Category Archives: Before You Sell

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.”

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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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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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National Home Sales Retreat Slightly, Toronto Real Estate Market Still Hot

Posted on February 22, 2012 | Leave a comment

According to the latest information from the Canadian Real Estate Association, home sales in Canada retreated slightly January 2012 when compared to December 2011, with a 4.5 per cent decline.

“The national housing market is stabilizing and remains well balanced,” said the president of the Canadian Real Estate Association, Gary Morse. “The said, forecasts for economic and job growth going forward vary widely for different parts of the country, suggesting a possible continuation of a softening trend in some markets, as well as the potential that demand will pick up based on strong fundamentals in others. All real estate is local, so talk to your local Realtor to understand how price trends in your neighbourhood are shaping up,” he said.

However, sales increased by four per cent over January of last year across Canada. Because new listings are also up more than sales (especially in Toronto), the market is a bit more balanced.

“Year-over-year comparisons in the national average price are expected to become volatile and may turn negative, reflecting average price developments in the first half of 2011 in Vancouver,” said the chief economist at the Canadian Real Estate Association, Gregory Klump. “At that time, high-end home sales in Vancouver’s priciest neighbourhoods surged to all-time record levels, which skewed the national average price upward considerably.

If this more balanced market created by higher listings than sales continues, buyers will have less competition when they put in an offer on a home.

“A replay of this phenomenon is not expected this year,” he added, “as a result, comparisons for national average price to year-ago levels over the coming months will reflect an upwardly skewed base effect – for this reason, year-over-year comparisons should be kept in perspective.”

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 Home Sales Increase In Early February

Posted on February 20, 2012 | Leave a comment

According to the latest numbers from the Toronto Real Estate Board, home sales in Toronto increased during the first 14 days in February 2012 by nine per cent – to 3,206 homes sold from 2,933 homes sold last year.

“The GTA resale home market became better supplied during the first 14 days of February,” said Toronto Real Estate Board president Richard Silver in a press release. “If growth in new listings continues to outstrip growth in sales this year, competition between home buyers will ease. More balanced market conditions on a sustained basis would result in a lower annual rate of price growth later in 2012.”

The average home selling price was also up by nine per cent, but new listings increased by 13 per cent – which bodes well for prices later this year.

“Both buyers and sellers are aware of the substantial competition that exists for most listings in the GTA,” said the Toronto Real Estate Board senior manager of market analysis, Jason Mercer. “There is not a mismatch in expectations, so homes sell quickly at close to the asking price.”

For more information, visit the Toronto Real Estate Board 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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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.

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