Following is TREB’s market report for December 2011: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,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
“TREB’s baseline forecast for 2012 is for an average price of $485,000, representing a more moderate four per cent annual rate of price growth. This baseline view is subject to a heightened degree of risk given the uncertain global economic outlook,” continued Mercer.
If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.
For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.
Last month, the Toronto Real Estate Board posted the above video to their YouTube channel. In the video, Senior Manager of Market Analysis, Jason Mercer, takes a look back at the 2011 real estate market and a look forward to what we can expect in 2012. Warning: the video is over 25 minutes long! Not to worry - I sat through the entire thing myself and have summarized the main points below (you're welcome).
1. Where We Are At
We've seen of approximately 8-10% of price growth over the course of the year.
Inventory has been tight, resulting in a Seller's Market.
Record-low interest rates have fuelled a very active market.
2. Interest Rates
Rates are likely to remain somewhat flat in 2012.
This is a reaction to what's happening, economically, south of the border and in Europe.
3. Jobs And Income Growth
The unemployment rate has been moving lower, but this trend is flattening.
A 2% growth in income is expected in 2012, roughly in line with inflation expectations.
The average Toronto household income will increase from approx $102,000 in 2011 to approx $104,000 in 2011.
4. Resale Market Outlook
An increase in the number of sales, from 90,000 in 2011 to 92,000 in 2012.
This increase in the number of sales is in line with the long-term trend for population growth.
The number of new listings should rise from 145-150,000 in 2011 to 160-165,000 in 2012.
More sellers will decide to list their homes in reaction to the strong price growth seen in 2011.
More listings = more choice for buyers = slower price growth than what we saw in 2011.
An increase in the average price from $460,00 in 2011 to $485,000 in 2012.
This amounts to approx 4.5% price growth, year-over-year.
Moderate price growth will keep affordability in check.
If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.
Following is TREB's market report for November 2011: 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 to mortgage principal and interest, property taxes and utilities. Currently, this share remains in line with generally accepted lending guidelines. Given this positive affordability picture, average price growth is forecast to continue in 2012, albeit at a more moderate pace.”
If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.
For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.
Following is TREB’s market report for October 2011: 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 summer due to a shortage of listings have benefitted from increased supply in the fall.”
The average selling price through the TorontoMLS® in October was $478,137 – up eight per cent compared to October 2010. “Sellers’ market conditions remain in place in many parts of the GTA. The result has been above-average annual rates of price growth for most home types,” said JasonMercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. “Thanks to low interest rates, strong price growth has not substantially changed the positive affordability picture in the City of Toronto and surrounding regions.”
If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.
For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.
Following is TREB’s market report for September 2011: Greater Toronto REALTORS® reported 7,658 transactions through the TorontoMLS® system in September - a 25 per cent increase over September 2010. Sales during the first three quarters of 2011 amounted to 70,588, representing a 2.6 per cent increase compared to the first nine months of 2010.
"We have experienced strong growth in sales so far this year, with a much more active summer compared to 2010. However, while sales have been strong, we have continued to experience a shortage of listings, resulting in more competition between home buyers," said Toronto Real Estate Board President Richard Silver.
"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." With annual growth in sales (+25 per cent) outstripping annual growth in new listings (+15 per cent) in September, market conditions became tighter and the average selling price continued to grow by close to 10 per cent on a year-over-year basis.
"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 Toronto Real Estate Board's Senior Manager of Market Analysis 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."
If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.
For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.
A few months ago I wrote a BLOG post titled, "How Much Can You Expect To Pay In Land Transfer Taxes?" (read it here). I provided a breakdown of how the various provinces calculate these taxes. I even linked to a handy little calculator that shows just how much a resident of Toronto has to pay. Let's just say... it's not chump change.
Today, the Toronto Real Estate Board posted the above video on their YouTube channel. The message is simple: "Mayor Rob Ford made a promise to repeal the Toronto Land Transfer Tax. Let's help him keep it."
From the Toronto Real Estate Board's website:
Say No To Status Quo!
