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Greater Toronto Area Real Estate Market starts 2017 with a bang with 21.8% price increase in January

TORONTO, ONTARIO, February 3, 2017 - Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 5,188 residential transactions through TREB's MLS® System in January 2017. This result was up by 11.8 per cent compared to 4,640 sales reported in January 2016. Annual rates of sales growth were higher for condominium apartments than for low-rise home types.

January 2017 picked up where 2016 left off: sales were up on a year-over-year basis while the number of new listings was down by double-digit annual rates for most major home types.

"Home ownership continues to be a great investment and remains very important to the majority of GTA households. As we move through 2017, we expect the demand for ownership housing to remain strong, including demand from first-time Buyers who, according to a recent Ipsos survey, could account for more than half of transactions this year. However, many of these would-be buyers will have problems finding a home that meets their needs in a market with very little inventory," said Cerqua.

The MLS® Home Price Index (HPI) Composite Benchmark price was up by 21.8 per cent on a year-over-year basis in January. Similarly, over the same period, the average Selling price was up by 22.3 per cent to $770,745, with double-digit gains in the average prices for all major home types.

“The number of active listings on TREB’s MLS® System at the end of January was essentially half of what was reported as available at the same time last year. That statistic, on its own, tells us that there is a serious supply problem in the GTA – a problem that will continue to play itself out in 2017. The result will be very strong price growth for all home types again this year,” said Jason Mercer, TREB’s Director of Market Analysis.

READ THE COMPLETE MARKET WATCH REPORT HERE

 

Strong outlook projected for 2017 Housing market by Toronto Real Estate Board

by Manoj Kumar Arora

Strong outlook projected for 2017 Housing market by Toronto Real Estate Board 

TORONTO, ONTARIO, JANUARY 31, 2017 – The Toronto Real Estate Board released its annual Market Year in Review & Outlook Report today at its Economic Summit being held at Toronto’s Parkview Manor.

The report provides a look forward into the 2017 housing market and tackles top-of-mind issues, including consumer intentions, foreign buying activity in the Greater Toronto Area, impact of transportation infrastructure on housing affordability, and the lack of housing supply.

“This report will be extremely useful to anyone with an Interest in the housing market in the Greater Golden Horseshoe, including REALTORS® and their clients, housing industry stakeholders, and all levels of government. One standout for me in the research conducted by Ipsos was the continued importance of the REALTOR®. Over 80 per cent of likely Buyers are planning on engaging the services of a REALTOR® in their purchase this year. This shows the value TREB Member REALTORS® add to the transaction. Home ownership is a great investment and TREB Member REALTORS® are professionals who will expertly guide you through each step of the process,” said TREB President Larry Cerqua.

TREB is forecasting another strong year for home sales through its MLS® System in 2017, with more than 100,000 sales forecast for the third consecutive year. Between 104,500 and 115,500 home sales are expected this year, with a point forecast of 110,000 – down slightly from 113,133 sales reported by GTA REALTORS® in 2016.

As a result of very strong demand for ownership housing up against an extremely constrained supply of listings in 2017, double-digit annual rates of price growth are expected to remain in place for the majority of home types across the GTA. The growth rate for the average Selling price will be between 10 and 16 per cent with an average price range between $800,000 and $850,000. TREB’s point forecast for the average selling price is $825,000.

“Housing affordability, and affordable home ownership in particular, is a growing concern. Home prices will increase well above the rate of inflation and income growth in 2017, as the supply of listings remains very constrained. While governments have been focusing their policy solutions on allaying demand, what is needed are policies that focus on the lack of available homes for sale and for rent. The public, private, and not-for-profit sectors need to come together to focus on innovative solutions to the housing supply issue,” said TREB CEO John DiMichele.‚Äč

READ THE COMPLETE DESKTOP VERSION OF THE OUTLOOK REPORT FOR 2017

READ THE COMPLETE MOBILE VERSION OF THE OUTLOOK REPORT FOR 2017

   

Toronto (GTA) Real Estate Market experienced a record year for home sales in 2016 with 17.3% increase in prices

TORONTO, ONTARIO, January 5, 2017 – Toronto Real Estate Board President Larry Cerqua announced that 2016 was a second consecutive record year for home sales. Greater Toronto Area REALTORS® reported 113,133 home sales through TREB’s MLS® System – up by 11.8 per cent compared to 2015. The calendar year 2016 result included 5,338 sales in December – an annual increase of 8.6 per cent.

