GTA Real Estate Market Report September, 2014

Sales and Average Price Growth Continued in September

Greater Toronto Realtors reported 8,051 residential sales through the MLS in September 2014. The number of transactions represented a 10.9% increase compared to 7,257 transactions reported in September 2013.

On a year-to-date basis through the first three quarters of 2014, sales were up by 6.9% annually to 73,465

The number of new listings reported in September were up by 5.8% compared to the same period in 2013. Active listings were 19,165 in September-down 5.1% from September 2013.

“Despite a persistent shortage of listings in some market segments, we have experienced strong growth in sales through the first nine months of 2014. This is evidence that GTA households remain upbeat about purchasing a home. The majority of home buyers purchase a home using a mortgage. The share of average household’s income dedicated to their mortgage payment remains affordable, which is why buyer interest has remained solid,” said Toronto Real Estate Board President Paul Etherington.

The average selling price continued to grow in September up by 7.7% from the same time last year to $573,676.  Note, the average selling price for 2013 as a whole was up by almost 5.2% to $523,036!

The average selling price year-to-date was $563,813-up 8.5% compared to the first nine months of 2013.

“If the current pace of sales growth remains in place, we could be flirting with a new record for residential sales reported by TREB members this year. On the pricing front, the multitude of willing buyers in the marketplace coupled with the short supply of listings will continue to translate into very strong annual rates of price growth in the fourth quarter,” said Jason Mercer, TREB’s Senior Manager of Market Analyses.

Sales of Toronto (416 area code) condominium apartments increased by 15.6% from September 2013. The average selling price of a Toronto condo increased  by 9.2% from the same time last year to $395,505

 

Condominium apartments accounted for 24.5% of total sales in the GTA for September 2014 while detached homes accounted for 48.1% of the total sales.

Other notable statistics include the average days on the market for September at 25 days, down 7.4%. The sales-to-listings ratio for September was 42.0% 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.

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

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So You Want to Be A Landlord……

Are you interested in purchasing a home with a second suite?

Do you own a home with a second suite in place?

To help you navigate through the regulations and requirements, the Landlord’s Self-Help Centre has compiled the information that you need to operate a second suite and to address any community concerns. Knowing the standards will give you greater peace of mind and help you reduce your liability as a landlord.

The guide describes established standards that help ensure that houses with second suites are safe and liveable both for you and for your tenants.

In Ontario, municipalities regulate residential zoning by-laws for second suites.These regulations have changed over time, and not all homeowners may be aware of the changes, nor of the complexities of creating a second suite.

For a copy of the homeowners guide please click here:

Here are a couple of great websites if you are looking for highly rated contractors:

http://www.baeumlerapproved.ca/

http://homestars.com/on/toronto  

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

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Toronto Condo Hot List for the Week of October 20, 2014

David Stoddard Condo Tours

 

 

 

 

 

 

 

 

 

Here are my Top Picks for the Week:

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1029 King St W #219

Price: $479,900 Beds: 1 Baths: 2 Sq Ft: 850

Open Concept 2-Storey Loft In Trendy King West. Tastefully Renovated To Incorporate Modern Design While Retaining The Look Of A True Loft. This Fully Upgraded Unit Features A Modern Kitchen With Granite Counters. Renovated Spa-Like Bathrooms On Main…

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1815 Yonge St #201

Price: $449,900 Beds: 1 Baths: 1 Sq Ft: 650

Ground Level Suite At The Brand New MYC Building At Yonge & Merton. This Unit Has Everything You Could Ask For: 10′ Ceilings, Private South Terrace Facing Directly Onto The Greenbelt, Gorgeous Architectural Features Include Floor To Ceiling Wind…

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70 Distillery Lane #1203

Price: $529,900 Beds: 2 Baths: 2 Sq Ft: 811

Distillery District, 2 Years New. The Floor Plan Is Ideal With Bedrooms At Opposite Ends Of The Condo. Beautiful Wrap Around Private Balcony To Watch The City At Play. Granite Counters. Engineered Hardwood Throughout. Stunning Views. Inclusions: Sta…

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8 Dovercourt Rd #505

Price: $749,900 Beds: 2 Baths: 2 Sq Ft: 1120

Art Condos. This 1120Sq/Ft Corner Unit Is Filled With Designer Finishes. Scavolini Kitchen. Custom Oversized Island. Quartz Counters And Euro Appliances. Hardwood Flooring. Spa Inspired Baths With Sleek Wall Hung Vanities. Soaring 11′ Ceilings. …

