GTA High-Rise Sector: Best Q1 in 10 Years

The Building Industry and Land Development Association (BILD) released its Q1-2014 report, highlighting new home sales in the Greater Toronto Area (GTA).

Remember how a few real estate pundits and news outlets predicted a decline in new home sales for 2014? Well, RealNet Canada’s Q1-2014 statistics tell a different story. The first three months of 2014 actually made up the strongest Q1 in the last decade! Sales across the GTA have shown year-over-year increases for eight consecutive months.

The high-rise sector for Q1 was up 68% compared to the same period last year. BILD states that this is proof that the consumer market has renewed their confidence in the high-rise sector.

“New-home buyers in the GTA have benefited from a significant increase in new high-rise project launches so far this year,” said BILD President and CEO Bryan Tuckey. “These projects have presented consumers with plenty of options when it comes to finding their new home.”

The low-rise sector also performed remarkably well, with a 56% increase in sales compared to March 2013, and a 51% increase compared to the first three months of last year.

The RealNet New Home Price Index showed an increase of 3% (compared to March 2013) in the low-rise sector, with the average price coming in at $657,961. The average price of a high-rise unit went up only 2% to $436,898

“The building industry is committed to building homes people can afford to purchase. Our members have been heavily focusing on assisting purchasers with deposit and rental guarantee programs,” explained Tuckey.

For March 2014, the best performing region for the low-rise sector was Peel with 585 sales, while Toronto had the least sales with just 30. Toronto more than made up for their lack of low-rise sales with an incredible 2,109 high-rise sales! The region with the least amount of high-rise sales was Durham with only four.

Resale condominium apartment sales totalled 4,454 units in Q1-2014, up 9% from Q1-2013 . Average resale  prices increased by 6% to $351,213 compared to the same quarter last year.

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

One Park Place South by Daniels… Amazing 5% Deposit ONLY…VIP Pricing

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We are offering our Insiders the Red Carpet Treatment at One Park Place South Tower by Daniels Corporation

Daniels Corporation is playing a vital role in the internationally recognized and award winning Regent Park revitalization.

One Cole, One Park Place West, Paintbox and One Park Place North are some of the most successful selling condominiums in the GTA.

Daniels Corporation is offering a 5% gradual deposit payment plan ONLY. Typical new construction deposit plans are 20%-25%!!!!

Daniels Corporation is also offering a down payment boost program from 5% to 15% payment and interest free. Restrictions do apply.

Here is why we are excited about:

 OnePark Place South Tower:

Reason #1:  Value. Pricing as low as $430 per square foot.

Reason #2: INCREDIBLE LOCATION FOR INVESTMENT:  95 Walk Score. 86 Bike Score.

Reason #3: TRANSIT: 100 Transit Score.

Reason #4: BUILT IN RENTAL DEMAND 

Reason #5: DEVELOPER REPUTATION – Daniels Corporation is playing a vital role in the internationally recognized and award winning Regent Park revitalization.

Reason #6: EXCELLENT FLOORPLANS

Reason #7: VIP INCENTIVES-One Day Only

  1. Cap on development levies
  2. Cap on development charges
  3. 5% gradual  deposit payment plan!!!
  4. Discounted Parking and Locker on select units.
  5. Free locker on select units.
  6. Unit discounts
  7. Down Payment boost program .. Extra 10% payment and interest free!!

Reason #8Early Occupancy- the building is under construction and scheduled to start occupancy in December 2014.

Reason #9: Did I mention the 5% gradual deposit payment plan??!!

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HERE ARE THE DOWNLOADS: 

BROCHURE:

FLOOR-PLANS: 

RESERVATION FORM : 

PRICE LIST : 

INCENTIVES: 

(If you have any issues with the downloads, please let us know and we will email them to you as PDF attachments).

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This Is A Limited Time Release!

First Come, First Served.

I AM INTERESTED IN PURCHASING….WHAT NEXT?

