Toronto Real Estate Market Report: August 2012 Statistics

Following is TREB’s market report for August 2012:  Greater Toronto Area (GTA) REALTORS® reported 6,418 sales through the TorontoMLS system in August 2012, representing a year-over-decline of almost 12.5 per cent compared to 7,330 sales reported in August 2011. The number of new listings reported in August was down by 5.5 per cent compared to the same period in 2011.

“Residential transactions were down in August compared to last year. Stricter mortgage lending guidelines, which came into effect in July, arguably played a role. In the City of Toronto, the additional impact of relatively higher home prices coupled with the upfront cost associated with the City’s Land Transfer Tax led to a stronger annual decline in sales compared to the rest of the GTA,” said Toronto Real Estate Board (TREB) President Ann Hannah.

The average selling price for August 2012 transactions was $479,095 – up by almost 6.5 per cent compared to August 2011. The annual rate of price growth was driven by the low-rise home segment in the City of Toronto, including single-detached homes with an average annual price increase of 15 per cent. The MLS® Home Price Index (MLS® HPI)* composite index, which allows for an apples-to-apples comparison of benchmark home prices from one year to the next, was up by 6.3 per cent year-over-year.

“While sales were down year-over-year in the GTA, so too were new listings. As a result, market conditions remained quite tight with substantial competition between buyers in the low-rise market segment,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“The trends for sales and new listings are moving somewhat in synch, suggesting that the relationship between sales and listings will continue to promote price growth moving forward.”

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.

Why Wait Until After Labour Day To List Your Home For Sale?

Why Wait Until After Labour Day To List Your Home For Sale? Photo

Around this time last year I wrote a blog post about why it might be better to wait until after Labour Day to list your home for sale (read it here).

There's always the other side of the coin though, and in that article I noted that there are potential benefits to listing before Labour Day as well. For example, a seller could do well if everyone else was waiting until September and their property was the only one on the market.

A great example of this happened in my office just a few days ago.

A colleague of mine listed a one-bedroom condo for sale on King West. They priced the property at what appeared to be market value and decided to hold-back offers for a few days. Come offer night, there were a total of three buyers at the table!

Three competing offers on your property is better than ideal.  In fact it's more than most sellers can hope for, especially at a time of year when many buyers are deciding to put their search on hold.

There are always a handful of factors that go into any successful sale; pricing, staging, marketing, negotiations, etc. These factors aside, I think that part of the reason the sellers of this condo did so well is that they listed at a time when most other sellers are standing on the sidelines waiting for summer to end.

There's always a bit of risk in deciding to put your property on the market in mid-late August. As the above illustrates though, it's a risk that can sometimes be well rewarded.

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.

Are There Deals To Be Had In The Last Few Weeks Of Summer?

The last few weeks in August are similar to the last few weeks in December in that these are the two times of year when a relatively large portion of the real estate market (buyers, sellers, and realtors) are away on vacation.

Not everyone is out of the game though. We still see listings come on the market right up until Labor Day weekend and Christmas. If you're a buyer who's still actively looking you may be able to take advantage of the timing here.

I say "may" because it's actually quite rare to come across a bonafide "steal" in the Toronto real estate market. There are so many eyes on the listings at all times and nothing is ever going to slip past everyone.

Having said that, I've certainly had buyer clients do quite well by purchasing at the end of summer. They've benefited from the fact that there simply aren't as many other buyers out there actively looking. Less competition.

A property that might otherwise attract multiple offers may only get one. And there might actually be room for a bit of negotiation on the list price (imagine that!).

A handful of the buyers I'm working with at the moment have asked if they should put off the search for now and wait until after Labor Day weekend. My advice is almost always the same in this situation - "There'll be more listings to choose from if you wait until September. But there'll be more buyers to compete with then as well. If something really great pops up in the meantime, don't hesitate to make a move... You may be glad you did."

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.

