1. For All TREB Member Inquiries:
(416) 443-8152
For All Media/Public Inquiries:
February 2012 (416) 443-8158
Economic Indicators Tight Market Pushes the Average Price above $500K TorontoMLS® Sales Activity1,7
TORONTO, March 5, 2012 Greater Toronto REALTORS® reported 7,032 sales in February
Real GDP Growthi 2012 – up 16 per cent compared to February 2011. New listings were also up over the
Q4 2011 t 1.8% same period, but by a lesser 11 per cent to 12,684. It is important to note that 2012 is a
leap year, with one more day in February. Over the first 28 days of February, sales and
Toronto Employment Growthi i new listings were up by ten per cent and six per cent respectively.
January 2012 u -0.9% “With slightly more than two months of inventory in the Toronto Real Estate Board 7,032
(TREB) market area, on average, it is not surprising that competition between buyers has 6,058
Toronto Unemployment Rate exerted very strong upward pressure on the average selling price. Price growth will
January 2012 q 8.6% continue to be very strong until the market becomes better supplied,” said Toronto Real
Estate Board President Richard Silver.
ii
Inflation (Yr./Yr. CPI Growth) “It is important to note that both buyers and sellers are aware of current market
January 2012 t 2.5% conditions. This is evidenced by the fact that homes sold, on average, for 99 per cent of
the asking price in February,” continued Silver. February 2012 February 2011
iii
Bank of Canada Overnight Rate The average selling price in the TREB market area was $502,508 in February – up 11 per
February 2012 q cent compared to February 2011. The Composite MLS® Home Price Index for TREB, which
1.0%
provides a less volatile measure of price growth compared to the average price, was up by TorontoMLS® Average Price1,7
iv 7.3 per cent compared February 2011.
Prime Rate
February 2012 q 3.0% “If tight market conditions continue to result in higher than expected price growth as we
move into the spring, expectations for 2012 as a whole will have to be revised upwards,”
Mortgage Rates (Feb. 2012)
iv said Jason Mercer, TREB’s Senior Manager of Market Analysis. “While price growth
$502,508
remains strong, the average selling price remains affordable from a mortgage lending
$453,329
Chartered Bank Fixed Rates perspective for a household earning the average income in the GTA.”
1 Year u 3.20%
1,7
3 Year u 3.95% Sales & Average Price By Major Home Type
5 Year u 5.24%
February 2012
Sources and Notes: Sales Average Price
i
Statistics Canada, Quarter-over-quarter 416 905 Total 416 905 Total February 2012 February 2011
growth, annualized
Detached 927 2,500 3,427 $818,815 $568,322 $636,080
ii
Statistics Canada, Year-over-year growth 1,7
for the most recently reported month
Yr./Yr. % Change 12% 29% 24% 13% 11% 10% Year-Over-Year Summary
Semi-Detached 283 474 757 $585,325 $384,320 $459,464 2012 2011 % Chg.
iii
Bank of Canada, Rate from most recent
Yr./Yr. % Change 7% 18% 14% 12% 10% 10% Sales 7,032 6,058 16.1%
Bank of Canada announcement
iv
Townhouse 238 749 987 $432,493 $347,424 $367,937 New Listings 12,684 11,404 11.2%
Bank of Canada, rates for most recently
completed month Yr./Yr. % Change -13% 11% 4% 11% 11% 10% Active Listings 14,546 14,525 0.1%
Condo Apartment 1,212 514 1,726 $371,334 $270,143 $341,199 Average Price $502,508 $453,329 10.8%
Yr./Yr. % Change 7% 19% 10% 4% 4% 3% Average DOM 24 27 -10.1%
2. Toronto Real Estate Board
SALES BY PRICE RANGE AND HOUSE TYPE1,7 FEBRUARY 2012
Price Range Detached Semi-Detached Att/Row/Twnhouse Condo Townhouse Condo Apt Link Co-op Apt Det Condo Co-ownership Apt Total
$0 to $99,999 7 0 0 2 33 0 0 0 1 43
$100,000 to $199,999 55 20 4 61 222 2 6 0 0 370
$200,000 to $299,999 269 57 110 163 551 26 0 0 5 1,181
$300,000 to $399,999 559 246 170 152 530 22 0 0 1 1,680
$400,000 to $499,999 649 254 146 50 216 37 2 0 1 1,355
$500,000 to $599,999 528 79 55 15 80 20 0 0 0 777
$600,000 to $699,999 413 36 22 6 41 8 0 0 0 526
$700,000 to $799,999 299 27 11 5 21 2 1 0 0 366
$800,000 to $899,999 181 13 4 4 4 0 0 0 0 206
$900,000 to $999,999 107 8 1 1 4 0 0 0 0 121
$1,000,000 to $1,249,999 146 7 0 2 9 0 0 1 0 165
$1,250,000 to $1,499,999 70 6 1 0 4 0 0 0 0 81
$1,500,000 to $1,749,999 47 3 2 0 6 0 0 0 0 58
$1,750,000 to $1,999,999 32 1 0 0 1 0 0 0 0 34
$2,000,000 + 65 0 0 0 4 0 0 0 0 69
Total Sales 3,427 757 526 461 1,726 117 9 1 8 7,032
Share of Total Sales 48.7% 10.8% 7.5% 6.6% 24.5% 1.7% 0.1% 0.0% 0.1% -
Average Price $636,080 $459,464 $410,038 $319,901 $341,199 $412,668 $276,889 $1,013,500 $265,388 $502,508
SALES BY PRICE RANGE AND HOUSE TYPE1,7 YEAR-TO-DATE, 2012
Price Range Detached Semi-Detached Att/Row/Twnhouse Condo Townhouse Condo Apt Link Co-op Apt Det Condo Co-ownership Apt Total
$0 to $99,999 7 0 1 3 52 0 0 0 2 65
$100,000 to $199,999 93 31 5 119 392 3 8 0 1 652
$200,000 to $299,999 487 101 191 286 921 43 3 0 7 2,039
$300,000 to $399,999 949 426 280 261 863 37 1 1 1 2,819
$400,000 to $499,999 1,081 422 244 89 337 58 2 0 1 2,234
$500,000 to $599,999 865 116 91 29 130 32 0 1 0 1,264
$600,000 to $699,999 631 50 39 9 61 11 0 1 0 802
$700,000 to $799,999 430 39 18 9 24 2 1 0 0 523
$800,000 to $899,999 277 24 6 5 14 0 0 0 0 326
$900,000 to $999,999 156 9 3 1 8 0 0 0 0 177
$1,000,000 to $1,249,999 210 9 2 2 18 0 0 1 0 242
$1,250,000 to $1,499,999 119 6 1 0 5 0 0 0 0 131
$1,500,000 to $1,749,999 74 3 4 0 7 0 0 0 0 88
$1,750,000 to $1,999,999 44 1 0 0 1 0 0 0 0 46
$2,000,000 + 91 1 0 0 4 0 0 0 0 96
Total Sales 5,514 1,238 885 813 2,837 186 15 4 12 11,504
Share of Total Sales 47.9% 10.8% 7.7% 7.1% 24.7% 1.6% 0.1% 0.0% 0.1% -
Average Price $616,891 $446,134 $411,999 $313,532 $333,757 $407,915 $255,400 $639,625 $238,883 $487,254
Page 3 July 2010
Market Watch, February 2012 2