Toronto MLS Home Sales Up Annually in October

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Greater Toronto Realtors reported 8,000 residential sales through the MLS in October 2013. The number of transactions represented a 19.2% increase compared to 6,713 transactions reported in October 2012. Year-to-date, total residential sales reported through the Toronto MLS amounted to 76,734 during the first ten months of 2013-up .6% compared to the same period in 2012.

The number of new listings reported in October was down 4.2% compared to the same period in 2012.

“The GTA home ownership market has been broadly characterized by a rebound in sales since the summer. Market conditions have been tighter in some market segments more so than others. Ground-oriented homes listed for below one million dollars in some areas of the GTA have been especially popular with buyers, while listings for these home types have been constrained,” said Toronto Real Estate Board President Dianne Usher.

“The supply of listings for many home types and price points has either been down year-over-year or at least not up by the same annual rate as sales. The additional land transfer tax in the City of Toronto and the removal of the government guarantee on high ratio mortgages for home purchases over one million dollars have arguably led many homeowners not to list,” continued Ms. Usher.

The average selling price continued to grow in October up by 7.4% from the same time last year to $539,058.  Note, the average selling price for 2012 as a whole was up by almost 7% to $497,298!! Through the first three quarters of 2013, the average selling price was $520,118-up by over 4.0% compared to the first nine months of 2012. The annual rate of price growth was driven by single-detached and townhouse home transactions in the City of Toronto.

“Growth in the average selling price will continue through 2014. Inventory levels for ground-oriented home types will be low from a historic perspective and home ownership demand will stay strong as affordability remains in check due to the continuation of accommodative borrowing costs,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“Average price growth for the TREB market area this year is forecasted to be higher than 3%. Our current average price forecast is $515,000 for all homes combined in 2013,”continued  Mercer

Sales of Toronto (416 area code) condominium apartments increased by 20.4% from October 2012. The average price of a Toronto condo increased  by 7.2% from the same time last year.

Condominium apartments accounted for 23.8% of total sales in the GTA for October 2013 while detached homes accounted for 47.8% of the total sales.

Other notable statistics include the average days on the market for October at 27 days. Active listings were 18,557 in October-down 10.5% from October 2012. The sales-to-listings ratio for October was 43.1% 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

Toronto Condo Hot List for the Week of Nov.11,2013

Save the Date: Learn about the Federal Government’s Home Buyer’s Plan (HBP) and how you can grow your down payment in a FREE seminar…November 23,12:00pm . Register Here.

Free Condo Tours: The Tour is not designed to find the condo of your dreams. Rather, the Tour provides an opportunity for you to learn about what condos look like in the neighbourhoods and price ranges of your choice. Register Here.

 

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637 Lake Shore Blvd #118

Price: $399,900 Beds: 1 Baths: 1 Sq Ft: 650

This Beautiful and Bright Condo Is The True Meaning Of An Authentic Loft In The Historic Tip Top Building! 14.5 Ft Ceilings, Seller Has Spent Thousands Completely Updated In 2012-13 With Quality Finishes, New Engineered Hardwood & Marble Floors, New…

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8 Gladstone Ave. #709

Price: $529,999 Beds: 2 Baths: 1 ½ Baths: 1 Sq Ft: 896

Penthouse Living In Toronto’s Hottest Neighbourhood. This Stylish 2 Storey, 2 Bedroom, 2 Bathroom Luxurious Condo Has Open Concept Modern Layout With High Ceilings. Beautiful Hardwood. Floor To Ceiling Windows. Inclusions: Integrated Fridge and …

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59 East Liberty St. #2011

Price: $479,900 Beds: 2 Baths: 1 ½ Baths: 1 Sq Ft: 983

Huge, 20th Floor Spacious Split 2 Bedroom Plus Den. Designer Colours, Amazing Views, 983 Sq Foot Total Space. Amazing Kitchen Island Overlooking Toronto Waterfront. Upgraded Granite, Mirrored Closet Doors, Dark Rich Laminate Flooring. Granite And Ma…

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1 Market St #1109

Price: $409,000 Beds: 1 Baths: 1 Sq Ft: 650

Opportunity To Live This Fabulous Condo, Market Wharf! One Bedroom Plus Den Unit With Large Balcony. Unobstructed East View. 9 Ft. Ceilings, Modern Kitchen With Quartz Countertop, Hard Wood Floorings. Den Has A Huge Closet. Inclusions: Fridge, Stove…

