The Bungalow Blog

Toronto - June 5, 2017 - In the wake of the Ontario government's new "Fair Housing Plan" introduced in the second half of April, 2017, the much-Chart - Toronto & GTA Home Sales Year-Over-Year Summary @ 2017-05anticipated Toronto & GTA [Greater Toronto Area] May MLS® statistics were released this morning by the Toronto Real Estate Board showing a 42.9% spike in the Total Active Listings...alongside a 20.3% drop in the number of homes sold. As for prices, the report notes that prices are up 14.9% to $863,910 on average compared to May, 2016's $752,100. What's probably more relevant, however, is that prices are down 6.1% on a month-over-month basis from April's $919,614.

We've always maintained that, because of the seasonal nature of residential real estate, year-over-year comparisons are more relevant than

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Toronto - May 3, 2017 - Realtors® in Toronto and the GTA / Greater Toronto Area have released the April, 2017 residential Chart - Toronto & GTA Home Sales Year-Over-Year Summary @ 2017-04sales statistics via their monthly MarketWatch publication showing 11,630 properties were sold through the Toronto Real Estate Board’s MLS®, off 3.2% versus April 2016.

While this represents yet another very strong month for residential sales in Toronto and the GTA, some people may be taking a “wait and see” approach after new rules were introduced by the Ontario government - notably a new tax on purchases made by foreign buyers. The Toronto Real Estate Board issued a [generally welcoming] response to those changes here.

Tight Inventory Eases...Slightly

Further, while the TREB report notes that “Greater Toronto Area REALTORS®

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...thought we'd do a quick, mid-month update of the Toronto & GTA residential resale market. Year-over-year as usual...

We've seen at least a few industry observers comment that listings are on the rise. Listings are ALWAYS on the rise in the spring...but we don't get that "Total Active Listings" figure until the month-end report...

Image - TREB Mid-Month MLS Stats, April 2017
Source: Toronto Real Estate Board

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Average prices across the area continue torrid pace YoY

Toronto, Ontario - April 5, 2017 - As Yogi Berra put it, “It’s deja vu all over again.” Only worse. Or better. Depending on whether you're buying or selling...Chart - Toronto & GTA Home Sales Year-Over-Year Summary @ 2017-03

Toronto & GTA Realtors® today released the March, 2017 MLS® home sales figures via the Toronto Real Estate Board’s MarketWatch report. The report reveals a continuation of the long-standing trend, namely spiking prices driven by chronic lack of inventory and intense buyer demand.

Buyers fear being priced out of the market and left behind while some Sellers are sitting tight in hope of still Chart - Toronto & GTA Home Sales & Average Price by Major Home Type 2017-03higher prices, many expressing the same sentiment: “Sure we could sell…but where would we go?”

Time to change some rules?

Meanwhile, policy

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Real estate lawyers say new regulator will better protect buyers

Ontario has just announced that, based on an examination of Tarion and the Ontario New Home Warranties Plan Act, the Provincial Government is setting up a new regulatory body to monitor home builders, replacing the self-regulatory one that was created under former Premier Bill Davis’ government in 1976. In his final report, former associate chief justice John Douglas Cunningham found that Tarion's "framework has given rise to real and perceived conflicts of interest."

Last summer CBC reported, with respect to Tarion, "188 homebuyers left waiting as courts untangle abandoned construction projects...". A Image - CBC - New Home Contstruction - Toronto and The GTAprimary concern was would-be buyers losing deposits & life savings…which often left

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Average price for Detached tops $1.5 million in T.O.; $1.1 mil in “905”

Toronto, Ontario, March 3, 2017 - Realtors® in Toronto and the Greater Toronto Area today released the February, 2017 Toronto Real Estate Chart - Toronto & GTA Home Sales Year-Over-Year Summary @ 2017-02Board [TREB] MLS® sales numbers showing good growth in the number of sales combined with very strong growth in average sales price - both of those statistics being heavily impacted by continuing extremely low inventory levels.

The Board, via its MarketWatch publication, showed that 8,014 residential transactions were reported in February, up 5.7% from the same month one year earlier, and up 54.5% from January, 2017. The report also notes that, 2016 being a leap year, there was one less day this February. While price growth was strong across

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Toronto, Ontario, February 3, 2017 - Realtors® in Metropolitan Toronto and the Greater Toronto Area reported 5,188 home sales through the Toronto Real Estate Chart - Toronto & GTA Home Sales Year-Over-Year Summary @ 2017-01Board’s MLS® system in January which represented an 11.8% rise over same month one year earlier - despite a chronic lack of listing inventory - as announced today by TREB President Larry Cerqua.

While sales of Freehold [“Low-rise”] homes were lower in some areas - no doubt due to the combination of low inventory and elevated price levels - sales of Condominium Apartments were very strong. Not surprisingly, price growth for those Freehold homes was very strong and, with inventory and interest rates at or near record-low levels, that trend appears set to continue.

Overall, those 5,188 homes

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Toronto, Ontario, January 5, 2017 - The Toronto Real Estate Board today released it’s monthly MarketWatch statistical Chart - Toronto & GTA Home Sales & Average Price by Major Home Type 2016-12report showing that Toronto and GTA / Greater Toronto Area Realtors® reported 5,338 sales of residential properties through TREB’s MLS® system in December, 2016, up 8.6% versus December, 2015.

That December total pushed 2016’s overall sales to a new record - the second year in a row for record TREB MLS® home sales in Toronto and the GTA. 2016’s total number of sales came in at 113,133, up 11.8% compared to 2015’s record number.

Chart - Toronto & GTA Home Sales Year-Over-Year Summary @ 2016-12Other than Condo Apartments, sales in Metro Toronto actually fell - though, yet again, there’s little doubt that the decline had more to do with a lack of available inventory combined with higher prices in

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Toronto, Ontario, December 2, 2016 - Greater Toronto Area Realtors® today reported that 8,547 homes sold in November through the Toronto Real Estate Board's MLS® System, Chart - Toronto & GTA Home Sales Year-Over-Year Summary @ 2016-11according to the Board's monthly MarketWatch publication. That figure represents a 16.5% increase compared to last November.

With continuing strong demand and no relief in the very tight supply conditions, price growth was once again robust. The numbers were strong in all categories with the exception of Semi-Detached home sales within Metropolitan Toronto - "The 416" - which were off 3.1%. As in some previous months, this is likely the result of a simple lack of inventory: Even though the number of sales dropped to 283, the average sale price of those "Semis" rose 20.3% to $906,353.

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Toronto, Ontario, November 3, 2016 - The Toronto Real Estate Board today released MLS® figures for the month of October, Chart - Toronto & GTA Home Sales Year-Over-Year Summary @ 2016-102016, showing a continuation of the record pace of home sales in Metropolitan Toronto and the GTA / Greater Toronto Area.

The Total Active Listings figure stood at 10,563 which represents a 34.7% drop from the same period one year ago [16,180 active listings last October]. Obviously this continuing tight inventory situation is the primary driver of across-the-board double digit price growth. Of particular note is the 29.4% jump in the average selling price of Detached homes in the TREB areas surrounding Metropolitan Toronto.

In Metro Toronto itself, 1,088 detached homes changed hands, up 1.5% compared to last October, at an

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