If you are interested in reserving a unit, you have two options:

a) REQUEST A CONSULTATION: We are booking meetings and phone consultations with clients to go over this project.  If you are interested in speaking or meeting with us to discuss this project, please reply to this email or call David at (416) 520-6746.

b) RESERVE IMMEDIATELY: If you know which unit you are interested in reserving, kindly download the Suite Reservation Form, and fill out the details (note, we take privacy very seriously and your information will only be shared with the developer).  You may e-mail the worksheet back to us, David@DavidStoddard.ca,  or fax it to 1-866-248-2303.

The Builder is accepting worksheets from April 26, 12:00pm – May 4, 5:00pm ONLY.

Suite assignments are first come, first served.

You will get a personal appointment on May 10  to sign your purchase agreement. No line-ups at a sales centre. No crowds. There are no other days to sign. ONE DAY ONLY.

We look forward to hearing from you.

Toronto Condo Hot List for the Week of April 14, 2014

 

David Stoddard Condo Tours

 

 

 

 

 

 

 

 

 

Here are my Top Picks for the Week:

 

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188 Redpath Ave #110

Price: $429,000 Beds: 1 Baths: 1 Sq Ft: 750

Unique Townhome Alternative. Private 360 Sq.Ft. Terrace With SW Exposure. Separate Entrance And Gated. Hardwood Flooring Throughout. Fireplace. Plaster Mouldings. Spacious And Bright Windows With Custom Hunter Douglas Plantation Shutters, Updated Ap…

View this property >>

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19 Brant St #101

Price: $359,900 Beds: 1 Baths: 1 Sq Ft: 560

Immaculate Sun-drenched King West Loft With Floor-To-Ceiling Windows. Open Concept 560sf Living Space. Enter Through Your Private 150sf West Exposure Terrace. Beautiful Polished Concrete Floors. Built-in Custom Living Room Shelving. Designer Kitchen…

View this property >>

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2087 Lake Shore Blvd W #401

Price: $324,800 Beds: 2 Baths: 2 Sq Ft: 750

Waterfront Building. Very Bright, Spacious Well Laid Out Condo. Kitchen With Granite Counter, Mirrored Backsplash. Master Ensuite With Jacuzzi Tub And Marble Floor. Walk-Out To Open Balcony With Gas B. B. Q. Hook-Up From Living Room And Master Bedro…

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50 Lynn Williams St. #206

Price: $359,900 Beds: 1 Baths: 2 Sq Ft: 750

One Bedroom Multi Level Unit Is Perfect For A First Time Buyer Or Couple Seeking To Be In The Heart Of Liberty Village.This Unit Is Full Of Natural Light And Has An Exceptional View Overlooking The Park.The Main Floor Is Very Functional For Day To D…

View this property >>

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70 Mill St #202

Price: $399,896 Beds: 2 Baths: 2 Sq Ft: 950

Distillery District. Spacious Corner Suite With Balcony And Split Floor Plan Overlooking The Historical Buildings. Renovated Kitchen And Bathrooms. Large Master With Ensuite, Gorgeous Bamboo Flooring Throughout. Inclusions: Stainless Steel: Fridge, …

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Best Renovation To Add Value? Income Suites

Great article in  http://realtytimes.com

What’s the best renovation project if you want to add resale value to your home? Most of us would say improving the kitchen or bathroom, but the correct answer is adding an income suite, says Scott McGillivray, a real estate investor, contractor and the host of Income Property on HGTV Canada.

McGillivray was recently the guest speaker at a media event held by Moen Canada to introduce its newest line of faucets and accessories. While McGillivray acknowledged that kitchens and bathrooms are also money in the bank when renovated, he says adding an income suite to a home can offer the greatest returns.

recent report by Scotiabank says renovation spending has been the fastest growing segment of the housing market in Canada. “Fuelled by rising home prices, tight resale market conditions, attractive financing costs and government tax credits, real renovation outlays increased at an average annual rate of over six per cent from 2000 to 2012,” says the report. “This is double the three-per-cent average annual increase in new construction.”