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125 Western Battery Rd #415

Price: $589,900 Beds: 2 Baths: 2 Sq Ft: 925

Stylish Living In Liberty Village! This Corner Unit Is Perfect For The Urban Professional Or As An Alternative For A Starter Home. Open Concept Living Dining, 9′ Ceilings, Oversized Windows, Wide Plank Laminate Flooring Thru-Out. Gourmet Kitchen…

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

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Micro-Condos Make Big Splash

Great article in http://www.OBJ.ca

The arrival of Ottawa’s first “micro-condo” development is another  sign housing has become out of reach for many local buyers, a leading industry advocate says.

Toronto developer Urban Capital and local builder Tamarack Homes are teaming up to launch Smart House Ottawa, a nine-storey project at the corner of Bank and Flora streets featuring 151 condo units ranging from 315 to 586 square feet.

Prices start at $179,900, with the most expensive, two-bedroom corner units topping out at $354,900. Urban Capital recently opened Smart House’s downtown sales office with a special event for owners of the developer’s other properties in Ottawa, and it ended up selling all six of the smallest, 315-square-foot units in just a couple of hours.

The “micro-condo” craze has already caught on in many major metropolitan areas around the world where space is at a premium, including New York, Tokyo and Toronto, but this is the first time the concept has been tried in the nation’s capital.

John Herbert, the executive director of the Greater Ottawa Home Builders’ Association, says the fact that the cheapest units were snapped up that quickly proves the city’s housing market is in deeper trouble than many people think. “It’s interesting to hear how well they’re doing,” he says. “It’s all price-driven, I think. I think the fact that these units are selling as well as they are indicates just how serious the affordability situation is.”

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

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Axiom II Pre-Construction Event Recap

 

The Realtors involved SOLD OUT the entire inventory in a little over two hours. The builder allocated specific Realtors 135 units for the event.

If you were there, you experienced the excitement from our buyer clients.

This was not your typical condominium sales event. Our clients were met with a 5 star red carpet affair that included: valet parking, great food and drinks, photographers and extended media coverage that helped make this an amazing day to remember for our clients.

Why was this event such a success with our clients?

  1. Incredible pre-event presentation package including financial proformas.
  2. Opportunity to buy 2 units with the same deposit for 1 ( deposits as low as 5%)
  3. Incredible deposit structure spread over 24 months
  4. Insider discounted Platinum Pricing.
  5. 1 year rental guarantee at $3 per sq. ft.at occupancy or 1% cash back.
  6. 1 year free maintenance fees
  7. 1 year free property management including finding a tenant for you.
  8. All units available for sale before anybody else. This means you get the best units.
  9. Free assignments at any time
  10. Capped Builder closing costs saving you thousands
  11. An incredible return of up to 18.6% plus $685 per month in positive cash flow.
  12. Well known developer
  13. Incredible growth area of Toronto

Oh,…..and my clients did receive all of the units they requested.

Click here for a link to the financial proformas if you want to get comfortable with how they are put together for future projects.

Hope to see you at the next event!!!

David Stoddard Buyer Planning Sessions

 

 

 

 

 

 

 

 

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

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Average Condo Price Continues to Grow in Q3

 

Greater Toronto Realtors reported 5,954 condo apartment sales through the MLS in the 3rd quarter of  2014. The number of transactions represented a 12.9% increase compared to 5,274 transactions reported in Q3 2013.

In the City of Toronto, which accounted for 71% of condo apartment sales in the GTA, sales were up by 11.4%. The average selling price in Toronto was $382,210 up 6.1% from Q3 2013.

The number of new listings in the GTA reported in Q3 was up by 4.5% compared to the same period in 2013.

“Condominium apartments represent an affordable home ownership option for first-time buyers. New condominium apartment completions have been at record levels over the past two years. However, even though many of these newly completed units have been listed on TorontoMLS, we have not experienced a glut in inventory. There have been enough buyers to keep market conditions balanced, with the average selling price increasing at an above-inflation pace” said Toronto Real Estate Board President Paul Etherington.

The average selling price grew in Q3 up by 5.7% from the same time last year to $359,352.

