To be exact,
In Toronto’s housing market, ‘$2-million is the new $1-million’
The strength of the $2-million-plus market comes as Toronto home prices continue to soar. TREB said Wednesday the average sale price of a home across the Greater Toronto Area reached $585,204 in May, an 8.5% increase from a year ago.
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The strength of the $2-million-plus market comes as Toronto home prices continue to soar. TREB said Wednesday the average sale price of a home across the Greater Toronto Area reached $585,204 in May, an 8.5% increase from a year ago.
Torontonians who can barely wrap their minds around a housing market where $1-million is the average price for a detached home might want to take notice of a new fast-approaching benchmark.
Sotheby’s offers private jet, helicopter service to woo luxury homebuyers to Calgary
Bank of CanadaProspective clients will be flown to Calgary by private jet from practically anywhere in the world and then taken on helicopter tour of multi-million-dollar properties.
Try not to panic if you haven’t bought yet but the $2-million home is a growing segment of the market in Canada’s largest city.
Data released by the Toronto Real Estate Board Wednesday shows there were 461 detached home sales for more than $2-million through its Multiple listing Service system in the first five months of the year. That’s only 2.4% of all detached home sales activity for the year but the $2-million plus range has climbed 37% over the past year in the GTA.
“What you are seeing is $2-million is the new $1-million,” says Drew Laszlo, an architect in the city who has been involved in several infill projects that have fallen into the new threshold.
The strength of the $2-million-plus market comes as Toronto home prices continue to soar. TREB said Wednesday the average sale price of a home across the Greater Toronto Area reached $585,204 in May, an 8.5% increase from a year ago.
It was the best May ever for Toronto real estate sales with detached homes in the city proper reaching an average price of $943,055.
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Tight Toronto Real Estate Market Conditions Prompt Strong Price Growth
Toronto Real Estate Board President Dianne Usher announced that both the number of home sales through the TorontoMLS system and the average selling price were up strongly in May compared to a year ago.
TREB
Total TorontoMLS sales for May 2014 amounted to 11,079 – a new high for the month of May. This result was up by 11.4 per cent compared to 9,946 sales reported in May 2013. The average selling price for these sales was $585,204, representing an 8.3 per cent year-over-year increase compared to the average price of $540,544 in May 2013.
“We are now at the peak of the spring market when we generally see the greatest number of sales and the highest average selling prices. Based on the May statistics, buyers have been more active this spring compared to last year. Despite strong price growth so far in 2014, many households remain comfortable with the monthly mortgage payments associated with the purchase of a home, as borrowing costs have remained at or near record lows over the past few months,” said Ms. Usher.
Average selling prices varied across the Greater Toronto Area, depending on geography and home type. A detached home in the City of Toronto sold, on average, for $943,055. In the surrounding GTA regions, the average detached price was $648,439. The average price for condominium apartments was $401,809 in the City of Toronto and $307,307 in the surrounding regions.
“The listings situation in the GTA did not improve this past May. With listings down and sales up compared to last year, competition between buyers increased. The result was price growth well above the rate of inflation, especially for singles, semis and townhomes,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
“It is also important to point out that even though the condo apartment market segment remains comparatively well-supplied, as new project completions have generally led to an uptick in listings, we have seen enough buyer interest to prompt strong condo price growth as well,” continued Mercer.
Read more http://www.mcizmar.com/