It’s no surprise that our Toronto housing market results just keep getting better as the year progresses. This one might go down in the record books as the best one yet.

As of October 2014:

Real estate sales up 10.9%.

The Toronto Real Estate Board reported 8051 transactions in September 2014, a 10.9% increase compared to September 2013. Despite a persistent shortage of listings in some market segments, we have experienced strong growth in sales suggesting buyers 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 Toronto Real Estate Board President, Paul Etherington.

Average selling price for homes in the GTA up $41,221 in one year.

The average selling price for September transactions was $573,676, up 7.7% from 2013. Average year-over-year price growth was strongest in the City of Toronto, both for low-rise home types like detached and semidetached houses and for condominium apartments. The average selling price year-to date was $563,813 – up 8.5%  compared to the first nine months of 2013. A Toronto detached home sold for an average of $951,792 in September 2014

Real estate sales growth expected to hit new sales record.

If the current pace of sales growth remains and is coupled with the multitude of willing buyers and short supply of listings, the Toronto housing market will translate into very strong annual rates of price growth in the fourth quarter. “We could be flirting with a new record for residential sales reported by TREB Members this year.” said Jason Mercer, TREB’s Director of Market Analysis.

What does this mean to you as a Seller?

The fall market is the second best time of year to sell. Why wait for spring when plenty other Sellers will be listing as well? It’s an opportune time to take advantage of short supply and less competition. As we’ve seen there are plenty of Buyers that are ready, with mortgage pre-approvals obtained and ready to move forward on the right purchase.

Buyers – why wait? Prices only keep going up and show no signs of slowing down.

The heading is not meant to scare you! Take advantage of the cooler months when you’ll be vying for homes against fewer competing Buyers. Nothing better to celebrate the upcoming year with a new home to ring in 2015! It makes sense if you’re ready, to take advantage during the current market as there’s no signs of slowing down. Why potentially spend tens of thousands more on a home if you’re trigger shy to make a move, NOW. Think about the awesome furniture, art and accessories you could deck your home out in – or the 8 person hot tub which would be perfect in your new backyard.

Contact us.

If you’re looking to Buy or Sell, drop us a line and we’ll get you going on your best foot forward. info@tcteam.ca

2nd Quarter results were recently released with overall sales up 10.4% over the same time last year, squashing speculation that the condo market was on a continual decline. It’s no surprise that we’ve seen an increase in condo sales based on how single family homes have skyrocketed in price. Condos remain a more affordable option for small families and those looking to cash in on their homes and downsize to a more effortless lifestyle.

Stats-wise, the average selling price for condos in Q2 was up by 5.5% year-over-year to $367,010. In the City of Toronto, which accounted for 71% of total sales, the average selling price was $392,739, representing an increase of 5.3%. In Mississauga, condo sales were up 4.8% with an average price of $279,902 representing an increase of 5.1% year-over-year.

Have you noticed a surge in construction cranes throughout the city? Many new condo projects have popped up contributed by a healthy increase in the pre-construction condo market, with a total of 5,992 new condominium apartments sold in Toronto during Q2, which was the third highest volume of activity for a second quarter behind 2011 and 2007 and a 56% year-over-year increase from a post-recession low in 2013. The 12-month total for new condo sales reached 18,463 — directly in line with the 10-year annual average. Price growth remained consistent coming in at 2.8% annually to an average index price level of $554 per square foot in Q2. Pricing for unsold units continued to hold steady, growing by less than one percent to an average of $570 psf.

So what does this mean for new condos that are nearing completion? We should still see enough demand to sustain the price growth over inflation over the second half of the year. This coupled with how hot the Toronto condo rental market is reinforces the fact that buying condos are a sound investment after all.

I can’t believe we’re already half-way through 2014. Is it just me or has the year flown by? This spring/summer season has been busy in more ways than one. My husband Steve joined me in the business at the start of a year, forming the Tanya Crepulja Team. We celebrated our first year wedding anniversary in May, and also had another celebration on that very same day – the birth of our son. Amidst all this it’s been business as usual and as you can imagine it’s been busy, in real estate and at home with our ‘lil guy 😉 This has been one of my best years in real estate yet, having met and worked with numerous amazing buyers and sellers….all while pregnant or after just having the baby, dispelling the myth that you can’t work with a newborn (hey, real estate is my “other” baby!)

What else is exciting is the launch of our new website, which is where you’re reading this. It’s been a labour of love and in the works for the past few months with design from the good folks at Artifakt Digital.  This is the first blog post of the new site, so bear with me as I get the hang of blog writing. I’m sure Steve will have his contributions for the blog going forward, so be sure to check in often – and browse the site while here. We welcome your feedback on the site, and would be happy to help you with any home buying or selling questions you may have. Until then, make the most of what’s left of summer!