In the first two weeks of November, Greater Toronto REALTORS® reported 3,666 sales – up 84 per cent compared to the first two weeks of November 2008. The average price for these transactions was up 10 per cent year-over year to $415,066.
Increased interest in ownership housing has been widespread throughout the GTA and across all housing types,” said Toronto Real Estate Board President Tom Lebour. “However, it is important to point out that we are now making comparisons to the fall of 2008 when we experienced a marked decline in sales and average price”
Year-to-date sales, at 78,233 are up 11 per cent compared to 2008. Average price, at $393,180, is up by three per cent.
Wednesday, November 18, 2009
Friday, November 13, 2009
Eglinton Crosstown LRT Meetings
Another series of open houses is beginning for the Eglinton Crosstown Light Rail Transit (LRT). The LRT line will run from Kennedy subway station all the way to Pearson Airport and will undoubtedly have an effect on property development and values along the route. There is generally a positive impact on property values along the route as more intensive development occurs around the stations, though this often takes place over a number of years. For more information, see www.toronto.ca/transitcity
Friday, November 6, 2009
TREB Reports Strong Growth in October MLS Transactions
In October 2009, Greater Toronto REALTORS® reported 8,476 sales, up 64 per cent from October 2008. The average price for October transactions was $423,559 – up by 20 per cent compared to the same month last year.
"Strong sales growth has occurred across many property classes – from price ranges that would attract first-time buyers to luxury properties selling for over one million dollars," said TREB President Tom Lebour. “The highest rate of sales growth in October was experienced for properties selling for over $750,000. In contrast, luxury home sales declined at an above-average rate last year.”
Year-to-date sales, at 74,721, were up nine per cent compared to the first ten months of 2008. Average price, at $392,264 was up by almost three per cent.
"Strong sales growth has occurred across many property classes – from price ranges that would attract first-time buyers to luxury properties selling for over one million dollars," said TREB President Tom Lebour. “The highest rate of sales growth in October was experienced for properties selling for over $750,000. In contrast, luxury home sales declined at an above-average rate last year.”
Year-to-date sales, at 74,721, were up nine per cent compared to the first ten months of 2008. Average price, at $392,264 was up by almost three per cent.
Friday, October 23, 2009
Economic and Condo Update 2010
I attended the Economic and Condo Market Update yesterday sponsored by Genworth Financial (thanks to Jessica Magno for the invitation). In his address, a speaker from the Conference Board of Canada showed that our economy seems to be on the mend. While it is of little consolation to those who are losing their jobs, he pointed out that we experienced eight years of employment growth from 2000- 2008, far greater than the jobs lost in the last year.
An interesting point he made is that it is unlikely that the US will very soon start to address the huge deficit that they are building up, which is actually a good thing for us in Canada. Once they start to address it, there will be a tightening spending by Americans, our biggest export customers. He said that the introduction of the HST in July 2010 will add .7% to the inflation rate, with the overall rate expected to be 2.7% He did not foresee an increase in mortgage rates beyond 1-2%, which he felt would not have a significant effect on the real estate market. I took my son Michael, who recently graduated from Trent with a Bachelor in Business Administration and is looking for a job in finance, with me. It was interesting to see how the younger generation views these things.
One of the other speakers was from Urbanation (www.urbanation.ca) who spoke about the Toronto condo market. He felt that the biggest issue with the coming HST is its impact on condo maintenance fees, which he expects will rise by about 6%. He said that when fees rise to over $600/mo., it has a negative effect on condo sales. Overall he was very positive about the condo market in Toronto, reporting that the unsold inventory is down significantly. He noted that a number of successful projects had revised their suite mix, going to smaller less expensive units.
He noted that there has been a difference in price per square foot between new and re-sale has declined. He also identified the condo areas that have experienced the most price appreciation since 2007:
Downtown core: up 16%
North York City Centre: up 12%
City Place: up 10%
Downtown West: up 9%
Downtown East: up 8%
Harbourfront: up 8%.