Mayor Ford and City Council were elected with a clear mandate to change the way City Hall operates, including repealing the Toronto Land Transfer Tax. Unfortunately, some City Councillors are getting cold feet and would prefer to maintain the status quo. You can help make sure that City Council moves forward with changing City Hall. Use the links below to:
Send an email to the Mayor and City Council (click here)
Email your contacts to take action as well (click here)
Send a letter to the editor of selected media (click here)
For access to a Land Transfer Tax Calculator and other financial tools, visit my website here.
If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.
Following is TREB’s market report for August 2011: Greater Toronto REALTORS® reported 7,542 sales through the Toronto MLS® system in August – a 24 per cent increase over 6,083 sales in August 2010. New listings, at 12,509, were up by 20 per cent compared to August 2010. Market conditions remained tight as sales growth outstripped growth in new listings.
"Home sales in the GTA have stood up well despite a less certain economic outlook," said Toronto Real Estate Board President Richard Silver. "Home sales will be bolstered by low mortgage rates moving forward. The Bank of Canada is expected to be on the sidelines until the second half of 2012 or even into 2013. However, home ownership affordability in the City of Toronto could be further improved with the removal of the City’s land transfer tax. This tax currently represents a substantial upfront cost for homebuyers.”
With market conditions remaining tight in the GTA, the average selling price continued to grow strongly in August – up by more than 10 per cent year-over-year to $451,663. "We remain on pace for the second best year on record for sales. Approximately 90,000 transactions are expected by the end of December," said TREB's Senior Manager of Market Analysis Jason Mercer. "Major home ownership costs, including the average monthly mortgage payment, remain affordable despite the strong price growth experienced so far this year."
If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.
For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.
Following is TREB’s market report for July 2011: Greater Toronto REALTORS® reported 7,922 transactions through the Toronto MLS® system in July 2011, representing a 23 per cent increase over July 2010. Total sales through the first seven months of this year amounted to 55,863 – down by 1.3 per cent compared to the same period in 2010.
After adjusting for seasonal fluctuations, the July figures continued to point to an annual sales result close to 90,000 – in line with results from the previous six months.
"Strong home sales continued in July, with a substantial rebound over last summer’s slow-down brought about by higher mortgage rates, new lending guidelines and misconceptions about the HST. The greatest rebound was seen in the condominium apartment segment in the City of Toronto," said Toronto Real Estate Board President Richard Silver. "If the current pace of sales holds up, we could see the second best year on record under the current TREB market area."
The average selling price in July was $459,122 – up by almost ten per cent compared to the July 2010 average of $418,675.
“Tight market conditions have boosted the annual rate of price growth this year. However, the listings situation is starting to improve. A better supplied market later this year and into 2012 would lead to a more sustainable rate of price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.
For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.
I opened my email this morning to find a message from my office with the subject line, "Realtor Food Bank Challenge". Apparently, my brokerage (and a few others in downtown's west-end) have been publicly challenged by Mark McClean from Bosley Real Estate Ltd. to a food drive for the Parkdale Community Food Bank (check out the video above). What's my personal reaction to the challenge? I think it's a brilliant idea (good on ya', Mark!) and I humbly accept.
Rising to this challenge is going to take some help though... And I'm looking for you, my loyal readers, to pitch in if you can. We're looking to collect as many non-perishable food items as we can before Wednesday, August 10th. You can drop them off at my brokerage (905 King Street West, at King & Strachan) or I can swing by and pick them up from wherever's most convenient for you.
Give me a shout and we'll sort it out. Any help is greatly appreciated!
A bit of background...
On July 15th, the Parkdale Community Food Bank posted on their website, "The Parkdale Community Food Bank is facing a major financial shortfall and is now at risk of closing next month. Currently the need is far outpacing the food banks very limited resources, with financial donations coming up short. The food bank is now appealing to the community for any help possible to keep its doors open. The food bank must raise $100,000 to ensure it will stay open until well into next year..." (Read the full article on their website here).
Following is TREB’s market report for June 2011: Greater Toronto REALTORS® reported 10,230 home sales through the TorontoMLS® system in June 2011 – up 21 per cent compared to June 2010. This number represented the third best June result on record behind 2007 and 2009. The number of transactions during the first six months of 2011 amounted to 48,189 – down by 4.5 per cent compared to the first half of 2010.