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155 Dalhousie St #1013

Price: $615,000 Beds: 2 Baths: 1 ½ Baths: 1 Sq Ft: 1300

This Spectacular Light-Filled Cecconi-Simone Designed Loft Is The Highest Unit Of The Most Coveted West Facing, Phase One Floor Plan. The Crown Jewel Of The Merchandise Building. Soaring Ceilings, Huge Wall-To-Wall Windows, Magnificent Unobstructed …

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2181 Yonge St #1103

Price: $424,900 Beds: 1 Baths: 1 Sq Ft: 750

Mid-Town Luxury At The Quantum South Tower. This Spectacular South Facing Condo Has Hardwood Floors, Upgraded Kitchen With Granite Counter-Tops, Custom Office Area With Built-In Shelves And Desk. Inclusions: Fridge, Stove, Microwave Hood/Range, Dish…

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GTA Housing Buoyed by Parents Helping Young Buyers

Great article in http://www.thestar.com 

Toronto mortgage broker Jake Abramowicz sees so many first-time homebuyers armed with major money from Mom and Dad, he actually has a little pep talk for those going it on their own.

“I tell them: You guys are really doing something special. It’s really hard to pay rent in Toronto, pay off student loans and save money for a down payment for a home. You should be very proud of yourself.”

For almost a decade now, Abramowicz has specialized in helping first-time buyers get mortgages. During that time he’s seen house prices soar, lending rules tighten and more buyers — now at least 75 per cent of his younger clients — armed with “gift letters” or tens of thousands of dollars from their baby boomer parents.

Click here for more.

Here is what you can do next?

Free Tour of any Condo or Home

Let’s Meet for a Coffee: Free Buyer Planning Session.

Free Buyer and Seller Reports:

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

Wealth of Experience

“I was convinced that being not only new to the city of Toronto but the country itself would present dozens of seemingly insurmountable issues for us during the home purchase process… However, thanks to David Stoddard’s wealth of experience and rich history working with newcomers just like myself, our unique situation and bounty of questions were all met with well thought-out, patient, and knowledgeable responses from David during our planning session. Thanks to David, we now have a strong plan of execution moving forward! ”

–Earvin Venzant, Jr.

New Home Sales Hit Record Low at End of Q3

Save the Date: Learn about the Federal Government’s Home Buyer’s Plan (HBP) and how you can grow your down payment in a FREE seminar…November 23,12:00pm . Register Here.

Recently, the Building Industry and Land Development Association (BILD) released its new home sales report for September 2013.

New home sales in the GTA saw a modest increase in September, but year-to-date figures are still the lowest in 10 years, the Building Industry and Land Development Association announced today.

According to RealNet Canada Inc., BILD’s official source for new home market intelligence, total new home sales in September were up 4 per cent over September 2012 but after three Quarters, the 19,327 sales are down 31 per cent below the 10-year average.

The decline is attributed to the significant reduction in land supply for ground-related housing, resulting in near record low inventories and near record high pricing. At the end of the third Quarter, sales of new single, semi and townhomes sit at 39 per cent below the 10-year average.

“Constrained land supply has caused land prices to increase dramatically over the past decade, particularly in the low and medium density sectors where it has grown as much as 232 per cent,” said BILD President and CEO Bryan Tuckey. “Near record high pricing has pushed the affordability of ground-related housing beyond the reach of many new home buyers in the GTA. This has resulted in a considerable reduction in sales, and the economic effects will likely be felt within a few years.”

The RealNet New Home Price Index showed a 6 per cent increase in the low-rise sector over September 2012, bringing the price to $658,869. The price per square foot in the high-rise sector grew modestly but unit pricing declined by 1 per cent to $432,853 as unit size decreased by 2 per cent.

According to Urbanation, a total of 3,049 new condominium apartments were sold in Q3-2013, down 8% from last year — the smallest annual decline recorded in more than a year. Given the current sales trend and the expected number of launches for the fourth quarter, new condominium apartment sales will likely total approximately 13,000 units in 2013. This compares to 17,997 sales recorded in 2012 and 28,190 sales in 2011. Averaging out the past three years brings sales levels back in line with the historical trend.

