TORONTO, February 3, 2012 – Greater Toronto REALTORS® reported 4,567 sales through the TorontoMLS® system in January 2012. This number was 8.8 per cent higher than the 4,199 sales reported in January 2011. Sales growth was strongest for low-rise home types in the regions surrounding the City of Toronto. “A favourable affordability picture bolstered by very low posted fixed mortgage rates has kept home buyers confident in their ability to achieve the Canadian goal of home ownership,” said Toronto Real Estate Board President Richard Silver. “The buyer pool remains diverse in the GTA with strong interest in home types across the pricing spectrum,” continued Silver. The average selling price for January 2012 transactions was $463,534 – up by almost nine per cent compared to January 2011. “Low inventory levels have kept competition between buyers strong, resulting in robust annual rates of price growth over the last year. 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,” said Jason Mercer, the...
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 Toronto, January 20, 2012 – Starting with its November 2011 Market Watch publication, the Toronto Real Estate Board (TREB) has been publishing a new Months of Inventory (MOI) indicator. MOI shows how long, on average*, it would take to sell all actively listed homes assuming the level of sales remained the same and no additional homes were listed. When the MOI trends downward, the market is tightening with fewer listings from which buyers can choose. Generally speaking, tightening market conditions translate into more competition between buyers and more upward pressure on the average selling price. When the MOI trends upward, the opposite would be true: competition between buyers will ease and the rate of price growth will likely moderate. The average MOI was 2.3 months over the last two years. In the years leading up to the recession (2000 through 2007) the average MOI was 3.0 months. In response to tighter market conditions, the average annual rate of price growth was stronger in 2010 and 2011 in comparison to much of the pre-recession period. “The low months of inventory over...
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– Each January many of us set goals for the year ahead, taking into account household finances and broader economic circumstances. One key yardstick of our nation’s economy is the real estate market, which in Toronto came to a strong finish in 2011, making it the second best year on record with 89,347 transactions, up four per cent in comparison to 2010’s 86,170 sales. Last month alone, a total of 4,718 homes changed hands, representing a seven per cent increase over the 4,395 sales reported in December 2010. Consistent with the month’s strong sales, sellers’ market conditions continued, with the amount of time that homes were available for sale averaging 32 days last month compared to 37 days a year ago. Year-over-year sales growth in the 905 Region outpaced that of the City of Toronto in December, with increases of more than 12 per cent and seven per cent respectively. In total 2,770 sales took place in the 905 Region while 1,948 transactions occurred in the City of Toronto. The number of homes newly available for sale in December also...
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The Canadian Mortgage and Housing Corporation’s latest study on housing trends predicts that an aging Canadian population will help continue to drive demand for condominiums and smaller homes, institutional buildings such as old age facilities, as well as a lively market for renovators. The oldest of the baby boomer generation are now entering their retirement years and by 2036, seniors will represent about one quarter of the total population in Canada.  That will mean an increase in older households and more headed by single seniors, who will demand a different kind of residence from the two-story detached home they raised families in.  Condominiums already accounted for one-third of all starts in urban centres last year, compared with 29 per cent in 2009, but that trend likely will continue according to CMHC. “Aging households will support continued growth in condominium markets. We can also expect to see growing demand for home adaptations … (and) the number of seniors in institutions would increase by a factor of almost two and a half,” the report states. “Some will move into smaller detached houses...
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– Toronto Real Estate Board (TREB) Commercial Division Members leased over 3.6 million square feet of commercial space through the TorontoMLS® system in the fourth quarter of 2011, representing a small 3.5 per cent decline compared to the fourth quarter of 2010. However, the amount of industrial space leased was up by eight per cent compared to 2010. Industrial transactions accounted for 79 per cent of total leased space in the fourth quarter. The average lease rate for industrial transactions completed on a per square foot net basis and for which pricing was disclosed was $4.92 – down 3.4 per cent compared to the fourth quarter of 2010. “After a dip in economic output in the second quarter of 2011, the Canadian economy rebounded in the third quarter. This rebound was in line with the consensus outlook for steady economic growth through 2012. In keeping with this outlook, it would seem that a number of industrial firms made the decision to take on additional space in the fourth quarter,” said TREB Commercial Division Chair Larry Purchase. In the fourth quarter,...
