Category Archives: Before You Buy

Royal LePage House Price Survey: Consumer Confidence Great

Posted on May 4, 2012 | Leave a comment

Royal LePage has released its House Price Survey for the first quarter of 2012, finding that the surge of spring home sales activity across Canada was due to low mortgage rates and and early selection of listing inventory while spring started early this year.

“Our housing market is being pulled in opposite directions by opposing economic forces,” said the president and chief executive of Royal LePage Real Estate Services, Phil Soper. “On one, hand, there is the rapidly strengthening U.S. Economy, increasing Canadian consumer confidence and what can only be called a national mortgage sale encouraging activity and bidding up home prices. On the other, we have signs of over-shooting values and strained affordability in our largest cities. We are likely to see much more modest price appreciation as the year unfolds.”

Home prices across Canada increased between 2.2 per cent and 5 per cent depending on the region during the first quarter of 2012, compared to the same time last year.

“In Vancouver, the average price of a standard two-storey home is now $1,182,250,” continued Soper. “Although the city posted strong year-over-year price gains in the first quarter, we expect to see Vancouver’s housing market to reach a level of price resistance. Although desirability is high, many potential buyers have simply been pushed out of the market and cannot take advantage of low mortgage rates, which will ease demand and should bring price relief.”

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: Home Prices Increase In March, But Only Slightly

Posted on May 3, 2012 | Leave a comment

The Canadian Real Estate Association has released its monthly home price statistics, saying that while prices have increased slightly in March, it’s the smallest increase in monthly housing prices across Canada since June of last year.

“Overall price trends show that Canada’s housing market continues to moderate,” said the president of the Canadian Real Estate Association, Wayne Moen, in a press release. “Price increases have been shrinking since last fall. While that trend paused in March, it may in part reflect an early spring in many parts of the country, resulting in increased competition among buyers. That said, headline numbers mask some important differences in price trends among local housing markets and housing types. Since all real estate is local, buyers and sellers should talk to their local realtor to best understand how home price trends are shaping up where they live.”

Year-over-year, home prices increased by 5.1 per cent.

“The index typically experiences these types of month-over-month gains in the spring, which coincides with when the balance of supply to demand is tightest,” said the Canadian Real Estate Association’s chief economist, Gregory Klump. “With that in mind, it’s important to look at month-to-month movements in the context of how they compare to the same period in previous years. While the overall monthly price increase was on par with last year’s figure, it masks slowing price momentum in the Lower Mainland area of British Columbia. Slower price grains there were offset in March by a modest acceleration of price gains in Calgary, Toronto and Montreal.”

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 Transactions Increase Over First Three Months Of 2012

Posted on April 25, 2012 | Leave a comment

The Toronto Real Estate Board’s latest report on condo sales says that condo apartment transactions throughout the Greater Toronto Area increased by two per cent compared to the same time last year, and listings also increased by 14 per cent.

“With sales increasing moderately year-over-year and listings growing strongly, the condo apartment market became better supplied in the first quarter,” said Richard Silver, the president of the Toronto Real Estate Board. “With more choice for buyers in the condo market segment compared to the low-rise segment, the average selling price for condos grew at a slower pace in comparison to some low-rise types including detached homes.”

Condo apartment prices also increased, by 3.7 per cent to an average sale price of $334,952.

“Condominium apartment completions were at the highest level ever in 2011,” said Jason Mercer, the senior manager of market analysis for the Toronto Real Estate Board. “As projects completed, some units held by investors were listed for sale. As a result, it is not surprising that we saw more moderate rates of price growth in the first quarter. However, the fact that annual price growth remained above the rate of inflation is a testament to the fact that demand remains strong for this home type,” he said.
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 RBC Poll: Canadians Say It Makes Sense To Buy A House Now

Posted on April 11, 2012 | Leave a comment

According to the 19th Annual RBC Homeownership Poll, 59 per cent of Canadians think that buying a home now makes the most sense as opposed to 41 per cent who want to wait until next year.

Most Canadians, or 88 per cent, feel that a home is a good investment while 68 per cent feel that their home has gained value over the last 24 months.

“There’s a mix of opinions on the housing market, as Canadians still feel confident about real estate but are a little uncertain about where the market is heading and when it makes sense to buy,” said the head of home equity financing for RBC, Marcia Moffat. “Considerations such as affordability and available housing choices may be the difference between intent and reality when purchasing a home,” she said.

Almost 75 per cent of Canadians feel that they’d be find if home prices were to take a downturn.

“Steady as she goes seems to be the order of the day here, as more Canadians see stable home prices and mortgage rates over the next year,” Moffat added. “There’s a lot of information out there. Getting advice from a mortgage specialist on financing options and the all-in costs of home ownership can help you make an informed decision.”