Toronto Real Estate Market Report: July 2012 Statistics

Following is TREB’s market report for July 2012:   TORONTO, August 3, 2012 – Greater Toronto REALTORS® reported 7,570 sales in July 2012, representing a decline of 1.5 per cent compared to 7,683 sales reported in July 2011. The decline was most pronounced in the condominium apartment segment in the City of Toronto. Total sales in the rest of the Greater Toronto Area (GTA) were up compared to the same period last year.

“Very strong annual sales growth in the first half of 2012 and an earlier peak in sales this spring compared to 2011 help explain more moderate sales this summer. New mortgage lending guidelines and the additional upfront cost of the City of Toronto land transfer tax also prompted some households to put their buying decision on hold,” said Toronto Real Estate Board (TREB) President Ann Hannah.

The average selling price in July 2012 was $476,947 – up by four per cent compared to July 2011. The MLS® Home Price Index (MLS® HPI)* composite index, which allows for an apples-to-apples comparison of benchmark home prices from one year to the next, was up by 7.1 per cent year-over-year.

“The GTA housing market became better-supplied in recent months. Buyers benefitted from more choice in the market place, resulting in less upward pressure on the average home price in July,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“The mix of homes sold in July 2012 versus July 2011 also appears to have changed, further influencing the average selling price. This is evidenced by the different annual rates of growth between the overall average price and the MLS HPI®,” 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.

Spotlight: "Garment Factory Lofts" In The Leslieville Area

Anyone familiar with real estate in the Leslieville area knows that there isn’t much there in the way of residential condos/lofts. The majority of what’s available sits along the strip of Carlaw Ave that runs north of Queen Street East up to Dundas.

Up until just a few years ago, there were only a couple of loft buildings on the strip – the Wrigley Lofts and the iZone Lofts. And even these were a tough sell for some buyers, as the buildings definitely lean more towards the “hard” side of the loft divide.

Since then we’ve seen a handful of new developments spring up in the area; the Printing Factory Lofts, the new Flatiron Lofts, and the Garment Factory Lofts.

The Garment Factory Lofts building is notable for being a combination of original structure and new construction. The original 4 storeys are characterised by restored concrete floors, exposed concrete ceilings, and large warehouse windows. The additional 4 storeys are a combination of glass, steel, and brick. There are just over 150 suites in total.

The building was completed in 2008, there are just over 150 suites in total, and it was developed by Atria Development Corporation (previously responsible for a few residential developments in Oshawa) and designed by Core Architects.

The building sits on the east side of Carlaw, in between the Printing Factory Lofts and the Wrigley Lofts. The municipal address is 233 Carlaw Ave. Take a look at the Google Street View map here.

As for location, you’ve got TTC just steps away (the Queen St streetcar to the south and the Dundas streetcar to the north). There's a Shopper's Drug Mart at the corner and you're not far from a Starbucks, cafes, bistros parks, etc.

The building amenities include security guard, exercise room, party/meeting room, and visitor parking. I’ve included photos of some of the common elements below.

                              

If you own a suite in the Garment Factory Lofts and are thinking of selling, feel free to contact me for an evaluation of your property or for more info on my listing services.

If you're thinking of purchasing a suite in the Garment Factory Lofts specifically, or in the Leslieville Area in general, feel free to contact me for more info.

Ouch! Feeling The Sting Of Flaherty's New Mortgage Rules

There’s been a lot of talk over the last few weeks about how many buyers out there are actually going to feel the sting of the new mortgage rules that came into effect on July 9^th.  While the media has been playing up the severity of the implications these new rules bring, most industry insiders feel that only a relative minority of purchasers will actually have their buying power significantly reduced.

I thought it might be a good idea to shed some light from a realtor’s perspective and take a look at a couple of real world examples.

Example #1

A client of mine was previously looking to purchase a one-bedroom condo in the King West area for somewhere in the $325,000 - $330,000 range.  With the new rules in place, he’s been bumped down to well under $300K.  This means he’s likely going to have to say goodbye to a separate bedroom and settle for a bachelor suite.  Now he’s wondering if renting might be a better option...

Example #2

Some clients of mine were previously looking to purchase a 3-bedroom, 2 bathroom home in the east-end for around $600,000.  With the new rules in place, they’ll likely have to take on a basement tenant if they want to continue shopping for a house in the same price range.  This means that they may have to settle for only one bathroom, since 2^nd bathrooms in these homes are almost always located in the basement.

