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Be Aware Of Extra Costs When Moving

September 18, 2014
Be Aware Of Extra Costs When Moving

Given the fact that tens of thousands of homes change hands throughout the Greater Toronto Area each year, it’s easy to forget that buying a home is a complex process to which the phrase “the devil’s in the details” aptly applies. It is one of the many reasons why each year close to 200,000 homebuyers and sellers choose to work with a Greater Toronto REALTOR®, who can offer advice on all of the details that are important to keep in mind, from protecting your interests with offer clauses to changing the locks once the process is complete. According to Statistics Canada’s 2011 study ‘Homeownership and Shelter Costs in Canada’ approximately 25 per cent of Canadians spent one-third or more of their income on shelter, and our city’s average monthly shelter costs were the nation’s highest at $1,366 that year. As such, in addition to preparing for some of the standard expenses involved in a real estate transaction such as moving and legal services, it’s wise to set aside extra funds for a number of other homeownership costs you may not...
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Toronto MLS Housing Report

September 18, 2014
Canadian Money

TORONTO, September 16, 2014 – Toronto Real Estate Board President Paul Etherington announced that Greater Toronto REALTORS® reported 3,297 sales through the TorontoMLS system during the first 14 days of September 2014. This result represented an 8.3 per cent increase compared to the same period in 2013. Year-to-date sales through September 14, at 68,731, were up by 6.6 per cent compared to the same period in 2013. “The sales result for the first two weeks of September showed strong growth for most major home types, indicating that home buyers continue to find homes that meet their needs and budgets. With a lot of buyers active in the marketplace relative to the number of homes for sale, average selling prices were up strongly for most low-rise and high-rise home ownership options,” said Mr. Etherington. The average selling price for September mid-month sales was $555,890, which represented an increase of 8.1 per cent compared to the average price for the first two weeks of September 2013. Average price growth was strongest for single-detached and semi-detached homes. The average year-to-date selling price was...
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Radon is a silent killer

September 12, 2014
Radon is a silent killer

There are many things about a home’s condition that even a first-time home buyer naturally considers before the deed is signed. Water damage. Structural integrity. Faulty wiring. Cracks, stains and warping of surfaces. Faced with an already lengthy list of obvious and visible architectural flaws to look for, it’s not surprising that something like air quality is rarely at the forefront of a homebuyer’s mind. But it should be and radon is why. The radioactive gaseous result of uranium breaking down into soil, water or rock, radon can enter the home through cracks and holes in the foundation, support posts, floor drains, construction joints and other entry points. Measured in Becquerels per cubic meter (Bq/m3), radon exists in low levels in most environments, with an average outdoor level of 10 Bq/m3 and indoor level of 45 Bq/m3, a difference explained by the build-up of radon that confined spaces allow. But it’s when levels reach the government’s guideline of 200 Bq/m3 that homeowners need to take action. According to Health Canada, radon is second only to smoking as the leading cause...
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GTA Real Estate Market Reports Q2

July 23, 2014

GTA REALTORS® Report Q2 Condo Market Figures  July 18, 2014 — Toronto Real Estate Board President Paul Etherington announced robust results for the condominium apartment market in the second quarter of 2014. Q2 sales were up by 10.4 per cent compared to the same period in 2013. New listings were up over the same period, but by a lesser 4.4 per cent. • Click here for complete Condo Market Report  GTA REALTORS® Report Q2 Rental Market Figures  July 18, 2014 — Toronto Real Estate Board President Paul Etherington announced that Greater Toronto REALTORS® reported 7,342 rental transactions through the TorontoMLS system in the second quarter of 2014. This result was up by 25.7 per cent compared to Q2 2013. The number of units listed for rent in the second quarter was up by 22.2 per cent on a year-over-year basis to 12,510. • Click here for complete Rental Market Report  GTA REALTORS® Report Mid-Month Resale Housing Market Figures  July 16, 2014 — Toronto Real Estate Board President Paul Etherington announced that TorontoMLS home sales through the first 14 days of July 2014 were...
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GTA REALTORS® REPORT Q2 CONDO MARKET FIGURES