An interesting point he made is that it is unlikely that the US will very soon start to address the huge deficit that they are building up, which is actually a good thing for us in Canada. Once they start to address it, there will be a tightening spending by Americans, our biggest export customers. He said that the introduction of the HST in July 2010 will add .7% to the inflation rate, with the overall rate expected to be 2.7% He did not foresee an increase in mortgage rates beyond 1-2%, which he felt would not have a significant effect on the real estate market. I took my son Michael, who recently graduated from Trent with a Bachelor in Business Administration and is looking for a job in finance, with me. It was interesting to see how the younger generation views these things.
One of the other speakers was from Urbanation (www.urbanation.ca) who spoke about the Toronto condo market. He felt that the biggest issue with the coming HST is its impact on condo maintenance fees, which he expects will rise by about 6%. He said that when fees rise to over $600/mo., it has a negative effect on condo sales. Overall he was very positive about the condo market in Toronto, reporting that the unsold inventory is down significantly. He noted that a number of successful projects had revised their suite mix, going to smaller less expensive units.
He noted that there has been a difference in price per square foot between new and re-sale has declined. He also identified the condo areas that have experienced the most price appreciation since 2007:
Downtown core: up 16%
North York City Centre: up 12%
City Place: up 10%
Downtown West: up 9%
Downtown East: up 8%
Harbourfront: up 8%.
Monday, September 14, 2009
Terry Fox
Congratulations to all who participated in one of the various run/walks held this past weekend- the Weekend Walk to End Cancer, Terry Fox, etc. I participated in the latter. I walked in the first Terry Fox Run, 29 years ago, at the UBC Woodlot. We were living in Vancouver at the time of Terry's historic journey and so felt quite connected to it. Because of other Sunday morning commitments, I hadn't participated in another until yesterday.
The 10 km. walk through the Sunnybrook valley park system wasn't too hard, quite pleasant really. I did enjoy the free massage at the end though- only a five minute massage but by two people and so effectively 10 minutes! The majority of the participants walked rather than ran.
I learned that funds raised by such walks has had quite an effect on improvement in cancer treatment. At the time of Terry's death, the survivorship rate from his form of cancer was only about 15%. Today it is 75%.
It was a morning well-spent. Thank you to all of the organizers and many volunteers who made it possible.
The 10 km. walk through the Sunnybrook valley park system wasn't too hard, quite pleasant really. I did enjoy the free massage at the end though- only a five minute massage but by two people and so effectively 10 minutes! The majority of the participants walked rather than ran.
I learned that funds raised by such walks has had quite an effect on improvement in cancer treatment. At the time of Terry's death, the survivorship rate from his form of cancer was only about 15%. Today it is 75%.
It was a morning well-spent. Thank you to all of the organizers and many volunteers who made it possible.
Friday, September 11, 2009
First Week Back- A Busy Real Estate Market
You really notice a difference the first week back after Labour Day. With the kids back to school and everyone back from the cottage, the city is much busier. Traffic volumes, and so commuting times, return to their pre-summer levels. the benefits of living in the central city, with a short commute to work, become more obvious.
We are finding things busier at the office too with the client rooms being used more. We are receiving a lot of calls on our new listings. As will be reported in our article on the back page of the October North Toronto Post magazine, the real estate market was hot this past summer even though the weather wasn’t. In August, sales through the Toronto Real Estate Board were up 27% over last year. In July, they were up 28% over 2008. We expect this busy market to continue this autumn.
Why has the market been so hot? Primarily because of today’s low mortgage rates. As the economy moves into a recovery period, it is likely that interest rates will increase. Buyers want to acquire their home now while they can still tie into a low mortgage rate.
As a result of all this buying, there has been a significant decline in the number of active listings. Prices have moved up somewhat. If you are a potential seller, this autumn would be a great time to take advantage of the opportunity to put your house or condo on the market. Our neighbourhoods look glorious at this time of year too with the turning of the leaves.
