Randy Miller

Broker Of Record

Urban Avenue Realty Ltd., Brokerage

Whitby & Brooklin Real Estate

Office 905-430-1800

Direct 905-430-9444

Email: randy@randymiller.ca

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June, 2015. Greater Toronto REALTORS® reported 11,706 sales in May 2015.  This result was up by 6.3 per cent in comparison to 11,013 sales reported in May 2014.  For the TREB market area as a whole, sales were up for all major housing types.  However, in the City of Toronto, where the supply of low-rise listings has been constrained, sales were down for detached homes.

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Toronto MLS New Listings

For Toronto Real Estate Board President Paul Etherington it is clear that home ownership remains “top of mind as a quality long-term investment for GTA households”.  Despite a shortage of listings in some market segments there is a record number of sales reported through TREB’s MLS® System for the month of May.

Toronto MLS Average Price
Record May transactions, coupled with a dip in the number of homes available for sale, resulted in strong price growth.  The MLS® Home Price Index (HPI) Composite Benchmark was up by 8.9 per cent year over year in May.  The MLS® HPI uses benchmark homes to estimate price growth.

The average selling price for all home types combined in May 2015 was up by 11 per cent annually to $649,599.  The higher annual rate of average price growth compared to the MLS® HPI Composite Benchmark points to the fact that the proportion of high-end home sales continued to be greater compared to 2014.

Housing Affordability

According to Jason Mercer, TREB’s Director of Market Analysist, tight market conditions, especially for singles, semis and town homes in the GTA, have resulted in strong price growth.  “With no relief so far on the listings front, expect similar rates of price growth as we move through the remainder of 2015.  At this point, a number of months where listings growth outstrips sales growth would be required to satisfy pent-up demand,” said Mercer.

Toronto MLS Sales with Trendline
Toronto MLS New Listings with Trendline
Toronto MLS Avg Price with Trendline

Durham Region a great place to invest

Durham Region Association of REALTORS® (DRAR) President Sandra O’Donohue reported 1,320 residential transactions in May 2015. This result represented a small decrease from 1,334 in May of last year.  Sales and listings have remained proportionate in comparison to last year as the amount of listings also slightly decreased.

Average Selling Price Housing Durham Region 

In May 2015 the average price of a detached home in Durham Region reached $502,079. In May 2014, detached homes sold for an average of $428,914, which demonstrates a year-over-year increase of over 17 per cent. The average price for all home types in Durham was $449,837 last month, an increase of 15.1 per cent compared to the same period last year.

“Lack of inventory encouraged competition between buyers which puts upward pressure on selling prices,” stated O’Donohue. "We expect similar rates of price growth to continue into the second half of 2015. Borrowing rates help keep home ownership affordable while property values continue to rise, which makes Durham Region a great place to invest”.

If you are looking for a house in Durham Region or are already a homeowner and wish to move to a new house in Pickering, Ajax, Whitby, Brooklin, Oshawa, Courtice or Bowmanville, please contact me for more information.

Having sold real estate in Whitby and the Durham Region for over 20 years, I can help you with both - the buying and selling process.

Randy Miller
Broker of Record
Royal Heritage Realty Ltd.
Offices in Pickering and in Whitby
905-430-1800

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housing market outlook

According to the CMHC, housing markets are expected to remain stable for the rest of the year, and starts are expected to moderate in 2015 and 2016.

“Lower oil prices are contributing to disparities between provincial housing markets. A slowdown in housing starts and resale transactions in oil-producing provinces such as Alberta will be partly offset by increased housing market activity in other provinces, such as Ontario and British Columbia, which benefit from the positive impacts of declining energy prices, a lower Canadian dollar and continued low mortgage rates,” said Bob Dugan, Chief Economist for CMHC, in the news release.

The average price for a home sold through the MLS system is forecast to fall between $402,139 and $439,589 in 2015, with a point forecast of $422,129. Looking ahead to 2016, the average MLS price is expected to range between $398,191 and $457,200, with a point forecast of $428,325.

