James
Senior Member
^ Yes, and how quickly that average went from around $500k to $750k, hasn't it? It's a good thing our salaries have gone up by that same percentage otherwise I don't know how we'd be able to afford those homes! 
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Baby, we got a bubble!?
- Thread starter simuls
- Start date
interested
Senior Member
Again I wonder does the increase in price reflect the sudden rush to take advantage of 2.99% 5 year mortgages and all the talk about further tightening? Or will it persist. I note a seasonality to prices with them starting to rise from January to May with there being then a bit of a lull and trending down a bit. I wonder if in May we will still be beyond last years figure of $485K and exceed the $500K as an average?
drewp
Active Member
The 2.99% rate definetely got the ball rolling sooner than it usually would. The spring market usually starts in February, but with the mild winter we have had I think more people started their search earlier.
The funny thing is mortgage brokers were advertising 2.99% from last year. I think the media really plugged this 2.99% so people thought they had to buy now instead of waiting unitll the spring market.
The funny thing is mortgage brokers were advertising 2.99% from last year. I think the media really plugged this 2.99% so people thought they had to buy now instead of waiting unitll the spring market.
Eug
Senior Member
2.99% is a relatively new thing. Last year it was a mostly limited specialized price with certain brokers and small lenders. This year it was BMO, TD, and RBC promoting it.
Here are the average prices overall over the years.^ Yes, and how quickly that average went from around $500k to $750k, hasn't it? It's a good thing our salaries have gone up by that same percentage otherwise I don't know how we'd be able to afford those homes!
http://torontorealestateboard.com/m...storic_stats/pdf/TREB_historic_statistics.pdf
In the 5-year period from 2006 to 2011, home prices have gone up 32.2% or about 5.75% per year.
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CN Tower
Banned
Nice jump!
http://torontorealestateboard.com/market_news/market_watch/2012/mw1201.pdf
2012 2011 % Chg.
Sales 4,567 4,199 8.8%
New Listings 9,655 8,937 8.0%
Active Listings 11,009 12,107 -9.1%
Average Price $463,534 $425,762 8.9%
Average DOM 32 36 -9.9%
Although I personally prefer the median stats, that is one monster jump inToronto MLS Average Price!
Way to go Toronto! We are again defying the odds!
http://torontorealestateboard.com/market_news/market_watch/2012/mw1201.pdf
2012 2011 % Chg.
Sales 4,567 4,199 8.8%
New Listings 9,655 8,937 8.0%
Active Listings 11,009 12,107 -9.1%
Average Price $463,534 $425,762 8.9%
Average DOM 32 36 -9.9%
Although I personally prefer the median stats, that is one monster jump inToronto MLS Average Price!
Way to go Toronto! We are again defying the odds!
interested
Senior Member
If indeed median prices do reflect what is being shown in this data I agree with CN Tower. Definitely not compatible with an indication of any slowdown. Perhaps CN you could do a similar analysis for C01 district in Toronto, the downtown core, which many follow here and wonder about since it is the area in which most of the downtown condos are.
The Home Price Index launches on Monday: http://homepriceindex.ca/coming_soon_en.html
James
Senior Member
rbt
Senior Member
^ Yes, and how quickly that average went from around $500k to $750k, hasn't it? It's a good thing our salaries have gone up by that same percentage otherwise I don't know how we'd be able to afford those homes!
Anecdotally, the $150k/year crowd seems to be doing okay for bonuses and such.
Eug
Senior Member
Yes, that why said, "average prices overall".
Median detached price in Dec. 2006 was $359500 for the GTA.
Median detached price in Dec. 2011 was $493000 for the GTA.
That's a difference of 37.1%, or 6.5% per annum.
For the 416, I don't have the data.
cityplaceguy
Active Member
Home prices are seeing great gains as usual, nothing to worry about here. Income has also gone up and people have more cash around. I hate people always thinking the world is ending and markets will crash, homes in Forest Hill will be going for 150K etc LoL. I know who you people are and you have been saying this since the 90s and look what you missed out on.
Now is a great time to buy
Now is a great time to buy
cityplaceguy
Active Member
ILuvTO
Active Member
redfirm
Active Member
CondoGeorge, do we know true identity of this entertainer?
Eug
Senior Member
LOL. I found this article somehow amusing.
Toronto real estate so hot worn city-owned houses rake in $602,000 more than the asking prices
The City of Toronto has cashed out big time on its sale of three rundown Crawford St. homes that went for a combined $602,000 over asking price Friday.
Some 72 bids were registered on the three properties. One battered, boarded-up brick semi went for $265,000 over the $495,000 asking price all on its own.
The sales, and the frenzied demand for what were considered to be well-priced but dilapidated properties needing major renovations, sent a buzz through Toronto’s real estate community Friday afternoon when the winning bids were announced.
“It basically shows that there is a lack of supply on the market and, until that changes, prices are going to continue to rise,†said realtor Brian Prashad, who had one client bidding on the biggest of the three, a three-storey home listed for $995,000 that went for $1.111 million.
Toronto real estate so hot worn city-owned houses rake in $602,000 more than the asking prices
The City of Toronto has cashed out big time on its sale of three rundown Crawford St. homes that went for a combined $602,000 over asking price Friday.
Some 72 bids were registered on the three properties. One battered, boarded-up brick semi went for $265,000 over the $495,000 asking price all on its own.
The sales, and the frenzied demand for what were considered to be well-priced but dilapidated properties needing major renovations, sent a buzz through Toronto’s real estate community Friday afternoon when the winning bids were announced.
“It basically shows that there is a lack of supply on the market and, until that changes, prices are going to continue to rise,†said realtor Brian Prashad, who had one client bidding on the biggest of the three, a three-storey home listed for $995,000 that went for $1.111 million.