Category Archives: Market Information

What Are Toronto Recreational Property Buyers Looking For?

Posted on May 31, 2012 | Leave a comment

The 2012 Royal LePage Recreational Property Report provides a lot of information to recreational property sellers in the Greater Toronto Area on what exactly potential buyers might be looking for.

Potential buyers are looking for quiet recreational properties (55 per cent), while a surprising 38 per cent want their property available for four season use. One-quarter of potential recreational property buyers are mostly interested in the fishing and boating in the area.

What’s most important to current recreational property buyers as opposed to potential recreational property buyers is a bit different. For example, 57 per cent of people who already owned recreational properties wanted peace and quiet, while 46 per cent wanted four-season use.

“Recreational properties are an excellent way to bring families together and to help reduce the stress associated with city living,” said the president and chief executive of Royal LePage Real Estate Services, Phil Soper. “This type of real estate can also be a solid investment, particularly if you are interested in a cottage of cabin on the waterfront. Recreational property supply near Canada’s urban centres is fixed while populations grow. Much like when purchasing a home in the city, it’s important to find the recreational property that will suit your needs and your budget,” he said.

According to the report, waterfront, land-access properties in Ontario in 2012 range between $140,000 and $1,000,000.

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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Posted in City of Toronto, Market Information, Mortgage Information, Recreational

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Canadian Home Sales Increase In April

Posted on May 22, 2012 | Leave a comment

According to the latest information from the Canadian Real Estate Association, resale housing activity across Canada increased by just under one per cent in April 2012.

“A number of Canadian housing market trends in April remained intact from the previous month,” said the president of the Canadian Real Estate Association, Wayne Moen, in a press release. “Trends in Vancouver and Toronto continue to diverge. These two housing markets have an obvious influence on national statistics and a high profile, but Canada is a big place. Trends in housing markets differ across Canada, and as all housing is local, buyers and sellers should speak to their local realtor to better understand current and prospective trends where they live.”

The Toronto real estate market saw the biggest increase, along with Calgary.

“It bears repeating that the national average price was skewed higher last spring by record level high-end home sales in Vancouver’s priciest neighbourhoods, and that a replay of this phenomenon was not expected this year,” said the chief economist for the Canadian Real Estate Association, Gregory Klump. “Sales data confirm that high-end activity in Vancouver is well off the peak levels reached at this time last year, which is exerting a gravitational pull on the national average price.”

So far this year, 157,804 homes have been sold in Canada, which is a 6.4 per cent increase over the same time last year.

“By contrast, activity in Toronto is stronger this spring than it was last spring,” added Klump. “Higher-priced sales activity there is on the rise and buoying average prices. As the most active housing market in Canada, Toronto is the biggest factor supporting national average price.”

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 Sales Increase In Beginning Of May

Posted on May 18, 2012 | Leave a comment

Toronto Real Estate Sales Increase In Beginning Of May

According to the Toronto Real Estate Board’s latest Toronto MLS statistics, Toronto real estate sales increased by 14.5 per cent in the first two weeks of May 2012 over the same time in May 2011.

“Annual growth in sales was experienced across the GTA for all major home types in the first half of May.  Sales growth was strongest for the condominium apartment segment.  While the condo market has generally been the best supplied market over the past year, we have continued to see enough demand to exert moderate upward pressure on average selling prices in this market segment,” said Richard Silver, president of the Toronto Real Estate Board.

Prices across Toronto increased by six per cent over the same time last year to an average selling price of $517,242.

“A shortage of listings in the low-rise segment of the market has resulted in a lot of competition between buyers and above average annual rates of price growth.  Tight market conditions are expected to remain in place for the balance of 2012,” 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 Commercial Real Estate Leases Decline In April

Posted on May 10, 2012 | Leave a comment

According to the Toronto Real Estate Board’s Commercial Division, 675,474 square feet of commercial space was leased in April 2012, representing a 20 per cent drop over April 2011.

“The past year has been an interesting time for commercial real estate in the GTA,” said the Toronto Real Estate Commercial Division chair Larry Purchase. “Domestic demand in Canada, including business investment, has been strong. This has certainly prompted some business to take on new space. At the same time, the recovery of the export sector has been anemic.”

“Many GTA businesses focussed on the production of goods or services for foreign markets have likely put real estate decisions on hold,” he added.

However, the number of sales of industrial and commercial properties was up by 16 per cent over last year.

“The composition of transactions can differ from one year to the next,” said Purchase. “There were a greater number of industrial transactions involving large properties this April compared to last. Because larger properties tend to trade for less on a per square foot basis, it makes sense that the average industrial price was down year-over-year. Conversely, other commercial transactions were weighted toward smaller unit sizes this year, helping explain some of the increase in the average selling price for this market segment.”

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 Sales Increase Year-Over-Year

Posted on May 8, 2012 | Leave a comment

According to the latest monthly resale market figures from the Toronto Real Estate Board, home sales in the GTA increased by 18 per cent – from 8,778 home sales in April of last year to 10,350 home sales in April of this year.

“Interest in single-detached homes has been very high, both in the City of Toronto and surrounding regions,” said the president of the Toronto Real Estate Board, Richard Silver. “Growth in single-detached listings has not kept up with demand, which means competition between buyers in this market segment increased. With this in mind, it was no surprise that the strongest annual price increase was also experienced in the single-detached segment,” he said.

Single detached homes experienced an increase of 22 per cent in sales compared to April last year.

Average prices increased by 8.5 per cent year over year.

“Monthly mortgage payments remains affordable for home buyers in the Greater Toronto Area,” said Jason Mercer, the senior manager of market analysis for the Toronto Real Estate Board. “While interest rates are generally expected to increase over the next two years, the extend and timing of rate hikes has been thrown into question by slower than expected economic growth in the first quarter of this year. On net, borrowing costs are expected to remain a positive factor influencing home sales through 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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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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Posted in Before You Buy, Before You Sell, Condominum Information, Market Information

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Spring Housing Market Off To A Good Start: CREA

Posted on April 20, 2012 | Leave a comment

According to the latest news release from the Canadian Real Estate Association, the Canadian spring housing market is off to a good start with home sales rising 2.5 per cent from February to March.

“The spring housing market is off to a good start,” said the president of the Canadian Real Estate Association, Wayne Moen, in a press release. “The number of sales and newly listed properties are up from levels last year, and the vast majority of housing markets remain balanced. That said, all housing is local, so buyers and sellers should talk to their local realtor to understand current and prospective trends where they live.”

Year over year, home sales increased by 1.6 per cent.

“Average prices are up from year-ago levels in most large urban centres,” said the chief economist for the Canadian Real Estate Association, Gregory Klump. “The slight decline in the national average price points to a tug of war between Toronto and Vancouver from the standpoint of their sales mix compared to last year.”

Regarding home sales activity in Toronto:

“At the same time, overall home sales activity in Toronto is stronger than it was last spring, and higher-end home sales are up from year-ago levels. Being by far the most active housing market in Canada, Toronto represents the single biggest factor supporting national average price compared to last year.”

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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