July 18, 2014

  TORONTO, July 18, 2014 — Toronto Real Estate Board President Paul Etherington announced robust results for the condominium apartment market in the second quarter of 2014.  Q2 sales were up by 10.4 per cent compared to the same period in 2013.  New listings were up over the same period, but by a lesser 4.4 per cent. “Condominium apartments represent an affordable entry point into the market for first time buyers.  On top of this, some condo properties cater to households looking to move out of their traditional low-rise home, and we are increasingly seeing households choose condos as the place where they will raise a family.  This diversity of buyers explains why sales more than kept up with increased listings in the second quarter,” said Toronto Real Estate Board President Paul Etherington. The average selling price for condominium apartments in the second quarter was up by 5.5 per cent year-over-year to $367,010.  In the City of Toronto, which accounted for 71 per cent of total sales, the average selling price was $392,739, representing an increase of 5.3 per cent....
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TREB Market Watch – June 2014

July 10, 2014

CMHC announces more mortgage insurance changes

June 18, 2014
cmhc_logo

Canada Mortgage and Housing Corp. (CMHC) has discontinued its mortgage loan insurance for the financing of multi-unit condominium construction. The federal housing agency also announced that it has established maximum house prices, amortization periods and debt servicing ratios for its low-ratio transactional mortgage loan insurance product, effective July 31. CMHC says, “The changes are a business decision designed to increase market discipline in residential lending while reducing taxpayers’ exposure to the housing sector through CMHC. They are not changes to the government’s mortgage loan insurance parameters and do not apply to private mortgage insurers’ products and services.” CMHC introduced its multi-unit condominium construction product in 2010 to assist developers to access insured financing during the construction phase of condominium projects. It says that demand for the product has been low and that CMHC has not provided any insurance for multi-unit condominium construction since 2011. The agency says its insurance for mortgage loans to homebuyers wishing to purchase a condominium is unaffected by this change and will remain available throughout Canada. “The changes to CMHC’s low-ratio insurance align this product with...
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COMMERCIAL REALTORS REPORT LATEST COMMERCIAL MARKET FIGURES

June 6, 2014

Toronto Real Estate Board Commercial Network Members reported 639,878 square feet of combined industrial, commercial/retail and office space leased through the TorontoMLS system in May 2014, on a per square foot net basis where pricing was disclosed. This result was up from 436,433 square feet leased in May 2013 and represented a 47 per cent increase on a year-over-year basis, which was driven by all major market segments. The industrial leasing market segment accounted for approximately 72 per cent of space leased. The average lease rate for these transactions was up by 1.5 per cent to $5.30 per square foot net. The commercial/retail and office segments experienced stronger average rates of growth, but a lot of this growth was compositional in nature, including a different mix of unit sizes and geography of transactions compared to May 2013. “Despite slower than expected economic growth to start 2014, we experienced a considerable uptick in the amount of space leased. The consensus view is that the slow first quarter GDP growth in Canada and south of the border was mainly due to extreme...
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Tight Market Conditions Prompt Strong Price Growth

May 12, 2014

May 6, 2014 — Toronto Real Estate Board President Dianne Usher announced that during April – the first full month of spring – Greater Toronto REALTORS® reported a 1.8 per cent year-over-year increase in sales through the TorontoMLS system. Total April 2014 sales amounted to 9,706, compared to 9,535 transactions in April 2013.

“April marked the beginning of the spring market, during which time we generally see the highest monthly sales totals in a given year. Despite the persistent shortage of listings, a substantial number of GTA residents were able to come to terms on a home that met their needs. However, sales levels would have been higher, but for the lack of supply,” said Ms. Usher.

“A number of factors underlie the constrained supply of listings. Studies and polling suggest that the additional upfront land transfer tax in the City of Toronto has prompted some households to stay put and renovate rather than list their home and move. In the broader GTA context, abovetrend home sales in the years leading up to the recession have meant that many households who purchased during this period simply aren’t ready to move again,” continued Ms. Usher.