The strongest annual rate of sales growth in 2016 was experienced for condominium apartments followed by detached homes.

“A relatively strong regional economy, low unemployment and very low borrowing costs kept the demand for ownership housing strong in the GTA, as the region’s population continued to grow in 2016,” said Mr. Cerqua.

“It is important to point out that the strong demand that we experienced in 2016 was very much domestic in nature. TREB recently commissioned Ipsos to survey its Members with regard to the level and type of foreign buying activity within the Greater Toronto Area. The results of the Ipsos survey suggest that the level of foreign buying activity is low in the GTA. Only an estimated 4.9 per cent of GTA transactions, in which TREB Members acted on behalf of a buyer, involved a foreign purchaser. In the City of Toronto, the share of foreign Buyers was five per cent,” continued Mr. Cerqua.

The methodology of the Ipsos research involved an online survey of the TREB Membership hosted on the Ipsos platform. A total of 3,518 surveys were completed between October 6 and October 21, 2016. The margin of error is ±2 percentage points 19 times out of 20. TREB will be releasing the full results of the Ipsos survey dealing with foreign Buyers on January 31, 2017, in conjunction with its Market Year in Review and Outlook Report and related media event.

The annual rate of growth for the MLS® Home Price Index (HPI) in the TREB market area accelerated throughout 2016 – from 10.7 per cent in January 2016 to 21 per cent in December 2016. The overall average Selling price for calendar year 2016 was $729,922 – up 17.3 per cent compared to 2015. The pace of the annual rate of growth for the average selling price also picked up throughout the year, including a climb of 20 per cent in December.

“Price growth accelerated throughout 2016 as the supply of listings remained very constrained. Active listings at the end of December were at their lowest point in a decade-and-a-half. Total new listings for 2016 were down by almost four per cent. In 2016, we saw policy changes and policy debates pointed at the demand side of the market. If we want to see a sustained moderation in the pace of price growth, what we really need is more policy focus on issues impacting the lack of homes available for sale,” said Jason Mercer, TREB’s Director of Market Analysis.

TREB’s Market Year in Review and Outlook Report and media event will include an expert panel and related submissions on the foundations of the housing supply issue in the GTA and possible solutions.

With continued strong rates of price growth, housing affordability is a growing concern. Unfortunately, the City of Toronto’s Budget Committee is considering an increase to the Land Transfer Tax that could see Buyers of average-priced homes pay another $750 to the City, which would represent a seven per cent increase to the $11,000 that they already pay City Hall as an upfront Land Transfer Tax closing cost. This would be on top of the $12,000 that is also paid to the province. First-time buyers could end up paying $475 more, or, at best, be no better off, even though the province recently doubled their first time buyer LTT rebate.

“The last thing people need is to dish out another $750, on top of the $11,000 that they already pay City Hall. The City should be looking for ways to make housing affordability better, not worse, especially for first-time Buyers who could go backwards, or at best, be no better off,” said Mr. Cerqua. “The Budget Committee should stop this proposal in its tracks and instead enhance the rebate for first-time buyers.”

You can read the complete Market Watch report of Toronto Real Estate Board here

Home Purchase Cost Estimate

by Manoj Kumar Arora

Home Purchase Cost Estimate

Are you thinking of buying a new home and wondering about the total Purchase cost? Here is a useful online worksheet from CMHC, put in the numbers and find out.

