Toronto Real Estate Board Market Watch Reports – December 2018

December 2018 Reports

December and 2018 Annual Statistics Released

January 4, 2019 – Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported a total of 77,426 residential transactions through TREB’s MLS® System in 2018. This result represented a 16.1 per cent decline compared to 92,263 sales reported in 2017. Total new listings entered into TREB’s MLS® System were down by 12.7 per cent over the same period to 155,823.

The overall average selling price for 2018 transactions, at $787,300, was down by 4.3 per cent year-over-year for all home types combined across the TREB market area.

Home prices were up very slightly in the City of Toronto and down in the surrounding GTA regions. This dichotomy reflects the fact that the condominium apartment segment, which accounted for a large proportion of sales in the City of Toronto, performed better from a pricing perspective than the detached market segment. The average price for condominium apartment sales across the TREB market area was up by 7.8 per cent year-over-year.

“Higher borrowing costs coupled with the new mortgage stress test certainly prompted some households to temporarily move to the sidelines to reassess their housing options. With this said, it is important to note that market conditions were improved in the second
half of the year, both from a sales and pricing standpoint,” said Garry Bhaura.

“After spiking in 2017, new listings receded markedly in 2018. In many neighbourhoods, despite fewer sales from a historic perspective, some buyers still struggled to find a home meeting their needs. The result was a resumption of a moderate year-over-year pace of home price growth in the second half of the year. Price growth was strongest for lessexpensive home types, as many home buyers sought more affordable home ownership options,” said Jason Mercer, TREB’s Director of Market Analysis and Service Channels.

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Toronto Real Estate Board Market Watch Reports – November 2018

November 2018 Reports

GTA REALTORS® Release November Stats

December 5, 2018 – Toronto Real Estate Board President Garry Bhaura announced the continuation of moderate price growth in November 2018 compared to November 2017. The MLS® Home Price Index (HPI) Composite Benchmark was up by 2.7 per cent year-over-year. The average selling price was up by 3.5 per cent year-over-year to $788,345.

Greater Toronto Area REALTORS® reported 6,251 residential transactions through TREB’s MLS® System in November 2018. This result was down by 14.7 per cent compared to November 2017, when we saw a temporary upward shift in demand as the market was distorted by the looming OSFI-mandated stress test at the end of last year.

“New listings were actually down more than sales on a year-over-year basis in November. This suggests that, in many neighbourhoods, competition between buyers may have increased. Relatively tight market conditions over the past few months have provided the foundation for renewed price growth,” said Mr. Bhaura.

On a preliminary seasonally adjusted basis, sales were down by 3.4 per cent compared to October 2018. The average selling price after preliminary seasonal adjustment was down by 0.8 per cent compared to October 2018.

“Home types with lower average price points have been associated with stronger rates of price growth over the past few months. Given the impact of the OSFI-mandated mortgage stress test and higher borrowing costs on affordability, it makes sense that the condo apartment and semi-detached market segments experienced relatively stronger rates of price growth in November, as market conditions in these segments remained tight or tightened respectively over the past year,” said Jason Mercer, TREB’s Director of Market Analysis.

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Toronto Real Estate Board Market Watch Reports – October 2018

GTA REALTORS® Release October Stats

November 5, 2018 – Toronto Real Estate Board President Garry Bhaura announced year-over-year increases in home sales and average sale prices reported through TREB’s MLS® System in October 2018.

Greater Toronto Area REALTORS® reported 7,492 sales through TREB’s MLS® System in October 2018 – a six per cent increase compared to October 2017. On a preliminary seasonally adjusted basis, sales were down by one per cent compared to September 2018.

The average sale price for October 2018 was up 3.5 per cent on a year-over-year basis to $807,340. After preliminary seasonal adjustment, the average selling price was up one per cent compared to September 2018. The MLS® Home Price Index (HPI) Composite Benchmark was up by 2.6 per cent compared to October 2017. Price growth continued to be driven be the condominium apartment and higher density low-rise market segments.

“Annual sales growth has been positive since the late spring. While the OSFI stress test and higher borrowing costs have kept sales below 2016’s record pace, many households in the Greater Toronto Area remain upbeat on home ownership as a quality long-term investment. A strong regional economy and steady population growth will continue to support the demand for housing ownership as we move into 2019,” said Mr. Bhaura.

There were 14,431 new Listings entered into TREB’s MLS® System in October 2018 – down 2.7 per cent compared to October 2017. The fact that sales were up and new listings were down year-over-year in October suggests that market conditions became tighter.

“Annual sales growth has outstripped annual growth in new listings for the last five months, underpinning the fact that listings supply remains an issue in the Greater Toronto Area. With municipal elections in the rear view mirror, all levels of government need to concentrate on policies that could remove impediments to a better-supplied housing market, including facilitating the development of a broader array of medium density housing choices,” said Jason Mercer, TREB’s Director of Market Analysis.

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TREB’s 2017/2018 Annual Report & Video – Snapshots of a Year in Review

The release of the report is bolstered by our 2017/2018 Year in Review video, which highlights some of the key achievements of the past year and features exciting interviews with 2017/2018 President Tim Syrianos as well as TREB CEO John DiMichele. 

DOWNLOAD REPORT (PDF)

The Toronto Real Estate Board has a strong team that drives the organization forward each year through discussing and delivering quality tools and services to our Members.

