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NEWSLETTER - APRIL 2004
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Best Month Ever as March tops 9,000 Sales
The Toronto resale home market turned in its best performance ever in March, with 9,076 homes trading hands through the TorontoMLS system during the month, President Cynthia Lai announced today. "This figure is up an extraordinary 11 per cent over the April 2002 figure of 8,181 sales, which was our previous best one-month performance," The President said. "It is also the first time sales have cracked the 9,000 level."
Prices eased in March, falling to $307,155 from the $310,196 recorded in February, a decline of about one per cent. "An influx of new listings onto the market (14,641) helped ease some of the upwards price pressures of the last several months," Ms. Lai noted.
"We should see housing remain relatively affordable over the course of the year, in spite of high sales volumes." The President went on to say that overall prices were up six per cent over the $290,185 recorded in March of 2003. She went on to point out, however, that these increases varied from neighborhood to neighborhood, with some areas like Islington in W-08 rising only about three per cent year-over-year.
Neighbourhood Corner
Beaches and Riverdale
The Beaches (E-2) and Riverdale (E-1) remained hot sub-markets in the first quarter of 2004. The former saw 218 sales over the first three months of the year and an average price of $399,151, up 11 per cent over the same time period in 2003. The latter saw 193 sales for an average of $322,437, a 12 per cent increase over January to March of last year.
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HOME PURCHASE INTENTIONS ARE STILL STRONG
Toronto, ON – Home purchase intentions are still strong according to the RBC Financial Group 11th Annual Housing Study with one-quarter (26%) of Canadians saying they are likely to buy in the next two years –consistent since 2000. Of those who indicate an intention to buy, 11% say they are “very likely” to make a home purchase in the next two years.
The study also found that home renovation intentions are in the sights of almost three in ten Canadians (28%) over the next year—consistent with similar findings since 1999.
As a backdrop to current purchase intentions, a small proportion of Canadians believe that mortgage rates will rise (46%) than did last year (51% in 2003). But with a hot market there are challenges: Half (46%) of Canadians say that “finding the right location for a house” is the biggest obstacle.
And What Do They Intend To Buy?
Of those who believe they are likely to buy a house within the next two years (26%), a majority (75%) indicate they will buy a detached (66%) or semi-detached (9%) home. Lesser purchase intentions are directed towards townhouse (10%), condominiums (9%), apartments (5%), or lofts (1%).
Some of the details include:
Preference for resale homes has risen back to 2002 levels after a slight dip in 2003 (65% in 2002, 60% in 2003, 64% in 2004). Today twice as many (64%) of those intending to purchase over the next two years would prefer to buy a “resale” home (previously owned) than a “brand new home” (33%--down from 38% in 2003 but consistent now with results since 1996).
Of those Canadians who intend to buy a home within the next two years, half (47%) say it will be a bigger home (down 9 points from 2003) than the one they are in now, while 33% indicate a preference for a house of the same size (up 5 points), and 20% who will look for a smaller house (up 4 points).
These are some of the findings of an RBC Financial Group poll conducted by Ipsos-Reid between February 3rd and February 15th, 2004. The telephone survey is based on a randomly selected representative sample of 2,000 adult Canadians. With a representative sample of this size, the results are considered accurate to within ± 2.2 percentage points, 19 times out of 20, of what they would have been had the entire adult Canadian population been polled. The margin of error will be larger within regions and for other sub-groupings of the survey population. These data were statistically weighted to ensure the sample's regional and age/sex composition reflects that of the actual Canadian population according to the 2001 Census data.
Source: Ipsos-Reid
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CONTACT INFORMATION
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Rick McGuigan
Toronto real estate sales representative
Coldwell Banker Case Realty
Phone: 416-696-5100
Pager: 416-461-0925
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