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Apr 14, 2016
Toronto’s real estate market is red hot. According to the Toronto Real Estate Board, sales of detached homes in the Greater Toronto Area rose nearly 12 per cent last month. Condo sales, meanwhile, surged more than 25 per cent. That strong demand coupled with limited supply has continued to push up prices, which rose 14 per cent in the first three months of the year.
If you’re searching online for details about homes selling in your area, the Canadian Real Estate Association makes some details available at realtor.ca. But access to more detailed metrics typically comes from the Multiple Listing Service, a system real estate agents can access if they’re part of the Toronto Real Estate Board (a member of CREA). Agents look up that information and provide it to clients, via email, fax or by printing it out. Compare that to the U.S., where sites like Zillow enable consumers to quickly access detailed information.
Here are three pieces of information Toronto house hunters may struggle to find without help from an agent:
WHAT PRICE DID A HOME PREVIOUSLY SELL FOR?
This information may not reflect current market prices, but it can give buyers a sense of what the current seller stands to make by selling the home, which arguably plays into the bidding strategy of the buyer.
HISTORICAL PRICES FOR SIMILAR HOMES IN THE AREA
This one’s a no brainer. Knowing what other properties are selling for is an effective way to gauge what price a home will ultimately sell for.
LENGTH OF TIME A PROPERTY HAS BEEN ON THE MARKET
Knowing how long a house has been listed can help buyers gauge market demand. For example, a property that has been on the market for longer than normal may suggest its price does not reflect market conditions.
Toronto Real Estate Board members handle the lion’s share of home sales in the city. TREB represents 43,000 licensed real estate brokers and salespeople in the GTA, an increase of nearly 40 per cent in the past five years. Comparatively, annual home sales in the GTA over the past five years have increased roughly 13 per cent.
Canada’s Competition Bureau, a consumer watchdog, has sparred with TREB about MLS. It has claimed limited consumer data hurts innovation, keeping competitors away and protecting industry commissions. For its part, TREB has long argued limiting public information helps protect the privacy of home sellers.
| HOME TYPE | SALES | PRICE |
|---|---|---|
| Detached | 11.6% | 15.7% |
| Semi-detached | 20.5% | 13.2% |
| Townhouse | 13.8% | 14.1% |
| Condo apartment | 25.2% | 4.3% |
Source: Toronto Real Estate Board. All figures are year-over-year changes.
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