

GTA

 

5,142

 

$517,242

 

4,488

 

$487,225

 

 

TorontoMLS® Sales & Average Price By Home Type

 

 

May 1 - 14, 2012

 

Sales

Average Price

 

416

905

Total

416

905

Total

             

Detached

691

1,832

2,523

835,522

576,845

647,692

Yr./Yr. % Change

6%

17%

14%

5%

8%

6%

Semi-Detached

225

343

568

595,962

401,779

478,700

Yr./Yr. % Change

2%

13%

8%

8%

12%

9%

Townhouse

238

590

828

465,499

359,475

389,951

Yr./Yr. % Change

17%

17%

17%

15%

5%

8%

Condo Apartment

784

326

1,110

370,224

291,673

347,154

Yr./Yr. % Change

18%

18%

18%

4%

9%

5%

 


Toronto Home Sales Up 18% in April

 

Toronto Home Sales Up 18% in April

Greater Toronto Realtors reported 10,350 transactions through the TorontoMLS® System in April 2012. This level of sales was 18 per cent higher than the 8,778 firm deals reported in April 2011. The strongest sales growth was reported in the single-detached market segment, with transactions of this home type up by 22%compared to a year ago.

“Interest in single-detached homes has been very high, both in the City of Toronto and surrounding regions. Growth in single-detached listings has not kept up with demand, which means competition between buyers in this market segment increased. With this in mind, it was no surprise that the strongest annual price increase was also experienced in the single-detached segment,” said Toronto Real Estate Board President, Richard Silver.

The average price for April 2012 transactions was $517,556 – up 8.5 per cent compared to April 2011. While price growth was strongest for single-detached homes, the better-supplied condominium apartment segment experienced a more moderate annual rate of price growth, at four per cent.

“Monthly mortgage payments remain affordable for home buyers in the Greater Toronto Area. While interest rates are generally expected to increase over the next two years, the extent and timing of rate hikes has been thrown into question by slower than expected economic growth in the first quarter of this year. On net, borrowing costs are expected to remain a positive factor influencing home sales through 2012,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

See Toronto Real Estate Market Watch report »


House Hunting Down Payment Requirements

 

For many people, the hardest part of buying a home is saving enough money for a down payment. The bigger the down payment, the smaller the amount of your mortgage loan. If you've arrived in Canada within the last 36 months, you may qualify for Genworth's or CHMC  New To Canada  product, which allows you to buy with as little as a 5% down payment.

A down payment of 20% or more of the property will qualify you for a conventional mortgage. If it is less than 20% you will pay for mortgage default insurance. Mortgage default insurance enables buyers with low down payments access to the same competitive mortgage interest rates as buyers with larger down payments. It’s insurance which guarantees the mortgage by protecting the lender should you be unable to make your mortgage payments for unforeseen reasons.

Genworth Financial Canada is the largest private sector supplier of mortgage default insurance in Canada. Mortgage default insurance is also available from several other providers in Canada like CHMC. Your lender will both inform you about, and arrange for, mortgage default insurance.