This year, TREB was led by your 2017/2018 Board of Directors, an elected group of 16 dedicated volunteers who directly shape the future of your Association.
Your Board meets monthly to discuss initiatives brought forward from the committee level or from staff and also brings fresh ideas to the table for discussion. See your 2017/2018 Board of Directors on page 7.

Each Board Director chairs a committee, task force or roster. Every year, close to 200 Members volunteer to serve on these groups and engage in high-level discussions on the services TREB offers, sharing their feedback from the Member perspective and driving the organization forward. See this year’s volunteers on page 8.

You can also read messages from 2017/2018 President Tim Syrianos and TREB’s CEO John DiMichele on some of their favourite moments of the past year. Read about the accomplishments they’re proudest of on pages 5 and 6.
Whether you answered a TREB survey, voted for your TREB Board of Directors,served on a committee, task force or roster, or are a TREB Board Director yourself, we’d like to thank YOU for making this year a big success!

Download PDF Report >>
Watch video >>

WATCH VIDEO

 

Toronto Real Estate Board Market Watch Reports – September 2018

October 3, 2018 – Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported 6,455 sales through TREB’s MLS® System in September 2018 – up 1.9 per cent compared to September 2017. The average selling price for September 2018 sales was up by 2.9 per cent over the same period to $796,786. The MLS® HPI composite benchmark price was up by two per cent year-over-year.

New listings entered into TREB’s MLS® System in September 2018 amounted to 15,920 – down by 3.1 per cent compared to September 2017. With sales up year-over-year and new listings down, market conditions became tighter. Many buyers may have found it more difficult to find a home meeting their needs.

“It is healthy to see sales and prices in many areas across the Greater Toronto Area up a bit, compared to last year’s lows. At the same, however, it is important to remember that TREB’s market area is made up of over 500 communities. Market conditions have obviously unfolded differently across these communities. This is why it’s important to work with a REALTOR® who is familiar with local market conditions in your areas of interest,” said Mr. Bhaura.

“While higher borrowing costs and tougher mortgage qualification rules have kept sales levels off the record pace set in 2016, many households remain positive about home ownership as a quality long-term investment. As the GTA population continues to grow, the real challenge in the housing market will be supply rather than demand. The Toronto Real Estate Board is especially concerned with issues affecting housing supply as we move towards municipal elections across the region,” added Mr. Bhaura.

On a monthly basis, after preliminary seasonal adjustment, sales edged up by 0.2 per cent in September 2018 compared to August 2018. The average selling price, after preliminary seasonal adjustment, edged lower by 0.5 per cent month-over-month.

“Generally speaking, annual rates of price growth have been stronger for higher density home types in 2018, including condominium apartments, townhouses and semi-detached houses. In many neighbourhoods, these home types provide more affordable home ownership options. This is why a policy focus on increasing mid-density housing options throughout the GTA is important,” said Jason Mercer, TREB’s Director of Market Analysis.

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Toronto Real Estate Board Market Watch Reports – August 2018

August 2018 Reports

GTA REALTORS® Release August Stats

September 6, 2018 – Toronto Real Estate Board President Garry Bhaura announced sales and price increases on a year-over-year basis in August. Greater Toronto Area REALTORS® reported 6,839 sales through TREB’s MLS® System in August 2018 – an 8.5 per cent increase compared to August 2017.

Both the average selling price, at $765,270, and the MLS® Home Price Index Composite Benchmark for August 2018 were up compared to the same month in 2017, by 4.7 per cent and 1.5 per cent respectively. The average selling price increased by more than the MLS® HPI Composite due, at least in part, to a change in the mix of sales compared to last year. Detached home sales were up by double digits on a year-over-year percentage basis – substantially more than many other less-expensive home types.

“It is encouraging to see a continued resurgence in the demand for ownership housing. Many home buyers who had initially moved to the sidelines due to the Ontario Fair Housing Plan and new mortgage lending guidelines have renewed their search for a home and are getting deals done much more so than last year. In a region where the economy remains strong and the population continues to grow, ownership housing remains a solid long-term investment,” said Mr. Bhaura.

Month-over-month sales and price growth also continued in August. On a preliminary seasonally adjusted basis, August 2018 sales were up by two per cent compared to July 2018. The seasonally adjusted August 2018 average selling price was down slightly by 0.2 per cent compared to July 2018, following strong monthly increases in May, June and July.

“Market conditions in the summer of 2018, including this past August, were tighter than what was experienced in the summer of 2017. In August, the annual rate of sales growth outpaced the annual rate of new listings growth. We only have slightly more than two-and-a-half months of inventory in the TREB market area as a whole and less than two months of inventory in the City of Toronto. This means that despite the fact the sales remain off the record highs from 2016 and 2017, many GTA neighbourhoods continue to suffer from a lack of inventory. This could present a problem if demand continues to accelerate over the next year, which is expected,” said Jason Mercer, TREB’s Director of Market Analysis.

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Toronto Real Estate Board Market Watch Reports – July 2018

July 2018 Reports

GTA REALTORS® Release June Stats

August 3, 2018 – Toronto Real Estate Board President Garry Bhaura announced strong growth in the number of home sales and the average selling price reported by Greater Toronto Area REALTORS® in July 2018.

