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Manoj Kumar Arora

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The New Mortgage Rules can reduce your borrowing power by 20 - 25%. Act Now before it is too late!!

If you are looking to refinance or buy a home with 20% down, WATCH this video! Chris Turcotte, President & COO dives into the regulation change that happened yesterday and the impact it will have on you!

This regulation change can REDUCE your buying power but any contracts that are done before January 1, 2018, will be grandfathered in! Reach out to your CENTUM Mortgage Professional today if you have any questions or want to get a mortgage or refinance before the changes come into effect.

Visit www.centum.ca/Manoj_arora or call me now at 416.618.9753.

Increase in New Real Estate Listings in Greater Toronto Area and 35% drop in Home Sales, property prices still holding good in September 2017

TORONTO, ONTARIO, October 4, 2017 – Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 6,379 sales through TREB’s MLS® System in September 2017. This result was down by 35 per cent compared to September 2016.

The number of new listings entered into TREB’s MLS® System amounted to 16,469 in September – up by 9.4 per cent year-over-year.

“The improvement in listings in September compared to a year earlier suggests that home owners are anticipating an uptick in sales activity as we move through the fall. Consumer polling undertaken for TREB in the spring suggested that buying intentions over the next year remain strong. As we move through the fourth quarter we could see some Buyers moving off the sidelines, taking advantage of a better-supplied marketplace,” said Mr. Syrianos.

The average Selling price in September 2017 was $775,546 – up 2.6 per cent compared to September 2016. The MLS® Home Price Index (HPI) composite benchmark was up by 12.2 per cent on a year-over-year basis. A key reason for the difference in annual growth rates between the average price and the MLS® HPI composite is the fact that detached homes – the most expensive market segment on average – accounted for a smaller share of overall transactions this year compared to last.

“With more balanced market conditions, the pace of year-over-year price growth was more moderate in September compared to a year ago. However, the exception was the condominium apartment market segment, where average and benchmark sales prices were up by more than 20 per cent compared to last year. Tighter market conditions for condominium apartments follows consumer polling results from the spring that pointed toward a shift to condos in terms of buyer intentions,” said Jason Mercer, TREB’s Director of Market Analysis.

READ THE COMPLETE MARKET WATCH REPORT HERE

   

Greater Toronto Area Real Estate Sales decline by 34.8% in August 2017, home prices still up by 3% over August 2016

TORONTO, ONTARIO, September 6, 2017 – Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 6,357 home sales through TREB’s MLS® System in August 2017. This result was down by 34.8 per cent compared to August 2016.

The number of new listings entered into TREB’s MLS® System, at 11,523, was down by 6.7 per cent year-over-year and was at the lowest level for August since 2010.

“Recent reports suggest that economic conditions remain strong in the GTA. Positive economic news coupled with the slower pace of price growth we are now experiencing could prompt an improvement in the demand for ownership housing, over and above the regular seasonal bump, as we move through the fall,” continued Mr. Syrianos.

The average Selling price for all home types combined was $732,292 – up by three per cent compared to August 2016. This growth was driven by the semi-detached, townhouse and condominium apartment market segments that continued to experience high single-digit or double digit year-over-year average price increases.

The MLS® Home Price Index composite benchmark, which accounts for typical home types throughout TREB’s market area, was up by 14.3 per cent year-over-year in August. The fact that MLS® HPI growth outstripped average price growth, points to fewer high-end home sales this year compared to last.

“The relationship between sales and listings in the marketplace today suggests a balanced market. If current conditions are sustained over the coming months, we would expect to see year-over-year price growth normalize slightly above the rate of inflation. However, if some Buyers move from the sidelines back into the marketplace, as TREB consumer research suggests may happen, an acceleration in price growth could result if listings remain at current levels,” said Jason Mercer, TREB’s Director of Market Analysis.

READ THE COMPLETE MARKET WATCH REPORT HERE

Bank of Canada increases overnight rate target to 1 per cent

by Manoj Kumar Arora

Bank of Canada increases overnight rate target to 1 per cent

The Bank of Canada is raising its target for the overnight rate to 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.

Recent economic data have been stronger than expected, supporting the Bank’s view that growth in Canada is becoming more broadly-based and self-sustaining. Consumer spending remains robust, underpinned by continued solid employment and income growth.  There has also been more widespread strength in business investment and in exports. Meanwhile, the housing sector appears to be cooling in some markets in response to recent changes in tax and housing finance policies. The Bank continues to expect a moderation in the pace of economic growth in the second half of 2017, for the reasons described in the July Monetary Policy Report (MPR), but the level of GDP is now higher than the Bank had expected.