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TORONTO, January 5, 2012 – Greater Toronto REALTORS® reported 4,718 transactions through the TorontoMLS® system in December 2011. The December result capped off the second-best year on record under the current Toronto Real Estate Board (TREB) boundaries. Total sales for 2011 amounted to 89,347 – up four per cent in comparison to 2010. “Low borrowing costs kept Buyers confident in their ability to comfortably cover their mortgage payments along with other major housing costs,” said TREB President Richard Silver. “If Buyers had not been constrained by a shortage of listings over the past 12 months, we would have been flirting with a new sales record in the Greater Toronto Area,” added Silver. The average selling price in December was $451,436 – up four per cent compared to December 2010. For all of 2011, the average selling price was $465,412, an increase of eight per cent in comparison to the average of $431,276 in 2010. “Months of inventory remained below the pre-recession norm in 2011. Very tight market conditions meant substantial competition between Buyers and strong upward pressure on selling prices,”...
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TORONTO, December 15, 2011 — REALTORS® are applauding Mayor Rob Ford for re-affirming his commitment to repeal the Toronto Land Transfer Tax beginning in 2012, as reported by CP24. Mayor Ford’s comments were made during a televised interview with Stephen LeDrew, Political Specialist for CP24, which quoted the Mayor as saying that Torontonians will see “a portion of the land transfer tax gone by next year.” “Mayor Ford deserves to be applauded for sticking to his convictions and delivering on campaign commitments. That is what Torontonians elected him to do. The Land Transfer Tax is not good for Torontonians or the City. We look forward to working with the Mayor and Council to get rid of this unfair tax,” said Richard Silver, President of the Toronto Real Estate Board (TREB). A recent poll conducted by Ipsos Reid, for TREB, indicated that 65 per cent of Torontonians continue to support Mayor Ford’s commitment to repeal the Toronto Land Transfer Tax. “Torontonians understand that the Land Transfer Tax is not part of the solution to the City’s financial challenges; it is part...
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Toronto Real Estate Board Commercial Division Members leased 574,499 square feet of industrial space through the TorontoMLS system in November 2011. This result represented a small decline of two per cent compared to the November 2010 figure of 587,274 square feet. Over three quarters of the total leased space was accounted for by industrial properties. The average lease rate for industrial properties was $5.97 per square foot net (calculated for transactions where pricing was disclosed). This figure was up by more than 12 per cent in comparison to the average of $5.31 cents reported for November 2010. “Businesses have had to come to terms with a less certain economic outlook this year. The ongoing financial crisis in Europe coupled with fiscal uncertainty south of the border likely prompted some firms to put their real estate investment decisions on hold,” said Commercial Division Chair Larry Purchase. “With this said, the return to growth in the Canadian economy in the third quarter may point to renewed growth in the leasing market moving forward. The marked improvement in the export sector in Q3...
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Ottawa –  The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. Uncertainty around the global economic outlook has increased in the weeks since the Bank released its October Monetary Policy Report (MPR). Conditions in global financial markets have deteriorated as the sovereign debt crisis in Europe has deepened. Additional measures will be required to contain the European crisis. The recession in Europe is now expected to be more pronounced than the Bank had anticipated in October, as a result of increased deleveraging and tighter financial conditions, as well as necessary fiscal austerity and structural reforms. Recent economic data suggest that growth in the United States has been slightly more robust than anticipated, largely as a result of continued vigour in consumer spending and business investment. Nonetheless, household deleveraging, fiscal consolidation and negative spillover effects from the European crisis are all expected to weigh on U.S. growth. Growth in China and other emerging-market...
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– Greater Toronto REALTORS® reported 7,092 residential transactions through the TorontoMLS® system in November – up 11 per cent in comparison to November 2010. At the same time, the number of new listings was up by 14 per cent in comparison to last year. “We have seen strong annual sales growth through the 2011 fall market. The increase in transactions has been broad-based, with strong growth across low-rise and high-rise home types throughout the Greater Toronto Area,” said Toronto Real Estate Board (TREB) President Richard Silver. “The market has also become better supplied, with annual new listings growth outstripping that of sales. As this trend continues into 2012, we will see more balanced market conditions.” The average price for November transactions was $480,421, representing an increase of almost 10 per cent in comparison to $437,494 in November 2010. “Despite strong price growth this year, the housing market remains affordable in the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The correct method of assessing affordability is to consider the share of the average household’s income that is dedicated...
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– Greater Toronto REALTORS® reported 3,379 transactions through the TorontoMLS® during the first two weeks of November. This result represented more than a 13 per cent increase compared to November 2010. New listings were up 16 per cent over the same period. “The results for the first two weeks of November point to two important facts: First, despite global economic uncertainty, buyers have remained confident in the affordable housing market in the GTA. Second, stronger growth in new listings means that it is becoming easier for buyers to find a home that meets their needs,” said Toronto Real Estate Board President Richard Silver. The average selling price through the first 14 days of November was $481,548 – up by 10...