“Home sales result in substantial spin-off benefits to the economy, so the positive results over the last two months are encouraging. However, no one will argue that housing supply remains an issue. The new provincial government and candidates for the upcoming municipal elections need to concentrate on policies focused on enhancing the supply of housing and reducing the upfront tax burden represented by land transfer taxes, province-wide and additionally in the City of Toronto,” said Mr. Bhaura.

Residential sales reported through TREB’s MLS® System for July 2018 amounted to 6,961 – up 18.6 per cent compared to July 2017. Over the same period, the average selling price was up by 4.8 per cent to $782,129, including a moderate increase for detached home types. New listings in July 2018 were down by 1.8 per cent year-over-year.

Preliminary seasonal adjustment pointed to strong month-over-month increases of 6.6 per cent and 3.1 per cent respectively for sales and average price. Seasonally adjusted sales were at the highest level for 2018 and the seasonally adjusted average price reached the highest level since May 2017.

The MLS® Home Price Index (HPI) Composite Benchmark for July 2018 was down slightly compared to July 2017. However, the annual growth rate looks to be trending toward positive territory in the near future.

“We have certainly experienced an increase in demand for ownership housing so far this summer. It appears that some people who initially moved to the sidelines due to the psychological impact of the Fair Housing Plan and changes to mortgage lending guidelines have re-entered the market. Home buyers in the GTA recognize that ownership housing is a quality long-term investment,” said Jason Mercer, TREB’s Director of Market Analysis.

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Toronto Real Estate Board Market Watch Reports – June 2018

June 2018 Reports

GTA REALTORS® Release June Stats

July 5, 2018 – Toronto Real Estate Board President Garry Bhaura, in his first market release as TREB President, is pleased to announce some positive signs with respect to the housing market.

Greater Toronto Area REALTORS® reported 8,082 home sales through TREB’s MLS® System in June 2018 – up 2.4 per cent compared to the low June 2017 result. After preliminary seasonal adjustment, sales were also up 17.6 per cent on a monthly basis between May 2018 and June 2018, continuing the trend of somewhat volatile month-over-month changes over the past year as home buyers reacted to various policy changes impacting the market.

“Home ownership has proven to be a positive long-term investment. After some adjustment to the Fair Housing Plan, the new Office of The Superintendent of Financial Institutions (OSFI) stress test requirement and generally higher borrowing costs, home buyers are starting to move back into the market, with sales trending up from last year’s lows. Market conditions appear to be tightening, with sales accounting for a greater share of listings, as new listings have dropped compared to last year,” said Mr. Bhaura.

The average selling price edged up by two per cent on a year-over-year basis to $807,871 in June 2018. After preliminary seasonal adjustment, the average selling price was also up by 3.3 per cent month-over-month between May 2018 and June 2018. The MLS® Home Price Index (HPI) was down by 4.8 per cent on a year-over-year basis, but remained basically flat month-over-month. The difference in the year-over-year rates of change between the average price and the MLS® HPI was likely due, at least in part, to a change in the mix of properties sold in June 2018 compared to June 2017, with low-rise home types accounting for a greater share of sales in June 2018.

“The expectation is to see improvement in sales over the next year. Over the same period, however, it is likely that issues surrounding the supply of listings will persist. This suggests that competition between buyers could increase, exerting increased upward pressure on home prices. With a new provincial government in place and municipal elections on the horizon, housing supply should be top-of-mind for policy makers,” said Jason Mercer, TREB’s Director of Market Analysis and Service Channels.

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Toronto Real Estate Board Market Watch Reports – May 2018

May 2018 Reports

GTA REALTORS® Release May 2018 Stats

June 4, 2018 – Greater Toronto Area REALTORS® reported 7,834 sales through TREB’s MLS® System in May 2018. This result was down by 22.2 per cent compared to May 2017. While the number of sales was down year-over-year, the annual rate of decline was less than reported in February, March and April, when sales were down by more than 30 per cent. On a month-over-month basis, seasonally adjusted May sales were basically flat compared to April.

Supply of homes available for sale continued to be an issue. New listings were down by 26.2 per cent. The fact that new listings were down by more than sales in comparison to last year means that competition increased between buyers. Recent polling conducted by Ipsos for TREB suggests that listing intentions are down markedly since the fall.

“Home ownership remains a sound long-term investment. Unfortunately, many home buyers are still finding it difficult find a home that meets their needs. In a recent Canadian Centre for Economic Analysis study undertaken for the Toronto Real Estate Board, it was found that many people are over-housed in Ontario, with over five million extra bedrooms. These people don’t list their homes for sale, because they feel there are no alternative housing types for them to move into. Policy makers need to focus more on the ‘missing middle’ – home types that bridge the gap between detached houses and condominium apartments,” said Mr. Syrianos.

The MLS® Home Price Index (HPI) Composite Benchmark was down by 5.4 per cent year-overyear. The average selling price for all home types combined was down by 6.6 per cent to $805,320. On a seasonally adjusted basis, the average selling price was up by 1.1 per cent compared to April 2018.

“Market conditions are becoming tighter in the Greater Toronto Area and this will provide support for home prices as we move through the second half of 2018 and into 2019. There are emerging indicators pointing toward increased competition between buyers, which generally leads to stronger price growth. In the City of Toronto, for example, average selling prices were at or above average listing prices for all major home types in May,” said Jason Mercer, TREB’s Director of Market Analysis.