Canada-wide, home sales via the MLS system are believed to range between 437,100 and 494,500 units for 2015, with a point forecast of 475,400 units. In 2016, sales are to expected to range from 424,500 units to 491,300 units, with a point forecast of 469,000 units.

Housing starts are expected to decline by 4.1 per cent – and range between 166,540 and 188,580 units -- in 2015. Prices, meanwhile, are expected to increase by 3.4 per cent.

As for the near future, housing starts are expected to range between 162,840 and 190,830 in 2016.

In Ontario, all eyes are on the GTA housing market, which continues to see strong sale and price growth.

Demand for existing homes in the GTA is expected to remain strong. The CMHC is also forecasting stronger interest in higher density dwellings and conversely, an uptick in home rentals over ownership.

“An improving economy will be more supportive of the Ontario housing market in 2015 than it has been in the recent past,” said Ted Tsiakopoulos, CMHC’s Ontario Regional Economist. “However, as mortgage carrying costs continue to grow, particularly for single family homes, demand will increasingly shift to more affordable housing.”

Source: CMHC.ca

If you want to learn more about the local housing market of Whitby, Brooklin or other areas within Durham Region, contact me! 

Randy Miller
Broker of Record
Royal Heritage Realty Ltd.
Offices in Pickering and in Whitby
905-430-1800

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Rising Home Sales

According to the Canadian Real Estate Association (CREA), the average sale price for an existing home in Canada rose 9.5 per cent, year-over-year, to $448,862 in April. Excluding the two major cities, Vancouver and Toronto, the increase was much more modest at 3.4 per cent to $339,893.

The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations rose 2.3 per cent in April 2015 compared to March. This marks the third consecutive month-over-month increase and raises national activity back to where it was during most of the second half of last year.

April sales were up from the previous month in two-thirds of all local markets, led by the Greater Toronto Area, the surrounding Golden Horseshoe region, and Montreal.

 “In recent years, the seasonal pattern for home sales and listings has become amplified in places where listings are in short supply relative to demand,” said Gregory Klump, CREA’s Chief Economist. “This particularly stands out in and around Toronto. Sellers there have increasingly delayed listing their home until spring. Once listed, it sells fairly quickly. Sales over the year as a whole in Southern Ontario are likely being constrained to some degree by a short supply of single family homes. However, the busy spring home buying and selling season has become that much busier as a result of sellers waiting until winter has faded before listing.”

Actual (not seasonally adjusted) activity in April stood 10.0 per cent above levels reported in April 2014. This marks just the third time ever that sales during the month of April topped 50,000 transactions.

Sales were up on a year-over-year basis in about 70 per cent of all local markets, led by activity in the Lower Mainland of British Columbia, Greater Toronto, and Montreal. Of the 18 local markets that set new records for the month of April, all but two are in Southern Ontario.

The number of newly listed homes was virtually unchanged (+0.1 per cent) in April compared to March. Below the surface, new supply rose in almost two thirds of all local markets, led by a big rebound in Halifax-Dartmouth following a sharp drop in March. This was offset by declines in Greater Vancouver, Victoria, and the Okanagan Region, as well as by a continuing pullback in new supply in Calgary. New listings in Calgary have dropped by one-third from their multi-year high at the end of last year to their current multi-year low.

The national sales-to-new listings ratio was 55.3 per cent in April, up from 50.4 per cent three months earlier as the ratio has steadily risen along with sales so far this year.

A sales-to-new listings ratio between 40 and 60 per cent is generally consistent with balanced housing market conditions, with readings above and below this range indicating sellers’ and buyers’ markets respectively. The ratio was within this range in the majority of local housing markets in April.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

There were 5.9 months of inventory on a national basis at the end of April 2015, down from 6.1 months in March and 6.5 months at the end of January when it reached the highest level in nearly two years. While the sales-to-new listings ratio and months of inventory measures of market balance indicate that the housing market has tightened on a national basis over the past few months, both measures remain firmly entrenched in balanced market territory.

