JP Realty Team

June 2020 Market Statistics

June 2020 Market Statistics

GTA REALTORS® Release June 2020 Stats

Toronto Regional Real Estate Board President Lisa Patel announced that Greater Toronto Area REALTORS® reported 8,701 sales through TRREB’s MLS® System in June 2020. This result represented a very substantial increase over the May 2020 sales result, both on an actual (+89 per cent) and seasonally adjusted basis (+84 per cent), and was only down by 1.4 per cent compared to June 2019.

Year-over-year growth in sales was reported in some areas and market segments. Especially notable were the detached and townhouse market segments in the GTA regions surrounding the City of Toronto. New listings were up slightly on a year-over-year basis by 2.1 per cent. However, active listings on TRREB’s MLS® System at the end of June 2020 were down by 28.8 per cent compared to June 2019. Growth in new listings will need to outstrip growth in sales for a number of months before active listings approach last year’s levels.

The MLS® Home Price Index Composite Benchmark was up by 8.2 per cent year-over-year in June. The average selling price for all home types combined was $930,869 – up by 11.9 per cent compared to June 2019. The actual and seasonally-adjusted average selling price was also up substantially compared to May 2020, by 7.8 per cent and 9.8 per cent respectively.

Average and benchmark selling prices were up year-over-year for all major home types. The strongest average annual rates of price growth were experienced in the detached and semi-detached market segments in the City of Toronto at 14.3 per cent and 22 per cent respectively. This, coupled with the fact that average selling price growth outstripped growth in the MLS® HPI benchmarks, points to a resurgence in the higher-end market segments.

Scroll through the charts below to see specific area’s average Sales prices broken down by house types:

Posted by Christine Pecharich
Add Value To Your Home With These 9 DIY Improvements

Add Value To Your Home With These 9 DIY Improvements

Whether you’re prepping your house to go on the market or looking for ways to maximize its long-term appreciation, these nine home improvement projects are great ways to add function, beauty, and real value to your home.

The best part is, once you’ve secured the materials, most of these renovations can be completed over the course of a weekend. And they don’t require a lot of specialized skills or experience. So grab your toolbox, then get ready to boost your home’s appeal AND investment potential!

  1. Spruce Up Your Landscaping

Landscaping improvements can increase a home’s value by 10-12%.1 But which outdoor features do buyers care about most? According to a survey of Realtors, a healthy lawn is at the top of their list. If your lawn is lacking, overseeding or laying new sod can be a worthwhile investment—with an expected return of 417% and 143% respectively.1

Planting flowers is another great way to enhance your home’s curb appeal. And if you choose a perennial variety, your blooms should return year after year. For an even longer-term impact, consider planting a tree. According to the Council of Tree and Landscape Appraisers, a mature tree can add up to $10,000 to the value of your home.2

  1. Clean The Exterior

When it comes to making your house shine, a sparkling facade can be just as important as a clean interior. Real estate professionals estimate that washing the outside of a house can add as much as $15,000 to its sales price.3

A rented pressure washer from your local home improvement store can help you remove built-up dirt and grime from your home’s exterior, walkway, and driveway. Just be sure to read the instructions carefully—and only use it on surfaces that can withstand the intensity. When in doubt, a scrub brush and bucket of sudsy water will often do the trick.

 

  1. Add A Fresh Coat Of Paint

New paint can have a big impact on both the appearance and value of a property. In fact, it’s one of the most effective ways to revitalize a home’s exterior, update its interior, and make it appear larger and brighter. The best part? Painting is relatively easy and inexpensive!

To get the maximum return at resale, stick with a modern but neutral color palette that will appeal to a broad range of buyers. According to a recent survey of home design experts, cool neutrals are a safe bet when it comes to interior paint. And respondents chose white and gray as the best exterior paint colors to use when selling a home.4 However, it’s important to consider a property’s architecture, existing fixtures, and regional design preferences, as well.

  1. Install Smart Home Technology

In a recent survey, 78% of real estate professionals said their buyer clients were willing to pay more for a home with smart technology features.5 The most requested smart devices? Thermostats (77%), smoke detectors (75%), home security cameras (66%), and locks (63%).6

The good news is, many of these gadgets are fairly easy to install. And some of them, including smart thermostats and light bulbs, will pay for themselves over time by making your home more energy efficient. In fact, many manufacturers report that smart thermostats can cut back on heating and cooling costs by 10-20%.7

If you already own a smart speaker, like Amazon Alexa or Google Home, choose devices that will pair with your existing technology. This will enable you to create a truly integrated (and in many cases voice-activated) smart home experience.