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Toronto Real Estate Board Market Watch Reports – April 2018

GTA REALTORS® Release April 2018 Stats

May 3 2018 – Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 7,792 sales through TREB’s MLS® System in April 2018. The average selling price was $804,584. On a year-over-year basis, sales were down by 32.1 per cent and the average selling price was down by 12.4 per cent.

The year-over-year change in the overall average selling price has been impacted by both changes in market conditions as well as changes in the type and price point of homes being purchased. This is especially clear at the higher end of the market. Detached home sales for $2 million or more accounted for 5.5 per cent of total detached sales in April 2018, versus 10 per cent in April 2017. The MLS® Home Price Index strips out the impact of changes in the mix of home sales from one year to the next. This is why the MLS® HPI Composite Benchmark was down by only 5.2 per cent year-over-year versus 12.4 per cent for the average price.

“While average selling prices have not climbed back to last year’s record peak, April’s price level represents a substantial gain over the past decade. Recent polling conducted for TREB by Ipsos tells us that the great majority of buyers are purchasing a home within which to live. This means these buyers are treating home ownership as a long-term investment. A strong and diverse labour market and continued population growth based on immigration should continue to underpin long-term home price appreciation,” said Mr. Syrianos.

“The comparison of this year’s sales and price figures to last year’s record peak masks the fact that market conditions should support moderate increases in home prices as we move through the second half of the year, particularly for condominium apartments and higher density low-rise home types. Once we are past the current policy-based volatility, home owners should expect to see the resumption of a moderate and sustained pace of price growth in line with a strong local economy and steady population growth,” said Jason Mercer, TREB’s Director of Market Analysis.

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Bedford Realty Homes Newsletter – April 23, 2018

Recently Sold

• 2+1 Bedrooms Penthouse at Yonge/Bloor with Asking Price $1,765,000 was sold for $1,765,000 (100%)
• 2+1 Bedrooms apartment in Shangri-La, Toronto was sold for $2,600,000
• 1+1 apartment on Charles St. E. was Sold for $575,000 (97% of Asking Price)
• As always We help our investors to lease properties
• This year 6 apartment units rented recently with 100% of Asking Price or Higher


Just Listed for Lease: 88 Scott St, Unit 4507, Toronto, ON
Lease: $6,000/month

Award Winning 88 Scott Located In The Financial District And St.Lawrence Market Area

Description: Award Winning 88 Scott Located In The Financial District And St.Lawrence Market Area. Stunning 1,425 Sq.Ft. 2+1 Corner Unit With Terrific S/E View. Superb Finishes

Include: Fully Integrated European Appliances, Quartz Counters, Corian Wet Island With Waterfall Edge, 10′ Ceilings In Principal Areas, Roller Shades On Exterior Windows, Electric Fireplace Hardwood Floor Throughout, Walk Score Of 98%. Close To Transit, Culture, Shopping & Downtown Attractions.

Extras: Appliances: Fridge, Dishwasher, Range Hood, Cooktop, Microwave. Washer & Dryer One Parking, One Locker. Amazing Common Area.

MLS LISTING >>
FULL PHOTO GALLERY >>

If you would like to discuss options please call us at 416-927-9898 or email at tkonkina@rogers.com and we will get back to you within the next 24 hours.


Just Listed 35 Hayden St, Unit 2103, Toronto, ON
Price: $1,255,000

32 Storey European Style Condominium Located In The Yorkville Village

Description: 32 Storey European Style Condominium Located In The Yorkville Village. Brian Gluckstein Interior Design Touch. Stunning 2+1 Apartment With South-West View Of Downtown Toronto And Lake, South Facing Huge Terrace, 10′ Ceilings, Excellent Layout. Modern Kitchen W/O To West Facing Balcony With Huge Pantry. Two Subway Lines Just Around The Corner, Short Walk To U Of T, Yorkville Boutiques, Restaurants

Extras: Stainless Steel Fridge, Stove, Dishwasher, Microwave. Stacked Washer/Dryer. Blinds, Approx. 22 X 10 Foot South Facing Terrace.

MLS LISTING >>
FULL PHOTO GALLERY >>

If you would like to discuss options please call us at 416-927-9898 or email at tkonkina@rogers.com and we will get back to you within the next 24 hours.


Just Listed: 36 Crimson Crt, Richmond Hill, ON
Price: $1,599,000

Beautiful House In A Prime Richmond Hill

Description: Premium Pie Shape Lot, Cul-De-Sac, Very Bright, Completely Renovated, Spacious 3 Bedroom Home, Open Concept Gourmet Kitchen With Granit Countertops, Renovated Bathrooms. Finished Basement With Wet Bar, Washroom And 2 Entrances. 5″ Wide Engineered Hardwood Floor Throughout, Very Private Treed Backyard With Interlocking Patio, Sprinklers System, Great Neighbourhood, Close To Lebovic Centre, 3 Parks, Shops, Schools

Extras: S/S Fridge, Stove, B/I Micro, B/I Dw Osmosis Water Filtration System, Washer/Dryer, Elfs, All Wndw Covering, Custom Made Closets, Cac, Cvac.

MLS LISTING >>
FULL PHOTO GALLERY >>

If you would like to discuss options please call us at 416-927-9898 or email at tkonkina@rogers.com and we will get back to you within the next 24 hours.


