There are early indications that September appears to have been another strong month for Canadian home sales.
That is based on data that some local real estate boards have released in recent days about how their housing markets fared last month. The number of existing homes that changed hands in Toronto was up 10.9 per cent from a year earlier, in Calgary it was up almost 12 per cent, and in Vancouver 17.7 per cent. And that’s in comparison to a reasonably strong month: sales in September, 2013, were slightly above the 10-year average for that month.
A comprehensive picture won’t be available until the Canadian Real Estate Board, which represents realtors, compiles all of the local statistics and releases national September data on Oct. 15. Many cities have not released their numbers publicly yet, and the ones that have tend to be in some of the country’s stronger housing markets. Quebec and the Atlantic region, where more markets are struggling, are not represented below.
But the strength of Calgary, Toronto and Vancouver’s housing markets tends to pull up the national averages, and so the numbers here suggest that the national figures will point to a market that still has momentum.
That is based on data that some local real estate boards have released in recent days about how their housing markets fared last month. The number of existing homes that changed hands in Toronto was up 10.9 per cent from a year earlier, in Calgary it was up almost 12 per cent, and in Vancouver 17.7 per cent. And that’s in comparison to a reasonably strong month: sales in September, 2013, were slightly above the 10-year average for that month.
A comprehensive picture won’t be available until the Canadian Real Estate Board, which represents realtors, compiles all of the local statistics and releases national September data on Oct. 15. Many cities have not released their numbers publicly yet, and the ones that have tend to be in some of the country’s stronger housing markets. Quebec and the Atlantic region, where more markets are struggling, are not represented below.
But the strength of Calgary, Toronto and Vancouver’s housing markets tends to pull up the national averages, and so the numbers here suggest that the national figures will point to a market that still has momentum.
CALGARY HOUSING MARKET
-Sales were up almost 12 per cent in September from a year ago. The local real estate board says the unexpected strength came from a surge in condo and townhouse sales.
-Condo sales so far this year are 21 per cent higher than during the same period last year, while the number of sales of detached homes has risen by just 7 per cent. Affordability is driving the shift. Two years ago, 44 per cent of the detached houses that sold from January through to the end of September went for less than $400,000, according to the real estate board. So far this year only one quarter of the houses have sold for less than that.
-The average price of a detached house in the city was $567,653 in September, up 10.81 per cent from a year earlier. The average price of a condo was $326,264, up 9.21 per cent. For townhouses it was $352,813, up 4.21 per cent.
-The average length of time it takes to sell a home continues to tick downwards. Year-to-date the average number of days a home is on the market before it sells (for all types of homes) is 34, down from 42 in the same period last year.
TORONTO HOUSING MARKET
-Sales were up 10.9 per cent from a year earlier. So far this year sales in the city are 6.9 per cent higher than during the same period last year.
-The average selling price was $573,676, up 7.7 per cent from a year earlier. The average selling price year-to-date is $563,813, up 8.5 per cent from last year.
-“If the current pace of sales growth remains in place, we could be flirting with a new record for residential sales reported by (Toronto Real Estate Board) members this year,” TREB’s director of market analysis, Jason Mercer, stated in a press release.
-The average selling price of detached homes in the downtown area covered by the 416 area code was $951,792, up 11.5 per cent from a year earlier. For condos in the same area it was $395,505, up 9.2 per cent.
DURHAM REGION
No Fall for Durham Housing Market
Durham Region Association of REALTORS® (DRAR) reported 970 sales in September 2014, which represents a 14.8 per cent increase compared to 845 sales in September 2013. On a year-to-date basis, sales were up 5 per cent annually through the first three quarters of the year.
President Jane Hurst states that the increase in sales activity stems from increasing buyer interest. "We also saw a 21.7 per cent increase in the number of resale homes entering the market since last month". The number of new listings that entered the market in September 2014 was 1,471 compared to 1,209 in August 2014.
There was also a large increase in the average selling price in Durham. The average price of resale homes in Durham Region in the month of September reached was $401,713. This represents a 13.6 per cent increase over the same period last year.
Property values continue to rise, people are still willing to buy and borrowing rates are low which keeps home ownership affordable. Everything combined makes Durham Region a great place to work and live.
(Source: The Globe and Mail, Tara Perkins)
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 or visit my website for more information.
I can answer all of your questions, help you find the right neighbourhood and the perfect house at a great price. Having sold real estate full time in Whitby and the surrounding areas for over 20 years, you can assured of exceptional local market knowledge and skilled representation. Nothing beats experience.
Randy Miller
Broker
Re/Max Rouge River Realty Ltd., Brokerage
905-668-1800 or 905-427-1400
randy@randymiller.ca
http://whitbybrooklinhomes.com
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