  1. Modernize Your Window Treatments

Smart—or motorized—blinds are also growing in popularity, and several manufacturers make models you can order and install on your own. But they’re not the only way to modernize your window treatments.

If you have old aluminum blinds, consider replacing them with plantation shutters, which are energy efficient, durable, and have strong buyer appeal.8 Roman and roller shades are another stylish alternative, and they come in a variety of colors and fabrics, which you can personalize to meet your design and privacy preferences.

Fortunately, upgrading your blinds has gotten easier and less expensive in recent years. There are a number of retailers that specialize in affordable window coverings that are simple to measure and hang yourself.

  1. Replace Outdated Fixtures

Drastically transform the look and feel of your home by swapping out dingy and dated fixtures for contemporary alternatives. Start by assessing your current light fixtures, faucets, cabinet hardware, door knobs, and even switch plates. Then prioritize replacing those that are particularly outdated or in highly-visible areas, such as your entryway or kitchen.

Even if your home is fairly new, consider trading your builder-grade fixtures for higher-end options to give it a more upscale appearance. And forget the old rule about sticking to one metal tone throughout your property. According to designers, mixing metal finishes can add interest and character to a space.9

For more designer insights and decor trends, contact us for a free copy of our recent report: “Top 5 Home Design Trends for a New Decade.”

  1. Upgrade Your Bathroom Mirror

A minor bathroom remodel offers one of the best returns on investment, with a $1.71 increase in home value for every $1 you spend.10 We’ve already explored several improvements you can make to your bathroom: new paint, fixtures, and hardware. Now complete the look by upgrading your vanity’s mirror.

Before you purchase a new mirror, examine your existing one to see how it is attached to the wall. Some vanity mirrors are glued to the wall and difficult to remove without shattering the glass or damaging the sheetrock behind it.11

If you prefer to keep your existing mirror, you can paint the frame—or add one if it’s currently frameless. There are several online retailers that will send you the frame components cut to your specifications, which you can assemble and mount yourself. Much like a work of art, your vanity mirror serves as a focal point for your bathroom, so let your creativity shine through!

 Shampoo Your Carpet

Carpet is notorious for trapping dust, dirt, and allergens. It’s one of the reasons that most buyers prefer hard surface flooring.12 But if you love your carpet, or you’re not ready to invest in an alternative, make an effort to keep it clean and odor-free.

To properly maintain your carpet, you should vacuum it weekly. Experts also recommend a deep shampoo at least every two years.13 Fortunately, this is a cheap and easy DIY project you can knock out in about 20 minutes per room. According to Consumer Reports, you can rent a machine and purchase cleaning fluid and supplies for around $90. With an average return on your investment of 169%, it’s well worth the effort and expense.14

  1. Customize Your Closet

Real estate professionals estimate that a closet remodel can add $2500 to a home’s selling price. And while a professional renovation can cost upwards of $6000, there are many high-quality DIY closet systems you can customize and install yourself.15

Experts recommend taking a thorough inventory of your wardrobe and accessories before you get started. Make sure frequently-worn pieces are easy to reach, and store seasonal and seldom-used items on high shelves. Place shoe racks near the closet entrance so they are easy to access.16 A little planning can go a long way toward building a closet that you (and your future buyers!) will love.

GET A COMPLIMENTARY ANALYSIS OF YOUR PROJECT

 

We’ve been talking averages. But the truth is, the actual impact of a home improvement project will vary depending on your particular home and neighbourhood. Before you get started, contact us to schedule a free virtual consultation. We can help you determine which upgrades will offer the greatest return on your effort and investment.