The report says Canada’s housing market is likely to slow down in the next couple of years, which will also cool the renovation market somewhat.

“Renovation spending tracks sale transactions, given relatively large outlays undertaken by new buyers and, to a lesser extent, sellers preparing their homes for sale. Even so, an expanding housing stock and high homeownership rates should continue to support modest growth in renovation spending,” says Scotiabank.

Moen Canada, which conducts research on the changing market twice a year, has no concerns that the renovation market is slowing. Garry Scott, the company’s vice-president, wholesale marketing and brand development, says 84 per cent of Canadian homeowners say they did some kind of renovation work in the last 12 months, and 66 per cent replaced a faucet.

Click here for more.

Here is what you can do next:

David Stoddard Buyer Planning Sessions

 

 

 

 

 

 

 

 

 

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

 

Toronto Condo Hot List for the Week of April 7, 2014

David Stoddard Condo Tours

 

 

 

 

 

 

 

 

 

Here are my Top Picks for the Week:

 

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155 Legion Rd. #2108

Price: $320,000 Beds: 2 Baths: 2 Sq Ft: 850

Look No Further! Walking Distance To Lakeshore & Just 10 Min. Drive To Downtown Toronto. Bright & Spacious Open Concept Layout. Stainless Steel Appliances. Kitchen Opens Up To Living Room That Walks Out To Huge Balcony. 2 Warm & Cozy Bedrooms That B…

View this property >>

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19 Brant St #101

Price: $359,900 Beds: 1 Baths: 1 Sq Ft: 560

Immaculate Sun-drenched King West Loft With Floor-To-Ceiling Windows. Open Concept 560sf Living Space. Enter Through Your Private 150sf West Exposure Terrace. Beautiful Polished Concrete Floors. Built-in Custom Living Room Shelving. Designer Kitchen…

View this property >>

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85 East Liberty St. #628

Price: $298,900 Beds: 1 Baths: 1 Sq Ft: 550

Newer Building In Liberty Village. Top Of Line Finishes Throughout. Laminate Floors. Open Concept Living/Dining Perfect For Entertaining. Spacious Balcony. Inclusions: Stainless Steel: Fridge, Stove, Dishwasher, Microwave. Stacked Washer/Dryer. All …

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900 Mt. Pleasant Rd #214

Price: $440,000 Beds: 1 Baths: 1 Sq Ft: 850

Location! At Almost 850 Sq Ft It’s Like Getting Two Bedrooms For The Price Of One. The Den, Which Is A Separate Room (At 80+ Sq Ft) Can Easily Fit A Bed. The Open Concept Kitchen Comes Well-Equipped With Stainless Steel Appliances, Granite Count…

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33 Charles St #603

Price: $479,000 Beds: 1 Baths: 1 Sq Ft: 721

Must See Luxurious And Spacious 721 Sf Yorkville Condo. Unique Unit, Great For Entertaining, Open Concept, One Of The Larger Units. Includes A Sprawling 237Sf Wrap-Around Terrace. 1 Parking Spot And 1 Locker Included. Floor To Ceiling Windows, 9 Ft …

View this property >>

Strong Demand Prompts Robust Price Growth in Q1 2014

Greater Toronto Realtors reported 4,454 condo apartment  sales through the MLS in the first quarter of  2014. The number of transactions represented a 9.0% increase compared to 4,085 transactions reported in Q1 2013.

In the City of Toronto, which accounted for 70% of condo apartment sales in the GTA, sales were up by 7.6%. The average selling price in Toronto was $376,226 up 6.0% from Q1 2013.

The number of new listings in the GTA reported in Q1 was up by 3.1% compared to the same period in 2013.

