Toronto Real Estate Board Mid-Month Resale Housing Figures

Posted on January 23, 2012 | Leave a comment

The Toronto Real Estate board has released its market figures for resale home sales during the first two weeks of January. According to their press release, home sales in the Greater Toronto Area have increased by six per cent over the first two weeks of January in 2011.

“The market didn’t miss a beat after the holiday season,” said Richard Silver, the President of the Toronto Real Estate Board in a press release, “with robust sales growth continuing and sellers’ market conditions remaining in place. Strong competition between buyers continued to push the average selling price higher in the Greater Toronto Area relative to a year ago.”

The average selling price has increased by 8.5 per cent.

“Prices were up for most major home categories in the GTA in comparison to last year,” said the Senior Manager of MArket Analysis for the Toronto Real Estate Board, Jason Mercer, in the same press release. “The strongest price growth was for single-detached homes in the City of Toronto. The average price of singles in the 416 area code was up by 22 per cent year over year, pointing to a greater weighting of higher end detached homes changing hands compared to the same time last year,” he said.

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Make Your Winterlicious 2012 Reservations Now!

Posted on January 16, 2012 | Leave a comment

It’s that time of year again – slow, cold and many are realizing the eventual futility of their New Year’s Resolutions. It’s also one of the slowest times of year for the restaurant industry, which is why the City of Toronto has chosen January 27th to February 9th, 2012 to offer us Winterlicious.

Winterlicious is an annual event, now in its 10th year. Restaurants all over the city of Toronto offer prix fixe menus, and diners can have lunch for $15, $20 or $25 and dinner for $25, $35 or $45 depending on the restaurant, not including tax, drinks or tips.

It’s a great opportunity for those who would love to try some of the most high-end restaurants in the city without dropping hundreds of dollars on dinner. Reservations for Winterlicious (and its warm-weather counterpart, Summerlicious) can fill up fast so make them as soon as possible.

The main Winterlicious website is found here.
The full list of restaurants participating in this years’ Winterlicious festivities is found here, including menus and contact information to make reservations.

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December 2011 Stats From The Toronto Real Estate Board

Posted on January 9, 2012 | Leave a comment

According to the latest press release from the Toronto Real Estate Board, Toronto real estate sales saw their second-best year on record and sales were up overall four per cent when compared to 2010.

“Low borrowing costs kept buyers confident in their ability to comfortably cover their mortgage payments along with other major housing costs,” said Richard Silver, the president of the Toronto Real Estate Board said in the press release. “If buyers had not been constrained by a shortage of listings over the past 12 months, we would have been flirting with a new sales record in the Greater Toronto Area.”

Jason Mercer, the senior manager of market analysis for the Toronto Real Estate Board, said, “Months of inventory remained below the pre-recession norm in 2011. Very tight market conditions meant substantial competition between buyers and strong upward pressure on selling prices. TREB’s baseline forecast for 2012 is an average price of $485,000, representing a more moderate four per cent annual rate of price growth. This baseline view is subject to a heightened degree of risk given the uncertain global economic outlook.”

For the full press release, including charts and detailed price descriptions, visit the Toronto Real Estate Board website here.

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Canada’s Rental Vacancy Rate Inches Lower

Posted on December 28, 2011 | Leave a comment

According to the Canada Mortgage and Housing Corporation, the average rental vacancy rate across Canada dropped to 2.2 per cent in October of this year, which is down 0.4 per cent year-over-year.

“Modestly Higher levels of employment among persons aged 15 to 24 likely increased household formation among young adults, thereby increasing rental housing demand. This, combined with the supply of newly constructed dental apartments moving slightly lower, pushed Canada’s vacancy rate downward,” said the deputy chief economist at the mortgage analysis centre for the Canada Mortgage and Housing Corporation. “Demand for rental condominium apartments remained strong, with the vacancy rate for such units falling in most of Canada’s largest urban centres, including Toronto, Montreal and Vancouver.”

A lower vacancy rate means that there will be much more competition to get an apartment in Toronto, including condominium apartments.

The full press release from the Canada Mortgage and Housing Corporation is available here.

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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Canadian Home Sales Increased In November

Posted on December 23, 2011 | Leave a comment

According to the latest Canadian Real Estate Association statistics, home sales across Canada increased slightly in November 2011.

“The Canadian housing market is proving resilient in the face of ongoing global economic and financial uncertainty, to the benefit of Canadian economic growth,” said the president of the Canadian Real Estate Association, Gary Morse, in a press release. “That said, some housing markets are picking up while others are holding steady or consolidating, so buyers and sellers should talk to their local realtor to understand current and prospective trends in their local housing market.”

