Positive Start to 2013

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Greater Toronto Realtors reported 4,375 sales through the MLS in January 2013. The number of transactions represented a 1.3% decrease compared to January 2012. The number of new listings reported in January was up by 10.7% compared to the same period in 2012.

“The January sales figures represent a good start to 2013. While the number of
transactions was down slightly compared to last year, the rate of decline was
much less than what
 was much less than what was experienced in the second half of 2012. This suggests that some buyers, who put their decision to purchase on hold last year due to stricter mortgage lending guidelines, are once again becoming active in the market,” said Toronto Real Estate Board President Ann Hannah. “

“It is interesting to note that sales were up for many home types in the GTA regions surrounding the City of Toronto. This is due, at least in part, to the additional upfront land transfer tax in the  City of Toronto,” continued Hannah.

The average selling price continued to grow in January up by 4.3% from the same
time last year to $482,648. The average selling price for 2012 as a whole was up by almost 7% to $497,298!!

Remember, TREB’s baseline forecast for 2012 was for an average price of $485,000, representing a more moderate 4.0% annual rate of price growth.  

There will be enough competition between buyers in the marketplace to prompt continued growth in home prices in 2013. Expect annual average price growth in the 3%-5% range this year” said the Toronto Real Estate Board’s Senior Manager of Marker Analysis Jason Mercer. ”

Sales of Toronto (416 area code) condominium apartments decreased by 4.5% from January 2012. The average price of a Toronto condo decreased by 1.3% from the same time last year.

Condominium apartments accounted for 24.0% of total sales in the GTA for January 2013 while detached homes accounted for 47.6% of the total sales.

Other notable statistics include the average days on the market for January at 37
days. Active listings were 14,231 in January-up 15.8% from January 2012. The
sales-to-listings ratio for January  was 30.7% which is classified as a seller’s market. A ratio from 24%-28% is considered a balanced market.  

Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to
determine the property’s market value range .

Real estate is very neighbourhood specific and even very street
specific in some areas
. The numbers as reported above are GTA averages.
Results in one neighbourhood or on one street do not indicate that all other
neighbourhoods or streets are experiencing the same results. We are still
seeing multiple offers in some areas for the best homes.

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

Average Home Prices Up Strongly in 2012

Free Buyer Planning Session: Sign up here for
FREE Real Estate Coaching…whether you are buying , selling or renting.

Free Real Estate Reports: click here to have
access to many free informative buyer and seller reports.

Starbuck’s Coffee:  Please join my new Real Estate Fan
Page
here. When I reach 100 FANS I  will be giving away a bunch of Starbuck’s coffee cards.

Greater Toronto Realtors reported 3,690 sales through the MLS in December 2012. The number of transactions represented a 19.5% decrease compared to December 2011.

The number of new listings reported in December was down by 10.0% compared to the same period in 2011.

“The number of transactions in 2012 was quite strong from a historic perspective. We saw strong year-over-year growth in sales in the first half of 2012, but this
growth was more than offset by sales declines in the second half. Stricter
mortgage lending guidelines resulted in some households postponing their
purchase of a home. In the City of Toronto, the dip in sales was compounded by the additional Land Transfer tax, which buyers must pay upfront,” said Toronto Real Estate Board President Ann Hannah. “

“ Stricter mortgage lending guidelines, including a reduced maximum amortization period and a purchase price ceiling of one-million dollars for government insured mortgages have prompted some buyers to move to the sidelines. This situation has been exacerbated in the City of Toronto because the additional upfront land transfer tax takes money away from buyers that otherwise could be used for a larger down payment,” continued Hannah.

The average selling price continued to grow in December up by 6.5% from the same time last year to $478,439. The average selling price for 2012 as a whole was up by almost 7% to $497,298!!

Remember, TREB’s baseline forecast for 2012 was for an average price of $485,000, representing a more moderate 4.0% annual rate of price growth.  

Price growth continued to be driven by the low-rise market segment in the City of
Toronto, including semi-detached homes with an annual price increase of 7.4%
and townhouses with an annual price increase of 5.2%. 

“Robust annual rates of price growth were reported through most months of 2012. Price growth was strongest for low-rise homes, including singles, semis and townhouses. Despite a dip in sales market conditions remained tight for these home types with substantial competition between buyers” said the Toronto
Real Estate Board’s Senior Manager of Marker Analysis Jason Mercer. ”

Sales of Toronto (416 area code) condominium apartments decreased by 26.9% from December 2011. The average price of a Toronto condo decreased by 1.8% from the same time last year.

Condominium apartments accounted for 25.6% of total sales in the GTA for December 2012 while detached homes accounted for 47.3% of the total sales.

Other notable statistics include the average days on the market for December at 36 days. Active listings were 13,241 in December-up 2.9% from December 2011. The sales-to-listings ratio for December was 27.9% which is classified as a
balanced market. A ratio from 24%-28% is considered a balanced
market.  

Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to
determine the property’s market value range .

Real estate is very neighbourhood specific and even very
street specific in some areas
. The numbers as reported above are GTA
averages. Results in one neighbourhood or on one street do not indicate that
all other neighbourhoods or streets are experiencing the same results. We
are still seeing multiple offers in some areas for the best homes.

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

Would You Buy a House Where Someone Was Murdered?

Great artice in www.TheStar.com

It’s a three-storey detached brick house with the kind of old-world luxury that tends to make people ooh and aah: four marble fireplaces imported from Europe, hand-carved crown moldings, a gorgeous oak staircase.

Welcome to 934 Ossington Ave. Though the lavish five-bedroom house may well be worth the asking price of $949,000, it has languished on the market despite multiple attempts to sell it over the past 15 months. That’s an eternity in Toronto, where detached homes near the subway often sell within days in frenzied bidding wars.

Click here for more.

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

Homeowners Poised to Cash in on Decade-Long Housing Boom

Great artice in www.TheStar.com

More homeowners are poised to cash out and move up this year backed by gains averaging some 93 per cent during a 10-year housing boom that, in losing some of its steam, has opened new doors for would-be buyers, according to a new report from realty company ReMax.

Move-up buyers took advantage of the softening market last year as a chance to buy a bigger home in 14 of 16 major markets surveyed by ReMax, the exceptions being Victoria and Vancouver, where sales slumped significantly.

Move-up houses in the $500,000 to $700,000 range accounted for about 20 per cent of sales across the GTA last year, up 8 per cent from the previous year, says the ReMax Move-Up Buyers Report 2013 released Thursday.

Click here for more.

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

Is it Bloom or Bust for Real Estate This Spring?

Great artice in www.TheStar.com

Economist David Madani sent shock waves through the real estate industry when he predicted that Toronto’s overheated housing market was due for a 25 per cent correction.

That was two years ago.

He’s still waiting — and watching closely — as the GTA heads into one of the most pivotal spring markets of the last two decades.

Madani remains convinced that the most prolonged housing boom in history, fuelled largely by low interest rates, is headed for a hard landing, particularly in Toronto’s “overbuilt” condo sector.

Click here for more.

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

The Economic Trickle-Down Effect of the Construction Industry

Great artice in www.TheStar.com

When two sleek black, white and grey glass towers with bold red stripes at the 31st floors rise at Yonge and Eglinton, they’ll signify more than a landmark development at an iconic midtown corner.

E Condos also represents a significant contribution to the city’s and province’s coffers and the job market. The mixed-used project by Bazis Inc., RioCan and Metropia, with 64- and 38-storey towers, a public piazza and retail space at its lower levels, is a prime example of the type of economic powerhouse the GTA residential housing market has become.

Click here for more.

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

GTA New Home Market Prices Susceptible to Supply and Demand: BILD

Great artice in www.TheStar.com

I know that it’s not just the building industry thinking about how young people are going to be able to afford their first home; the complex issue is being discussed around dinner tables around the GTA.

It’s not easy to explain over the course of a meal, or even in a 500-word column, but I’ve got some insight I’d like to share about the affordability of a new home, which is directly affected by supply and demand.

We’ve got demand in the GTA and it’s clear by the number of people who choose this burgeoning region as their home, about 100,000 annually, that people want to live here.

Click here for more.

Please contact me direct at 416-520-6746 or by email, David@TorontoRealEstate.ca

My Experience With You Was Different

“I did want to thank you very much for all of your help on
this. I have to say that I’ve not often dealt with realtors – choosing to buy
and sell privately – since virtually all of my realtor experiences have been
poor ones. My experience with you was different though … finally someone who actually delivered on what I’ve always expected from a realtor but never received … i.e. help at every step of the process – no hesitance to get involved to ensure the best outcome possible. I truly did appreciate all of your help and advice.”

– Pierre Pinet

RealNet Reports on 2012

Great artice in www.NewinHomes.com 

RealNet Canada released their stats for the 2012 Greater Toronto Real Estate New Home Sales Market. RealNet reports that 2012 witnessed 32,824 total new home sales, which is a 29 percent decrease compared to 2011′s record number of sales.

So, the question that everyone’s asking is, why? First and foremost, 2011 was a year like no other in the Real Estate industry. We saw a record number of launches and units released to the market; thus, we had nowhere to go but down.

Secondly, over the past couple of years, we have experienced a significant decrease in the number of low-rise units on the market. In 2012, we saw 14,069 new low-rise sales, down 20 percent from the previous year. RealNet suggests that the supply of low-rise homes has fallen more than 50 percent in the past two years, which is an obvious issue for anyone who doesn’t want to live in a condo.

Some other interesting stats presented today:

Click here for more.

Please contact me direct at 416-520-6746 or by email, David@TorontoRealEstate.ca