“Home buyers remained confident in purchasing condo apartments during the first three months of 2014. This included first-time buyers and seasoned home owners looking to change their housing situation. Despite the condo market segment being well supplied, strong sales growth translated into a robust increase in the average selling price,” said Toronto Real Estate Board President Dianne Usher.

The average selling price grew in Q1 up by 5.6% from the same time last year to $351,213.

“The number of new condo apartment completions was up substantially in 2014. Because of this, we could see stronger growth in listings in the second half of 2014 as some investors choose to list their units for sale. If this occurs, buyers would benefit from more choice in the marketplace and thus could have more negotiating power with regard to price” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Other notable statistics include the average days on the market for Q1 at 36 days. Active listings were 6,231 in Q1-up 1.8% from Q1 2013.

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 building  specific. The numbers as reported above are averages. Results in one building do not indicate that all other buildings  are experiencing the same results.

There was an increase in the number of condo apartment rental transactions in Q1 along with the number of units listed for rent.

Average rent growth was mixed during Q1 depending on unit type. The average rent for one-bedroom units was down slightly whereas average two-bedroom rent was up. 

Here is what you can do next:

Free Tour of any Condo or Home

Free Buyer and Seller Reports

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

Toronto Housing Market Trends for 2014

Great article in www.Comparasave.com

Competition in Toronto’s housing market is hot, hot, hot. Prices are going up, but borrowing costs are going down. Here’s what buyers can expect in 2014.

Toronto is growing up, literally. It’s no secret that the city has more condominiums in development than any other city in North America, including bigwigs such as New York City. Our skyline is zigzagging its way to becoming the skyscraper capital of the world. With a growing population (we tripled in size from 2006 to 2011) and an improving economy, Toronto has become one of the most competitive markets in North America.

Through all this, two general themes are emerging. For one, condominium sales continue to rise, while many families remain frustrated with constrained listings for single-family homes. Housing prices are also increasing, but the good news is mortgage rates are going down.

Private employment rose 1.6 per cent in Canada in 2013, while self-employment is up 1.3 per cent, the Globe and Mail reports. Canada’s national housing agency, the Canada Mortgage and Housing Corporation (CMHC), anticipates an additional growth of 1.5 per cent overall nationally in 2014, and 1.8 per cent in 2015. The agency expects this growth “will, in turn, support demand on the housing market.”

Increased Demand and Competition

Many have been eager to take advantage of a projected market cool, but it has yet to be seen in Toronto. The average price of a home jumped almost nine per cent from a year ago, while sales increased 2.1 per cent.

Despite increasing prices, buyers are prepared to fight for their dream homes. A new report released by the Bank of Montreal indicates Toronto is the most competitive market in Canada with 44 per cent of Canadians surveyed willing to competitively bid to secure their dream home. Of those buyers surveyed, only 24 per cent were successful on their first bid compared to a national average of 49 per cent, once again proving competition is heated in Toronto.

The Financial Post recently put together a list of the top 20 hottest markets in North America, ranking Toronto fourth, ahead of New York City, Los Angeles, and Montreal.

Stable Housing Starts

CMHC expects good things for Ontario this year. In its Housing Market Outlook report for the first quarter of 2014, it showed that Ontario’s economic growth is expected to match national growth for the first time in over a decade. This will ultimately have a positive impact on the housing market across the province. After a decline in housing starts in 2013, Ontario is expected to stabilize over the next two years.

In a different release, CMHC reported similar findings in Toronto. Although housing starts in the Toronto Census Metropolitan Area trended at 35,934 in February compared to 36,313 in January, housing starts are expected to “rise modestly” this year.

“Although starts were stable, rising new home sales show employment and low interest rates continue to support demand,” said Ed Heese, CMHC’s Toronto Senior Market Analyst, in a press release.

Click here for more.

