TORONTO, November 5, 2018 -- Toronto Real Estate Board President Garry
Bhaura announced year-over-year increases in home sales and average sale
prices reported through TREB's MLS® System in October 2018.
Greater Toronto Area REALTORS® reported 7,492 sales through TREB's MLS®
System in October 2018 – a six percent increase compared to October 2017.
On a preliminary seasonally adjusted basis, sales were down by one percent
compared to September 2018.
The average sale price for October 2018 was up 3.5 percent on a
year-over-year basis to $807,340. After preliminary seasonal adjustment,
the average selling price was up one percent compared to September 2018.
The MLS® Home Price Index (HPI) Composite Benchmark was up by 2.6 percent
compared to October 2017. Price growth continued to be driven be the
condominium apartment and higher density low-rise market segments.
"Annual sales growth has been positive since the late spring. While the
OSFI stress test and higher borrowing costs have kept sales below 2016's
record pace, many households in the Greater Toronto Area remain upbeat on
homeownership as a quality long-term investment. A strong regional
economy and steady population growth will continue to support the demand
for housing ownership as we move into 2019," said Mr. Bhaura.
There were 14,431 new Listings entered into TREB's MLS® System in October
2018 – down 2.7 percent compared to October 2017. The fact that sales were
up and new listings were down year-over-year in October suggest that
market conditions became tighter.
"Annual sales growth has outstripped annual growth in new listings for the
last five months, underpinning the fact that listings supply remains an
issue in the Greater Toronto Area. With municipal elections in the rear
view mirror, all levels of government need to concentrate on policies that
could remove impediments to a better-supplied housing market, including
facilitating the development of a broader array of medium density housing
choices," said Jason Mercer, TREB's Director of Market Analysis.
"TREB remains committed to high-quality housing research. We will be
releasing our fourth annual Market Year in Review and Outlook Report at the
beginning of February 2019. The report will include updated consumer
survey results, including home buying intentions for 2019, an exciting new
research related to housing supply" added Mr. Bhaura.
When preparing your home for sale, you need to fix things up, declutter, perhaps slap a fresh coat of paint on a few walls. That’s all part of getting your property ready for buyers.
But there’s another type of preparation that you also need to do. And, the sooner you do it, the less stressful your move will be.
You need to get all your paperwork together.
Here’s what to gather:
- Property documents such as deeds, easements, surveys, liens, etc.
- Mortgage documents, plus any other loans (i.e., line of credit) that use the property as collateral.
- Maintenance and service agreements that may continue with the new owners.
- Warranties and guarantees that are transferrable to the new owners.
- Recent utility bills, such as water, electricity, etc.
- Rentals (i.e., water heater rental.)
- Home security agreements and codes.
- Contracts for any work done on an ongoing basis. For example,
lawn maintenance.
Getting these records together early will ensure you’re not scrambling at the last minute to find them. Some of these documents, such as warranties, also make for attractive selling features.