The Toronto Real Estate Board announced that Greater Toronto Area REALTORS® reported 9,989 transactions through TREB's MLS® System in May 2019. While this result represented a substantial increase of 18.9 per cent over the 15-year low in May 2018, it should be noted that the result was still below the average for month of May sales for the previous ten years, which stands at almost 10,300.
The year-over-year uptick in sales experienced so far in the second quarter of 2019 reflects spring polling results from Ipsos (undertaken on behalf of TREB) suggesting that the share of likely home buyers in the Greater Toronto Area has edged upwards since he fall.
After a sluggish start to 2019, the second quarter appears to be reflecting a positive shift in consumer sentiment toward ownership housing. Households continue to see ownership housing in the GTA as a quality long-term investment as population growth from immigration remains strong and the regional economy continues to create jobs across diversity of sectors. However, sales activity continues to be below the longer-term norm, as potential home buyers come to terms with the OSFI mortgage stress test and the fact that listings continue to be constrained relative to sales.
The number of new listings entered into TREB's MLS® System in May 2019 was up only slightly compared to May 2018, increasing by 0.8 per cent to 19,386. Year-over-year growth in new listings was far outstripped by year-over-year growth in sales. This means that market conditions continued to tighten in favour of sellers.
The MLS® Home Price Index (HPI) Composite benchmark price was up by 3.1 per cent on a year-over-year basis. The average selling price for all home types combined was up by a similar 3.6 per cent to $838,540. Price growth was driven by the condominium apartment and townhouse market segments.
We are experiencing annual rates of price growth that are largely sustainable right now in the GTA - above the rate of inflation, but in the single digits. If, however, we continue to see growth in sales outstrip growth in new listings, price growth will accelerate. This potential outcome underpins calls from TREB and other housing industry stakeholders to address roadblocks preventing a more sustainable and diverse supply of housing reaching the market. Many households are not comfortable listing their homes for sale because they feel that there are no housing options available to better meet their needs.
Customer Satisfaction Response: "Elvis, We want to sincerely thank you for all you have done and for being so patient with us each step of the way. You sold our home in 3 days for 98% of asking price and it became the highest sale in the neighborhood for a home with an unfinished basement. We were simply stunned and ecstatic.
You were so patient with us as we then set out on our journey to find a new home... We looked at home after home and you listened to us... complaint after complaint. We knew what we wanted in a new home and we didn’t want to settle for less. When we finally found the home we wanted... it was out of our budget… again you made it happen for us. You negotiated until it was within our budget. You are great at what you do... honest, confident, patient,respectful and knowledgeable. You are a true professional. We truly wish you all the best in your future endeavors. Without a second thought we will gladly and highly recommend you to anyone we know!" - D. and A. Abelha
One thing is for sure; we all know that we need a roof over our head.In most peoples case they end up having to pay either Rent for this roof or a Mortgage payment, unless of course you have a rich family that can offer you FREE or Reduced Rent. The point is, we ALL have to pay for a roof over our heads. Real Estate has always been considered a Long-Term Investment. The real question you need to ask yourself; do I really want to pay RENT for the rest of my life?
This Grant offers financial assistance to low-income households who own and occupy substandard housing to enable them to repair their dwellings to a minimum level of health and safety. It is called the Residential Rehabilitation Assistance Program (RRAP). Who is eligible?
If you are buying a home, then, before you decide on whether this home is your dream home, the following checklist will help you look at prospective homes with a critical eye. We suggest printing this page and putting it on a clipboard. When you find a home that really interests you, mark the features you see and note their general condition on this list.
There are many television shows today that focus on home staging. If you have not watched any, do yourself a favor and tune in. They all say the same thing: do not even consider putting your house on the market until you have taken a close look at its condition.