Toronto Real Estate Blog | Real Estate News, Real Estate Market Reports, Residential and Commercial Real Estate MLS Listings in Toronto, ON

Condominium Act Review – TREB Positions

May 9, 2013

– The provincial government is currently reviewing the Condominium Act and has been consulting with the public and stakeholders on possible changes/updates to the Act. The following is TREB’s input to the government’s consultations. These positions are based on Member feedback, which TREB solicited from Members last year and earlier this year. This feedback was then reviewed by TREB’s Condominium Committee, Government Relations Committee, and Board of Directors. TREB Positions The following recommended positions are categorized into recommendations that are directly “Condominium Act Issues” and others that are “Non-Condominium Act But Related Issues”. This is to recognize that some of the issues raised may require changes to other statutes, but given the government’s review of this issue, this is an appropriate time to raise these related issues. Condominium Act Issues General The provincial government should ensure that all proposed changes to the Condominium Act are costed-out and potential cost implications on the provincial treasury and on taxpayers are considered. Governance Condominium Board Members should be subject to higher standards and qualifications and should be required to undertake specific standardized training...
Read More »

TREB Market Watch – April 2013

May 7, 2013

GTA Commercial REALTORS Report Commercial Market Figures

May 3, 2013

TORONTO, May 3, 2013 – Toronto Real Estate Board (TREB) Commercial Division Members reported 628,624 square feet of leased space in April 2013 – a 7.3 per cent year-over-year decline in comparison to 678,004 square feet leased in April 2012. Industrial properties accounted for approximately three-quarters of all square footage leased in April. Industrial transactions represented 466,494 square feet – down by almost 24 per cent compared to the same period last year. The decline in leased industrial space was partially offset by increases in commercial/retail and office leasing activity. “While the amount of leased space was down on a year-over-year basis in April, it was encouraging to see average lease rates up for all major property types. This suggests that demand was quite strong relative to the amount of space available for lease last month,” said TREB Commercial Division Chair, Cynthia Lai. The average industrial lease rate for transactions where pricing was disclosed on a per square foot net basis was $4.80 – up by 4.3 per cent compared to an average lease rate of $4.60 in April 2012....
Read More »

Greater Toronto Area REALTORS® reported 9,811 sales through the TorontoMLS system in April 2013

May 3, 2013

TORONTO, May 3, 2013 – Greater Toronto Area REALTORS® reported 9,811 sales through the TorontoMLS system in April 2013, representing a dip of two per cent in comparison to 10,021 transactions in April 2012. Both new listings during the month and active listings at the end of April were up on a year-over-year basis. “Despite the headwinds we have experienced in the housing market this year, April sales came in quite strong in comparison to last year. As we move through the spring and into the second half of 2013, the demand for home ownership should continue to firm-up relative to last year,” said Toronto Real Estate Board President Ann Hannah. “It has been almost a year since the federal government enacted stricter mortgage lending guidelines. It is realistic to surmise that some households, who originally put their decision to purchase on hold, are once again looking to buy,” continued Ms. Hannah. The average selling price for April 2013 transactions was $526,335 – up by two per cent in comparison to April 2012. The MLS® HPI Composite Benchmark Price was...
Read More »

Six Canadian markets set records for upper-end sales in the first quarter

April 30, 2013

Spring is in the air and nowhere is that more evident than in the country’s luxury housing market. After a subdued start in the first quarter, the RE/MAX Upper End Report found that demand for upscale properties is once again on the rise. Eight out of the 16 major residential housing markets examined posted sales on par or ahead of last year’s levels in the first three months of the year. Percentage increases were led by Calgary (50 per cent), Edmonton (41 per cent), Regina (10 per cent), Saskatoon (6 per cent), Winnipeg and London-St. Thomas (five per cent), followed by Quebec City at three per cent. Six markets posted new records for first quarter sales, including London-St. Thomas, Hamilton-Burlington (which matched the record 2012 pace), Quebec City, Regina, Saskatoon, Edmonton and Calgary. For the second consecutive year, Greater Toronto secured the top spot for the greatest number of upper-end sales in the first quarter. Luxury sales in Ontario-Atlantic Canada were hampered by a variety of factors out of the gate in 2013. Inclement weather had a significant impact on...
Read More »

Toronto Real Estate Market Watch – March 2013

April 3, 2013

GTA REALTORS® RELEASE MONTHLY RESALE HOUSING FIGURES

April 3, 2013

– Greater Toronto Area REALTORS® reported 7,765 transactions through the TorontoMLS system in March 2013 – down 17 per cent compared to 9,385 transactions in March 2012. While the year-over-year dip in March sales followed the trend that has unfolded since mid-way through 2012, it is also important to note that the Good Friday holiday was in March this year versus April in 2012. Generally speaking, there are fewer sales reported on statutory holidays and weekends. In the first quarter of 2013, sales amounted to 17,678 – down by 14 per cent compared to Q1 2012. “Home ownership remains affordable for a household earning the average income in the Greater Toronto Area. There are many willing buyers in the marketplace today. While some households have put their decision to purchase on hold as a result of stricter lending guidelines or the additional Land Transfer Tax in the City of Toronto, other households simply haven’t been able to find the right house due to a shortage of listings in some market segments,” said Toronto Real Estate Board President Ann Hannah. The...
Read More »

GTA REALTORS® RELEASE MID-MONTH RESALE HOUSING FIGURES

March 18, 2013

TORONTO, March 18, 2013 – Greater Toronto Area REALTORS® reported 3,594 transactions through the TorontoMLS system during the first 14 days of March 2013 – down 11.5 per cent compared to the same period last year. The number of new listings was up by less than two per cent. “With sales down and listings up slightly, the GTA market was better supplied in the first half of March compared to last year. This fact notwithstanding, there has been enough competition between buyers to promote moderate to strong upward pressure on average selling prices for most home types on an annual basis,” said Toronto Real Estate Board President Ann Hannah. “The average price for condominium apartments in the City of Toronto was up over last year. If this price growth continues, it may indicate that conditions are tightening slightly in this segment,” added Ms. Hannah. The average selling price for the first two weeks of March was up by almost six per cent year-over-year to $532,102. Average prices were up for all major home type categories. “Due to tight supply, the...
Read More »

Buyers- are you waiting for prices to correct?