New Project: 50 Scollard Street, Toronto

We are pleased to inform you that Lanterra will be building an exquisite condominium residence, steps away on the north side of the building, at 50 Scollard Street. This building will have 41 floors and only 65 residential units.

Designed by the world acclaimed architects Foster+Partners, this building is targeted to be the most luxurious condominium in North America. It will feature window and terracing system that has no comparison in the downtown marketplace.

Approximately 60 suites will range from 2,000 to 6,000 square feet. Each floor will contain only one or two suites. There will also be a limited number of smaller units available for purchase for use by family members, domestic staff or as a work area.

What to expect at 50 Scollard:

  • The most luxurious finishes designed by Alessandro Munge, who won the title of Designer of the Year in New York, in 2017.
  • Operable window frames-slider and terraces.
  • Affluent lifestyle personal services.
  • A chauffeur will be available to drive residents within the GTA area in an elongated Jaguar XJ or full size Range Rover. Residents will also have the option to drive these vehicles themselves.
  • Wine collectors club on the fourth floor.
  • Upscale cafe on the ground level and world class restaurant on the third floor.
  • So much more…

We invite you to join us to review the floor plans, building finishes and amenities. The sales office will be open in May, but we have only 60 units available for sale, so time is of the essence.

Each unit purchase, or referral that results in a unit purchase, will be rewarded with a 5 day trip to New York City. Call it a celebration for a smart transaction!

If you would like to discuss options please call us at 416-927-9898 or email at tkonkina@rogers.com and we will get back to you within the next 24 hours.


Market Watch – Canadian Real Estate has entered the buyers’ market territory.

 

Rising interest rates and stricter mortgage requirements have reduced home buyers’ purchasing power, particularly for those at the entry level of our market, the supply of apartment and townhome properties for sale today is unable to meet demand. On the other hand, the detached home market has entered the buyers’ market territory.

This is a market where the fundamentals of a sound pricing strategy need to be understood by sellers. At the same time, potential purchasers should be obtaining mortgage pre-approvals so they understand exactly what they can afford prior to making an offer on a home. It also provides the flexibility in this market.

Ontario – Sales down by 39.5% compared to last year.

Toronto, April 4, 2018 — Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 7,228 residential transactions through TREB’s MLS® System in March 2018. This result was down by 39.5% compared to a record 11,954 sales reported in March 2017 and down 17.6% relative to average March sales for the previous 10 years.

The number of new listings entered into TREB’s MLS® System totaled 14,866 – a 12.4% decrease compared to March 2017 and a three% decrease compared to the average for the previous 10 years.

“TREB stated in its recent Market Outlook report that Q1 sales would be down from the record pace set in Q1 2017,” said Mr. Syrianos. “The effects of the Fair Housing Plan, the new OSFI mandated stress test and generally higher borrowing costs have prompted some buyers to put their purchasing decision on hold. Home sales are expected to be up relative to 2017 in the second half of this year.”

The MLS Home Price Index Composite Benchmark was down by 1.5 percent on a year-over-year basis for the TREB market area as a whole. The overall average selling price was down by 14.3% compared to March 2017.

While the change in market conditions certainly played a role, the dip in the average selling price was also compositional in nature. Detached home sales, which generally represent the highest price points in a given area, declined much more than other home types. In addition, the share of high-end detached homes selling for over $2 million in March 2018 was half of what was reported in March 2017, further impacting the average selling price.

“Right now, when we are comparing home prices, we are comparing two starkly different periods of time: last year, when we had less than a month of inventory versus this year with inventory levels ranging between two and three months. It makes sense that we haven’t seen prices climb back to last year’s peak. However, in the second half of the year, expect to see the annual rate of price growth improve compared to Q1, as sales increase relative to the below-average level of listings,” said Jason Mercer, TREB’s Director of Market Analysis.

Ottawa – Buyers Get a Jump on the Spring Market

Ottawa, April 5, 2018 — Members of the Ottawa Real Estate Board sold 1,660 residential properties in March through the Board’s Multiple Listing Service® System, compared with 1,478 in March 2017, an increase of 12.3%. The five-year average for March sales is 1,339. March’s sales included 358 in the condominium property class and 1,302 in the residential property class….

Read full article >>

Download Toronto Real Estate Board Reports, March 2018:

New Project: 50 Scollard Street, Toronto, Ontario

We are pleased to inform you that Lanterra will be building an exquisite condominium residence, steps away on the north side of the building, at 50 Scollard Street. This building will have 41 floors and only 65 residential units.

Designed by the world acclaimed architects Foster+Partners, this building is targeted to be the most luxurious condominium in North America. It will feature window and terracing system that has no comparison in the downtown marketplace.

 

Approximately 60 suites will range from 2,000 to 6,000 square feet. Each floor will contain only one or two suites. There will also be a limited number of smaller units available for purchase for use by family members, domestic staff or as a work area.

What to expect at 50 Scollard:

  • The most luxurious finishes designed by Alessandro Munge, who won the title of Designer of the Year in New York, in 2017.
  • Operable window frames-slider and terraces.
  • Affluent lifestyle personal services.
  • A chauffeur will be available to drive residents within the GTA area in an elongated Jaguar XJ or full size Range Rover. Residents will also have the option to drive these vehicles themselves.
  • Wine collectors club on the fourth floor.
  • Upscale cafe on the ground level and world class restaurant on the third floor.
  • So much more…

We invite you to join us to review the floor plans, building finishes and amenities. The sales office will be open in May, but we have only 60 units available for sale, so time is of the essence.