The Aggregate Composite MLS® HPI rose by 4.97 per cent on a year-over-year basis in April, on par with the 4.95 per cent year-over-year gain recorded in March.

Year-over-year price growth accelerated in April for apartment units and two-storey single family homes, while decelerating for townhouse/row units and one-storey single family homes.

Single family home sales continue to post the biggest year-over-year price gains (+5.84 per cent), led by two-storey single family homes (+6.89 per cent). By comparison, the rise in selling prices was more modest for one-storey single family homes (+4.20 per cent), townhouse/row units (+3.87 per cent), and apartment units (+2.60 per cent).

Full article & statistics: Click HERE!

Source: CREA.ca

Contact me
for information about the housing market in Durham Region!  

Randy Miller
Broker of Record

Royal Heritage Realty Ltd.
Offices in Pickering and in Whitby

905-430-1800

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How is the Housing Market?

May 5, 2015 -- Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 11,303 sales in April 2015.  This represented a 17 per cent increase in comparison to April 2014.  While sales increased strongly on a year-over-year basis, new listings were up over the same period by a more moderate five per cent.

Toronto MLS Sales

Toronto MLS Sales Trendline

Toronto MLS New Listings

Mr. Etherington said that the record April result clearly points to the fact that a growing number of GTA households view ownership housing as a high quality long-term investment. First-time buyers and existing homeowners remain very active in today’s market.

Toronto MLS Avg Price

Toronto MLS Avg Resale Home Price
The overall average selling price was up by 10 per cent year-over-year to $635,932.  The MLS® Home Price Index (HPI) composite benchmark, which estimates the price of a benchmark home with the same attributes from one period to the next, was up by 8.4 per cent over the same period.  The fact that average price growth outpaced growth for the MLS® HPI Composite Benchmark, suggests that a greater share of higher-end homes changed hands this year compared to last.

Price growth in the GTA was strongest for low-rise home types.  However, the better supplied condominium apartment segment also remained healthy with price growth above the rate of inflation.

“Demand for ownership housing was very high relative to the number of homes available for sale in April.  This situation is not expected to change markedly as we move through the remainder of 2015.  Until we experience a sustained period in which listings grow at a faster pace than sales, annual rates of home price growth will remain strong,” said Jason Mercer, TREB’s Director of Market Analysis.Affordability

Housing market getting hot throughout Durham Region

Durham Region Association of REALTORS® (DRAR) President Sandra O’Donohue reported 1,315 residential transactions in April 2015. This is an increase of 16.4 per cent from 1,130 in April of last year. In addition to a greater number of sales, there are also more homes listed. Durham saw 1,816 new listings enter the market in April 2015 compared to 1,709 in April 2014.

The average selling price in the Durham Region reached $440,151 last month, a 12.5 per cent increase compared to $391,351 in the same period last year. “Buyers are still seeing the value of home ownership,” explained O’Donohue, “ and low interest rates continue to be a factor in determining affordability”.

Avg Home Selling Price Durham Region

Homes in Durham are selling in an average of 15 days. “Homes are being listed for more than they were last year and are selling an average of 2 days sooner” reported O’Donohue.

"The housing market continues to gain momentum and we expect this trend to continue into the later months of summer,” stated O’Donohue. “We are seeing evidence of the importance of home ownership and the benefit of investing in the Durham Region”.

If you are looking for a house in Durham Region or are already a homeowner and wish to move to a new house in Pickering, Ajax, Whitby, Brooklin, Oshawa, Courtice or Bowmanville, please contact me for more information. Having sold real estate in Whitby and the Durham Region for over 20 years, I can help you with both - the buying and selling process. 

Randy Miller
Broker of Record
Royal Heritage Realty Ltd.
Offices in Pickering and in Whitby
905-430-1800

Post CommentComments: 0Read Full Story