Low-Rise Market Conditions Remain Tight in June

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Greater Toronto Realtors reported 9,061 salesthrough the MLS in June 2013. The number of transactions represented a 0.7% decrease compared to June 2012. Over the same period new listings were down by a greater rate than sales, suggesting market conditions became tighter.

The number of new listings reported in June was down by 6.1% compared to the same period in 2012.

“The sales picture in the GTA improved markedly in the second quarter of 2013. While the number of transactions was still down compared to 2012, rates of decline were substantially improved compared to the first quarter ,” said Toronto Real Estate Board President Dianne Usher.

The average selling price continued to grow in June up by 4.7% from the same time last year to $531,374.  Note, the average selling price for 2012 as a whole was up by almost 7% to $497,298!! The annual rate of price growth was driven
by single-detached and semi-detached home transactions in the City of Toronto.
Average condominium apartment selling prices remained in line with 2012 levels.

“We will undoubtedly experience some volatility in price growth for some market segments in 2013. However, months of inventory in the low-rise market segment will remain low resulting in average price growth above 3% for the TREB market area this year. Our current average price forecast is $515,000 for all homes combined in 2013,”said Jason Mercer, TEEB’s Senior Manager of Market Analyses.

Condominium apartments accounted for 20.8% of total sales in the GTA for June 2013 while detached homes accounted for 50.2% of the total sales.

Other notable statistics include the average days on the market for June at 24 days. Active listings were 22,205 in June-up 7.9% from June 2012. The sales-to-listings ratio for June was 40.8 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

TARION: Five Important Tips When Buying a New Home

Great report at http://blog.newinhomes.com

Buying a new home can be both an exciting, and at times, overwhelming experience. Choosing the perfect floor plan and designing your dream kitchen are only part of the puzzle. The key to ensuring your experience is a rewarding one is to go through the process with open eyes and ears, reading all important materials and understanding the process from start to finish. Here are some tips to help ensure your home buying experience goes smoothly:

Research your builder: All builders in Ontario must be registered with Tarion. The first step when purchasing a new home is to learn whether your builder is registered. This can be done by visiting tarion.com and clicking on “Licensed Builder Directory.” All licensed builders in Ontario are listed in this database as well as their service record for the past 10 years. If you don’t find your builder registered here, call Tarion at 1-877-9-TARION to ensure you are not purchasing an illegally built home.

For the remainder of the report click here:

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

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For more pictures and property information go to http://www.77maitland619.com/

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

Affordability Draws Homebuyers to 416 Neighbourhoods

Affordability remained the strongest driver of residential housing in the Toronto market in the first half of 2013, with single-detached homes in neighbourhoods east and west of the central core posting the best overall performances, according to RE/MAX Ontario-Atlantic Canada.

RE/MAX examined 35 Toronto Real Estate Board districts between January and June of 2013 and found that single-detached housing values had appreciated year-over-year in close to 86 per cent of neighbourhoods in the 416 area code (30/35 districts). While the central core experienced the highest percentage gains in Don Mills, Parkwoods-Donalda, and Victoria Village (C13) at 12.7 per cent ($1,105,574 vs. $980,727) and Oakwood-Vaughan, Humewood-Cedarvale, and Forest Hill South (C03) at 11.7 per cent ($1,324,608 vs. $1,186,320), these were the only markets in the core that experienced significant growth. On the other hand, average prices increased
across the board in both the west and eastern districts—with gains ranging from
just under one per cent to 10 per cent. Rounding out the top five for average
price appreciation were the west-end neighbourhoods of Keelesdale, Eglington
West, Weston-Pellam Park (W03), posting a gain of 10.2 per cent (to $457,079);
followed by Sunnylea, The Queensway, Humber Bay (W07), where prices climbed 9.4
per cent (to $833,026); and York, Glen Park, Amesbury, Brookhaven, Weston and
Fairbank (W04), with a 9.2 per cent increase (to $538,469).