Between October 2011 and November 2011, home sales across Canada rose by 0.5 per cent.
“Toward the end of every year, there’s a natural inclination to compare how momentum for national sales activity and average price compare to the year before,” said the chief economist for the Canadian Real Estate Association, Gregory Klump, in the same press release. “National sales activity picked up late last year, and November’s results suggest that a similar trend may be playing out again this year. By contrast, national average price also picked up toward the end of last year, whereas this year it has held steady after having peaked in the spring.”

“With interest rates expected to remain low for longer, the housing sector will no doubt be closely watched for signs of excess,” Klump added. “That said, current trends for resale housing and new construction suggest that tightened mortgage regulations are working as intended and fostering economic stability in Canada.”

For the full press release, visit the CREA website here.

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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As home prices in Toronto increase, consider buying a “fixer-upper”

Posted on December 21, 2011 | Leave a comment

As home prices in the Greater Toronto Area become higher, people who are looking to buy a home but find the majority of Toronto-area real estate outside of their price range may want to buy a fixer-upper, or a home that needs some work. According to the Ontario Real Estate Association, the costs involved with a fixer-upper home that needs extensive renovation work may still provide you with big savings compared to buying a more expensive home that doesn’t need work.

“Everyone wants  a house or condo that will be perfect the minute they move in so they only have to do the minimum amount of work to it,” said the president of the Ontario Real Estate Association in a press release. “But with the price of houses continuing to rise, and some buyers desperately looking for a family home in a seller’s market, it may not be an option for all buyers. Buying a property that needs work can be a way to save on the overall cost even when you factor in the cost of an extensive renovation.”

However, home buyers should weight the pros and cons of fixing up a home, and make sure they know they’ll be able to sell it for a decent price later to recoup their investment.

“It doesn’t make sense to invest $100,000 worth of renovations in a property if the other homes only sell for $50,000 more than what you bought the house for,” she said. “Buying a house that needs renovation should grow equity – not become a property that’s to expensive for the neighbourhood when you want to sell.”

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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Canadian Home Sales Better Than Expected In 2011

Posted on December 16, 2011 | Leave a comment

According to a new report, the Canadian real estate market has fared much better than was expected in 2011. And, the thriving real estate market is expected to continue much into 2012.

Average home prices in the Greater Toronto Area rose about seven per cent to $465,000, and this price is expected to increase to $488,000, or five per cent, by this time next year.

According to the report, which was released by Re/Max, the Canadian housing market is just plain resilient.

“The Canadian housing market has demonstrated tremendous resilience in recent years, but 2011 stands out,” said the report. “Instead of responding to economic concerns both here and abroad with a retreat in sales and prices, residential real estate markets actually experienced an upswing in the volatile third and final quarters.”

In Toronto, home sales are expected to grow by approximately two per cent in 2012.

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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Canadian Real Estate Association Updates Website

Posted on December 14, 2011 | Leave a comment

The Canadian Real Estate Association has introduced a newer version of its website to make it easier for users to find what they need easier and faster.

Realtor.ca now has:

- Collapsible panels that allow you to customize your map search page.
- a freeform map drawing tool, where you can physically draw your own search area on the map to find properties in a more specific area that is better suited to your needs.
- better sizing options so that the website can be seen better on larger, HD monitors.
- social media sharing options, which allow real estate agents to share links on their Facebook, LinkedIn or Twitter pages.

For more information including detailed tutorials, visit the original Canadian Real Estate Association press release here.

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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Most Torontonians Want Land Transfer Tax Repealed

Posted on December 11, 2011 | Leave a comment

The Toronto Real Estate Board recently presented the results of a poll on the Land Transfer Tax to the City.

“TREB supports the recommended 2012 budget because it continues the process of bringing fiscal sustainability back to City Hall, said Richard Silver, the president of the Toronto Real Estate Board, in a press release. “However, while we support the direction of this budget, we are pointing out that it does not begin the process of fulfilling Mayor Ford’s commitment to repeal the Toronto land Transfer Tax in 2012. This is a commitment that is strongly supported by Torontonians.”

The Toronto Real Estate recently conducted a poll, finding that 65% of Torontonians supported the Land Transfer Tax repeal, while 57% still did even considering the city’s budget issues.

“Notwithstanding the difficult decisions that City Council has faced with regard to the budget, Torontonians understand the Land Transfer Tax is part of the problem because it unfairly forces home buyers and business owners to pay more the their fair share, costing the average Toronto home buyer more than $6,000 every time they move; it is an unpredictable revenue stream that goes up and down with the real estate market; and it makes the City less competitive than other GTA municipalities,” Silver added. “The Land Transfer Tax is simply a band air that has delayed the true solutions to the City’s financial challenges.”

“Toronto businesses face the highest commercial and industrial property tax rates. Making business property taxes more competitive will allow the property tax base to grow, providing long-term, reliable revenue, which ultimately, will benefit residents by relieving pressure on existing taxpayers and improving quality of life in Toronto and the entire GTA by keeping people and jobs close together, thereby reducing traffic congestion,” he added.

The full press release and poll results are available here.

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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