Sources:

  1. HomeLight –
    https://www.homelight.com/blog/improve-curb-appeal-landscaping/
  2. National Association of Realtors –
    https://www.realtor.com/advice/home-improvement/landscape-renovations-that-pay-off/
  3. com – https://www.houselogic.com/save-money-add-value/add-value-to-your-home/adding-curb-appeal-value-to-home/
  4. Fixr –
    https://www.fixr.com/blog/2020/01/14/paint-color-trends-in-2020/
  5. T3 Sixty –
    https://blog.coldwellbanker.com/wp-content/uploads/2018/01/CES2018-Smart-Homes-An-Emerging-Real-Estate-Opportunity.pdf
  6. Consumer Reports –
    https://www.consumerreports.org/smart-home/smart-home-tech-upgrades-to-help-sell-your-house/
  7. American Council for Energy Efficient Economy
    https://www.aceee.org/sites/default/files/publications/researchreports/a1801.pdf
  8. Forbes – https://www.forbes.com/sites/trulia/2016/07/05/10-upgrades-under-1000-that-increase-home-values-2/#47b0d3162e60
  9. Insider –
    https://www.insider.com/home-design-rules-you-should-be-breaking-2020-1
  10. Zillow –
    https://www.zillow.com/sellers-guide/roi-for-bathroom-remodel/
  11. Lowes –
    https://www.lowes.com/n/how-to/remove-a-bathroom-mirror
  12. HomeLight –
    https://www.homelight.com/blog/what-flooring-increases-home-value/
  13. Angie’s List –
    https://www.angieslist.com/articles/how-often-should-i-clean-my-carpets.htm
  14. HomeLight –
    https://www.homelight.com/blog/projects-that-increase-home-value/
  15. National Association of Realtors – https://www.nar.realtor/research-and-statistics/research-reports/remodeling-impact
  16. EasyClosets –
    https://www.easyclosets.com/tips-ideas/2016/10/02/how-to-plan-your-walk-in-closet/
Posted by Christine Pecharich
Is Now a Good Time to Buy or Sell Real Estate?

Is Now a Good Time to Buy or Sell Real Estate?

Traditionally, spring is one of the busiest times of the year for real estate. But the coronavirus outbreak—and subsequent stay-at-home orders—led many buyers and sellers to put their moving plans on hold. In April, sales volume fell to its lowest level since 1984, according to the Canadian Real Estate Association.1

However, while sales have fallen, prices have remained stable. The average home price in April was down just 1.3% from the same month last year.1 And in many metropolitan areas, prices have continued to rise. The Teranet–National Bank Composite House Price Index, which measures 11 major Canadian markets, showed home prices in April were up 5.3% from a year earlier.2

But given safety concerns and the current economic climate, is it prudent to jump back into the real estate market?

Before you decide, it’s important to consider where the housing market is headed, how the real estate process has changed, and your own individual needs and circumstances.

WHAT’S AHEAD FOR THE HOUSING MARKET?

In response to the economic slowdown, the Bank of Canada has slashed interest rates.3 That’s good news for home buyers who have struggled to afford a mortgage in the past. Lower mortgage rates can bring down monthly payments or increase a buyer’s purchasing power while making it easier to qualify for a loan.

And at a recent press conference, Bank of Canada Governor Stephen Poloz told reporters that interest rates would likely remain low for the foreseeable future. He also noted that the country is on track to meet the central bank’s “best-case scenario for recovery” as outlined in April, and he didn’t predict damage to the economy would be as “dire” as some have speculated.4

While many buyers are eager to take advantage of low mortgage rates, some wonder if recessionary pressures could drive down home prices, too. Economists at the Canada Mortgage and Housing Corporation predict that prices will decrease over the next 12 months.5 However, many real estate industry veterans expect supply and demand fundamentals to prevent a drastic drop in home values.6

There’s been a shortage of affordable homes on the market for years, and that inventory shortage has helped to prop up prices—even as sales have slowed. That’s because supply and demand have fallen at around the same pace.7 Of course, some market segments have fared better than others. For example, demand has softened for urban condos in some areas, which has caused prices to drop. Whereas, the supply of single-family homes in many neighbourhoods has dried up, leaving eager buyers to compete for listings.7

There are certainly opportunities out in the marketplace for both buyers and sellers. But now more than ever, it’s crucial to have a professional real estate agent who understands your local market dynamics and can help you assess the best time to buy or list your home.

HOW HAS THE REAL ESTATE PROCESS CHANGED?

The safety of our clients and our team members is our top priority. That’s why we’ve developed a process for buyers and sellers that utilizes technology to minimize personal contact.