“The softer numbers this year should be viewed in the context of the exceptional strength that preceded them. While the recovery towards more normal volumes has been gradual, the industry continues to make the necessary adjustments required to maintain stability in the market, such as reducing inventory build-up, taking a careful approach to new openings and offering more competitive prices” said Shaun Hildebrand, Urbanation’s Senior Vice President.

Outside of the recessionary period in 2009, Q3 saw the lowest number of project openings for a third quarter in 10 years (11 projects totaling 2,557), which helped to bring down unsold inventory for the first time in a year to 18,814 units. The downtown Toronto submarkets in particular remained highly sold, with 85% of units in active development pre-purchased. Activity in the downtown area has been rebounding, with sales up 22% annually during the third quarter.

The average sold index price grew by 2% annually to $540 psf, consistent with the pace of growth recorded during the first half of the year. The average unsold index price declined by 1.5% from last year to an average of $565 psf.

“The strength in demand seen in downtown developments and the broader resale market can be taken as a leading indicator for the rest of the new condo market, which will be helped by increased incentives and price discounts at existing sites,” added Hildebrand.

Resale condominium apartment sales totaled 4,207 units in Q3-2013, up 23% from Q3-2012 — the first quarter that followed the introduction of tighter guidelines for mortgage insurance. Average resale index prices increased by 1.5% annually to $413 psf, or $366,000 for the average sized 887 sf unit traded during the quarter. The sales-to-listings ratio increased to 42% from 38% a year ago, despite 16,000 units registered over the past year.

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

Mortgage Application Rules Have Changed….Are you Mortgage Qualified?

A Mortgage Specialist is a critical part of your Home Buying Team. My name is Jerome Trail and I am a Mortgage Specialist with GreedyMortgage.com.

I work with David Stoddard’s clients to provide the most flexible, client friendly mortgage solutions possible.

In over 95% of the time, one of the first questions that a client asks me is “What’s the best rate that you have to offer?”  With access to over 30 different Lenders, we have access to virtually any mortgage product.  The internet, and aggressive advertising campaigns by some Lenders, have created large information gaps for any mortgage applicant and consumers are finding out about this the hard way. There is a lot more to a good mortgage than just the rate.

In the last couple of years, the federal government has made a variety of significant changes to the mortgage industry – essentially making mortgage qualifying much more difficult.  Amortization periods have been cut, qualifying rates have increased and affordability ratios have tightened.

Over 90% of my business is providing ongoing education to my clients: explaining the rules and regulations , working through processes as laid-out by Lenders and the government body that oversees our highly-regulated industry, providing down payment options, working with you on your personal budget, advising you on how best to manage your credit.

I spend a lot of time working with First Time Homebuyers, clients that are New to Canada, clients that are Self-Employed and clients that are Refinancing.

This is my craft.  I love my business.  I thoroughly enjoy meeting new people.

I look forward to meeting you over a cup of coffee in a free Mortgage Consultation. There is no obligation.

Planning your mortgage application many months in advance of your home purchase , whether 6 months or more than a year , is very important and without a firm plan in place months in advance I have seen applicants experience significant delays with their home buying goal.

Please register for your FREE mortgage consultation by clicking here.

Also, I will be joining David on November 23,2013 to co-host a seminar on how the Federal Governments Home Buyer’s Plan can assist you in your home purchase. Please register here.

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

Toronto Condo Hot List Week Of Nov.4,2013

Save the Date: Learn about the Federal Government’s Home Buyer’s Plan (HBP) and how you can grow your down payment in a FREE seminar…November 23,12:00pm .

Register Here.

Here Are My Top Condo Picks For This Week:

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1 Shaw St. #1014

Price: $829,000 Beds: 3 Baths: 2 Sq Ft: 1410

A Massive 1100 Sq.Ft. Wrap Around Terrace With Gas Outlet For Bbq & Spectacular City & Lake Views Completes This Largest Unit In DNA (1410 Sq.Ft. Indoors). This Is A True 3 Bedroom With 2 Side By Side Parking Spots Near The Entrance & Locker, Southe…

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1005 King St. W. #130

Price: $414,900 Beds: 1 Baths: 1 ½ Baths: 1 Sq Ft: 750

Rarely Offered 2-Storey ,1 Bedroom Plus Den Suite In One Of King West’s Most Desirable Buildings:Dna2. This Ground Level Suite Offers City Views & Easy Park Access. Granite Kitchen Counter & Plenty Of In-Suite Storage. Custom Built Closet Organi…

