Author Archives: Real Estate Guide

Bank of Canada Interest Rates Hold Steady Until At Least March

Posted on February 14, 2012 | Leave a comment

In January 2012, the Bank of Canada announced that it would keep interest rates at record lows (1.25 per cent) at least through to March, when its next announcement is scheduled to take place.

What does this mean for home buyers? It means that home buying will remain more affordable for the time being, and that now is one of the best times to buy a home in Toronto.

“The Bank said it expects the pace of growth going forward to moderate by more than initially thought, but the forecast for growth this year has actually been raised slightly,” said the chief economist for the Canadian Real Estate Association, Gregory Klump. “That reflects a weaker than previously expected growth profile for the first half of 2012, followed by an acceleration in the second half of the year.”

“The Bank reiterated that its outlook remains subject to downside risks from the sovereign debt issue in Europe. Recent credit-rating downgrades to much of the euro zone point to potential contagion by way of a drop in financial market liquidity,” continued Mr. Klump. “The bottom line is that the bank rate is not going to be going up anytime soon, and we may see rates lowered should downside risks materialize.”

The next scheduled rate announcement for the Bank of Canada is expected on March 8th, 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.

→ Leave a comment

Posted in Before You Buy, Mortgage Information

Tagged ,

New Way To Measure GTA Home Prices From The Canadian Real Estate Association And Toronto Real Estate Board

Posted on February 9, 2012 | Leave a comment

The Canadian Real Estate Association (CREA) and the Toronto Real Estate Board (TREB) along with several other Canadian real estate boards have developed the MLS Home Price Index, an index designed to provide a better idea of home values across Canada.

“The Toronto Real Estate Board is extremely excited to be launching the MLS HPI,” said Toronto Real Estate Board president Richard Silver in a press release. “This new approach will provide clarity for the consumer and prove to be a major improvement over any other method to measure home prices and home price change available in the marketplace today. I look forward to discussing the many benefits and uses of the MLS HPI in the coming months.”

The Home Price Index also has its own website with more information and a video tutorial, available here.

In addition, more information and examples is available in the initial Toronto Real Estate Board press release, found 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.

→ Leave a comment

Posted in Market Information

Tagged , , ,

Toronto Real Estate Board Figures For January 2012

Posted on February 6, 2012 | Leave a comment

The Toronto Real Estate Board has released its sales figures for the month of January 2012. Sales in January 2012 were almost nine per cent higher than in January 2011, with 4,567 sales compared to 4,199 sales.

“A favourable affordability picture bolstered by very low posted fixed mortgage rates has kept home buyers condiment in their ability to achieve the Canadian goal of homeownership,” said Richard Silver, the president of the Toronto Real Estate Board, in a press release. “The buyer pool remains diverse in the GTA with strong interest in home types across the pricing spectrum.”

In January 2012, the average price of a Greater Toronto Area home was $463,534, which is nine per cent higher than January of last year. But according to the Toronto Real Estate Board, an increase in new listings should calm prices.

“Low inventory levels have kept competition between buyers strong, resulting in robust annual rates of price growth over the last year,” said Jason Mercer, the senior manager or market analysis for the Toronto Real Estate Board. “Strong price growth is expected to attract more listings. A better supplied market should result in a slower rate of price growth, especially in the second half of 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.

→ Leave a comment

Posted in Before You Buy, Before You Sell, Market Information

Tagged

Thinking Of Renting Out Your Condo? Now’s A Great Time

Posted on February 3, 2012 | Leave a comment

According to the latest figures from the Toronto Real Estate Board, Toronto condo apartment leases increased through late last year – by two per cent to 4,664 from 4,563 compared to the last quarter of 2010.

“The rental market for condominium apartments is very tight in the Greater Toronto Area,” said the president of the Toronto Real Estate Board, Richard Silver. “Growth in rental transactions outstripped growth in listings throughout 2011, even with strong condominium apartment completions. In line with tightening market conditions, the Canada Mortgage and Housing Corporation’s condominium apartment vacancy rate for the GTA dropped in 2011. The end result was robust increases in average rents.”

Fewer condominiums available for renters has led to an increase in bidding wars over renting a condo, meaning that investors are likely to get more than they’re asking for when they do decide to rent.

“The number of renters looking for apartments with modern finishes and amenities has steadily increased,” said Jason Mercer, the senior manager of market analysis for the Toronto Real Estate Board. “The main source for these types of units has been investor-held condominium apartments. As renters have flocked to this segment of the rental market, upward pressure on rents has increased.”

If you are planning on renting out your condo, you will need to screen potential renters very carefully, as well as prepare the proper lease agreement for your condo. A Toronto real estate agent can help, saving you time and money.

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.

→ Leave a comment

Posted in Condominum Information

Tagged ,

Federal Home Renovation Tax Credit Program Cancelled Early – Again

Posted on February 2, 2012 | Leave a comment

For the second time in a row, the Federal Government’s eco-energy retrofit-homes program has been cancelled early because they gave out all of the money already.

Here’s how the program worked:

Homeowners initially had to undergo an energy audit, where an auditor would visit their home and create an official list of renovations that could be done in the home to improve the home’s energy-efficiency. The homeowners would then complete the renovations and undergo a second audit, which would qualify them for their rebates of up to $5,000.

The program was initially expected to continue to take applications until March 31st, but closed earlier this week because the budget ran out.

March 31st was the deadline to have renovations completed, but homeowners have until June 30th to have their second audit completed.

The program was also introduced in 2009, but also cancelled early for the same reasons. But this year, less than half of the promised money was actually given to the program – $195 million as opposed to the original $400 million.

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.

→ Leave a comment

Posted in Renovating to Sell

Tagged , ,

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.

→ Leave a comment

Posted in Before You Buy, Before You Sell

Tagged , ,

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.

→ Leave a comment

Posted in City of Toronto

Tagged , , , ,

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.

→ Leave a comment

Posted in Before You Buy, Before You Sell

Tagged ,

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.

→ Leave a comment

Posted in Before You Buy

Tagged