Ontario Real Estate Association Supports Electronic Real Estate Transactions

Posted on May 24, 2013 | Leave a comment

Proposed legislation will facilitate the use of electronic agreements of purchase and sale in Ontario real estate transactions. While realtors can use electronic agreements of purchase and sale now, they do not provide the same legal protections of the Electronic Commerce Act and as a result many realtors are reluctance to use them.

“Deleting the exemption form the Act will remove a cumbersome piece of red tape for the real estate industry and it won’t cost the province a dime,” said the president of the Ontario Real Estate Association, Rob Abraham, in a press release. “By enhancing legal protection for electronic agreements of purchase and sale, both consumers and realtors can benefit from technology that makes real estate transactions more accessible and secure.”

With electronic agreement of purchase and sale documents, there won’t be any need to scan or fax important documents back and forth and all of the parties involved in the transaction will save time.

“OREA would like to thank MPP Todd Smith for reintroducing this bill,” continued Abraham. “It has broad support amongst all parties and we urge its speedy passage.”

This site is owned & operated by: Royal LePage Real Estate Services Ltd Johnston & Daniel Division,477 Mount Pleasant Road, Toronto, Ontario, M4S 2L9, 416.489.2121. The content is provided by a number of sources as referenced in the contribution list.

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Home Sales Increase Across Canada In April

Posted on May 20, 2013 | Leave a comment

According to the latest Canadian MLS statistics from the Canadian Real Estate Association, home sales across Canada increased slightly in April 2013 from March 2013. Newly listed homes across Canada dropped by 0.9 per cent.

“National sales activity is stable and the market remains balanced,” said the president of the Canadian Real Estate Association, Laura Leyser. “That said, trends for sales and listings and for the balance between the two can be and often are very different between and within local housing markets, and between property types and neighbourhoods. These trends are important factors in determining pricing. Your local realtor is your best resource for understanding how the housing market is shaping up where you live or might like to.”

The average sale price of homes across Canada increased by 1.3 per cent on a year over year basis in April 2013 compared to April 2012.

“The Easter holiday and an extra full weekend at the end of the month lowered March sales activity and the absence of these factors in April helped sales for the month,” said the chief economist for the Canadian Real Estate Association, Gregory Klump. “Since changes to mortgage rules made in 2012 took effect, national sales have been running nine to 10 per cent below levels posted in the first half of 2012 but they’ve been remarkably steady. April activity is on par with where it stood last August, and month-to-month changes since then have held to within a range of plus of minus two per cent.”

This site is owned & operated by: Royal LePage Real Estate Services Ltd Johnston & Daniel Division,477 Mount Pleasant Road, Toronto, Ontario, M4S 2L9, 416.489.2121. The content is provided by a number of sources as referenced in the contribution list.

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Toronto Real Estate Board: Home Sales Decrease Slightly In Mid-May 2013

Posted on May 17, 2013 | Leave a comment

According to the latest release from the Toronto Real Estate Board, during the first 14 days of May 2013, home sales through the TorontoMLS listings declined by 9.7 per cent to a total of 4,476 transactions compared to the same time period last year. Within the City of Toronto, declines were slightly higher on average at 11.4 per cent, but lower in surrounding areas at 8.6 per cent.

“Despite fewer sales this year compared to last, competition between buyers in most segments of the market remained strong enough to promote annual rates of price growth above the rate of inflation,” said the president of the Toronto Real Estate Board, Ann Hannah. “A household earning the average income in the GTA can comfortably afford the mortgage payments associated with the purchase of an average priced home.”

The average home selling price in Toronto increased by 5.4 per cent over the first two weeks of May this year to $543,838 compared to the first two weeks of May last year. Low-rise home types experienced the most price growth, while condos also experienced positive price growth in the City of Toronto.

“Continuing the prevailing trend over the last year, the low=rise segment of the market drove overall price growth during the first half of May, as months of inventory remained below historic norms for the key home types,” said Jason Mercer, the senior manager of Market Analysis for the Toronto Real Estate Board.

This site is owned & operated by: Royal LePage Real Estate Services Ltd Johnston & Daniel Division,477 Mount Pleasant Road, Toronto, Ontario, M4S 2L9, 416.489.2121. The content is provided by a number of sources as referenced in the contribution list.

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Toronto Condo Listing: Beautiful Suite At Avenue And St. Clair For $3.3M

Posted on May 13, 2013 | Leave a comment

Toronto Life Magazine has posted a beautiful showcase of a luxury condo listed by our very own Leslie Lyons and Jamie Sarner. Meet the Condo of the Week!

This is a two-bedroom suite at the Avenue, located on the 14th floor, priced at $3,260,000.

For more, visit the article here.