Here is what you can do next:

David Stoddard Buyer Planning Sessions

 

 

 

 

 

 

 

 

 

 

Free Tour of any Condo or Home

Free Buyer and Seller Reports

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

Urbanation: 2014 A Good Time To Be a Landlord in Toronto

Great article in http://www.theepochtimes.com​

The year 2013 was pivotal for the GTA condo market. According to Urbanation, a provider of in-depth analysis of the Toronto condo market, a modest 13,965 units were sold last year.

Although new condo sales slowed down by 20 percent compared to 2012, new condo pre-construction prices stayed rather flat, shrinking by only 2 percent.

“We’ve been used to prices rising around 5 percent a year,” says Shaun Hildebrand, senior vice president at Urbanation.

Consistently rising prices made buying condos and selling them on completion a profitable endeavor in the past. Today’s market is different.

“Condo investment is no longer a short term play,” says Hildebrand.

It’s now a landlord’s game.

Although 20,000 units will come to completion in 2014, there is slow growth on the resale front, with resale prices rising 2 percent so far, similar to 2012’s increase.

As new buildings closed in 2013, there was no wave of new listings; in short, there was no “condo crash” and flipping was minimal.

Instead, a record number of new condos entered the rental market in 2013. “Demand was strong enough to absorb pretty much all of them,” Hildebrand says.

Counting only MLS-listed units (sorry Kijiji), numbers indicate that 24 percent of all newly registered units were rented out last year.

Hildebrand figures vacancy rates won’t pass 2 percent and the CMHC concurs, predicting they will hold at 1.8 percent in 2014. This number factors in the 20,000 condo units slated for completion in 2014, a large number of which are investor-owned“The total increase in rental supply in the condo market last year was almost 14,000 units,” says Hildebrand. As a result, vacancy rates went up from 1.2 percent to 1.8 percent in the GTA—in other words, from very low to very low.

Click here for more.

Here is what you can do next:

David Stoddard Buyer Planning Sessions

 

 

 

 

 

 

 

 

 

Free Tour of any Condo or Home

Free Buyer and Seller Reports:

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

Toronto Condo Hot List for the Week of March 31, 2014

David Stoddard Condo Tours

 

 

 

 

 

 

 

 

Here are my Top Picks for the Week:

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993 Queen St W #119

Price: $589,900 Beds: 1 Baths: 1 Sq Ft: 1100

The Candy Factory. Authentic Vintage Loft. Exposed Wood Beams, Posts And Exposed Bricks. Hardwood Floors Throughout. Large One Bedroom Plus Den (Can Be Used As An Office/ Bedroom). Separate Dinning Room. Inclusions: Fridge, Stove, Dishwasher. Stacke…

View this property >>

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150 Sudbury St. #1711

Price: $459,900 Beds: 2 Baths: 2 Sq Ft: 950

Upgraded 2 Bed, 2 Bath Corner Unit With Spectacular Lake Views! 950 Sq Ft, Corner Suite With Floor To Ceiling Windows And Wall To Wall Windows. Exposed Duct Work And Concrete Floor Give A Loft Feel. Large Master With Walk In Closet And En Suite. Lar…

View this property >>

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1 Scott St. #204

Price: $549,800 Beds: 1 Baths: 2 Sq Ft: 1100

Gorgeous, Custom And Rarely Available Unit In Highly Desired Building ‘London On The Esplanade’!This Unit Has Been Modified By The Builder To Suit The Pickiest Buyer. Two-Storey Open Concept Sun-filled Loft With Soaring Ceilings And Floor To…

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1005 King St W #820

Price: $459,900 Beds: 2 Baths: 2 Sq Ft: 845

Fabulous Two Bedroom, Two Full Bath In Coveted Dna. Clear Views From Balcony. 9Ft Exposed Concrete Ceilings. Walnut Toned Laminate. Modern 4 Pc Baths With Neutral Pallete. Open Kitchen Has Granite Counters .. Master Bedroom Has Large Closet And 4 Pc…