The average selling price for April 2014 sales was $577,898 – up by 10.1 per cent compared to the April 2013 average of $524,868. The MLS® Home Price Index (HPI) Composite Benchmark was up by seven per cent year-over-year. The MLS® HPI strips away price fluctuations resulting from a change in the mix of home types sold from one period to the next.

“Price growth for the GTA as a whole was driven by the single-detached, semi-detached and townhouse market segments in the City of Toronto. So far this year, there has been no relief on the listings front for these home types in many neighbourhoods in Toronto and surrounding regions. Until we see a marked and sustained increase in listings, we should expect to see the annual rate of price growth above the long-term norm,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis

TREB Market Watch – February 2014

March 5, 2014

GTA Q4 CONDOMINIUM REPORT

January 23, 2014

Greater Toronto Area REALTORS® reported the sale of 4,586 condominium apartments through the TorontoMLS system in the fourth quarter of 2013. This result was up by 21 per cent in comparison to Q4 2012 when 3,789 condominium apartments changed hands. Both new listings of this home type during the quarter and active listings at the end of the quarter were down on a year-over-year basis. “This time last year many were predicting that the condo apartment market would experience a downturn, both in terms of sales and selling prices. While there was a temporary lull in sales and price growth in the first half of 2013, we saw an about face in the second half of the year, as buyers realized home ownership remained affordable. As the demand for condos rebounded, competition between buyers increased and the pace of price growth accelerated,” said Toronto Real Estate Board President Dianne Usher. The average selling price for condominium apartments in the fourth quarter was $353,665 – up 6.5 per cent compared to Q4 2012. In the City of Toronto, where condo apartments...
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GTA REALTORS® RELEASE MID-MONTH RESALE HOUSING FIGURES

January 20, 2014

TORONTO, January 17, 2014 – Greater Toronto Area REALTORS® reported 1,287 transactions through the TorontoMLS system during the first two weeks of 2014. This result was down by approximately eight per cent compared to 1,396 sales reported during the same period in 2013. New listings entered into the system were down by a greater 20 per cent year-over-year. “The expectation is that home sales through the TorontoMLS System will be up in 2014. This is because the cost of purchasing an average priced home, including mortgage payments, property taxes and utilities, will remain affordable for a household earning the average income in the GTA,” said Toronto Real Estate Board President Dianne Usher. “Aside from the fact that January sales from year-to-year tend to be volatile, the dip in sales during the first two weeks in January was likely due in large part to a lack of new listings. Quite simply, some would-be home buyers could not find a home that met their needs,” continued Ms. Usher. The average selling price for the first 14 days of January 2014 was $515,990...
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Real Estate Market Watch – December 2013

January 9, 2014

GTA REALTORS® Report December 2013 Resale Housing Market Figures

January 7, 2014

Greater Toronto Area REALTORS® reported 4,078 residential transactions through the TorontoMLS system in December 2013 – up by almost 14 per cent compared to 3,582 sales reported in December 2012. New listings entered into the TorontoMLS system were down by almost four per cent over the same period. Total sales for calendar year 2013, at 87,111, were up by approximately two per cent compared to 85,496 transactions in calendar year 2012. “After a slow start to the year, sales growth accelerated to a brisk pace in the second half of 2013. Despite the inclement weather in December, we finished the year with a respectable gain in transactions compared to 2012. Looking forward, I believe that home ownership in the GTA will remain affordable as borrowing costs stay low. The result could be a further increase in sales in 2014,” said Toronto Real Estate Board President Dianne Usher. “The average selling price will be up again in 2014 and by more than the rate of inflation. The seller’s market conditions that drove price growth in the second half of 2013 will...
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Happy New Year, 2014

December 29, 2013
Happy New Year, 2014

Once again the holiday season is here and many of us are busy planning visits with our families and friends. I would like to take this moment and thank you for your past, present and future business; and wish you the warmest of holiday wishes for you and your family. It has been my pleasure working with you in the past, and I look forward to helping you with any future real estate endeavours. Wishing you the very best of this holiday season, from my family to yours… Michael Kagan
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