“Growth in condominium apartment listings will likely continue over the next year, reflecting the continuation of strong condominium apartment completions. However, the fact that we are seeing growth in condo sales outstrip growth in listings suggests that market conditions will remain tight enough to prompt continued price growth” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

 

 

Other notable statistics include the average days on the market for Q3 at 34 days. Active listings were 6,620 in Q3-down 1.4% from Q3 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 Q3 along with the number of units listed for rent.

Average rents for popular one-bedroom and two-bedroom units were little changed on a year-over-year basis.

The condo apartment vacancy rate for Toronto was 1.7%.

 

 

Here is what you can do next:

 

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

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The Experience Was Excellent

“ David Stoddard helped me with my first condo purchase in Toronto and the experience was excellent.

David is professional and responsive which was crucial in the fast paced Toronto market.

The best part about the experience though was David’s knowledge base, and that it was just as important to him as it was to me to stay within budget.

I highly recommend David.”

– John C.

 

What Clients Say

 

 

 

 

 

 

 

David Made The Buying Process Easy

“ I am very happy with the service I received from David Stoddard.

He made the buying process easy, making sure that both he and I had enough information upfront to inform the decision making process throughout.

In particular, I was concerned given the short time frame I had that I would be able to get a property that suited my needs .  David assured me that I would and in the end, I did.

I will recommend David to others. “

– Sam G.

 

What Clients Say

 

 

 

 

 

 

 

 

 

I Could Not Have Asked For A Better Realtor

“ I recently purchased my very first condo, and could not have asked for a better realtor!

Being a first time home buyer, I had no idea what I was getting myself in to, but with David Stoddard and his team’s help, the process as a breeze!

He helped me from start to finish – even helping me with my cash flow!

David was helpful, understanding, prompt, professional and knowledgeable.

I would definitely recommend him to any of my friends or family, especially those who are going in to the real estate market for the first time!

Thanks for everything David, I love my new place!”

– Kristen C.

 

What Clients Say

Best Canadian Cities For Attracting Newcomers

Great article in http://Realtytimes.com

A report that ranks 50 Canadian cities on their attractiveness to migrants says that Waterloo, Calgary, Ottawa, Richmond Hill, Vancouver and St. John’s get top marks, based on 43 indicators grouped into seven categories: society, health, economy, environment, education, innovation and housing. The six top cities also received top marks when The Conference Board of Canada conducted the last study in 2010.

Waterloo has a reputation for innovation and education, ranking first in education, second in innovation and third in the economy category. Calgary ranked first in economy and innovation. Ottawa scored high marks in the society, education, innovation and economy sections.

Richmond Hill, a Toronto suburb, is the third-most diverse city in Canada and has the highest number of graduates in engineering, science and math per capita, says the Conference Board of Canada. Vancouver did well in the society, education and environment categories, while St. John’s ranked high in the economy and health categories.

Although these six cities didn’t have the best marks in all categories, their overall scores earned them an “A” in the study.

Those that scored a “B” include Toronto and its suburbs of Mississauga, Oakville and Markham. Toronto had top marks in the society category but was dragged down by poor marks in the innovation, health and environment categories. Other larger communities that received a “B” are Edmonton, Regina, Saskatoon, Winnipeg, Victoria, Halifax, Quebec City and Kingston.

There were 17 cities that received a “C” including Montreal, which got poor marks in the economy and society sections. Thirteen cities were given a “D” grade, which means they are struggling to attract newcomers and in some cases have seen their populations decline. These cities include Hamilton, Brantford, Cambridge, Oshawa, Abbotsford, Trois-Rivieres and Saint John.

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

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page.​

 

Toronto Condo Hot List for the Week of October 13, 2014

Here are my Top Picks for the Week:

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39 Shank St #316

Price: $499,000 Beds: 2 Baths: 2 Sq Ft: 950

Open Concept Floor Plan On Main, With Bedrooms And Bathrooms Tucked Away On The 2nd-Both Levels Have Walk-Outs To Balconies. New Wood Floors. Granite Counters. Ample Storage. Inclusions: Fridge,Stove, Dishwasher, Built-In Microwave. Stacked Washer/D…