View this property >>

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70 Roehampton Ave. #1312

Price: $435,000 Beds: 1 Baths: 1 Sq Ft: 650

Tridel’s Republic. 3 Years New. Great Layout. Open Concept Approximately 650sf. 9′ Ceilings. Clear View From The East Facing Balcony. Engineered Wood Flooring. Granite Counter In The Kitchen. Inclusions: Stainless Steel: Fridge,Stove, Dishwa…

View this property >>

The GTA Poised to Generate 230,000 New Jobs by 2017: BMO Report

Great article in www.MarketWatch.com 

The next four years will bring 230,000 new jobs to the Greater Toronto Area (GTA), according to a new report released today by BMO Economics.

The report on Canada’s most populous urban region is the latest in a series of economic, housing and business overviews for various cities and regions across Canada that will be published by BMO throughout this year.

“Strong demographics and a diverse labour market continue to support Toronto’s economy, which is poised to gain some momentum in the coming years,” said Robert Kavcic, Senior Economist, BMO Capital Markets. “While the housing market is expected to cool, these fundamentals combined with only gradual interest rate increases should help the city avoid a deep near-term correction in home prices.”

Mr. Kavcic stated that factory and transportation/warehousing activity will benefit from stronger trade flows, the service sector will remain sturdy, and public infrastructure spending will provide an added boost.

The report states that employment was growing at a solid pace in Toronto, at least up until the turn of the year when the ice storm and a harsher-than-normal winter hit. Construction employment rebounded strongly last year after slipping in the prior year; transportation and warehousing, retail and finance all saw solid growth; and cuts in the public sector subsided.

“Employment expanded by 4 per cent in 2013, the strongest single-year performance in 13 years, though the unemployment rate remains elevated at 8 per cent,” noted Mr. Kavcic. “Looking ahead, employment growth is expected to pick up again. The city will likely see roughly 230,000 jobs created by the end of 2017, pulling the unemployment rate down to 7 per cent, or just slightly above pre-recession levels.”

Mr. Kavcic observed that like much of Ontario, Toronto’s economy stands to benefit from a weaker Canadian dollar: “Manufacturing, which directly accounts for about 10 per cent of employment, will get a boost, along with the tourism sector with Toronto – along with Canada as a whole – suddenly looking like an improved value for both U.S. and local tourists.”

Click here for more.

Here is what you can do next:

David Stoddard Buyer Planning Sessions

 

Free Tour of any Condo or Home

Free Buyer and Seller Reports:

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

19 Brant St ., Toronto

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Suite 101

$359,800

Immaculate Sun-drenched King West Loft With Floor-To-Ceiling Windows. Open Concept 560sf Living Space. Enter Through Your Private 150sf West Exposure Terrace. Beautiful Polished Concrete Floors. Built-in Custom Living Room Shelving. Designer Kitchen With Dark, Rich Cabinetry. Smart Breakfast Nook. Style Galore. Hall Closet With Built-In Storage. Double Master Closet. Enjoy King West Living !

Inclusions:All Electric Light Fixture’s. Stainless Steel: Fridge, Gas Cooktop Stove, Oven Range, Built-In Dishwasher, Built-In Microwave Stacked Washer/Dryer. Built-In Custom Living Room Shelving. Bedroom Wardrobe. Patio Furniture. Parking. Maintenance Fee $323.84 Per Month. Hydro Extra. Amenities Include: Gym, Games Room., BBQ Terrace. Courtyard. 97 Walkscore. Shops, Restaurants.100 Transit Score. Highway Access.

  • MLS: C2874810
  • BEDROOMS: 1
  • BATHS: 1
  • PARTIAL BATHS: 0
  • SQ FT: 560
  • STYLE: Loft
  • GARAGE: Parking
  • HEAT SOURCE: Gas
  • TAXES: $1,881/YR (2013)
  • MAINTENANCE : $323.84/Mo Hydro Extra

For more pictures and information please click here.