So, there you go - two real world illustrations of how Flaherty's tightening measures are affecting purchasers in the Toronto real estate market.

I will note that, aside from these two buyers, none of my other clients have been noticeably affected by the new mortgage rules.  They're either purchasing with at least 20% down or they're planning on spending conservatively less than the amount they've been approved for.

What about you? Have you had to reassess your home buying plans as a result of the new mortgage rules?

For access to a Mortgage 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.

Toronto Real Estate Market Report: June 2012 Statistics

Following is TREB’s market report for June 2012:  Greater Toronto REALTORS® reported 9,422 home sales through the TorontoMLS system in June 2012. The number of transactions was down by 5.4 per cent in comparison to June 2011. The year-over-year decline was largest in the City of Toronto, where sales were down by 13 per cent compared to June 2011. Sales in the rest of the Toronto Real Estate Board (TREB) market area were comparable to a year ago.

“Buyers continue to face the substantial upfront cost associated with the City of Toronto’s unfair Land Transfer Tax,” said TREB President Ann Hannah. “Recent polling by TREB suggests that many households are considering home purchases outside of the City of Toronto to avoid paying the Land Transfer Tax. This goes a long way in explaining the disproportionate decline in sales in the City versus surrounding regions.”

The average selling price in June was $508,622 – up by 7.3 per cent compared to June 2011. The mortgage payment associated with the average priced home in June, assuming five per cent down and a five-year fixed rate mortgage amortized over 25 years, would account for approximately 35 per cent of the average household’s income in the GTA after adding property tax and utility payments.

“According to new mortgage lending guidelines set out by Finance Minister Jim Flaherty, the GTA housing market remains affordable. The share of the average household’s income going toward major home ownership payments for the average priced home remains below the 39 per cent ceiling recently announced by Mr. Flaherty,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“The average household in the GTA continues to benefit from a considerable amount of flexibility to account for higher interest rates moving forward,” 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.

The Appeal Of An Older Building

Toronto’s Bay Street Corridor has a fair mix of newer and older condos. On the older side you’ve got buildings like The Liberties (Bay & Gerrard), Century Plaza (Bay & Wellesley), and The Penrose (Bay & College). On the newer side you've got the College Park Residences (Bay & College), Murano (Bay & Grosvenor/Grenville), and the Trump Tower (Bay & Adelaide).

While there are plenty of condo shoppers out there who will settle for nothing less than the newest of the new, there's still a healthy pool of buyers who see the benefits that an older building can sometimes offer.

I recently listed a suite for sale in one of the corridor's more well-known older buildings, Polo Club 2 (Bay & Wellesley). We saw plenty of activity during the six days that the property was on the market and it ended up selling with multiple offers for above the list price. If that doesn't show there's a market for older condos then I don't know what.

So what exactly is the appeal of an older building?

Simply put - you get more bang for your buck.

Developers are building condos smaller than ever these days. Many two-bedroom suites are coming in at well under 800 sq ft now. For the same money, you're likely to get yourself closer to 1000 sq ft in an older building.

The room sizes are generally larger in older condos as well. Especially 2nd bedrooms. Try comfortably fitting a queen-size mattress and two end tables into the 2nd bedroom of most brand new buildings. Good luck.

Kitchens are often more functional as well. So many new buildings are putting the kitchen along just one wall. This means less counter space and a layout that may limit your ability to have a dining room table. The kitchens in older condos usually have more counter space, more cupboards, and allow for a separate dining area.

Granted, there are drawbacks to older buildings; the maintenance fees are often higher, kitchens & bathrooms often need updating, the common areas are often outdated, etc. You can't have it all though and there are always going to be trade-offs.

If space/size is important to you and you're not hung up on having the newest digs on the block, then an older building may be the option for you.

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.

Toronto Real Estate Market Report: May 2012 Statistics

Following is TREB’s market report for May 2012:  Greater Toronto REALTORS® reported 10,850 transactions through the TorontoMLS system in May 2012 – an 11 per cent increase over the 9,766 sales in May 2011. Sales growth was strongest in the ‘905’ regions surrounding the City of Toronto.

