Category Archives: Market Information

Canadian Housing Market Remains Bright Spot: Canadian Real Estate Association

According to the Canadian Real Estate Association’s latest statistics for the September 2011 real estate market, home sales across Canada have increased by 2.7 per cent over August 2011.

“The Canadian housing market remains a bright spot against a backdrop of mixed headline news about the global economy,” said the president of the Canadian Real Estate Association, Gary Morse. “Low mortgage rates continue to draw buyers to the housing market, while recently tightened mortgage regulations are working as intended. That said, housing market trends often diverge from national trends due to local factors, so buyers and sellers should talk to a local Realtor to understand housing market trends at play where they live.”

The September 2011 sales-to-date are also in-line with the average for the last 10 years. Check out the graphic on the left for more information on the 10-year homes sales averages across Canada.

Gregory Klump, the chief economist at the Canadian Real Estate Association, also had this to say: “Canada’s housing market remains stable amid continuing financial market volatility, contributing to Canadians’ confidence in the economy and providing support for Canadian economic growth. Interest rates are expected to remain low and for longer, and evidence suggests that recent changes to mortgage regulations are preventing the kind of excesses they were designed to avert. Both of these developments are good news for the housing market.”

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.

New MLS Interface For GTA Real Estate Agents To Be Announced

According to the Toronto Real Estate Board, a new MLS Interface is going to be shown for the first time during the board’s annual meeting on October 20th.

“As a professional association we are continuously striving to develop the most efficient tools for our members,” said the president of the Toronto Real Estate Board, Richard Silver, in a press release. Their clients depend on them to provide information and advice tailored to individual needs expeditiously, and it’s our goal to help them deliver.”

The new interface will allow users to draw a shape on a map to find listings, e-mail listings while looking at them and be offered on a variety of new platforms, including Mac computers.

The meeting is at the Allstream Centre, Exhibition Place. The full press release on the subject can be 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.

Sales Up 20%: Toronto Real Estate Board

According to the Toronto Real Estate Board’s mid-month resale market figures, 3,477 homes were sold during the first two weeks of October – representing a 20 per cent increase over the same period in 20120. New listings also increased by 21 per cent to a total of 6,249.

“The first two weeks of October seem to be pointing towards more balanced market conditions as we move toward 2012,” said the president of the Toronto Real Estate Board, Richard Silver. “Growth in new listings outstripped growth in sales, meaning more choice for buyers. A growing number of home owners are reacting to the above average price growth reported this year and have decided to list their home for sale – they are confident they will receive timely offers in line with their asking prices.”

Detached home sales in the 905 greatly surpassed those in the 416 area code, with 1,143 sales compared to 450 sales.

“The average resale home price is expected to grow at a slower pace in the months ahead because the market is becoming better supplied,” said Jason Mercer, senior manager or market analysis for the Toronto Real Estate Board. “There will be less competition between home buyers as we move through the fall and winter – with a more balanced market in 2012, the average rate of annual price growth is expected to be in the mid single digits.”

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.

Canada Won’t See Housing Crash: Royal LePage

According to Royal LePage, Canada’s housing market won’t experience the same housing crash seen in the United States over the recent years.

While housing prices have increased over the last few months, Canada’s housing market and economy have remained stable.

“The third quarter saw a return to a normal seasonal business cycle as price appreciation slowed in many areas – with some average values even falling slightly – after the busy spring trading season,” said the president and chief executive of Royal LePage Phil Soper. “A broader slowdown is expected in the months ahead but fears of a U.S.-style correction are completely unfounded.”

Overall, Canadian banks and the Canadian economy are differently structured than those of the United States so a similar market collapse is just not in the cards for Canada.

In addition, Finance Minister Jim Flaherty has said that there won’t be any more new mortgage rules for Canadians any time soon, saying at a news conference, “it will take clear evidence of a bubble in the housing market in Canada, which we have not seen.”

 

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.

Toronto Home Sales Increase In September

According to the Toronto Real Estate Board’s latest market press release, home sales across the Greater Toronto Area increased by 25 per cent in September 2011 over September 2010.

The Toronto Real Estate Board says that 7,658 homes were sold in September, and sales up to September for 2011 hit 70,588, a slight increase of 2.6 per cent over 2010.

“We have experienced strong growth in sales so far this year, with a much more active summer compared to 2010,” said the president of the Toronto Real Estate Board, Richard Silver. “However, while sales have been strong, we have continued to experience a shortage of listings, resulting in more competition between home buyers. Over the past few months, the listing situation has started to improve, so we expect home buyers will have more homes to choose from in the months ahead,” he said.

As for Toronto home prices:

“Strong price growth through the first nine months of the year was mitigated to a great degree by low interest rates and rising incomes,” said the senior manager of market analysis for the Toronto Real Estate Board, Jason Mercer. “As buyers continue to take advantage of the affordable home ownership options in the GTA, we remain on pace for the second best year for sales under the current TREB market area,” he said.

