Toronto Real Estate with Mulholland | Ross

HOWS THE MARKET Category

Average Price Tops $500,000!

We knew it was coming though I am not sure anyone expected it to climb so high – so fast!

The Toronto Real Estate Board reported an average sale price for 2011 of $465, 412 – which is right around where the Average price for February 2011 was.  Last year was a relatively stable  year for price increases.  Who was expecting the average price to climb about 10%  in less than 2 months and top the $500,000 mark for February 2012?

In the 416 area, the average price of a detached home is now $818,000 (up 13% from this time last year) while the average price of a detached home in the 905 area is $568,000. (up 11% from this time last year).  The number of sales has also increased – with a huge increase in the 905 areas.  Interestingly, the average price for a condo apartment in both the 416 and 905 areas has risen about 4%.

If you love trends and stats and things – enjoy this months Market Watch and Trend Reports here.

If these numbers confuse or bore you and you simply want to know what your own home is worth – or your options when buying a home, condo or investment, just give us a call or drop us a note (ora@realestatetoronto.com). 

We are always happy to meet to discuss your plans (no obligation or cost).  If you have some ideas about where you think this market might go please share your thoughts with us and our readers!  Thank you.

Where Have All the Sellers Gone?

July 2011 was one of the nicest warmest summer months we can remember. The hot weather typically slows the Toronto Real Estate market down as home Buyer’s take time off their search to spend sunny afternoons with family and friends. However, this summer the only thing slowing the market down is the lack of homes for sale. The Buyers are here and ready to purchase a home or condo….where have all the Sellers gone? Read the rest of this entry »

Sales Up – Condo Sales Really Up!

In March 2011, 9,262 transactions were reported through the TorontoMLS® system. This represented the 2nd best March on record – the number of transactions was still 11 per cent lower than the record result reported in March of 2010.

The average selling price for March 2011 was up five per cent from March 2010, to $456,147.

The strongest average annual price growth was reported for condominium apartments and semi-detached houses, at approximately seven per cent for both home types.

Location Location

Of course these numbers differ from area to area. In the 905 areas, the sales of condos make up less than 27% of the total sales. In the 416 area, condos make up over 46% of the total sales! 

Some other interesting sales information breaks down what is selling in our Central North York neighbourhoods. 

For example, there were 40 sales of detached compared to 85 Condo apartment sales in C07(401 to Steeles – From Yonge to Bathurst). 

There were 49 sales or detached homes in C14 and 128 Condo sales in C14(East of Yonge to Bayview). Read the rest of this entry »

Do Open Houses Sell Houses?

We are asked this question every time we list a home for sale. “Do Open Houses really work?”  While we may not get an offer tonight from someone who visited the open house this afternoon, Open Houses can often help sell your home for the highest possible price in a shorter amount of time.

We like to be doing at few Open Houses each week because it puts us ‘on the ground’ with all the current home buyers who are out and about looking for real estate in your neighbourhood.  This gives us great insight as to how Buyers think about the market and the current inventory.  Read the rest of this entry »

Wise Toronto Home Buyers See Past the Paint

At first glance, the green shag carpet and dark paneled walls made this young couple want to cry. They had hoped to find pot lights and shiny stainless steel appliances; the modern decor seen in most condo and home magazines.

But this wise Toronto couple quickly saw ‘past the paint’ and realized that this house could be everything they wished for with just a little planning. Read the rest of this entry »

Can You Believe This Market?

I still remember my dad standing on the front walkway of our semi-detached home around 1980 saying “prices can’t get much higher than they are now!”

That was when our 4 bdrm home in the Finch/404 area was worth about $86,000.  At the same time, a detached two bedroom bungalow in the Yonge/Sheppard/Finch area was worth about the same amount. Read the rest of this entry »

The Excitement Grows for Family Skate Day

The excitement of our 2nd annual Fun Family Skate Day is growing each day as new and fun prizes are added to the festivities!

Sunday Jan 2nd between 2:00 – 4:00pm Goulding Park Arena (45 Goulding Ave)

Last year, neighbours, friends and families helped collect almost 1000 lbs of food at our Skate Day.  This year our goal is to raise 1000 lbs of food and over $2000 of cash – all for the North York Harvest Food Bank. 

We know that so many of you give on a regular basis and we thank you for being such a wonderful community!  Unfortunately, the Food Bank is getting busier each year and this year they have specifically requested we help them raise funds – not just food.

The Food Bank is in better position to purchase exactly what they need - at bulk rates. Simply put – their dollar goes farther than ours. This year please make a financial contribution on their secure donation site - and/or come to the skate party and enter your chance to win some exciting prizes!

For all your Real Estate Needs in 2011 and beyond – Be sure to take advantage of our experience and knowledge! The Mulholland & Ross Real Estate Team 416-230-8500.

Sales Down. Prices Even Stronger!

To put this into perspective, the highest average sale price in our ‘hottest’ spring market this spring was $446,593!   Buyers who are waiting to buy with hopes of taking advantage of a ’slow’ market may want to rethink their strategy as the prices don’t seem to be falling and the interest rates can’t get much better! Read the rest of this entry »

Buyers Wait For Multiple Offers?

It happens every summer, most winter breaks and whenever home prices stabilize for a short time … The potential home buyers take a break!

What confuses us the most is why so many home buyers wait until everyone is caught up in a frenzy to buy, before they decide to jump in?

The last few months were quite frustrating for so many buyers who were often in competition to purchase their home. Many buyers invested in home inspectors prior to even making an offer. Some just purchased their home without any inspection of any kind. Most buyers found themselves making offers well over the seller’s listing price – and within a day or so of actually seeing the home.

The pace was fast and the buyer’s were frustrated. Today the picture is a little different. Read the rest of this entry »

June Housing Charts and Trends

For those of you who like to watch trends, examine graphs and understand your local real estate market, we think you’ll find June figures surprisingly positive!

Take a look at the Toronto Real Estate Board’s June Chart. Pay especially close attention the the 4th chart;  Average Resale Home Prices. The orange bar represents 2010 and you’ll find it to be well above the previous 4 years.

If you’re curious about your local market, take a look at the Board’s Market Watch for June 2010.  Read the rest of this entry »