For our listings, we’re holding online open houses, offering virtual viewings, and conducting walk-through video tours. We’re also using video chat to qualify interested buyers before we book in-person showings. This enables us to promote your property to a broad audience while limiting physical foot traffic to only serious buyers.

Likewise, our buyer clients can view properties online and take virtual video tours to minimize the number of homes they step inside. Ready to visit a property in person? We can decrease surface contact by asking the seller to turn on all the lights and open doors and cabinets before your scheduled showing.

The majority of our “paperwork” is also digital. In fact, many of the legal and financial documents involved in buying and selling a home went online years ago. You can safely view and eSign contracts from your smartphone or computer.

 While these new ways of conducting business may seem strange at first, keep in mind, many military clients, international buyers, and others have utilized virtual methods to buy and sell homes for years.

IS IT THE RIGHT TIME FOR ME TO MAKE A MOVE?

The reality is, there’s no “one size fits all” answer as to whether it’s a good time to buy or sell a home because everyone’s circumstances are unique. But now that you know the state of the market and what you can expect as you shop for real estate, consider the following questions:

Why do you want or need to move?

It’s important to consider why you want to move and if your needs may shift over the next year. For example, if you need a larger home for your growing family, your space constraints aren’t likely to go away. In fact, they could be amplified as you spend more time at home.

However, if you’re planning a move to be closer to your office, consider whether your commute could change. Some companies are rethinking their office dynamics and may encourage their employees to work remotely on a permanent basis.

How urgently do you need to complete your move?

 If you have a new baby on the way or want to be settled before schools open in the fall, we recommend that you begin aggressively searching as soon as possible. With fewer homes on the market, it’s taking longer than usual for clients to find and purchase a home.

However, if your timeline is flexible, you may be well-positioned to score a deal. We’re seeing more highly-incentivized sellers who are willing to negotiate on terms and price. Talk to us about setting up a search so we can keep an eye out for any bargains that pop up. And get pre-qualified for a mortgage now so you’ll be ready to act quickly.

If you’re eager to sell this year, now is the time to begin prepping your home for the market. Prices could fluctuate, and experts predict a second wave of infections may necessitate another lockdown.8 If you wait, you might miss your window of opportunity.

How has your particular market segment been impacted?

Certain segments will weather this economic downturn better than others. It’s important to understand the market dynamics of your particular area, price point, and housing type. The truth is, broad macroeconomic projections rarely paint an accurate picture of the day-to-day market realities of a given neighbourhood.

How long do you plan to stay in your new home?

During times of market uncertainty, your best bet is to buy a home you can envision yourself keeping for several years. Fortunately, with decreased competition and ultra-low mortgage rates, you’ll be well-positioned to score a great deal.

Is your income stable?

If there’s a good chance you could lose your job, you may be better off waiting to buy a home. The exception would be if you’re planning to downsize. Moving to a less expensive home could allow you to tap into your home equity or cut down on your monthly expenses.

WHEN YOU’RE READY TO MOVE—WE’RE READY TO HELP

While uncertain market conditions may give pause to some buyers and sellers, they can actually present an opportunity for those who are willing, able, and motivated to make a move.

Your average spring season would be flooded with real estate activity. But right now, only motivated players are out in the market. That means that if you’re looking to buy, you’re in a better position to negotiate a great price. And today’s low mortgage rates could give a big boost to your purchasing power. In fact, if you’ve been priced out of the market before, this may be the perfect time to look.

If you’re ready to sell, you’ll have fewer listings to compete against in your neighbourhood and price range. But you’ll want to act quickly—a second wave of coronavirus cases could be coming later this year. Ask yourself how you will feel if you have to face another lockdown in your current home.

Let’s schedule a free virtual consultation to discuss your individual needs and circumstances. We can help you assess your options and create a plan that makes you feel both comfortable and confident during these unprecedented times.

Read what our clients have to say about us

The above references an opinion and is for informational purposes only. It is not intended to be financial advice. Consult a financial professional for advice regarding your individual needs.