 

 

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Canada’s Housing Market Begins The Year With Slightly Positive Price Trends

Posted on May 10, 2013 | Leave a comment

According to Royal LePage’s most recent House Price Survey for the first quarter of 2013, the average price of homes in Canada grew by between 1.2 per cent and 2.4 per cent over the same time period last year. The average price of a two-storey home rose by 2.2 per cent over 2012.

“2013 finds the Canadian housing industry in a highly unusual place,” said the president and chief executive of Royal LePage, Phil Soper. “The combination of very low mortgage rates and flat home prices, against a background of general economic improvement across the nation, is not something we’ve seen before. Typically one of these variables is moving hard in an opposite direction. While some have spoken loudly about impending market volatility and dramatic downward pressure on home prices, we are simply not seeing evidence of this. The current environment is very supportive for housing. Those waiting for big declines in home prices will likely be disappointed.”

The Canadian economy was relatively stable during the first quarter of this year, while the economy in the United States improved as well.

“There is some degree of uncertainty regarding the length of time these factors will remain in place,” continued Soper. “Of the three variables we identified, economic strength is the most likely to persist based upon the upswing in employment, our well-educated workforce, a solid financial sector and the influence of our natural resource sector. Given recent and repeated signals from the Bank of Canada, we can expect interest rates to remain low for some time to come. The continue stability of house prices is much harder to gauge.

The full price survey is available here: http://www-c.royallepage.ca/news/canadas-housing-market-begins-the-year-with-slightly-positive-price-trends/

This site is owned & operated by: Royal LePage Real Estate Services Ltd Johnston & Daniel Division,477 Mount Pleasant Road, Toronto, Ontario, M4S 2L9, 416.489.2121. The content is provided by a number of sources as referenced in the contribution list.

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Toronto Real Estate Board Releases Commercial Real Estate Market Stats

Posted on May 8, 2013 | Leave a comment

According to the Toronto Real Estate Board’s Commercial Division, there was a 7.3 per cent decline between April 2012 and April 2013 in the amount of commercial square footage leased, from 678,004 to 628,624.

“While the amount of leased space was down on a year-over-year basis in April, it was encouraging to see average lease rates up for all major property types,” said the Commercial Division Chair for the Toronto Real Estate Board, Cynthia Lai. “This suggests that demand was quite strong relative to the amount of space available for least last month.”

According to the TorontoMLS, there were 51 properties (combined office, retail and industrial) that were sold during the month of April with their pricing disclosed, a 21.5 per cent decrease. An increase in industrial sales partially outweighed a decline in retail/commercial property sales.

Lai continued, “We have seen the number and size of commercial leasing and sale transactions in the Greater Toronto Area hold up quite well in the face of continued economic uncertainty. While below average economic growth is forecast for the remainder of the first half of 2013, the Canadian economy is expected to expand at a brisker pace in the second half of this year. Look for commercial transactions to follow a similar trend.”

This site is owned & operated by: Royal LePage Real Estate Services Ltd Johnston & Daniel Division,477 Mount Pleasant Road, Toronto, Ontario, M4S 2L9, 416.489.2121. The content is provided by a number of sources as referenced in the contribution list.

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New And Active Listings Increase In April 2013

Posted on May 6, 2013 | Leave a comment

According to the Toronto Real Estate Board, home sales in April 2013 through the Toronto MLS Listings have dipped by two per cent when compared to April of 2012, from 10,021 transactions to 9,811 transactions. However, new listings and active listings during the end of the month had increased.

“Despite the headwinds we have experienced in the housing market this year, April sales came in quite strong in comparison to last year. As we move through the spring and into the second half of 2013, the demand for home ownership should continue to firm-up relative to last year,” said Ann Hannah, the president of the Toronto Real Estate Board, in a press release.

She continued, “It has been almost a year since the federal government enacted stricter mortgage lending guidelines. It is realistic to surmise that some households, who originally put their decision to purchase on hold, are once again looking to buy.”

In April of 2012, the average selling price was two per cent lower than it is now, which is $526,335. However, using an increase based on the MLS HPI Composite Benchmark Price, the average selling price has increased by 2.9 per cent.

“The condominium apartment segment in the City of Toronto was a key drive of price growth in April, with both the average selling price and the MLS HPI apartment index up on a year-over-year basis,” said the senior manager of market analysis for the Toronto Real Estate Board, Jason Mercer. “The improved condo sales picture, with Toronto sales down by only one per cent compared to last year, suggests that interest in condo ownership may be improving.”

This site is owned & operated by: Royal LePage Real Estate Services Ltd Johnston & Daniel Division,477 Mount Pleasant Road, Toronto, Ontario, M4S 2L9, 416.489.2121. The content is provided by a number of sources as referenced in the contribution list.

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