Each unit purchase, or referral that results in a unit purchase, will be rewarded with a 5 day trip to New York City. Call it a celebration for a smart transaction!

If you would like to discuss options please call us at 416-927-9898 or email at tkonkina@rogers.com and we will get back to you within the next 24 hours.

 

 

Just Listed: $1,225,000 – 35 Hayden St, Unit 2103, Toronto, ON

Address: 35 Hayden St, Unit 2103, Toronto, ON, M4Y 3C3
Price $1,225,000

Description: 32 Storey European Style Condominium Located In The Yorkville Village. Brian Gluckstein Interior Design Touch. Stunning 2+1 Apartment With South-West View Of Downtown Toronto And Lake, South Facing Huge Terrace, 10′ Ceilings, Excellent Layout. Modern Kitchen W/O To West Facing Balcony With Huge Pantry. Two Subway Lines Just Around The Corner, Short Walk To U Of T, Yorkville Boutiques, Restaurants

Extras: Stainless Steel Fridge, Stove, Dishwasher, Microwave. Stacked Washer/Dryer. Blinds, Approx. 22 X 10 Foot South Facing Terrace.

MLS LISTING >>

If you would like to discuss options please call us at 416-927-9898 or email at tkonkina@rogers.com and we will get back to you within the next 24 hours.

PHOTO GALLERY

Just Listed: Lease for $6,000 – 88 Scott St, Unit 4507, Toronto, ON

Address: 88 Scott St, Unit 4507, Toronto, ON, M5E 0A9
Lease: $6,000 /month

Description: Award Winning 88 Scott Located In The Financial District And St.Lawrence Market Area. Stunning 1,425 Sq.Ft. 2+1 Corner Unit With Terrific S/E View. Superb Finishes

Include: Fully Integrated European Appliances, Quartz Counters, Corian Wet Island With Waterfall Edge, 10′ Ceilings In Principal Areas, Roller Shades On Exterior Windows, Electric Fireplace Hardwood Floor Throughout, Walk Score Of 98%. Close To Transit, Culture, Shopping & Downtown Attractions.

Extras: Appliances: Fridge, Dishwasher, Range Hood, Cooktop, Microwave. Washer & Dryer One Parking, One Locker. Amazing Common Area.

MLS LISTING >>

If you would like to discuss options please call us at 416-927-9898 or email at tkonkina@rogers.com and we will get back to you within the next 24 hours.

PHOTO GALLERY

Just Listed: $1,599,000 – 36 Crimson Crt, Richmond Hill, ON

Beautiful House In A Prime Richmond Hill
Address: 36 Crimson Crt, Richmond Hill, ON, L4C 0J5
Price $1,599,000

Description: Premium Pie Shape Lot, Cul-De-Sac, Very Bright, Completely Renovated, Spacious 3 Bedroom Home, Open Concept Gourmet Kitchen With Granit Countertops, Renovated Bathrooms. Finished Basement With Wet Bar, Washroom And 2 Entrances. 5″ Wide Engineered Hardwood Floor Throughout, Very Private Treed Backyard With Interlocking Patio, Sprinklers System, Great Neighbourhood, Close To Lebovic Centre, 3 Parks, Shops, Schools

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If you would like to discuss options please call us at 416-927-9898 or email at tkonkina@rogers.com and we will get back to you within the next 24 hours.

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Market Watch – Canadian Real Estate has entered the buyers’ market territory

Rising interest rates and stricter mortgage requirements have reduced home buyers’ purchasing power, particularly for those at the entry level of our market, the supply of apartment and townhome properties for sale today is unable to meet demand. On the other hand, the detached home market has entered the buyers’ market territory.

This is a market where the fundamentals of a sound pricing strategy need to be understood by sellers. At the same time, potential purchasers should be obtaining mortgage pre-approvals so they understand exactly what they can afford prior to making an offer on a home. It also provides the flexibility in this market.

Ontario – Sales down by 39.5% compared to last year.

Toronto, April 4, 2018 — Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 7,228 residential transactions through TREB’s MLS® System in March 2018. This result was down by 39.5% compared to a record 11,954 sales reported in March 2017 and down 17.6% relative to average March sales for the previous 10 years.

The number of new listings entered into TREB’s MLS® System totaled 14,866 – a 12.4% decrease compared to March 2017 and a three% decrease compared to the average for the previous 10 years.

“TREB stated in its recent Market Outlook report that Q1 sales would be down from the record pace set in Q1 2017,” said Mr. Syrianos. “The effects of the Fair Housing Plan, the new OSFI mandated stress test and generally higher borrowing costs have prompted some buyers to put their purchasing decision on hold. Home sales are expected to be up relative to 2017 in the second half of this year.”

The MLS Home Price Index Composite Benchmark was down by 1.5 percent on a year-over-year basis for the TREB market area as a whole. The overall average selling price was down by 14.3% compared to March 2017.

While the change in market conditions certainly played a role, the dip in the average selling price was also compositional in nature. Detached home sales, which generally represent the highest price points in a given area, declined much more than other home types. In addition, the share of high-end detached homes selling for over $2 million in March 2018 was half of what was reported in March 2017, further impacting the average selling price.