 

Sources:

  1. CTV News –
    https://www.ctvnews.ca/business/canadian-home-sales-fall-to-record-breaking-36-year-low-1.4940984
  2. House Price Index –
    https://housepriceindex.ca/2020/05/april2020/
  3. CBC –
    https://www.cbc.ca/news/business/bank-of-canada-interest-rate-1.5512098
  4. Financial Post –
    https://business.financialpost.com/pmn/business-pmn/bank-of-canada-governor-says-interest-rates-will-probably-stay-low
  5. Canada Mortgage and Housing Corporation –
    https://www.cmhc-schl.gc.ca/en/media-newsroom/speeches/2020/supporting-financial-stability-during-covid19-pandemic
  6. RE/MAX –
    https://blog.remax.ca/no-nosedive-ahead-for-canadian-real-estate-prices-re-max/
  7. Global News –
    https://globalnews.ca/news/6943727/coronavirus-housing-market-good-time-to-buy/
  8. CTV News –
    https://www.ctvnews.ca/health/coronavirus/the-second-wave-will-come-and-experts-say-canada-is-not-prepared-1.4948733
Posted by Christine Pecharich
20 Ways to Save Money and Stretch Your Household Budget

20 Ways to Save Money and Stretch Your Household Budget

These days, it seems like everyone’s looking for ways to cut costs and stretch their income further. Fortunately, there are some simple steps you can take to reduce your household expenses without making radical changes to your standard of living. When combined, these small adjustments can add up to significant savings each month.

Here are 20 things you can start doing today to lower your bills, secure better deals, and begin working toward your financial goals.

1. Refinance Your Mortgage – For prime borrowers, mortgage rates are at or near historic lows. Depending on your current mortgage rate and the terms you choose, refinancing could save you a sizable amount on your monthly payments. There are fees and closing costs associated with refinancing, so you’ll need to talk to your lender to find out if refinancing is a good option for you.

2. Evaluate Your Insurance Policies – If it’s been a while since you priced home or auto insurance, it may be worthwhile to do some comparison shopping. Get quotes from at least three insurers or independent agents. Try bundling your policies to see if there’s a discount. And inquire about raising your deductible, which should lower your premium.(1)

3. Bundle Cable, Phone, and Internet – You can also save money by bundling your cable, phone, and internet services together. Shop around to see who is willing to give you the best deal. If switching is too much of a hassle, ask your current provider to match or beat their competitor’s offer.

4. Better Yet, Cut the Cord on Cable – In many cases, you can save even more if you cancel your cable subscription altogether. An antenna should give you access to the major stations, and many of your favorite shows are probably available on-demand through a less expensive streaming service subscription.

5. Revisit Your Wireless Plan – You can often save by switching from a big brand to an independent, low-cost carrier. If that’s not feasible, ask your current provider for a better deal or consider downgrading to a cheaper plan.

6. Adjust Your Thermostat – Turning your thermostat up or down a few degrees can have a noticeable impact on your monthly heating and cooling costs. To maximize efficiency, change your filters regularly, and make sure your windows and doors are well insulated.

7. Use Less Hot Water – After heating and cooling, hot water accounts for the second largest energy expense in most homes.(2) To cut back, repair any leaks or dripping faucets, install low-flow fixtures, only run your dishwasher when full, and wash clothes in cold water when possible.

8. Lower Overall Water Consumption – To decrease your water usage, take shorter showers, and turn off the sink while you brush your teeth and wash your hands. If you don’t have a low-flow toilet, retrofit your current one with a toilet tank bank or fill cycle diverter. And irrigate your lawn in the morning or evening to minimize evaporation.(3)

9. Conserve Electricity – Save electricity by shutting off your computer at night and installing energy-efficient LED light bulbs. You can minimize standby or “vampire” power drain by utilizing power strips and unplugging idle appliances.(4)

10. Purchase a Home Warranty – While there is an upfront cost, a home warranty can provide some protection and peace of mind when it comes to unexpected home repair costs. Most plans provide coverage for major systems (like electrical, plumbing, and HVAC) and appliances (such as your dishwasher, stove, or refrigerator).

11. Outsource Less – From lawn care to grocery shopping to minor home repairs, we pay people to do a lot of things our parents and grandparents did themselves. To save money, try cutting back on the frequency of these services or taking some of them on yourself.

12. Prepare Your Own Meals – It costs nearly five times more to have a meal delivered than it does to cook it at home.(5) And home cooking doesn’t just save money; it’s healthier, cuts down on calorie consumption, and can offer a fun activity for families to do together.