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– The Canadian Real Estate Association (CREA) has made a small revision to its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards and Associations for 2011 and 2012. Activity came in broadly in line with expectations across much of the country in the third quarter of 2011 with the exception of Ontario. Sales there came in stronger than anticipated in a number of regions over the summer, but were held aloft mostly by Toronto activity as the third quarter ended. Stronger than anticipated sales in Ontario pushed up national activity in the third quarter, and prompted CREA to raise its annual sales forecast for 2011 from 0.9 per cent to a...
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– According to statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity picked up a little further in October 2011 following the uptick in September. Highlights: Sales activity rose in October, marking the highest level since January. Actual (not seasonally adjusted) national sales activity in October stayed in line with the 10-year average for the month, as it has most months this year. Year-to-date sales are also even with the 10-year average. The number of newly listed homes remained little changed from levels in the previous three months. While the combination of stronger sales and stable new listings resulted in a slightly tighter balance of supply and demand, the national housing market remains firmly rooted...
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Housing starts are forecast to stabilize into 2012, according to Canada Mortgage and Housing Corporation’s (CMHC) fourth quarter Housing Market Outlook, Canada Edition1. “Despite continued uncertainty in the global economy, Canada’s economic fundamentals remain positive, particularly with respect to interest rates, employment and immigration. These factors will continue to support Canada’s housing sector in 2012,” said Mathieu Laberge, Deputy Chief Economist for CMHC. Housing starts will be in the range of 170,900 to 199,900 units in 2011, with a point forecast of 191,000 units. In 2012, housing starts will be in the range of 161,650 to 206,350 units, with a point forecast of 186,750 units. Existing home sales will be in the range of 423,600 to 470,100 units in 2011,...
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Greater Toronto REALTORS® reported 7,642  home sales through the TorontoMLS® in October 2011. This represented an increase of 17.5 per cent compared to the 6,504 transactions reported in October 2010. Monthly sales data follow a recurring seasonal trend that should be removed before comparing monthly results within the same year. After adjusting for seasonality, the annualized rate of sales for October was 97,100, which was above the average of  90,700 for the first three quarters of 2011. “The pace of October resale home transactions remained brisk in the GTA. This bodes well for a strong finish to 2011,” said Toronto Real Estate Board President Richard Silver. “Home buyers who found it difficult to make a deal in the spring and...
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As more and more new homes and condos are purchased from builders and many flipped without the Buyer ever residing in them, it’s important, once again, to review Tarion rules and requirements concerning such transactions. Please read and familiarize yourself with the following so as to protect your clients and limit your liability. You can call Tarion at the number provided at the end of the memo and they will help you with the registration and any questions you may have. Tarion amends registration rules for new home “flip” When a person purchases a new home from a builder, but never occupies it and then resells it, they are required to be registered with Tarion. Under Ontario’s New Home Warranty...
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According to the recent report from Bank of America Merril Lynch, Canadian variable mortgage holders may face serious dangers. The report says there’s a large number of variable rate mortgage borrowers who are quite vulnerable to the potential rate hike. In addition to it, they suggest almost two thirds of all mortgages originated recently are variable rate loans. The Bank of America Merrill Lynch suggested that only 25%-30% of mortgages were variable rate earlier, so today there are more people who may face financial difficulties in case of a rate increase. But the good news is that many economists expect no rate hikes until 2013, although it doesn’t mean there’s no reason to worry. In the same time, it’s quite...
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Get ready because in late November (Date to be announced), you will be able to purchase a unit at 88 Sheppard Ave. East at unbelievable first release VIP prices. You can REGISTER HERE to get Floor Plans and Price List!!!     88 is a 35 storey condo set in the contemporary Yonge and Sheppard village area. This new condominium is nothing short of an oasis of tranquility with everything right at your doorstep! A private water feature adorned with seating areas and the serene sounds of nature amidst the hustle and bustle of the city. Amenities include a state-of-the-art fitness facility, wellness area, party room and more!
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Podium and Upper Floors EXCLUSIVE VIP SALES EVENT November 8th, 2011 ONE DAY ONLY! Enjoy These Special Incentives: 15% Deposit $200 Gas Card (for each deal signed before 2:00 pm) FLOORPANS  You can REGISTER HERE for the upcoming VIP Sales Event!  
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Toronto, October 24, 2011 — Greater Toronto REALTORS® reported 5,770 condominium apartment transactions through the TorontoMLS® system in the third quarter of 2011, representing a 24 per cent increase over the same period in 2010. The average selling price increased by almost nine per cent to $333,352. “Condominium apartments have accounted for about one-quarter of total existing home sales in the GTA this year. This share is expected to increase moving forward, as new home sales and construction has become increasingly driven by high-rise construction,” said Toronto Real Estate Board President Richard Silver. In line with new home sales and construction trends over the last few years, condominium apartment completions have been high so far in 2011. When condo projects...
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