Competition was clearly evident in the city’s top five neighbourhoods. In June alone, 46 per cent of detached homes that sold between $400,000 and $1 million changed hands for over list price.

To view the maps of Toronto’s top neighbourhoods by average price (detached and condo), click here:

For the remainder of the report click here:

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

Condo Purchase Plans on the Rise in Toronto

Great report at www.TorontoSun.com

Plans are on the rise among homeowners in Toronto to buy a condo within the next five years, according to a recently released BMO Condo Buying Report, while buyers in Montreal and Vancouver may be reconsidering the prospects of high-rise living.

“Our department has done an analysis on the Canadian housing market and we’re anticipating that it’s calming, it’s not crashing,” says Frances Hinojosa, a mortgage expert with BMO Bank of Montreal.

The report seems to paint a fairly optimistic picture despite recent market jitters. “We’re finding that the market is actually softening on its own, it’s not a panic where there is going to be necessarily a crash that’s going to happen,” she says.

Click here for more.

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

Price Growth Across All Major Home Types in May

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 10,182 sales through the MLS in May 2013. The number of transactions represented a 3.4% decrease compared to May 2012. Sales of single-detached homes in Toronto were up by 3.0% year-over-year.

The number of new listings reported in May was up by 0.7% compared to the same period in 2012.

“The sales picture in the GTA has improved markedly over the past two months. While the number of transactions in April and May remained below last year’s levels, the rate of decline has been much smaller. A growing number of households who put their decision to purchase on hold as a result of stricter lending guidelines are starting to become active again in the ownership market,”  said Toronto Real Estate Board President Ann Hannah.

The average selling price continued to grow in May up by 5.4% from the same time last year to $542,174.  Note, the average selling price for 2012 as a
whole was up by almost 7% to $497,298!! The annual rate of price growth was
driven by single-detached and semi-detached home transactions in the City of
Toronto.

 “We will undoubtedly experience some volatility in price growth
for some market segments in 2013. However, months of inventory in the low-rise
market segment will remain low resulting in average price growth above 3% for
the TREB market area this year. Our current average price forecast is $515,000
for all homes combined in 2013,”said Jason Mercer, TEEB’s Senior Manager of
Market Analyses.

Sales of Toronto (416 area code) condominium apartments decreased by 6.4% from May 2012. The average price of a Toronto condo increased by 1.2% from the same time last year.

Condominium apartments accounted for 20.4% of total sales in the GTA for May 2013 while detached homes accounted for 51.1% of the total sales.

Other notable statistics include the average days on the market for May at 23 days. Active listings were 22,677 in May-up 10.8% from May 2012. The
sales-to-listings ratio for May was 44.9% 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

Genworth Canada Releases Spring 2013 Metropolitan Housing Outlook

Great report at http://genworth.ca/en

After three years of varied periods of growth and decline across the country, the Canadian housing market is starting to stabilize, according to the latest housing report released by Genworth Canada.  While the economy continues to strengthen, modest growth in the housing market is the trend for the next five years.

“The Canadian housing market is transitioning to a balanced level of supply and demand,” said Brian Hurley, Chairman and CEO of Genworth Canada. “While lower demand has cooled the housing market, this latest research shows moderate growth over the next few years which points towards a more stable market for both buyers and sellers.

Click here for more.

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

Couple Selling Home Should Have Disclosed Flooding

Great article in www.TheStar.com

Many readers wonder what they have to disclose when they sell their house. If the home has been damaged just before closing should they just fix it and say nothing? In most cases, it is better to come clean.

Here’s why.

In November 2011, I wrote about a London, Ont. court case where Adam and Olga Soboczynski agreed to buy a home from Don and Louise Beauchamp. The Beauchamps signed a property information statement saying there had never been a water problem in the basement. Just before closing, there was a flood that ruined the basement rug. They dried it out and replaced the underpad, but did not investigate the cause of the problem. Nor did they tell the buyers. The basement flooded again three weeks after closing and it cost the buyers almost $25,000 to fix the problem which resulted from drainage issues from neighbouring homes

Click here for more.

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