Here's the Purchase Cost Estimating Sheet

 

Looking for the Perfect Home

You can now take advantage of our FREE Home Finder's service by simply visiting www.FindMyGTAHome.com and let us know what you are looking for and we will set you up to receive email notifications of all the Properties which come up for sale and meeting your requirements. Our Home Finding Services is Automatic, up-to-date and FREE.

HAPPY HOUSE HUNTING!!

With 22% increase in Home Prices in November 2016, the Greater Toronto Area (GTA) Real Estate Market grew by 16% in property sales

TORONTO, ONTARIO, December 2, 2016 - Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 8,547 home sales through TREB's MLS® System in November 2016.

This result represented a 16.5 per cent increase compared to November 2015. For the TREB market area as a whole, sales were up on a year-over-year basis for all major home types. The strongest annual rates of sales growth were experienced for the townhouse and condominium apartment segments.

"Home buying activity remained strong across all market segments in November. However, many would-be home Buyers continued to be frustrated by the lack of listings, as annual sales growth once again outstripped growth in new listings. Seller's market conditions translated into robust rates of price growth," said Mr. Cerqua.

The MLS® Home Price Index (HPI) Composite Benchmark was up by 20.3 per cent compared to November 2015. The average Selling price at $776,684 was up by 22.7 per cent on a year-over-year basis.

"Recent policy initiatives seeking to address strong home price growth have focused on demand. Going forward, more emphasis needs to be placed on solutions to alleviate the lack of inventory for all home types, especially in the low-rise market segments,” said Jason Mercer, TREB’s Director of Market Analysis.

In January 2017, TREB will be releasing its second annual Market Year in Review & Outlook Report. This report will contain a more in-depth discussion on the current state and future direction of the housing market in the Greater Golden Horseshoe. Detailed findings from Member and consumer surveys conducted by Ipsos will be released, including consumer intentions, buyer profiles and foreign buying activity. The results of a TREB-commissioned study on transportation infrastructure on housing affordability will also be presented.

  

Read the complete MARKET WATCH report HERE

 

CMHC Stress Testing Confirms Ability to Withstand Extreme Scenarios

by Manoj Kumar Arora

CMHC Stress Testing Confirms Ability to Withstand Extreme Scenarios

OTTAWA, November 17, 2016 — In support of greater transparency with respect to risk management practices, CMHC released today the results of its 2016 stress testing exercise. None of the scenarios tested should be considered a prediction or a forecast.

“Stress testing involves searching out extreme scenarios that have a very remote chance of happening and planning for them,” said Romy Bowers, CMHC’s Chief Risk Officer. “Rigorous stress testing is an essential part of our risk management program and allows CMHC to evaluate its capital levels against these scenarios.”

This year’s tests confirm that CMHC’s capital holdings are sufficient for even the most extreme scenarios.

In 2016, CMHC tested its Mortgage loan insurance and securitization businesses against several extreme scenarios including:

  • Global economic deflation
  • Sustained low oil price shock
  • High-magnitude earthquake
  • Reverse stress test
  • U.S. style housing correction

Read the additional details on these scenarios on CMHC's website here

Time for a Roof Checkup!

by Manoj Kumar Arora

Time for a Roof Checkup!
 

With winter just around the corner, now is the perfect time to inspect your roof to ensure that your home will be protected from the snow and rain that comes with it!   Depending on the age of your roof, environmental factors and building materials, it’s a good idea to complete inspections twice a year, with the best seasons being spring and fall.  While you can carry out a visual examination from ground, it’s always recommended to have a professional perform rooftop inspections.

Ironically, a roof inspection will typically start on the inside your home, as the attic could show indications of a possible leak or other potential issues.  It’s important to pay close attention to the chimney and joints as these are the areas which are most likely to have leaks.

Here are a few key things to look out for in your attic: 

  • Signs of water damage or leaking, which can present as dark spots and/or trails;
  • Light shining in from the outside;
  • Broken, damaged or sagging framing components.