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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Shortage Of Listings Has Toronto Home Buyers On The Lookout For Signs Of A Move

Posted on April 5, 2012 | Leave a comment

According to this article in the Globe and Mail, Toronto home buyers who seem to be growing tired of their search for the perfect home during a time when Toronto real estate listings are in short supply are on the lookout for pods – moveable storage containers – in local driveways.

These storage containers are almost always a sign that homeowners might be moving and give the prospective buyers a heads-up when it comes to finding a new home. Many home sellers know the first step to staring your home and getting it ready for sale is to declutter and remove any extra furniture, which is where the storage pods come in. Garage sales are also another sign the homeowners might be making a significant change in the coming months.

As Toronto Real Estate Board numbers come in for March, listings continue to drop – two per cent during the first half of March compared to March 2011. Homes are also spending less time on the market: 24 days as opposed to 27 in 2011.

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 Prices Increase In February, But Slower Than Recent Months

Posted on March 30, 2012 | Leave a comment

According to the most recent statistics from the Canadian Real Estate Association, home prices increased by 5.1 per cent  in February, but the gap between year-over-year comparisons in national home prices is getting smaller.

“MLS HPI trends for February show that home price growth is generally slowing,” said the president of the Canadian Real Estate Association, Gary Morse, in a press release. “At the same time, price gains and trends differ among housing markets tracked by the index. Since all real estate is local, buyers and sellers should talk to their local realtor to best understand how home price trends are shaping up where they live.”

Toronto had the most increase in home prices with 7.3 per cent, but the prices in Toronto are no longer gaining momentum.

“The index typically rises in February from the previous month as demand ramps up leading into the spring housing market,” said the chief economist for the Canadian Real Estate Association, Gregory Klump, in the same press release. “The monthly price increase in February this year was less than what we saw in either of the past two years, which is more evidence that the trend for Canadian home prices is slowing.

Single family homes saw the largest month-over-month price increases, especially in Toronto.

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Canadian Real Estate Report Expects Busy Spring Market

Posted on March 22, 2012 | Leave a comment

It might feel like the middle of summer already, but Canada’s real estate market is still poised to have a busy spring market.

According to a report by a major Canadian real estate organization, the majority of Canada’s 15 major urban centres have reported activity at the beginning of the year that was higher than the same time last year.

About 80 per cent of these markets saw increased activity, including the Toronto Real Estate Market, the sales volume of which was up 12 per cent.

Low inventory (listings on the market) in Toronto have created more heated bidding wars and driven home prices up. As more homes become available, the situation should become far less tense.

For more information on the report, visit the original CBC article 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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Home Sales Up, Listings Down: TREB

Posted on March 19, 2012 | Leave a comment

The Toronto Real Estate Board’s latest home sales statistics show that home sales have increased by seven per cent in the first 14 days of March compared to the same time in 2011.

Listings over the same time period decreased by two per cent.

“Home buyers continue to benefit from the affordable housing situation in the GTA,” said the president of the Toronto Real Estate Board, Richard Silver. “Immigration to Toronto and surrounding areas adds to the pool of home buyers every year. The economic and ethnic diversity found in the GTA consistently attracts newcomers and foreign investment.”

The average selling price for the first two weeks of March increased by nine per cent, and home sellers are receiving at least 100 per cent of their asking price.

According to the senior manager of market analysis for the Toronto Real Estate Board, Jason Mercer, “Strong competition between home users in many parts of the GTA has resulted in sellers realizing their asking price in a short period of time. The fact that homes are selling for 100 per cent of the asking price, on average, suggests that sellers are very much in tune with the current market situation and know the fair market value of their home,” he said.

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 Housing Construction Decreased Slightly In February

Posted on March 14, 2012 | Leave a comment

According to the Canada Mortgage and Housing Corporation (CMHC), the seasonally-adjusted rate of total housing starts decreased to 30,400 units in February 2012 for the Toronto Census Metropolitan Area.

“Given the record-level of housing units already under construction in Toronto, the slowing in new starts will help support stability in the market, particularly in the case of condominium apartments,” said the senior market analyst for the Greater Toronto Area, Shaun Hildebrand, in a press release.

In 2011, Toronto housing starts increased overall while declining month-to-month towards the end of the year.

Housing starts increased across Canada in February, up to 201,100 units from 198,100 units in January.

According to the deputy chief economist at the Canada Mortgage and Housing Coporation’s market analysis centre, Mathieu Laberge, “Increases in these provinces were partially offset by decreases in multiple starts in Ontario and Atlantic Canada. Multiple housing starts in Quebec had fallen nearly 50 per cent in January, so February’s rise can be seen as a return to a more normal rate of construction.”

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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