“Sales growth in the ‘905’ area code was stronger than growth in the City of Toronto across all major home types. While lower average prices are certainly one factor that has contributed to this trend, recent polling also suggests that the City of Toronto’s land transfer tax has also prompted many households to look outside of the City for their ownership housing needs,” said Toronto Real Estate Board (TREB) President Richard Silver.

New listings were up substantially on a year-over-year basis in May – rising by more than 20 per cent to 19,177.

The average price for May 2012 sales was $516,787, representing an annual increase of 6.5 per cent compared to $485,362 in May 2011. Price growth continued to be driven by the low-rise market segment.

“Strong competition between buyers seeking to purchase low-rise home types drove strong price growth in May. However, if new listings continue to grow at the pace they did in May for the remainder of 2012, the annual rate of price growth should begin to moderate on a sustained basis,” 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.

Viewing Properties: How Many Is Too Many?

My wife and I have been known to watch a fair bit of television together. Although we share a love of many of the same shows (Twin Peaks, The Mighty Boosh, ...to name a few) our viewing habits are different. She’s happy to sit through marathon sessions of back-to-back-to-back episodes, whereas I like to spread mine out.

When it comes to a show like Mad Men for example, I want time to digest what I’ve seen and let it sink in before moving on. In my opinion, cramming a bunch of episodes in all at once just muddies the experience.

I think the same can be said for viewing properties.

When I'm out with buyer clients I generally like to schedule no more than 4 or 5 homes for us to see. Anything more than that and it can become a bit of a blur.

The most homes I've ever shown a client on one outing is 10. By the end of the tour their heads were spinning and they couldn't remember which house was which. Yes, we took notes and had the listings to refer back to.  But it's still difficult to keep them separate in your mind. You inevitably remember one house as having the kitchen that was actually part of another house, etc. The details just blend together.

Houses usually aren't as bad as condos though.

With each house you're driving to a different area. Each has their own yard, their own their exterior, their own unique layout and feel, etc.

Condos on the other hand can be more difficult to differentiate. And it doesn't help that you can often view more condos than houses in the same amount of time. Especially when they're all located within just a few surrounding buildings.

I know that it's tempting to stuff the itinerary with as many viewings as possible. Especially when our lives are so busy already and we're looking for ways to maximize the free time we do have. Shopping for a home is a big deal though.

I would suggest that quality, not quantity, is what you want when touring homes of interest. Work with your realtor to select a handful of real contenders to view and you'll be better off for it.

Happy hunting!

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.

Toronto Real Estate Market Report: April 2012 Statistics

Following is TREB’s market report for April 2012:  Greater Toronto REALTORS® reported 10,350 transactions through the TorontoMLS system in April 2012. This level of sales was 18 per cent higher than the 8,778 firm deals reported in April 2011. The strongest sales growth was reported in the single-detached market segment, with transactions of this home type up by 22 per cent compared to a year ago.

“Interest in single-detached homes has been very high, both in the City of Toronto and surrounding regions. 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,” said Toronto Real Estate Board President, Richard Silver.

The average price for April 2012 transactions was $517,556 – up 8.5 per cent compared to April 2011. While price growth was strongest for single-detached homes, the better-supplied condominium apartment segment experienced a more moderate annual rate of price growth, at four per cent.

“Monthly mortgage payments remain affordable for home buyers in the Greater Toronto Area. While interest rates are generally expected to increase over the next two years, the extent 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,” 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.

Buyers: Should You Have A Pre-Offer Home Inspection Done?

A couple of months ago I wrote a blog post asking the question, "Sellers: Should you have a pre-listing home inspection done?" (read it here).

Despite all the benefits, the reality is that some sellers opt not to have one done. Fair enough. It just means that the responsibility is in the buyer's hands.

Buyers essentially have two options. They can submit a conditional offer and then have a home inspection done after the offer is accepted. Or they can have a "pre-offer" home inspection done before submitting an offer.