Read the complete report at Bank of Canada's Website

 

Greater Toronto Area (GTA) Real Estate Sales decline in May 2017 while Home Prices increase 

TORONTO, June 5, 2017 – Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 10,196 sales through TREB’s MLS® System in May 2017 – down by 20.3 per cent compared to 12,790 sales reported in May 2016. Sales of detached homes were down by 26.3 per cent. Sales of condominium apartments were down by 6.4 per cent.

The supply of listings was up strongly over the same period. Active listings – the number of Properties available for sale – at the end of May were up by 42.9 per cent compared to the record low a year earlier. The number increased considerably for low-rise home types including detached and semi-detached houses and townhouses. Active listings for condominium apartments were down compared to May 2016.

“Home Buyers definitely benefited from a better supplied market in May, both in comparison to the same time last year and to the first four months of 2017. However, even with the robust increase in active listings, inventory levels remain low. At the end of May, we had less than two months of inventory. This is why we continued to see very strong annual rates of price growth, albeit lower than the peak growth rates earlier this year,” said Mr. Cerqua.

Selling prices continued to increase strongly in May compared to the same month in 2016. The MLS® HPI Composite Benchmark price was up by 29 per cent year-over-year. The average selling price for all home types combined for the TREB Market Area as a whole was up by 14.9 per cent to $863,910. Year-over-year price increases were greater for condominium apartments compared to low-rise home types. This likely reflects the fact that the low-rise market segments benefited most from the increase in listings.

“The actual, or normalized, effect of the Ontario Fair Housing Plan remains to be seen. In the past, some housing policy changes have initially led to an overreaction on the part of homeowners and Buyers, which later balanced out. On the listings front, the increase in active listings suggests that homeowners, after a protracted delay, are starting to react to the strong price growth we’ve experienced over the past year by Listing their home for sale to take advantage of these equity gains,” said Jason Mercer, TREB’s Director of Market Analysis.

READ THE COMPLETE MARKET WATCH REPORT HERE

 

Do You Know What Your Neighbors At 3888 Duke of York Blvd. Mississauga Did Last Night?


It May Come As A Surprise To You – But They’ve Been Plotting For A Long Time!

Your neighbors at 3888 Duke of York  Mississauga, Ontario have decided to sell their condo, and they listed it with Manoj Arora of Ace Team  Realty.  They thought about it long and hard, and interviewed several agents before choosing Manoj. And now that they have made the decision to sell, they need your help to do it.

 

Their rarely available two  bedroom,two-bath beautiful condo with 9’ ceiling and 2 parking spots  is listed for sale at only $462.,900.  The owners have put a lot of work into the unit over the last several years – it shows like a model!             

Stainless Steel Appliances, Extended Long Kitchen Cabinets- Lots Of Storage, Gleaming Laminate Flooring & Wide B. Boards, Custom Closet Organizers and fresh paint add value to this mint condition Condominium with Relaxing View Of Water Fountain. **Added advantage is that Hydro is Included In Maintenance fee. Building  is loaded with State Of The Art Amenities like Theater, 5-Pin Bowling, Virtual Golf, Indoor Pool, Gym, Guest Suites & Bbq. .,24 Hrs Concierge Service & Alarm System..

If you know anyone who is thinking of buying a Condominium in the Square One area of Mississauga, be sure to tell them about this great opportunity to own this beautiful property.

Manoj has also prepared a special report called The 10 Dumbest Mistakes Smart People Make when Buying or Selling a Home that he would like to offer to you or anyone you know.

For a free copy of this informative report, just call 888-355-3155, ext. 23 for a 24-hour Free Recorded Message.

               

In the meantime, your neighbors would appreciate it if you kept your eyes and ears open for a buyer for their Condo.

 

CHECK MORE PROPERTY DETAILS, PICTURES AND VIRTUAL TOUR HERE

 
 
 
  

HOMES SALES DECLINE WHILE PRICES INCREASE 17% DURING FIRST HALF OF MAY 2017 

May 17, 2017 – Greater Toronto Area REALTORS® reported 5,021 transactions through TREB’s MLS® System during the first 14 days of May 2017. This result was down by 16 per cent in comparison to the same time period in May 2016. The decline in sales was greatest for low-rise home types, including detached and semi-detached houses and townhouses.