“The strong June result capped off an interesting first half of 2011,” said Toronto Real Estate Board President Richard Silver. “The pace of sales was a bit sluggish at the beginning of the year, but rebounded in May and June. Because of the positive affordability picture, home buyers remained confident in their ability to purchase and pay for a home over the long term.”
The average price for June transactions was $476,371 – a 9.5 per cent increase over June 2010. Through the first six months of the year, the average selling price was $467,169 – almost an eight per cent increase compared to the same period in 2010.
“While sales have been strong, we would be on track for a record number of transactions in 2011 if not for the decline in listings so far this year,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. “Tight supply meant more competition between home buyers and an accelerating annual rate of price growth in the second quarter.”
“Home owners will likely react to the stronger price growth by listing their homes in greater numbers. A better supplied market would result in more moderate price increases,” continued Mercer.
If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.
For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.
Love where you live? Looking for a way to publicly sing the praises of your neighbourhood or community? Interested in a chance to win $20,000? You're in luck... Last week Royal LePage kicked off their annual "My Great Neighbourhood" contest!
It's simple - submit a short paragraph explaining why you love your neighbourhood or community. And be sure to include up to 5 photos or 1 video as part of your submission. Take a look here and click on "Past Entries" to see what other contestants have come up with.
Winners will be selected based on 3 main criteria:
Originality and creativity of entry.
Quality of neighbourhood information.
Number of votes received - the more your story is shared, the greater your chance of winning.
As if the opportunity to acclaim your 'hood wasn't motivation enough, you've got a shot at winning one of three cash prizes:
$20,000 - Grand Prize
$3,000 - Second Prize
$1,000 - Third Prize
If you're interested in entering the contest, check out the website here. Keep in mind - not only is this a great way to share a little neighbourhood pride, it's also an incredible opportunity to promote your neighbourhood to potential buyers across the country.
Good luck!
If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.
Following is TREB’s market report for May 2011: Greater Toronto REALTORS® reported 10,046 sales in May 2011 – up six per cent compared to May 2010. This result was the second best on record for May under the current Toronto Real Estate Board service area. The number of new listings in May, at 16,076, was down 15 percent compared to last year.
“Positive economic news and low borrowing costs led to strong sales through the first five months of the year, including the increase in May,” said Toronto Real Estate Board President Bill Johnston. “At the same time, the market has become much tighter compared to last year, due to a substantial dip in new listings.”
Homes were on the market for an average of 23 days and sold for an average price of $485,520– up nine per cent compared to $446,593 in May 2010. The strongest rate of price growth was experienced for single-detached homes sold in the City of Toronto.
“We have seen clear-cut seller’s market conditions emerge over the past two to three months,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis. “The robust price appreciation that we have seen will hopefully prompt more households to list, resulting in a more balanced market later this year,” continued Mercer.
If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.
For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.
It's that time of year again... Royal LePage's annual Garage Sale For Shelter is just around the corner and we need your help! Last year's sale was a great success (read my BLOG post from last year here), and we're hoping to do even better this year.
Here are the event details:
• When: Saturday, May 14th from 9am to 3pm (Rain date: Sunday May 15th)
• Where: 905 King Street West (at Strachan)
• Why: To support the Royal LePage Shelter Foundation, Canada’s largest public foundation dedicated exclusively to supporting women’s shelters and ending violence against women and children.
Last year, Royal LePager’s raised over $315,000 - more than double the previous year. The community is encouraged to take part again this year by donating gently used items to our office (located at 905 King Street West), by helping us spread the word, and by joining us on May 14th. With the support of local residents and the generous sponsorship of TD Canada Trust, Atlas Van Lines Canada and Advance Commission Company of Canada, we’re poised to beat our record again!
Right now we're looking for donated items for the garage sale. If you've got anything that you're happy to part with for a good cause, give me a shout and we'll schedule a time to swing by and pick it up.