If you are a potential buyer, now is the time to contact a realtor® to help you find your home before mortgage rates go up. It is also nice to be into your new homes before winter sets in. A realtor® can help by bringing good properties to your attention early. Many listings have multiple offers. A realtor® can guide you through this process.
Considering buying or selling? Please contact one of the sales team here at the Royal LePage Bayview Branch.
We are finding things busier at the office too with the client rooms being used more. We are receiving a lot of calls on our new listings. As will be reported in our article on the back page of the October North Toronto Post magazine, the real estate market was hot this past summer even though the weather wasn’t. In August, sales through the Toronto Real Estate Board were up 27% over last year. In July, they were up 28% over 2008. We expect this busy market to continue this autumn.
Why has the market been so hot? Primarily because of today’s low mortgage rates. As the economy moves into a recovery period, it is likely that interest rates will increase. Buyers want to acquire their home now while they can still tie into a low mortgage rate.
As a result of all this buying, there has been a significant decline in the number of active listings. Prices have moved up somewhat. If you are a potential seller, this autumn would be a great time to take advantage of the opportunity to put your house or condo on the market. Our neighbourhoods look glorious at this time of year too with the turning of the leaves.
If you are a potential buyer, now is the time to contact a realtor® to help you find your home before mortgage rates go up. It is also nice to be into your new homes before winter sets in. A realtor® can help by bringing good properties to your attention early. Many listings have multiple offers. A realtor® can guide you through this process.
Considering buying or selling? Please contact one of the sales team here at the Royal LePage Bayview Branch.
Tuesday, September 1, 2009
15 Reasons to Go Back to Work
Labour day weekend is still to come but with September 1, the fall market is upon us.
The September issue of the Globe's Report on Business (ROB) magazine had a great article entitled 15 reasons to be back to work (and be happy about it). While the article is directed at Bay Street types, it had a few reasons that apply to realtors as well.
1. There is money to be made. The real estate market generally picks up in the fall with buyers, sellers, and realtors returning from summer vacations. There is also some "nesting" that goes on as we prepare for the long winter.
2. Because ski season is only 13 weeks away. The fall real estate season can be short and so now is the time to get busy.
3. You're getting a new suit. Nothing makes you feel more like getting out and doing some deals than wearing a new set of clothes. Apparently you can get Brooks Brother's suits in Toronto now but you don't have to go that high end (they cost about $1300). I heard a story recently about two guys showing up at an event wearing the same suit (or same-looking suit anyway). One fellow said to the other, "who is you tailor?", to which the other gentleman replied "Tip Top". One fellow had paid considerably more for his suit than the other.
4. Finally, you don't have to "tweet" after all. While social networking is becoming an important part of marketing in real estate, the ROB article reports that more than 1/3 of the people who sign up for Twitter bail after their first message. You can follow our CEO Phil Soper at http://twitter.com/PhilSoper.
The September issue of the Globe's Report on Business (ROB) magazine had a great article entitled 15 reasons to be back to work (and be happy about it). While the article is directed at Bay Street types, it had a few reasons that apply to realtors as well.
1. There is money to be made. The real estate market generally picks up in the fall with buyers, sellers, and realtors returning from summer vacations. There is also some "nesting" that goes on as we prepare for the long winter.
2. Because ski season is only 13 weeks away. The fall real estate season can be short and so now is the time to get busy.
3. You're getting a new suit. Nothing makes you feel more like getting out and doing some deals than wearing a new set of clothes. Apparently you can get Brooks Brother's suits in Toronto now but you don't have to go that high end (they cost about $1300). I heard a story recently about two guys showing up at an event wearing the same suit (or same-looking suit anyway). One fellow said to the other, "who is you tailor?", to which the other gentleman replied "Tip Top". One fellow had paid considerably more for his suit than the other.
4. Finally, you don't have to "tweet" after all. While social networking is becoming an important part of marketing in real estate, the ROB article reports that more than 1/3 of the people who sign up for Twitter bail after their first message. You can follow our CEO Phil Soper at http://twitter.com/PhilSoper.
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