Every month and mid-month the Toronto Real Estate Board releases information about how the market is performing in relation to the same time the previous year. The intent is to give a seasonal comparison rather than a month by month comparision.
The latest report (found here) tells a similar story as we have been hearing for several years now, demand for homes in Toronto is still strong in relation to the number of homes listed for sale. We are seeing fewer homes being listed for sale but the number or ratio of homes being sold is relatively the same which has an upward pressure on prices. Below we see the statistics showing that the Sales to List Ratio (SLR) shows that in spite of fewer homes being listed approximately the same percentage of these homes sold leaving us in what is referred to as a 'Balanced Market'. In contrast the other two types of markets are Sellers Market, which we saw previously with buyers bidding on homes, and Buyers Market where buyers are able to influence price, often downward.
The interesting information here is the disparity between condo, detached and townhouse data. In the chart at the bottom we see sales of condos sales volumes and prices dropping, in contract townhouse sales volumes and prices are rising! As noted earlier, detatched home sales volume is down but prices are up.
As always, real estate is a local matter and these averages can differ depending on the area, be sure to check with me for information on the area's you are most interested in.
Summary of Toronto MLS Sales & Average Price: Feb 1-14, 2013
|Sales||Avg. Price||New Listings||SLR||Sales||Avg. Price||New Listings||SLR|
|City of Toronto ("416")||1,087||$555,423||2,196||49%||1,169||$540,246||2,465||47%|
|Rest of GTA ("905")||1,736||$480,030||3,323||52%||1,910||$458,071||3,540||54%|
Toronto MLS Sales & Average Price By Home Type: Feb 1-14, 2013
|Yr./Yr. % Change||-4.0%||-11.7%||-9.7%||5.8%||5.0%||5.9%|
|Yr./Yr. % Change||-9.8%||-11.2%||-10.6%||5.3%||4.9%||5.3%|
|Yr./Yr. % Change||17.0%||1.8%||5.3%||15.9%||10.1%||12.1%|
|Yr./Yr. % Change||-14.4%||-11.6%||-13.5%||-8.4%||2.3%||-6.0%|