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

Toronto Community Housing Goes High Style For Low-Cost Homes

Great article in http://www.theglobeandmail.com​

A local publically funded agency that does embody what concern there is, however, and that’s doing something practical about it, is the Toronto Community Housing Corp.

This organization, as every Torontonian knows, has come under fire from pundits and politicians during the past few years for alleged offences ranging from bad eviction policy to wasting taxpayers’ money.

But whatever TCHC may be doing wrong – I’ll let the experts decide the merits of the case – the agency has accomplished one thing that deserves celebration. It has abandoned, in at least some of its new construction projects, traditional social housing’s warehouse-like aesthetic in favour of architectural styling that is fresh and contemporary, and as urbane as that of any market-rate condominium stack.

Case in point: Block 32, TCHC’s recently opened $90-million social-housing complex located at the western edge of the mammoth Concord CityPlace condominium scheme, in deep downtown Toronto.

Designed by a team led by Shirley Blumberg, partner in the well-known firm KPMB Architects, in collaboration with

Page + Steele/IBI Group Architects, the 428-unit project is as artistically well-considered and svelte as anything at CityPlace, if not more so. The handsomely tailored 35-storey tower rises gracefully from a boxy, but elegant, eight-level podium.

Block 32’s composition is completed by an array of mid-rise structures that frame the spacious landscaped courtyard just west of the podium.

Click here for more.

Here is what you can do next:
David Stoddard Buyer Planning Sessions

Free Tour of any Condo or Home

Free Buyer and Seller Reports:

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

Canada’s First-Time Home Buyers Explore New Paths to Purchase

Great article in https://ca.finance.yahoo.com​

Maybe it’s the sky-rocketing home prices in key markets, but Canadians are saying sayonara to the traditional way of buying a home and are either going in alone or doubling up with friends or relatives.

A quarter of Canadians who’ve bought a home in the last two years made the significant financial move on their own, while four in ten Canadians believe purchasing a home with friends and family is a great way to access the housing market, according to a survey by TD.

Jesse Vorona is one of those ‘solo’ buyers. He recently purchased his first property in the Greater Toronto Area because he was more than comfortable going it alone.

“I like to call the shots when it comes to my investments,” Vorona told Yahoo Canada Finance.

Households comprising of single Canadians make up 27.6 per cent of all homes, according to Statistics Canada. And it looks like young, single women are dominating the solo route in Canadian cities. Women, especially those in their 20s, represent one-third of all condo sales in Montreal and Toronto, according to the Globe and Mail newspaper. Single women are more likely than men to be solo first-time home buyers thanks to changes in income levels and demographic shift, according to RBC’s 19th annual Homeownership Poll.

“Women are being more cautious than men, weighing cost, affordability and job security before buying a home,” Marcia Moffat, head of home equity financing for RBC, said in a recent release.

But there are those who are less comfortable making the investment without a safety net or financial support. Toronto resident Mike McCann went the non-traditional route, purchasing a property with multiple buyers because of the security it offered.

“For larger properties I would work within a partnership for financial reasons,” McCann says

Click here for more.

Here is what you can do next:

Free Tour of any Condo or Home

Free Buyer and Seller Reports:

David Stoddard Buyer Planning Sessions

 

 

 

 

 

 

 

 

 

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

GTA Real Estate Market Report February, 2014

Free Real Estate Tours: Come on a Free Condo Tour or Free Home Tour.

Free Real Estate Reports: Informative Buyer Reports and Seller Reports available on my website. 

FaceBook:  Please join my Real Estate Page here for ongoing real estate news.

Toronto MLS Sales Up In February

 

Greater Toronto Realtors reported 5,731 residential sales through the MLS in February 2014. The number of transactions represented a 2.1% increase compared to 5,613 transactions reported in February 2013.

Home ownership in the Greater Toronto Area remains affordable and there are many people looking to purchase a home. In February, the number of homes listed for sale was down quite strongly compared to last year, which means that it was difficult for some buyers to find a home.