In a market like Toronto's, where offer hold-back dates are common and multiple buyers are coming to the table, pre-offer home inspections make a lot of sense. They allow potential buyers to satisfy themselves ahead of time and to submit an offer without a home inspection condition. A firm offer carries a lot of weight and is much more attractive than a conditional one.

The one drawback here is that you're spending $400-$500 and a few hours of your time on a property that you may not even end up getting. True, but it's short-sighted to let that deter you. A few hundred bucks is a small price to pay in comparison to the hundreds-of-thousands you're spending on the home itself. And the peace of mind you'll get from having the inspection done is priceless.

Although there are plenty of home inspection companies in the city of Toronto, Carson Dunlop & Associates Ltd. seems to be the go-to choice for many. They do a pretty good job of explaining the pre-offer home inspection themselves…

Following is an excerpt from the “Pre-Offer Home Inspection” page on Carson Dunlop & Associates’ website:

A Carson Dunlop Pre-Offer Home Inspection provides buyers with a competitive advantage when bidding on a home. By having a comprehensive inspection completed before offers are presented, our clients have an opportunity to make their offers more attractive with fewer conditions. The Pre-Offer Inspection provides our clients with unparalleled insight on the workings of the home to help them make an informed offer.

Our Services Include:

• A summary page detailing the key findings
• Improvement recommendations for conditions, with time frames and ball park costs
• Photos and colour illustrations for clarity
• A copy of our Home Reference Book ($69 value) to help understand how houses work, what wears out and important maintenance suggestions.

Added Value

Carson Dunlop Pre-Offer Home Inspection clients who are not successful with their home buying bid receive a $50 credit towards their next inspection. Another Carson Dunlop advantage!

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.

When Does The Spring Real Estate Market Actually Begin? (Re-visited)

Two years ago I wrote a blog post asking the question, "When does the spring real estate market actually begin?"

Among other things, I took a look at the downtown market stats (districts C01 & C08) and found that there was an almost 80% increase in new listings in the week after Easter, compared to the week before.

Although we only have three full days of stats for the same week in 2012, I thought it would be interesting to see how they stack up against those from 2010.

Interestingly, the contrast we saw in 2010 isn't there now and this week's numbers aren't looking much different from last week's...

Here's the article as posted in April 2010, with the updated 2012 stats (you can read the original article with 2010 stats here):

When Does The Spring Real Estate Market Actually Begin?

The answer to the above question depends largely on who you're asking.  Speaking as a Realtor I'd say that the spring market actually starts as early as January.  Granted, the number of listings and sales this early in the year aren't going to match the level of activity we see in March, April, May,...  None-the-less there's activity in January and it's certainly the start of a market that will grow over the coming months.

Many feel that the spring market doesn't really begin until the month of March.  There's some truth to this in the sense that March is generally when we start to see signs of warmer weather and buyers are more apt to tour the neighbourhood for open houses.

March is a little tricky though, as a number of buyers, sellers and realtors aren't fully participating due to commitments associated with "March Break".  At least those with families anyway.

I would suggest that the safest bet is to consider the week after Easter Weekend as the full fledged beginning of the spring real estate market.  A number of sellers wait specifically until after Easter to put their property on the market.  And a number of buyers wait until then to kick their search into high gear.

However, this year may be a bit of an exception. Monday through Wednesday of last week we saw 176 new listings (condos, lofts, and houses) hit the market in TREB districts C01 and C08 (east of Dufferin / south of Bloor / west of the DVP).  Monday through Wednesday of this week we saw 172 new listings. Not much difference at all.  A decrease actually.

What does this mean? I'd suggest that it means a number of buyers chose not to wait until after Easter this year to list. And indeed, if you look at the numbers you'll find that there were more new listings this year in the week before Easter (238) compared to the same week in 2010 (190).

Regardless of when the spring market actually starts, we're at mid-April now and things are movin' & shakin'.  And they'll remain so for the coming months.  Then what?  The summer market of course!  When does that start?  Well......

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.