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260 Merton St. #909

Price: $379,900 Beds: 1 Baths: 1 Sq Ft: 800

Penthouse Suite With Inspiring Penthouse View. Over 800sf of Living Space. Intimate Boutique Condo Building , Private Balcony/Terrace Facing North Overlooking Beautiful Treetops And Gardens. Gorgeous Unit With Large Separate Den Easily Bedroom 2 (Sp…

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60 Bathurst St. #410

Price: $429,900 Beds: 1 Baths: 1 Sq Ft: 750

Beautiful Contemporary Loft In The Heart Of The King West Entertainment District. Stunning One Bedroom + Den Unit With Huge 144 Sqft. Private Terrace At Sixty Lofts. 10Ft Concrete Ceilings, Exposed Ducts And Hard Wood Floors Provide True Loft Style …

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38 Joe Shuster Way #811

Price: $359,000 Beds: 2 Baths: 1 Sq Ft: 750

Spacious 2 Bedrooms Plus Den. South West View, Large Balcony, Great Location, Steps To TTC And Go Transit, Walk To Liberty Village, King West Village’s Great Restaurants,Pubs,Cafes,24 Hr Metro, Shopping, Lake, CNE, Ricoh Stadium. Granite Counter…

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5 Marine Parade Dr. #430

Price: $309,900 Beds: 1 Baths: 1 Sq Ft: 650

Renovated 1 Bedroom Condo With Lake And Toronto Skyline Views Overlooking a Beautifully Landscaped Courtyard. Upgraded Kitchen With Granite Countertop, Custom Backsplash With Extended Cabinetry And Under Cabinetry Lighting. New Wood Flooring Through…

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

No Doubt You’ll Feel Comfortable

“As a first time home buyer, my biggest concern is my budget and preventing those typical ‘uneducated’ mistakes that most first-time home buyers make.  David’s Condo Tour offers touring different areas in Toronto to learn what you can afford, as well as the different condo styles available.  This can be a huge wake up call for most, and it is best to learn from it early on in your search.  David has a quick grasp in understanding what you want, and with his easy-going attitude,  there’s no doubt you’ll feel comfortable.   From the very start you get the sense that he has your best interest at heart by providing a lot of  advice in terms of what you should watch out for.  He is very knowledgeable about the market and answers all your questions and concerns.  I recommend the tour to anyone looking to purchase a condo”.

– Gaby A

 

Car Charging Option a New Choice from Eco-Friendly Developers

Great article in http://www.thestar.com 

A major change happened in Paul Golini’s life earlier this year: The executive vice-president of Empire Communities gave up his 10-cylinder Audi and bought a zero-cylinder Tesla electric car.

“Then I installed a charging station at our head office,” explains Golini, who is also past chairman of the Building, Industry and Land Development Association (BILD). “I’m trying to encourage others to jump on the bandwagon.”

At The Hub, Empire’s new condo project at Eglinton Ave. W. and Oakwood Ave., the builder plans to include two electric car-charging stations. And purchasers will have the option of paying to have their parking stalls wired for personal charging stations.

While Golini insists he’s no tree-hugger, he notes that the inclusion of electric car-charging infrastructure at The Hub is emblematic of his company’s commitment to making its developments more eco-friendly. “If we’re going to talk about sustainability,” he says, “we have to try and lead by example. It’s basically about putting your money where your mouth is.”

Click here for more.

Here is what you can do next?

Free Tour of any Condo or Home

Let’s Meet for a Coffee: Free Buyer Planning Session.

Free Buyer and Seller Reports:

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

Toronto Condo Hot List Week of Oct.28,2013

Save the Date: Learn about the Federal Governments Home Buyer’s Plan in a FREE seminar…November 23,12:00pm .  Contact me for more information

Here are my top Condo picks for this week:

(click on the neighbourhoods)

Distillery:

(Location….Corner unit, 10’ ceilings!!)

Queen St. W:

Ft. York:

(Split design, corner unit)

Liberty Village:

(Terrific price/sf)

King St. W:

Yonge/Church:

(Hard Lofts! )

Mimico:

(the market values in Mimico are terrific!)

( 8.5km from the City, 12 minute drive)

Here is what you can do next?

Free Tour of any Condo

Let’s Meet for a Coffee: Free Buyer Planning Session.

Free Buyer and Seller Reports:

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