Newsletter – May 8, 2017

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Another Record Price on SOLD Properties

Sold $300.000 more than the same unit

Location: 65 St Mary St, Toronto
Listed: $1,531,000.00
Sold: $1,850,000.00

Sold $150.000 more than the same units

Location: 180 University Ave 2708, Toronto
Unit 3608 Sold: $1,199.000
Unit 2708 Sold: $1,350.000

Sold 7% over asking price

Location: 33 Charles St E 2607, Toronto
Listed: $735,000.00
Sold: $688,000.00

Sold over asking price

Location: 33 Charles St E 2407, Toronto
List: $465,000.00
Sold: $450,000.00


 

Liberal Housing Policy Announcements Made on April 20, 2017

by Hunter Milborne

“A Premier flat-lining in the polls has offered a basket of fixes to Ontario’s hot housing market that put politics ahead of good policy”

THE GLOBE AND MAIL, April 20, 2017

In response to two consecutive years of double digit growth in home prices, Kathleen Wynne on behalf of the provincial Government introduced 16 points to combat housing affordability.

None of these initiatives aim to solve the underlying issue of lack of supply in the marketplace. We believe these measures will be but a speedbump to further price escalation and continuing strong absorption, particularly in pre-construction product versus standing inventory.

At all levels of government, they continue to neglect the underlying problem, SUPPLY! We have itemized the main points below and included an estimate on the effect on both the GTA Real Estate Market and the Pre-construction High Rise market specifically. There could be further ranging effects from the introduction of these policies, all of which will unfold as the policies take effect.
Read Full Article >>


Toronto Real Estate Board Market Reports April 2017

Strong Growth in New Listings in AprilMay 3, 2017 — Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® entered 33.6 per cent more new listings into TREB’s MLS® System in April 2017, at 21,630, compared to the same month in 2016. New listings were up by double-digits for all low-rise home types, including detached and semi-detached houses and townhouses. New listings for condominium apartments were at the same level as last year.Total sales for the TREB market area as a whole amounted to 11,630 – down 3.2 per cent year-over-year. One issue underlying this decline was the fact that Easter fell in April in 2017 versus March in 2016, which resulted in fewer working days this year compared to last and, historically, most sales are entered into TREB’s MLS® System on working days.

“The fact that we experienced extremely strong growth in new listings in April means that buyers benefitted from considerably more choice in the marketplace. It is too early to tell whether the increase in new listings was simply due to households reacting to the strong double-digit price growth reported over the past year or if some of the increase was also a reaction to the Ontario government’s recently announced Fair Housing Plan,” said Mr. Cerqua. The MLS® Home Price Index (HPI) Composite Benchmark Price was up by 31.7 per cent yearover- year in April 2017. Similarly, the average selling price for all home types combined was up by 24.5 per cent to $920,791.

“It was encouraging to see a very strong year-over-year increase in new listings. If new listings growth continues to outpace sales growth moving forward, we will start to see more balanced market conditions. It will likely take a number of months to unwind the substantial pent-up demand that has built over the past two years. Expect annual rates of price growth to remain well-above the rate of inflation as we move through the spring and summer months,” said Jason Mercer, TREB’s Director of Market Analysis.

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