Toronto Real Estate Market Report: March 2012 Statistics

Following is TREB’s market report for March 2012:  Greater Toronto REALTORS® reported 9,690 sales through the TorontoMLS System in March 2012. This result was up by almost eight per cent in comparison to the 8,986 deals reported during the same period in 2011.

“The GTA resale market has not suffered from a lack of willing buyers this year. Buyers have been spurred on by the positive affordability picture brought about by low mortgage rates,” said Toronto Real Estate Board President Richard Silver. “The challenge has been a lack of inventory. Many listings have attracted multiple interested buyers. Strong competition has led to annual rates of price growth well above the long-term average.”

The average selling price in the GTA was $504,117 in March – up by 10.5 per cent in comparison to March 2011.

“The number of new listings was up last month in comparison to March 2011. However, based on the historic relationship between price and listings, the GTA resale market should be better supplied. If competition between buyers remains as strong as it is right now, we will almost certainly see an average selling price above $500,000 for 2012 as a whole,” 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.

How Am I Supposed To Show Your Listing If I Can't Find The Key?

I was viewing condos at Bathurst & Lakeshore earlier this week with a buyer client of mine. The plan was to see six properties in total, all located within two neighbouring buildings. We got in to see five of the properties, no problem. Unfortunately, condo number six - the one she really wanted to see - didn't go as smoothly...

First of all, the lock box wasn't where they said it would be. We had to explore all three stairwells before finally spotting it, all the way up on the landing to the next floor!

Then, the code they gave us wasn't working. I tried a few alternate number variations with no success and decided to phone the listing brokerage to confirm the code.

Indeed, the code they had on their end was the same one I first tried. They had no clue what could be wrong.

I had the listing agent paged and we waited patiently outside the suite. Ten minutes later my phone rang. The agent too had no clue what could be wrong and told me that he would have to try and get a hold of his partner, as they were the one who really knew more about this particular listing.

We waited another 10 minutes. No phone call. We left.

Ultimately, my client and I both went home empty handed that day. I wasn't able to show her the property that I felt might've been a real contender and she wasn't able to see the property she was most looking forward to.

Granted, mix ups do happen and keys sometimes go missing. Fair enough. This was a bit more than that though.

As frustrating as it is for me that we couldn't get in to see the property, it's the seller I really feel bad for. They have no idea that ready, willing, and qualified buyers are coming to view their condo - only to have the door slammed in their face when they arrive.

How many other agents unsuccessfully tried to show the property that day? How many of them do you think are actually going to rebook and come back again another day, especially with the looming possibility that the key still might not be there!

As a seller you've often only got one shot at getting your property seen by a potential buyer. If they can't get in to see your home then they'll just move on to the next.

There are plenty of important factors in ensuring your property gets ample exposure; staging, photography, list price, to name a few. But when you're realtor can't even handle the small task of making the key available for showings... all the marketing in the world isn't going to help a lick.

If you’re thinking of selling and would like to find out more about my marketing plan, feel free to contact me for more info.  

Toronto Real Estate Market Report: February 2012 Statistics

Following is TREB’s market report for Febuary 2012:  Greater Toronto REALTORS® reported 7,032 sales in February 2012 – up 16 per cent compared to February 2011. New listings were also up over the same period, but by a lesser 11 per cent to 12,684. It is important to note that 2012 is a leap year, with one more day in February. Over the first 28 days of February, sales and new listings were up by ten per cent and six per cent respectively.

“With slightly more than two months of inventory in the Toronto Real Estate Board (TREB) market area, on average, it is not surprising that competition between buyers has exerted very strong upward pressure on the average selling price. Price growth will continue to be very strong until the market becomes better supplied,” said Toronto Real Estate Board President Richard Silver. “It is important to note that both buyers and sellers are aware of current market conditions. This is evidenced by the fact that homes sold, on average, for 99 per cent of the asking price in February,” continued Silver.

The average selling price in the TREB market area was $502,508 in February – up 11 per cent compared to February 2011. The Composite MLS® Home Price Index for TREB, which provides a less volatile measure of price growth compared to the average price, was up by 7.3 per cent compared February 2011.