The number of new listings reported in February was down 1.0% compared to the same period in 2013.

“Despite the continuation of inclement weather in February, we did see a moderate uptick in sales activity last month. The sales increase was largely driven by resale condominium apartments. New listings of resale condominiums were up on a year-over-year basis, giving buyers ample choice. This is in contrast to the listings situation for singles, semis and townhomes, where supply continued to be constrained. Some would-be buyers had difficulty finding a home that met their needs ,” said Toronto Real Estate Board President Dianne Usher.

“If we see continued growth in listings for low-rise types, the pace of sales growth will accelerate as we move through the year,” Ms. Usher continued.

The average selling price continued to grow in February up by 8.6% from the same time last year to $553,193.  Note, the average selling price for 2013 as a whole was up by almost 5.2% to $523,036!!

“While the strong price growth experienced over the last year should prompt an improvement in the supply of listings, seller’s market conditions will continue to prevail this year. Home prices, on average, will trend upwards at a pace well-above the rate of inflation. The impact of strong price growth on affordability will be mitigated by low borrowing costs,” said Jason Mercer, TREB’s Senior Manager of Market Analyses.

Sales of Toronto (416 area code) condominium apartments increased by 9.6% from February 2013. The average price of a Toronto condo increased  by 6.0% from the same time last year.

Condominium apartments accounted for 26.1% of total sales in the GTA for February 2014 while detached homes accounted for 47.0% of the total sales.

Other notable statistics include the average days on the market for February at 26 days. Active listings were 14,019 in February-down 12.2% from February 2013. The sales-to-listings ratio for February was 40.9% 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, building specific  and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos. 

David Stoddard Buyer Planning Sessions

Toronto Condo Hot List for the Week of March 17 ,2014

Here are my Top Picks for the Week:

 

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1 Market St #1811

Price: $475,500 Beds: 1 Baths: 1 Sq Ft: 671

Market Wharf Condos Steps To St. Lawrence Market. Approx. 671SF With A West Facing Balcony. Open Concept With 9Ft Ceilings. Modern Kitchen. Hardwood Floors. Natural Light. Inclusions: Stainless Steel : Fridge, Stove, Built-In Dishwasher, Microwave. …

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2121 Lake Shore Blvd W #1008

Price: $334,900 Beds: 1 Baths: 2 Sq Ft: 750

Terrific View From Every Room. Style, Comfort, Convenience And 15 Minutes to Downtown . Stunning 1 Bedroom+Den. Features Upgraded Balcony, Two Full Bathrooms, Large Laundry And Storage Space. Laminate Flooring. Inclusions: Stainless Steel Fridge, St…

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59 East Liberty St. #1505

Price: $649,900 Beds: 2 Baths: 2 Sq Ft: 1323

Rarely Offered South-West Corner Unit In Liberty Village. Bright 1323 Sqft Unit Features 9′ Ceilings, Large Den Can Be 3rd Bedroom/ Nursery. Open Concept Kitchen With Stainless Steel Appliances, Granite Counters And Large Island. Spacious Master…

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253 Merton St. #112

Price: $338,000 Beds: 1 Baths: 1 Sq Ft: 650

Over 600SF Open Concept One-Bedroom Condo In High Demand Davisville Village. 9′ Ceilings. Two Walkouts To The Balcony. Natural Light. Solid Hardwood Flooring. Inclusions: Fridge, Stove, Dishwasher. Stacked Washer & Dryer. All Window Coverings, A…

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70 Distillery Lane #213

Price: $329,900 Beds: 1 Baths: 1 Sq Ft: 603

Historical Distillery District And New Clear Spirit Building. Open Concept, 603 Sq.Ft. One Bedroom Plus Den. High 10 Ft. Exposed Ceilings. Granite Countertops. Hardwood Floors. Julliette Balcony With an Eastern View. Inclusions: Stainless Steel: Fri…

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