13. Plan Your Menu in Advance – Meal planning is deciding before you shop what you and your family will eat for breakfast, lunch, and dinner. It can help you lower your overall food bill, eliminate waste, and minimize impulse purchases. When possible, buy produce that is in season, and utilize nutrient-rich but inexpensive protein sources like eggs, beans, ground turkey, and canned tuna.

14. Plant a Garden – You can save even more on produce by growing it yourself. If you have space in your yard, start-up costs are relatively minimal. Gardening can be a rewarding and enjoyable (not to mention delicious) hobby for the whole family. And it could save you around $600 per year at the grocery store!6

15. Review Memberships and Subscriptions – Are you paying for services and subscriptions you no longer need, want, or can utilize? Determine if there are any that you should suspend or cancel.

16. Give Homemade Gifts – Who wouldn’t appreciate a scratch birthday cake or tin of cookies? And if you enjoy crafting, Pinterest and Instagram are full of inspiring ideas. Show your recipient how much you care with a homemade gift from the heart.

17. Minimize Your Debt Payments – The best way to reduce a debt payment is to pay down the balance. But if that’s not an option right now, try to negotiate a better interest rate. If you have a good credit score, you may be able to qualify for a balance transfer to a 0% or low-interest rate credit card. Keep in mind, the rate may expire after a certain period—so be sure to read the fine print.

18. Get a Cash-back Credit Card – If you regularly pay your credit card balance in full, a cash-back credit card can be a good way to earn a little money back each month. However, they often come with high-interest rates and fees if you carry a balance. Commit to only using it for purchases you can afford.

19. Ask for Deals and Discounts – It may feel awkward at first, but becoming a master haggler can save you a lot of money. Many companies are willing to negotiate under the right circumstances. Always inquire about special promotions or incentives. See if they are able to price match (or beat) their competitors. And if an item is slightly defective or nearing its expiration date, ask for a discount.

20. Track Your Household Budget – One of the most effective ways to reduce household expenses is to set a budget—and stick to it. A budget can help you see where your money is going and identify areas where you can cut back. By setting reasonable limits, you’ll be able to reach your financial goals faster.

Want more help getting a handle on your finances? Use the budget worksheet below to track income and expenses—and start working towards your financial goals today! Please reach out to me for a downloadable version.

HOUSEHOLD BUDGET WORKSHEET

  Expected Actual Difference
HOUSING
Mortgage/taxes/insurance or Rent
Utilities (electricity, water, gas, trash)
Phone, internet, cable
Home maintenance and repairs
FOOD
Groceries
Restaurants
TRANSPORTATION
Car payment/insurance
Gas, maintenance, repairs
OTHER
Health insurance
Clothing and personal care
Childcare
Entertainment
Gifts and charitable contributions
Savings, retirement, college fund
INCOME
Salary/wages
Tips and other
MONTHLY TOTALS
Total Actual Income
Total Actual Expenses
ADDITIONAL SAVINGS

WE’RE HERE TO HELP
We would love to help you meet your financial goals. Whether you want to refinance your mortgage, save up for a down payment, or simply find lower-cost alternatives for home repairs, maintenance, or utilities, we are happy to provide our insights and referrals. And if you have plans to buy or sell a home this year, we can discuss the steps you should be taking to financially prepare. Contact us today to schedule a free consultation!

The above references an opinion and is for informational purposes only. It is not intended to be financial advice. Consult a financial professional for advice regarding your individual needs.

Sources:

1. Insurance Information Institute –
https://www.iii.org/article/twelve-ways-to-lower-your-homeowners-insurance-costs
2. Department of Energy –
https://www.energy.gov/energysaver/water-heating/reduce-hot-water-use-energy-savings
3. Money Crashers –
https://www.moneycrashers.com/ways-conserve-water/
4. Harvard University –
https://green.harvard.edu/tools-resources/poster/top-5-steps-reduce-your-energy-consumption
5. Forbes –
https://www.forbes.com/sites/priceonomics/2018/07/10/heres-how-much-money-do-you-save-by-cooking-at-home/#2c53b2f35e54
6. Money –
https://money.com/gardening-grocery-savings/

Posted by Christine Pecharich
Burlington April 2020 Market Statistics

Burlington April 2020 Market Statistics

GTA REALTORS® Release April 2020 Stats

Toronto Regional Real Estate Board President Michael Collins released the following key housing market statistics for April 2020:

Home Sales and Listings

  • Greater Toronto Area REALTORS® reported 2,975 residential transactions through TRREB’s MLS® This result was down by 67 per cent compared to April 2019. Weekday sales remained within a relatively steady range during the month, averaging 130 per day.
  • New listings amounted to 6,174 in April 2020 – down on a year-over-year basis by a similar rate compared to sales (-64.1 per cent).