“Right now, when we are comparing home prices, we are comparing two starkly different periods of time: last year, when we had less than a month of inventory versus this year with inventory levels ranging between two and three months. It makes sense that we haven’t seen prices climb back to last year’s peak. However, in the second half of the year, expect to see the annual rate of price growth improve compared to Q1, as sales increase relative to the below-average level of listings,” said Jason Mercer, TREB’s Director of Market Analysis.

Ottawa – Buyers Get a Jump on the Spring Market

Ottawa, April 5, 2018 — Members of the Ottawa Real Estate Board sold 1,660 residential properties in March through the Board’s Multiple Listing Service® System, compared with 1,478 in March 2017, an increase of 12.3%. The five-year average for March sales is 1,339. March’s sales included 358 in the condominium property class and 1,302 in the residential property class.

“Inventory continues to fall below normal average, but we are still seeing more sales than last year because listings are not staying on the market,” states Ralph Shaw, President of the Ottawa Real Estate Board. “Properties that are priced well are selling quickly with days on market dropping to an average of 43 days from an average of 54 days on market in March 2017.”

The average sale price of a residential-class property sold in March in the Ottawa area was $447,561, an increase of 8% over March 2017. The average sale price for a condominium-class property was $275,592, an increase of 0.7% from March 2017. The Board cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.

“The most active price point in the residential market continues to be the $300,000 to $449,999 range, accounting for 46% of the market. In addition, the $500,000 to $750,000 market is a price point that is showing robust growth representing 21% of the residential homes sold in March,” Shaw acknowledges.

“In the condominium market, between $175,000 and $274,999 is the most buoyant price point, accounting for 51% of the market. We continue to believe it is due to low-interest rates and the lack of supply of rental inventory pushing renters into the market,” he adds.

“Overall, as a result of the stable pricing in the condominium market and reasonable increases of 8% in the residential market, Ottawa continues to be a healthy and vibrant real estate market,” Shaw concludes.

In addition to residential and condominium sales, OREB Members assisted clients with renting 551 properties since the beginning of the year.

British Columbia – Fewer home sales and listings in the first quarter of 2018

Vancouver, 6 April 2018 — Home buyers and sellers were less active in Metro Vancouver* throughout the first quarter of 2018.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,517 in March 2018, a 29.7% decrease from the 3,579 sales recorded in March 2017, and a 14% increase compared to February 2018 when 2,207 homes sold.

Last month’s sales were 23% below the 10-year March sales average.

There were 6,542 home sales on the Multiple Listing Service® (MLS®) in Metro Vancouver during the first quarter of 2018, a 13.1% decrease from the 7,527 sales over the same period last year. This represents the region’s lowest first-quarter sales total since 2013.

“We saw less demand from buyers and fewer homes listed for sale in our region in the first quarter of the year,” Phil Moore, REBGV president said. “High prices, new tax announcements, rising interest rates, and stricter mortgage requirements are among the factors affecting home buyer and seller activity today.”

There were 4,450 detached, attached and apartment properties newly listed for sale in Metro Vancouver in March 2018. This represents a 6.6% decrease compared to the 4,762 homes listed in March 2017 and a 5.4% increase compared to February 2018 when 4,223 homes were listed.

There were 12,469 homes listed for sale in Metro Vancouver during the first quarter of 2018, a 0.8% decrease from the 12,568 sales over the same period last year. This represents the region’s lowest first-quarter new listings total since 2013.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,380, a 10.5% increase compared to March 2017 (7,586) and a 7.1% increase compared to February 2018 (7,822).

“Even with lower demand, upward pressure on prices will continue as long as the supply of homes for sale remains low,” Moore said. “Last month was the quietest March for new home listings since 2009 and the total inventory, particularly in the condo and townhome segments, of homes for sale, remains well below historical norms.”

For all property types, the sales-to-active-listings ratio for March 2018 is 30%. By property type, the ratio is 14.2% for detached homes, 39.9% for townhomes, and 61.6% for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12% mark for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,084,000. This represents a 16.1% increase over March 2017 and a 1.1% increase compared to February 2018.

Sales of detached properties in March 2018 reached 722, a decrease of 37% from the 1,150 detached sales recorded in March 2017. The benchmark price for detached properties is $1,608,500. This represents a 7.4% increase from March 2017 and a 0.4% increase compared to February 2018.

Sales of apartment properties reached 1,349 in March 2018, a decrease of 26.7% compared to the 1,841 sales in March 2017. The benchmark price of an apartment property is $693,500. This represents a 26.2% increase from March 2017 and a 1.6% increase compared to February 2018.

Attached property sales in March 2018 totalled 446, a decrease of 24.1% compared to the 588 sales in March 2017. The benchmark price of an attached unit is $835,300. This represents a 17.7% increase from March 2017 and a two% increase compared to February 2018.

*Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.

The real estate industry is a key economic driver in British Columbia. In 2017, 35,993 homes changed ownership in the Board’s area, generating $2.4 billion in economic spin-off activity and an estimated 17,600 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $37 billion in 2017.

Alberta – Housing market inventory on the rise

Calgary, April 2, 2018 – As expected, slow sales this quarter have persisted through March in the City of Calgary. This is not a surprise, after stronger growth in sales at the end of last year following the announced changes to the lending market.