“If tight market conditions continue to result in higher than expected price growth as we move into the spring, expectations for 2012 as a whole will have to be revised upwards,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “While price growth remains strong, the average selling price remains affordable from a mortgage lending perspective for a household earning the average income in the GTA.”

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.

Two $5 Million Dollar Listings... In One Day!

Gotta love the photo I chose for this blog post. Two scantily clad ladies, an enormous electric guitar, cardboard flames and a glass box full of millions. Ah, Vegas in all its mundane glory...

How many $5 million dollar condos do you think sell in the city of Toronto in any given year? Ten? Twenty? I ran a search and found that a total of seven condos sold for $5 million or more last year on MLS.

Okay, how many $5 million dollar condos do you think pop up for sale on any given day?

Well, just last Thursday there were two. Both properties were posted on MLS within 1/2 hour of each other. Both listed at the exact same price (just over $5 million).

What's interesting to note here is the different neighbourhoods that these two condos are located in.

One of them is in Yorkville. No surprise there, as six of the seven sales from 2011 were in Yorkville (number seven was in Rosedale-Summerhill). And ten of the eleven condos currently listed for $5 million+ are in Yorkville.

The other new listing is in the Entertainment District/Queen West area. $5 million dollar sales are not par for the course there. In fact, I couldn't find anything that sold anywhere downtown for over $3.5 million.

Comparing the two listings though, it's impressive to see how much more $5 million dollars will get you downtown vs Yorkville...

• The Yorkville condo is just under 2,900 square feet. The downtown condo clocks in at over 5,000 square feet!
• Price per sqaure foot? The Yorkville condo is listed at over $1800/sq ft. The downtown condo is listed at under $1050/sq ft.
• What about your car collection? The Yorkville condo comes with two parking spaces. The downtown condo comes with five!

It's nice to see that even at a multi-million dollar price point, comparison shopping is a worthwhile activity :-)

If you've got $5 million dollars to spend on a home and would like to know how I can help, feel free to contact me for more info.

Toronto Real Estate Market Report: January 2012 Statistics

Following is TREB’s market report for January 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 Toronto Real Estate Board’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.

Spotlight: "Chocolate Company Lofts" In The Queen Street West Area

Over the last few years Queen Street West has seen its share of new residential development, the majority of which has sprung up around the Gladstone Hotel; Westside Lofts, The Bohemian Embassy, 2 Gladstone. Prior to these new buildings, Queen West was known more for the residential loft conversions that sit just west of Trinity Bellwoods Park; the Candy Factory Lofts and the Chocolate Company Lofts.

The Chocolate Company Lofts development is unique in that it's actually a blending of conversion and new construction. The architects worked with two industrial buildings that were originally owned by the Patterson Chocolate Company, and used new materials (designed to match the old) to knit them together.

Completed in 2005, the building occupies an entire block of Queen Street West, sitting at the corners of Queen & Crawford and Queen & Massey. The building has 6 storeys and the municipal address is 955 Queen Street West. Take a look at the Google Street View map here.

The Chocolate Company Lofts was developed by Plazacorp (also responsible for the Imperial Lofts, Massey Square, and Wellington on the Park, among others) and designed by Quadrangle Architects.

There are almost 150 suites in total and the building is characterised by everything you'd expect in a top-notch loft conversion; high ceilings, exposed post and beam, exposed brick, exposed duct work, huge windows, hardwood floors, etc...

The location is exceptional as well. You've literally got TTC at your door (the Queen St streetcar) and you're steps away from Trinity Bellwoods Park, a number of notable galleries (Angell Gallery, Stephen Bulger Gallery) and restaurants (Oyster Boy, Fresh, Swan).

The building amenities include concierge, exercise room, and party/meeting room. I’ve included photos of some of the common elements below.

                    

If you own a suite in the Chocolate Company building and are thinking of selling, feel free to contact me for an evaluation of your property or for more info on my listing services.

If you're thinking of purchasing a suite in the Chocolate Company building specifically, or in the Queen Street West Area in general, feel free to contact me for more info.

Toronto Real Estate Market Report: December 2011 Statistics

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.