Home Prices

  • The average selling price for April 2020 transactions was $821,392 – up by 0.1 per cent compared to the average price of $820,373 reported for April 2019. The semi-detached and townhouse market segments experienced annual average price growth above the rate of inflation. The condominium apartment and detached segments experienced year-over-year price declines on average.
  • The trend for the MLS® Home Price Index Composite Benchmark, which had been on an upward trajectory since the beginning of 2019 flattened in April. On a year-over-year basis, the Benchmark was up by 10 per cent.
  • The MLS® HPI indices represent prices for typical homes with consistent attributes from one period to the next. The fact that the MLS® HPI was up year-over-year by a greater rate than the average selling price suggests that the share of higher end deals completed in April 2020 versus April 2019 was down

Posted by Christine Pecharich in Burlington, Market Reports
Halton Hills (Georgetown) April 2020 Market Statistics

Halton Hills (Georgetown) April 2020 Market Statistics

GTA REALTORS® Release April 2020 Stats

Toronto Regional Real Estate Board President Michael Collins released the following key housing market statistics for April 2020:

Home Sales and Listings

  • Greater Toronto Area REALTORS® reported 2,975 residential transactions through TRREB’s MLS® This result was down by 67 per cent compared to April 2019. Weekday sales remained within a relatively steady range during the month, averaging 130 per day.
  • New listings amounted to 6,174 in April 2020 – down on a year-over-year basis by a similar rate compared to sales (-64.1 per cent).

Home Prices

  • The average selling price for April 2020 transactions was $821,392 – up by 0.1 per cent compared to the average price of $820,373 reported for April 2019. The semi-detached and townhouse market segments experienced annual average price growth above the rate of inflation. The condominium apartment and detached segments experienced year-over-year price declines on average.
  • The trend for the MLS® Home Price Index Composite Benchmark, which had been on an upward trajectory since the beginning of 2019 flattened in April. On a year-over-year basis, the Benchmark was up by 10 per cent.
  • The MLS® HPI indices represent prices for typical homes with consistent attributes from one period to the next. The fact that the MLS® HPI was up year-over-year by a greater rate than the average selling price suggests that the share of higher end deals completed in April 2020 versus April 2019 was down

Posted by Christine Pecharich in Georgetown, Halton Hills, Market Reports
Mississauga April 2020 Market Statistics

Mississauga April 2020 Market Statistics

GTA REALTORS® Release April 2020 Stats

Toronto Regional Real Estate Board President Michael Collins released the following key housing market statistics for April 2020:

Home Sales and Listings

  • Greater Toronto Area REALTORS® reported 2,975 residential transactions through TRREB’s MLS® This result was down by 67 per cent compared to April 2019. Weekday sales remained within a relatively steady range during the month, averaging 130 per day.
  • New listings amounted to 6,174 in April 2020 – down on a year-over-year basis by a similar rate compared to sales (-64.1 per cent).

Home Prices

  • The average selling price for April 2020 transactions was $821,392 – up by 0.1 per cent compared to the average price of $820,373 reported for April 2019. The semi-detached and townhouse market segments experienced annual average price growth above the rate of inflation. The condominium apartment and detached segments experienced year-over-year price declines on average.
  • The trend for the MLS® Home Price Index Composite Benchmark, which had been on an upward trajectory since the beginning of 2019 flattened in April. On a year-over-year basis, the Benchmark was up by 10 per cent.
  • The MLS® HPI indices represent prices for typical homes with consistent attributes from one period to the next. The fact that the MLS® HPI was up year-over-year by a greater rate than the average selling price suggests that the share of higher end deals completed in April 2020 versus April 2019 was down