The full Toronto Real Estate Board report 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.

Toronto Real Estate Market Watch September 2011

The Toronto Real Estate Board has just uploaded its latest Market Watch for September 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.

For Sale: Redesigned Victorian has loft-like feeling

This article was originally published in the National Post.

By Connie Adair

Deer Park
35 Heath St. E. (Yonge Street and St. Clair Avenue)
Asking price: $1.895-million
Taxes: $5,539 (2011)
Bedrooms: 3
Bathrooms: 3

MLS# C2160901

The owners had enjoyed their Victorian home for years, but as they grew older, they say the way they used their house changed and they wanted more fresh air, light, an open concept and a sustainable living space. To that end, they gutted their three-storey semi-detached home, adding insulation to the double brick shell, removing walls and ceilings, and finishing the interior with natural materials.

Walls were removed to create sight lines, the homeowner says. “From any part of the house, you can see to the back or the front. There is no visual barrier.”

The north view offers a streetscape of people walking by with kids and baby carriages, and the landscape across the street, the homeowner says. The south view into the backyard features a 40-foot-high, 100-year-old brick wall that is covered with ivy. “Light filters down through the leaves of trees adjacent to the deck on both sides,” the homeowner says.

The backyard features the work of a Japanese carpenter, who created a fence of horizontal slats and a Camaru Brazilian teak deck that covers the backyard, resulting in a low-maintenance outdoor space.

One of the most important features in the planning was to create the greatest exposure to nature possible, the homeowner says. Large windows at the back of the house meld indoor and outdoor space.

Inside, the “vertical cavity” that housed the stairway was opened up and replaced with stairs with open risers and metal railings. Light streams down from a skylight, giving the space a loft-like feeling.

The walls throughout are painted white and the oil-finished oak floor has a grey tone. Oil was chosen instead of a lacquer finish for a more natural look and feel. As well, any scratches from canine foot traffic can be easily buffed out. Also, open wood pores absorb sound, which lends a calm feeling to the house, the homeowner says. “Once wood is covered with lacquer, it acts like glass from an acoustic point of view.”

Because the owners do a lot of international business, it’s not unusual for them to be working in the middle of the night. “I work in the nicest part of the house — the kitchen,” the homeowner says.  The kitchen has white cabinetry for a seamless look in the all-white home.

The interior design, by Joan Kritz of Relative Space, features an open-concept master bedroom and ensuite bathroom, a private third-floor deck and architectural radiators that provide clean ambient heat.

“The house offers adult living, perfectly suited for couples or singles desiring fabulous entertaining space, total serenity for relaxing and healthy living design. It’s the perfect urban retreat,” says listing agent Leslie Lyons of Royal LePage J&D Division.

Shade trees on the southern exposure help naturally cool the home in summer and passive solar heating can be enjoyed when the leaves are off the trees in cooler months.

The 20×110-foot property is on a dead-end street that has easy access to a ravine. It’s great for private people, offering “anonymous living” away from the larger residential areas that surround it, the homeowner says.

To view the original article, visit the National Post.

Home Prices Break Records In July 2011

According to this article over at Buzzbuzz Home, Canadian resale home prices rose 1.3 per cent during July 2011 to create a new record based on information from the Teranet-National Bank Composite House Price Index.

According to Teranet, “The Teranet-National Bank House Price Index is estimated by tracking observed or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation of the index,” which determines how much a home’s price has increased each time it has been sold over the years.

Calgary saw the largest price increase out of the six urban centers monitored by Teranet at 2.3 per cent, while Toronto home prices increased by 1.7 per cent.

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.

Toronto Home Sales Jump During Beginning of September

According to the Toronto Real Estate Board, home sales during the first two weeks of September increased over 25 per cent when compared to the same period last year, while new listings also increased. A total of 3.149 homes were sold using the MLS listings and 6,890 homes came onto the market.

“Purchasing and paying for a home over the long term represents the single largest financial commitment most households will make over a lifetime. To make this commitment, households must be confident in their economic prospects,” said the president of the Toronto Real Estate Board, Richard Silver. “The fact that sales continued to grow through the first half of September suggests that GTA households remain confident that the economy will remain buoyant.”

Prices increased by about 11 per cent over last year, to a total average price of $454,194.

“Strong price growth in the GTA continues to be mitigated by a solid affordability picture,” said the Toronto Real Estate Board’s Senior Manager of Market Analysis, Jason Mercer. “Mortgage rates will remain at or near current levels until the second half of 2012 if not into 2013. In response to strong price growth, more households chose to list their homes for sale in comparison to last August. Growth in listings is expected to continue. Increased choice will result in more sustainable rates of price growth,” 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.