Tag Archives: Toronto Real Estate

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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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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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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National Home Sales Increase In February

Posted on March 16, 2012 | Leave a comment

According to the latest from the Canadian Real Estate Association (CREA), national home sales have increased 1.4 per cent from January 2012 to February 2012.

“The national rise in both sales activity and the number of newly listed homes beyond the normal seasonal increase provides clear evidence that Canadians are confident in housing market prospects,” said the president of the Canadian Real Estate Association, Gary Morse, in a press release. “Confidence varies by region, as do prospects for housing demand. For that reason, buyers and sellers should talk to their local Realtor to understand current and prospective trends in their local housing market.”

National home sales were up 8.6 per cent year-over-year.

“It is important to remember that MLS home sales and purchases are a significant source of economic activity and job creation. Total consumer spin-off spending resulting from MLS home sales and purchases will add an estimated $19.4B to the economy, and create over 159,000 jobs in 2012,” he continued.

A lack of new listings in cities like Toronto is resulting in prices higher than average. Nationally, new listings only rose 1.9 per cent from January to February.

The Canadian Real Estate Association’s Chief Economist, Gregory Klump, had this to say:

“In February 2011, the national average price was stretched upward by a spike in high-end home sales in some of Vancouver’s priciest neighbourhoods, and a replay of that was not expected this year. February’s data bear this out, but other factors are keeping the national average price aloft. The main one is the housing market in Toronto, where a tight balance between supply and demand continues to drive some of the strongest home price gains in the country, particularly for single detached properties.”

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 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.

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What Happens When A Seller Fixes A Problem, But Not Very Well?

Posted on November 21, 2011 | Leave a comment

We all know that sellers should always disclose any potential problems with a home to buyers, for both ethical reasons and to protect themselves from potential legal issues later on down the road.

But what happens when a major problem in a home was repaired (or thought to be) by the seller?

If a problem has been repaired, even poorly, by the seller, the law is unclear on whether the seller must inform buyers about the issue.

This CBC news story out of British Columbia details a case where this exact situation has occurred. The seller repaired water leakage problems in the basement, but didn’t do a great job. Because the seller repaired the issue, he didn’t have to tell the buyer due to British Columbia real estate laws. And now the buyer is out $50,000 because of the unexpected emergency repairs that were needed.

A signed disclosure statement told the buyer there were no problems, and a home inspector checked out the home in advance and found no defects, so the buyer bought the home.

Later, the buyer consulted with a contractor who determined the initial repair work was “substandard” and that the proper work permits were not taken out.

What do you think? Should buyers be fully informed about ALL previous issues with a home, even if they have been repaired? Should this seller be on the hook for the $50,000?

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The My Great Neighbourhood Contest

Posted on August 10, 2011 | Leave a comment

Do you love your neighbourhood? Is it the perfect place to live?

Royal LePage has announced its second year of the My Great Neighbourhood contest, in which Canadians can submit entries about neighbourhoods they love for a $20,000 grand prize.

“Canadians have a lot to be proud about and the My Great Neighbourhood contest allows residents from coast to coast to creatively showcase the many reasons why they love where they live,” said Royal LePage Real Estate Services president and chief executive Phil Soper in a press release. “We encourage Canadians to share the beauty of their city, the caring spirit of their neighbours, or what makes them proud to live in their community,” he added.

In addition to the grand prize of $20,000, a second prize of $3,500 and a third prize of $1,500 are also available. Entrants can consist of individuals or groups, and can either submit a video or photographs with their entry detailing why their neighbourhood is the best place to live. Entries will be voted on by the public and then a jury.

The contest ends on October 21, 2011 and the My Great Neighbourhood website 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.

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Posted in City of Toronto, Neighbourhood Information

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Title Insurance Explained (Part 4 of 4)

Posted on April 18, 2011 | Leave a comment

Peter Powers is a Sales Representative with Royal LePage Real Estate Services Ltd. Johnston & Daniel Division. Peter is a regular contributor to the Muddy York Blog. Peter’s website is located at www.peterpowers.ca.

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