First quarter sales totaled 3,423 units, nearly 18% below last year’s levels and 24% below long-term averages. Easing sales and modest gains in new listings caused inventories to rise and months of supply to remain above four months.

“Economic conditions are slowly improving, but it has not been enough to outpace the current impact of higher lending rates and more stringent conditions,” said CREB® chief economist Ann-Marie Lurie.

“We are entering the most active quarters in the housing market with more inventory, which could create some price fluctuations. However, the improving economy is expected to prevent overall prices from slipping by significant amounts.”

While prices trended down on a quarterly basis, they remained relatively unchanged over last year’s levels due to modest gains in the detached sector offsetting declines in the apartment sector.

The citywide benchmark price for detached product averaged $502,000 in the first quarter. This is slightly lower than the fourth quarter of last year but comparable to levels recorded in the first quarter of last year. In March, the detached price reached $503,800, 3.6% below pre-recession highs, but one% above the lows recorded during the recession.

“The market today is better than what we experienced at the peak of the recession,” said CREB® president Tom Westcott.

“You can find good value if you’re looking to buy a home, and you can also get good value if you’re selling. Being well-informed, in any economic condition, is the key, because there are differences in the market depending on what type of property it is and where it is located.”

Detached market inventories in the first quarter of 2017 were low compared to historical standards. This year, detached inventories have averaged 2,573 units over the first quarter, 10% below first quarter averages recorded during 2015 and 2016.

Spring will have more inventory than last year, slowing progress on price recovery. However, the amount of price adjustment will vary depending on competing supply by location and product type.

Source: www.nprealtor.np4realty.com >>

Toronto Real Estate Board Market Watch Reports – March 2018

GTA REALTORS® Release March 2018 Stats

April 4 2018 – Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 7,228 residential transactions through TREB’s MLS® System in March 2018. This result was down by 39.5 per cent compared to a record 11,954 sales reported in March 2017 and down 17.6 per cent relative to average March sales for the previous 10 years.

The number of new listings entered into TREB’s MLS® System totaled 14,866 – a 12.4 per cent decrease compared to March 2017 and a three per cent decrease compared to the average for the previous 10 years.

“TREB stated in its recent Market Outlook report that Q1 sales would be down from the record pace set in Q1 2017,” said Mr. Syrianos. “The effects of the Fair Housing Plan, the new OSFImandated stress test and generally higher borrowing costs have prompted some buyers to put their purchasing decision on hold. Home sales are expected to be up relative to 2017 in the second half of this year.”

The MLS Home Price Index Composite Benchmark was down by 1.5 percent on a year-over-year basis for the TREB market area as a whole. The overall average selling price was down by 14.3 per cent compared to March 2017.

While the change in market conditions certainly played a role, the dip in the average selling price was also compositional in nature. Detached home sales, which generally represent the highest price points in a given area, declined much more than other home types. In addition, the share of high-end detached homes selling for over $2 million in March 2018 was half of what was reported in March 2017, further impacting the average selling price.

“Right now, when we are comparing home prices, we are comparing two starkly different periods of time: last year, when we had less than a month of inventory versus this year with inventory levels ranging between two and three months. It makes sense that we haven’t seen prices climb back to last year’s peak. However, in the second half of the year, expect to see the annual rate of price growth improve compared to Q1, as sales increase relative to the below-average level of listings,” said Jason Mercer, TREB’s Director of Market Analysis.

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Toronto Real Estate Board Market Watch Reports – February 2018

February 2018 Reports

GTA REALTORS® Release February 2018 Stats

March 6, 2018 – Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 5,175 residential transactions through TREB’s MLS® System in February 2018. This result was down 34.9 percent compared to the record 7,955 sales reported in February 2017.

The number of new listings entered into TREB’s MLS® System totaled 10,520, a 7.3 per cent increase compared to the 9,801 new listings entered in February 2017. However, the level of new listings remained below the average for the month of February for the previous 10 years.

“When TREB released its Outlook for 2018, the forecast anticipated a slow start to the year compared to the historically high sales count reported in the winter and early spring of 2017. Prospective home buyers are still coming to terms with the psychological impact of the Fair Housing Plan, and some have also had to reevaluate their plans due to the new OFSI-mandated mortgage stress test guidelines and generally higher borrowing costs,” said Mr. Syrianos.

The MLS® Home Price Index Composite Benchmark was up by 3.2 per cent on a year-over-year basis for the TREB market area as a whole. This growth was driven by the apartment and townhouse market segments, with annual benchmark price increases of 18.8 per cent and 7.5 per cent respectively. Single-family detached and attached benchmark prices were down slightly compared to February 2017. The overall average selling price for February sales was down 12.4% year-over-year to $767,818. However, putting aside the price spike reported in the first quarter of 2017, it is important to note that February’s average price remained 12 per cent higher than the average reported for February 2016, which represents an annualized increase well above the rate of inflation for the past two years.

“As we move further into the spring and summer months, growth in sales and selling prices is expected to pick up relative to last year. Expect stronger price growth to continue in the comparatively more affordable townhouse and condominium apartment segments. This being said, listings supply will likely remain below average in many neighbourhoods in the GTA, which, over the long-term, could further hamper affordability,” said Jason Mercer, TREB’s Director of Market Analysis.

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