The number of new listings was up by 46.9 per cent year-over-year to 12,626, compared to 8,596 new listings entered during the first two weeks of May 2016. Growth in new listings was strongest for low-rise home types. From a geographic perspective, year-over-year growth in new listings was much stronger in the GTA regions surrounding the City of Toronto compared to the City itself.

Growth in average Selling prices remained very strong compared to last year. Through the first 14 days of May, the average selling price for all home types combined was $890,284 – up 17.3 per cent compared to the same period in 2016. For the TREB Market Area as a whole, the strongest rates of price growth were reported for condominium apartments, at 28.5 per cent. However, annual rates of price growth for low-rise home types remained strong as well – ranging from 16.7 per cent for detached houses to 25.5 per cent for semi-detached houses.

While we have certainly experienced a better supplied market over the past two months, inventory levels remain low in many neighbourhoods, hence the continuation of double-digit rates of price growth. If we continue to see new listings growth outstripping sales growth we could see the pace of price growth slow further.

  

Greater Toronto Area (GTA) MLS property listings of low rise homes increased in April 2017, so did real estate prices by 24.5% 

TORONTO, ONTARIO, May 3, 2017 –The Toronto Real Estate Board President Larry Cerqua announces that Greater Toronto Area REALTORS® entered 33.6 per cent more new listings into TREB's MLS® System in April 2017, at 21,630, compared to the same month in 2016. New listings were up by double-digits for all low-rise home types, including detached and semi-detached houses and townhouses. New listings for condominium apartments were at the same level as last year.

Total sales for the TREB market area as a whole amounted to 11,630 – down 3.2 per cent year-over-year. One issue underlying this decline was the fact that Easter fell in April in 2017 versus March in 2016, which resulted in fewer working days this year compared to last and, historically, most sales are entered into TREB's MLS® System on working days.

"The fact that we experienced extremely strong growth in new listings in April means that Buyers benefited from considerably more choice in the marketplace. It is too early to tell whether the increase in new listings was simply due to households reacting to the strong double-digit price growth reported over the past year or if some of the increase was also a reaction to the Ontario Government's recently announced Fair Housing Plan," said Mr. Cerqua.

The MLS® Home Price Index (HPI) Composite Benchmark Price was up by 31.7 per cent year-over-year in April 2017. Similarly, the average Selling price for all home types combined was up by 24.5 per cent to $920,791.

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

"It is not yet clear what impact the measures contained within the Ontario Government's Fair Housing Plan have had on TREB’s market area or the broader Greater Golden Horseshoe. Despite the recent uptick in new listings on TREB's MLS® System, we believe that we all have to be committed to a better understanding of issues affecting demand and supply dynamics in our marketplace.

READ THE COMPLETE MARKET WATCH REPORT HERE

 

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Ontario Government Passes Home Inspection Legislation

by Manoj Kumar Arora
Ontario Government Passes Home Inspection Legislation 

On April 10, 2017, the Ontario government announced that it passed Bill 59, also known as the Putting Consumers First Act, which includes licensing home inspectors and regulating the home inspection industry.

Although the legislation has been passed, the government still needs to work through the details regarding home inspectors' mandatory licensing and qualifications, as well as minimum standards for contracts, reports, and disclosures before this Bill is implemented. Details on licensing and regulations will be coming in the future, but this announcement represents a great step towards regulating this profession and increasing consumer protection.  

TREB welcomes this announcement, as REALTORS® have been advocating for such legislation, and TREB looks forward to continue working closely with the government as it moves to develop regulations before implementing this Bill.

Displaying blog entries 1-10 of 219

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Photo of Manoj Kumar Arora, Broker of Record Real Estate
Manoj Kumar Arora, Broker of Record
Ace Team Realty Inc., Brokerage
77 City Centre Drive, East Tower, Suite 501
Mississauga ON L5B 1M5
905-488-3101
1-888-355-3155
Fax: 1-888-443-3155

Contact Information

Photo of Manoj Kumar Arora, Broker of Record Real Estate
Manoj Kumar Arora, Broker of Record
Ace Team Realty Inc., Brokerage
77 City Centre Drive, East Tower, Suite 501
Mississauga ON L5B 1M5
905-488-3101
1-888-355-3155
Fax: 1-888-443-3155