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 | | Fran Melchers, B.Sc.
Sales Representative
Royal Lepage Your Community Realty, Brokerage | |
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What's hot in real estate |
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| Saturday, 08 January 2011, 02:26:03 PM | | | GTA REALTORS® Report Monthly Resale Housing Market
Figures
TORONTO, January 6, 2011 -- Greater Toronto REALTORS® reported 4,395 existing home sales for the month of December, bringing the 2010 total to 86,170 – down by one per cent compared to 2009.
“Market conditions were anything but uniform in 2010. We went from super-charged sales activity during the first four months of the year, to a marked drop-off in transactions in the summer and then in the fall saw sales climb back to levels that are sustainable over the longer term,” said TREB President Bill Johnston.
“New Federal Government-mandated mortgage lending guidelines, higher borrowing costs and misconceptions about the HST caused a pause in home buying in the summer. As it became clear that the HST was not applicable to the sale price of an existing home and buyers realized that home ownership remained affordable, market conditions improved,” continued Johnston.
The average home selling price in 2010 was $431,463 – up nine per cent in comparison to the 2009 average selling price of $395,460. In December, the average annual rate of price growth was five per cent.
“At the outset of 2010, we were experiencing annual rates of price growth at or near 20 per cent. This was the result of extremely tight market conditions coupled with the fact that we were comparing prices to the trough of the recession at the beginning of 2009,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
“Balanced market conditions in the second half of 2010 resulted in more moderate home price
appreciation,” continued Mercer. “Expect the average selling price to grow at or below five per cent in 2011. With this type of growth, mortgage carrying costs for the average priced home in the GTA will remain affordable for a household earning an average income.”
Source: Toronto Real Estate Board (TREB) | |
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| Thursday, 25 November 2010, 02:49:04 PM | MLS Sold Statistical Summary for November 2010 as of 11/24/2010*
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District
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Active
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Sold / Month
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Sold / Year
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Avg$ / Month
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Med$ / Month
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Avg$ / Year
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Med$ / Year
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C01
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985
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322
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3,933
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$408,690
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$359,450
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$408,133
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$359,000
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C02
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213
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57
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810
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$770,356
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$618,000
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$810,914
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$600,000
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C03
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107
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37
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546
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$708,459
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$530,000
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$838,258
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$573,750
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C04
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166
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66
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1,024
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$953,018
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$823,090
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$827,440
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$735,000
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C06
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80
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30
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296
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$529,980
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$548,750
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$543,914
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$519,000
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C07
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222
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91
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1,170
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$431,658
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$364,000
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$438,616
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$373,500
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C08
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264
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137
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1,698
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$398,019
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$357,000
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$392,015
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$349,000
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C09
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74
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32
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333
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$1,520,609
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$1,362,500
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$1,174,264
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$849,000
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C10
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161
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69
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879
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$745,037
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$630,000
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$733,671
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$597,000
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C11
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54
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36
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356
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$623,606
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$561,375
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$561,838
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$529,500
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C12
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111
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22
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404
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$1,741,468
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$1,261,000
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$1,462,238
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$1,180,000
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C13
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104
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35
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642
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$369,057
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$310,000
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$419,660
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$367,000
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C14
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320
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148
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1,761
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$506,619
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$376,500
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$471,898
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$373,000
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C15
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193
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98
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1,239
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$433,396
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$343,500
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$443,675
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$365,000
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Area Total:
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3,054
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1,180
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15,091
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*Data based on statistics published on MLS
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| Friday, 19 March 2010, 08:32:58 AM | | March 3, 2010 -- Greater Toronto REALTORS® reported 7,291 sales through the Multiple Listing Service® (MLS®) in February, representing a 77 per cent increase over February 2009. The average price for these transactions was up 19 per cent year-over-year to $431,509. Sales and average price increases represent both increased demand for ownership housing and the base year effect, which involves a comparison of economic recovery this year to a period of economic decline last year.
“Increases in existing home sales and average price were noted across the GTA in low-rise and high-rise home types. Similar rates of growth were experienced in the City of Toronto and surrounding 905 regions,” said TREB President Tom Lebour. “This suggests that first time, move-up and down sizing buyers are all active in the existing home marketplace.”
New listings also increased in February, climbing 24 per cent compared to the same month last year.
“Annual growth in new listings is expected to continue. New listings growth will start to outstrip sales growth as we move through 2010,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “As the market becomes better supplied, we will see more sustainable single-digit rates of price growth.”
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| Thursday, 18 February 2010, 01:04:01 PM | | GOVERNMENT OF CANADA TAKES ACTION TO STRENGTHEN HOUSING FINANCING
The Honourable Jim Flaherty, Minister of Finance, today announced a number of measured steps to support the long-term stability of Canada's housing market and continue to encourage home ownership for Canadians.
"Canada's housing market is healthy, stable and supported by our country's solid economic fundamentals," said Minister Flaherty. "However, a key lesson of the global financial crisis is that early policy action can help prevent negative trends from developing."
The Government will therefore adjust the rules for government-backed insured mortgages as follows:
- Require that all borrowers meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term. This initiative will help
Canadians prepare for higher interest rates in the future.
- Lower the maximum amount Canadians can withdraw in refinancing their mortgages to 90 per cent from 95 per cent of the value of their homes. This will help ensure home ownership is a more effective way to save.
- Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation.
"There's no clear evidence of a housing bubble, but we're taking proactive, prudent and cautious steps today to help prevent one. Our Government is acting to help prevent Canadian households from getting overextended, and acting to help prevent some lenders from facilitating it," said Minister Flaherty. "If some lenders aren't willing to act themselves, we will act. These measures demonstrate the Government is committed to taking action when necessary to support the long-term stability of a sector that is so vital to our economy and the financial well-being of Canadian families."
These adjustments to the mortgage insurance guarantee framework are intended to come into force on April 19, 2010.
Source: Finance Canada | |
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| Thursday, 03 December 2009, 09:47:38 AM | | | | The non-refundable Home Renovation Tax Credit (HRTC) is based on eligible expenses for work performed or goods acquired after January 27, 2009, and before February 1, 2010, in respect of an eligible dwelling, pursuant to an agreement entered into after January 27, 2009.
Canadian homeowners should be aware of the deadline to ensure they are able to claim the non-refundable tax credit of up to $1,350 for their home renovation or alteration. Eligible expenses for goods acquired during this period, even if they are installed after January 2010, will still qualify. If an eligible expense involves work performed by a contractor or a third party, and the work is not completed by the end of the eligible period, only the portion that is completed before February 1, 2010 will qualify even if a payment has been made.
In addition, there is no requirement that homeowners pay the amount in full before the deadline. For example, if you are billed by a contractor for goods acquired and work performed before the deadline and you do not pay the bill until after the deadline, your expenses would still be eligible for the HRTC provided that you met all the other requirements.
Source: Canada Revenue Agency Website
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| Posted on Thu, 19 Nov 2009, 08:21:58 AM in Marketing strategies | | | | Toronto Real Estate Board (TREB) Reports Strong Growth in October MLS Transactions
November 4, 2009 -- 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 (Toronto Real Estate Board) President Tom Lebour. “The highest rate of sales growth in October was experienced for properties selling for over $750,000 dollars. 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.
“After a short dip in the winter, the average home price in the GTA has rebounded because sales have been high relative to listings,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “Watch for listings to rebound in 2010 as home owners react to the strong sales and price growth experienced in the latter half of this year.”
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