Acceptable items for donation are as follows:
Furniture in good condition
Books
CD's & DVD's
Small appliances & electronics
Toys with all parts
Jewelry
Kitchen ware
Decorative accessories like candleholders, art prints, etc
Sporting goods
Tools
To learn more about the Royal LePage Shelter Foundation, check out their websitehere. And you can visit our Facebook Pagehere.
Looking forward to a great turnout on the 14th and a successful garage sale!
Following is TREB's market report for March 2011: Greater Toronto REALTORS® reported 9,262 transactions through the TorontoMLS® system in March 2011, representing the second best March result on record. The number of transactions was 11 per cent lower than the record result reported in March 2010.
“The strong home sales reported in March and throughout the first quarter of 2011 have been based on a solid affordability picture and improving economic conditions in the GTA and country-wide,” said Toronto Real Estate Board (TREB) President Bill Johnston.
The average selling price for March 2011 was up five per cent year-over-year to $456,147. The strongest average annual price growth was reported for condominium apartments and semi-detached houses, at approximately seven per cent for both home types.
“Market conditions were tighter in March compared to last year. With more competition between buyers, we have seen a strong but sustainable rate of price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.
For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.
Following is TREB's market report for January 2011: Greater Toronto REALTORS® reported 4,337 transactions through the TorontoMLS® system in January 2011. This result was 13 per cent lower than the record result reported in January 2010.
"While off the record pace experienced a year ago, the GTA resale market has started the year on a solid footing. Home buyers in Toronto and surrounding areas continue to benefit from a diversity of housing types for sale at many different price points," said TREB President Bill Johnston.
The average selling price for January 2011 sales was $427,037, representing an increase of over four per cent compared to the average of $409,058 reported in January 2010.
"The average selling price is expected to grow at a moderate pace in 2011. Growth rates in the three to five per cent range will be sustainable from an affordability perspective," said Jason Mercer, TREB's Senior Manager of Market Analysis.
Median Price
In January, the median price was $360,000, from the $350,000 recorded during January of 2010.
If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.
For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.
Following is TREB's market report for December 2010: Greater Toronto REALTORS® reported 4,395 existing home sales for the month of December, bringing the 2010 total to 86,170 – down by one per cent compared to 2009.
"Market conditions were anything but uniform in 2010. We went from super-charged sales activity during the first four months of the year, to a marked drop-off in transactions in the summer and then in the fall saw sales climb back to levels that are sustainable over the longer term," said TREB President Bill Johnston.
"New Federal Government-mandated mortgage lending guidelines, higher borrowing costs and misconceptions about the HST caused a pause in home buying in the summer. As it became clear that the HST was not applicable to the sale price of an existing home and buyers realized that home ownership remained affordable, market conditions improved," continued Johnston.
The average home selling price in 2010 was $431,463 – up nine per cent in comparison to the 2009 average selling price of $395,460. In December, the average annual rate of price growth was five per cent.
"At the outset of 2010, we were experiencing annual rates of price growth at or near 20 per cent. This was the result of extremely tight market conditions coupled with the fact that we were comparing prices to the trough of the recession at the beginning of 2009," said Jason Mercer, TREB's Senior Manager of Market Analysis.
"Balanced market conditions in the second half of 2010 resulted in more moderate home price appreciation," continued Mercer. "Expect the average selling price to grow at or below five per cent in 2011. With this type of growth, mortgage carrying costs for the average priced home in the GTA will remain affordable for a household earning an average income."
Median Price
In December, the median price was $355,000, from the $349,000 recorded during December of 2009.
If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.
For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.
The Toronto Real Estate Board recently weighed in with their outlook for 2011/2012 by posting the above video to their YouTube channel. This video is the latest from TREB in a series featuring their Senior Manager of Market Analysis, Jason Mercer.
In his presentation, Mr. Mercer focuses on 3 key factors in his analysis of where we've been and where we're going:
Average home price
Average household income
Average 5 year fixed mortgage rate
For those of you unwilling to sit through the 20 min video (I don't blame you - 20 min is long...), here's a quick summary of his outlook:
The pace of economic recovery has slowed NOT STALLED in Canada.