Before you head outside for an inspection of the exterior, it’s a good idea to familiarize yourself with the components of a roof so that you know exactly what to look for, and can accurately describe any issues you do find.


Once you’re familiar with the components of a roof, you’ll want to keep an eye out for:

  • Broken, missing, buckling, curling or blistering shingles;
  • Shingle granules in your gutters
  • Moss build-up;
  • Presence of a metal drip edge along the roof’s edge;
  • Rusty, dented or damaged flashings;
  • Cracked or worn rubber around vent pipes.

In addition to keeping your family and home safe, bi-annual roof inspections can help protect your financial investment by identifying existing or potential issues before they become costly or unexpected emergencies. 

 

FREE e-book - 10 Deadly Mistakes Buyers Make when purchasing a Home

by Manoj Kumar Arora

10 Deadly Mistakes Buyers Make when purchasing a Home - FREE e-book

Over the years I have observed some common mistakes Buyers make when purchasing their home. Based on my experience, I have put together this little e-book which highlights these mistakes and how to avoid them. Hope this will help with your first or next home purchase.

You can download your FREE e-book here

Canadian Government Announces Preventative Measures for a Healthy, Competitive and Stable Housing Market

October 3, 2016 – Toronto, Ontario – Department of Finance Canada

Protecting the long-term financial security of Canadians is a cornerstone of the Government of Canada’s commitment to help the middle class and those working hard to join it. The Government continues to work collaboratively with its municipal and provincial partners to address the concerns of middle class families facing high debt and concerns over housing affordability, and is actively engaged in monitoring and addressing the overall health and stability of the housing market and financial system in Canada.

To that end, Minister of Finance Bill Morneau today announced three measures designed to reinforce the Canadian housing finance system, to help protect the long-term financial security of borrowers and all Canadians, and to improve tax fairness for Canadian homeowners.

Building on measures announced in December 2015, the Government will:

  • Bring consistency to Mortgage insurance rules by standardizing eligibility criteria for high- and low-ratio insured mortgages, including a mortgage rate stress test;
  • Improve tax fairness by closing loopholes surrounding the capital gains tax exemption on the sale of a principal residence; and,
  • Consult on how to better protect taxpayers by ensuring that the distribution of risk in the housing finance system is balanced.

These measures follow an in-depth analysis of the housing market conducted by the Department of Finance Canada, in conjunction with various government agencies, including the Office of the Superintendent of Financial Institutions and Canada Mortgage and Housing Corporation, as well as the ongoing collaboration and information sharing done through the working group with provincial and municipal officials.

You can read the details of the changes at the Department of Finance Website

Backgrounder: Ensuring a Stable Housing Market for All Canadians

Yorkdale Condominiums, Yorkdale Mall, Toronto, Ontario

by Manoj Kumar Arora

Yorkdale Condominiums,Yorkdale Mall,

toronto, Ontario


GOES ON SALE - SEPTEMBER 18, 2014

The Yorkdale Condos is the perfect spot to call home.

Situated just off of highway 401, in an ideal location for all your desires. From your front doorstep you can access some of the finest shopping and entertainment attractions in Toronto. 
The shopping mall is home to a wide range of high end shops and restaurants that will by no means fail to please. Easy access to Toronto's downtown highways, plus conveniently located by the Station Southbound Platform. 
For your everyday needs, there are a wide variety of schools located close by, including prestigious York University, a 10 minute subway ride with the upcoming Yonge/University/Spadina Line TTC expansion in 2016. An easy access to Toronto's downtown with a quick train ride you're at the University of Toronto and Ryerson University.

The Yorkdale Condos is an amazing place set in Toronto’s upcoming incredible neighbourhood, Lawrence Heights. Together with world-class building amenities, this sophisticated complex is steps from transit and one of the world’s elite shopping centres. Keep your eye on this amazing energetic local community that has parklands, bicycling and walking pathways!

REGISTER HERE NOW TO GET VIP PRICING

Displaying blog entries 1-10 of 15

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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