Posted by Christine Pecharich in Market Reports, Mississauga
Toronto April 2020 Market Statistics

Toronto April 2020 Market Statistics

GTA REALTORS® Release April 2020 Stats

Toronto Regional Real Estate Board President Michael Collins released the following key housing market statistics for April 2020:

Home Sales and Listings

  • Greater Toronto Area REALTORS® reported 2,975 residential transactions through TRREB’s MLS® This result was down by 67 per cent compared to April 2019. Weekday sales remained within a relatively steady range during the month, averaging 130 per day.
  • New listings amounted to 6,174 in April 2020 – down on a year-over-year basis by a similar rate compared to sales (-64.1 per cent).

Home Prices

  • The average selling price for April 2020 transactions was $821,392 – up by 0.1 per cent compared to the average price of $820,373 reported for April 2019. The semi-detached and townhouse market segments experienced annual average price growth above the rate of inflation. The condominium apartment and detached segments experienced year-over-year price declines on average.
  • The trend for the MLS® Home Price Index Composite Benchmark, which had been on an upward trajectory since the beginning of 2019 flattened in April. On a year-over-year basis, the Benchmark was up by 10 per cent.
  • The MLS® HPI indices represent prices for typical homes with consistent attributes from one period to the next. The fact that the MLS® HPI was up year-over-year by a greater rate than the average selling price suggests that the share of higher end deals completed in April 2020 versus April 2019 was down

Posted by Christine Pecharich in Market Reports, Toronto
Oakville April 2020 Market Stats

Oakville April 2020 Market Stats

GTA REALTORS® Release April 2020 Stats

Toronto Regional Real Estate Board President Michael Collins released the following key housing market statistics for April 2020:

Home Sales and Listings

  • Greater Toronto Area REALTORS® reported 2,975 residential transactions through TRREB’s MLS® This result was down by 67 per cent compared to April 2019. Weekday sales remained within a relatively steady range during the month, averaging 130 per day.
  • New listings amounted to 6,174 in April 2020 – down on a year-over-year basis by a similar rate compared to sales (-64.1 per cent).

Home Prices

  • The average selling price for April 2020 transactions was $821,392 – up by 0.1 per cent compared to the average price of $820,373 reported for April 2019. The semi-detached and townhouse market segments experienced annual average price growth above the rate of inflation. The condominium apartment and detached segments experienced year-over-year price declines on average.
  • The trend for the MLS® Home Price Index Composite Benchmark, which had been on an upward trajectory since the beginning of 2019 flattened in April. On a year-over-year basis, the Benchmark was up by 10 per cent.
  • The MLS® HPI indices represent prices for typical homes with consistent attributes from one period to the next. The fact that the MLS® HPI was up year-over-year by a greater rate than the average selling price suggests that the share of higher end deals completed in April 2020 versus April 2019 was down
Posted by Christine Pecharich in Market Reports, Oakville
Milton April 2020 Market Statistics

Milton April 2020 Market Statistics

GTA REALTORS® Release April 2020 Stats
Toronto Regional Real Estate Board President Michael Collins released the following key housing market statistics for April 2020:
Home Sales and Listings
• Greater Toronto Area REALTORS® reported 2,975 residential transactions through TRREB’s MLS® System. This result was down by 67 per cent compared to April 2019. Weekday sales remained within a relatively steady range during the month, averaging 130 per day.
New listings amounted to 6,174 in April 2020 – down on a year-over-year basis by a similar rate compared to sales (-64.1 per cent).
Home Prices
• The average selling price for April 2020 transactions was $821,392 – up by 0.1 per cent compared to the average price of $820,373 reported for April 2019. The semi-detached and townhouse market segments experienced annual average price growth above the rate of inflation. The condominium apartment and detached segments experienced year-over-year price declines on average.
• The trend for the MLS® Home Price Index Composite Benchmark, which had been on an upward trajectory since the beginning of 2019 flattened in April. On a year-over-year basis, the Benchmark was up by 10 per cent.
• The MLS® HPI indices represent prices for typical homes with consistent attributes from one period to the next. The fact that the MLS® HPI was up year-over-year by a greater rate than the average selling price suggests that the share of higher end deals completed in April 2020 versus April 2019 was down

Posted by Christine Pecharich in Market Reports, Milton