March 11, 2013

There are a group of future buyers out there that are sitting on the sidelines waiting for the rumoured price correction in the Toronto real estate market to occur before they will put pen to paper and buy their dream home. Are they making the right decision? Maybe, but maybe not. One thing that is probably fairly certain is that a dramatic increase in mortgage interest rates would cause a decrease in home prices. Why? Because buyers DO NOT buy a home for $650,000 (although they think they do), they buy a home for $2,875 a month for their mortgage, taxes, utilities and insurance, which is what they really pay to live there. So let’s do the math. A $650,000 purchase price with 20% down and a 5 year fixed rate mortgage at 2.99% with a 30 year amortization will cost about $2,184 per month principal and interest. If mortgage rates go up to 4.5% and this causes a reduction in prices by 10%, your $650,000 home will now be $585,000 and with a 20% down payment and a 5...
Read More »

Price Growth Continues in February

March 5, 2013

TORONTO, March 5, 2013 – Greater Toronto Area (GTA) REALTORS® reported 5,759 sales through the TorontoMLS system in February 2013 – a decline of 15 per cent in comparison to February 2012. It should be noted that 2012 was a leap year with one extra day in February. A 28 day year-over-year sales comparison resulted in a lesser decline of 10.5 per cent. The average selling price for February 2013 was $510,580 – up two per cent in comparison to February 2012. “The share of sales and dollar volume accounted for by luxury detached homes in the City of Toronto was lower this February compared to last. This contributed to a more modest pace of overall average price growth for the GTA as a whole,” said Toronto Real Estate Board (TREB) President Ann Hannah. “Stricter mortgage lending guidelines that precluded government backed mortgages on homes sold for over one million dollars and the City of Toronto’s additional upfront land transfer tax arguably played a role in the slower pace of luxury detached home sales,” added Ms. Hannah. The MLS® HPI...
Read More »

Ontario Healthy Homes Renovation Tax Credit

March 4, 2013

Summary The Healthy Homes Renovation Tax Credit is a permanent personal income tax refund for seniors and the family members who live with them. Those who qualify can claim up to $10,000 worth of home modifications on their tax returns and receive back 15 per cent of eligible expenses. A household that spends $10,000 on eligible home renovations potentially can get back $1,500. The tax credit has a $10,000 maximum per couple. Details Qualified applicants must be 65 years or older by the end of the year for which he/she is claiming the credit. Family members can qualify as well, if they modify their home to accommodate a live-in relative who is 65 or older and can claim eligible expenses on their personal income tax return. Seniors and their family members at all income levels are eligible. Eligible renovations include walk-in bathtubs; wheel-in showers; widening passage doors; lowering existing counters/cupboards; grab bars around a toilet, tub and shower; handrails in corridors; wheelchair ramps; stair/wheelchair lifts and elevators; and nonslip flooring in the bathroom. Devices such as equipment for home medical...
Read More »

Summary of TorontoMLS Sales and Average Price February 1 – 14

February 19, 2013

TORONTO, February 19, 2013 – Greater Toronto Area REALTORS® reported 2,823 sales through the TorontoMLS system during the first 14 days of February. This result represented a decline of 8.3 per cent compared to the same period in 2012. “The number of transactions was lower for most home types in comparison to last year, but so too was the number of new listings. This means that market conditions remained quite tight, especially for low-rise home types. The result was continued price growth over last year,” said Toronto Real Estate Board President Ann Hannah. The average selling price for TorontoMLS transactions in the first half of February was $509,061 – up by four per cent in comparison to the same time last year. “The annual rate of price growth so far in February has been in line with expectations for 2013. The average selling price in the GTA will continue to grow this year but at a slower pace compared to 2012. The basis of this price growth will be the low-rise segment of the market, for which months of inventory...
Read More »

Toronto Real Estate Market According to TREB – January 2013

January 31, 2013

The Bank of Canada maintains its target for the overnight rate at 1 per cent.

January 23, 2013

Ottawa - The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. The global economic outlook is slightly weaker than the Bank had projected in its October Monetary Policy Report (MPR). At the same time, global tail risks have diminished. The economic expansion in the United States is continuing at a gradual pace, restrained by ongoing public and private deleveraging, global weakness and uncertainty related to fiscal negotiations. Despite a marked improvement in peripheral sovereign debt markets, Europe remains in recession, with a somewhat more protracted downturn now expected than in October. Growth in China is improving, though economic activity has slowed further in some other major emerging economies. Supported by central bank actions and by positive policy developments in Europe, global financial conditions are more stimulative. Commodity prices have remained at historically elevated levels, though temporary disruptions and persistent transportation bottlenecks have led to a record discount on Canadian heavy crude. In...
Read More »