The market consensus is for fewer rates hikes than originally expected through the end of 2012.
Wages and salaries will reach an inflation-level of growth.
There'll be an inflationary increase in utilities costs and taxes.
Right now affordability remains in check, thus the current average selling price is justified.
Price growth will be slower in 2011/2012 (3% growth).
If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.
Following is TREB's market report for November 2010: Greater Toronto REALTORS reported 6,510 existing home sales in November – down 13 per cent from 7,446 sales in November 2009. New listings were also down 13 per cent annually to 8,642. On a month-over-month basis, the seasonally adjusted annual rate of sales increased for the fourth straight month to 88,100. This rate was substantially higher than the July low of 67,900.
"The GTA resale market has tightened since the summer. Healthy market conditions continued to support growth in the average selling price," said Toronto Real Estate Board President Bill Johnston.
"Sales through the first 11 months of the year were down only marginally compared to the same period in 2009. We remain on track for one of the best years on record under the current TREB market area," continued Johnston.
The average selling price for November transactions was $438,030 - up five per cent compared to November 2009.
"The average selling price in the GTA is affordable. A household earning the average income can comfortably cover the mortgage payments on an average priced home. Expect the average selling price to grow at a moderate pace over the next year," said Jason Mercer, TREB's Senior Manager of Market Analysis.
Median Price
In November, the median price was $366,000, from the $353,800 recorded during November of 2009.
If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.
For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.
As noted in the above YouTube video, a recent Ipsos Reid survey revealed that 56% of Ontarians mistakenly believe HST applies to the full purchase price of resale homes. The survey was commissioned by the Ontario Real Estate Association in an effort to convince the Ontario government to launch a public awareness campaign to educate taxpayers and put an end to the confusion.
The video interview goes on to say, "Based on this research families are putting off the decision to move. They actually think that they just can't afford it. Everyone has a dream of home ownership and if they're putting it off because they think they can't afford it based on a misconception about HST that's a real shame."
I personally haven't noticed a downturn in my own business or a reluctance by my clients to make a move because of the HST. That doesn't mean it isn't happening though... Many realtors are saying that they're feeling a negative impact.
So, how do we combat the confusion? By educating our clients as to when the HST actually applies! Here's a quick breakdown:
HST does NOT apply on the purchase price of re-sale homes.
HST DOES apply to services such as legal fees, home inspection fees, appraisal fees, labour for renovations, landscaping and real estate commissions, if applicable.
It is estimated the average home buyer will likely pay $1200 - $1500 additional cost in HST fees when moving.
HST applies to the purchase price of newly constructed homes. However, the Province is proposing a rebate so that new homes across all price ranges would receive a 75 % rebate of the provincial portion of the single sales tax on the first $400,000. (so that's basically a savings up to the first $24,000 hst)
For new homes under $400,000, this would mean, on average, no additional tax amount compared to the current system
If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.
Some of you may be thinking, "This is a Toronto real estate blog. What the hell are you doing posting about Arcade Fire's latest music video?" Well, I'd argue that this post is related to real estate, in a way. And besides, it's my blog and I get to post what I want!
The new video was released today and it's getting a ton of attention, not only because it features a brilliant track from a band that's at the peak of its powers, but beacuse it's an interactive experience that's unique to each individual viewer. The video utilizes Google Maps, Google Street View, HTML 5 programming, and a bunch of other computer-y stuff to create something we haven't quite seen before.
The above YouTube clip isn't the full video - it's just a teaser. To view the video as it's meant to be seen go to www.TheWildernessDowntown.com. There you'll be asked to enter the address of the home where you grew up. What follows is a series of images unfolding in multiple windows, all to the tune of Arcade Fire's "We Used To Wait". It's a mixture of music, film, animation, images from the viewer's own neighbourhood, and more.
One caveat though: Apparently the video is a bit clunky on some browsers. For the best possible experience it's recommended that the video be viewed in the Google Chrome browser, which you can download here. Any browser that supports HTML 5 should be fine though.
For a deeper look into how the video was created take a look at the Chrome Experiments page here.