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628 Fleet St #1901

Price: $331,800 Beds: 1 Baths: 1 Sq Ft: 650

This Beautiful South Facing One Bedroom Unit Has A Gorgeous View. Open Concept With Terrific Natural Light. Granite Counters. Hardwood Flooring. Inclusions: Stainless Steel: Fridge,Stove,Dishwasher,Microwave.Stacked Washer/Dryer. All Electric Light …

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900 Mt. Pleasant Rd #402

Price: $728,000 Beds: 2 Baths: 2 ½ Baths: 1 Sq Ft: 1300

Corner Unit With 9′ Ceilings. Bright, Spacious, Open Concept Living With Floor To Ceiling Windows. Two Balconies With Gas Bbq Hook-Up. Granite Counter-tops. Hardwood Flooring. Inclusions: Stainless Steel: Fridge, Stove, Microwave, Dishwasher. st…

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70 Distillery Lane #2804

Price: $359,000 Beds: 1 Baths: 1 Sq Ft: 596

Outstanding Location. Open Concept Layout With Terrific Natural Light. Balcony with An East Exposure. Granite Counters. Full-Height Cabinets. Hardwood Flooring. Inclusions: Stainless Steel: Fridge, Stove, Dishwasher, Microwave/Vent Hood. Stacked Was…

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1201 Dundas St E. #906

Price: $349,000 Beds: 1 Baths: 1 Sq Ft: 605

Flatiron Lofts In Leslieville. Open Concept Living/Dining With Lots Of Light. 9Ft Ceilings. Thousands Of $$$ Spent In Upgrades Including Engineered Hardwood Floors, Caesarstone Kitchen Counter And Upgraded Cabinetry. Custom Blinds With Darkness Filt…

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

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David Stoddard Condo Tours

How Much Resale Value For A Garage?

Great article at http://Realtytimes.com

When you’re planning renovations to boost the resale value of your home, don’t overlook the other money maker on your property – your garage.

The ideas and suggestions offered here are aimed at detached garages, but most apply to attached garages as well:

1. Know your target buyers

Will this outside space represent true value to the buyers you’re counting on to pay top dollar? If so, transform it into the best garage it can be. How can your garage separate your property from the competition? This may mean tearing down the worn-out version and building a new one, or adding a garage if none exists. Adding electrical power and running water can add value, but check value appreciation against costs and permit expenses before you undertake these changes.

2. Know your zoning bylaws

If your municipality allows accommodation to be added to a garage, the additional space and any related income may be the deciding factor for some buyers. If an occupancy permit is out of the question, the garage can still double as an art studio, workshop, or man cave, and differentiate your property from the neighbors. Will your zoning allow the space to be used for a home-based business?

3. Know how to expand storage

Fit out every corner of your garage as storage space for everything from seasonal decorations and furniture to extra chairs, bicycles, and sports gear. Shelves, hooks, bins, and cupboards are garage “jewellery.”

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

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page.​

Toronto Condo Hot List for the Week of October 6, 2014

David Stoddard Condo Tours

 

 

 

 

 

 

 

 

Here are my Top Picks for the Week:

 

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1636 Dundas St W #7

Price: $449,900 Beds: 1 Baths: 2 Sq Ft: 930

Modern Two Level Loft. Boutique 5-Storey Building With 16 Suites. Located In Trendy Brockton Village In The Heart Of Dundas St W And The Queen West Neighborhood . South Exposure From The Balcony. Very Bright With 9 Foot Ceilings On Both Levels. Open…

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319 Merton St #1116

Price: $389,900 Beds: 1 Baths: 1 Sq Ft: 650

Prime Mid-town Building Close To Yonge/Davisville. Beautifully Upgraded Suite Including Open Concept Modern Kitchen With Granite Counters and a Breakfast Bar. Spacious Living/Dining With Lots Of Wall Space For Furniture. Large Master Bedroom Fits A …

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68 Broadview Ave #413

Price: $579,900 Beds: 1 Baths: 1 Sq Ft: 950

Authentic Hard Loft At Broadview Lofts With Warehouse Post & Beam Construction. Soaring Tongue & Groove Wood Ceilings. Polished Concrete Floors. Open Concept Living Space With Large Arched Windows. Newly Renovated Spa Bedroom Featuring Ample Storage…

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55 East Liberty St #1401

Price: $319,900 Beds: 1 Baths: 1 Sq Ft: 550

Welcome To Bliss Condos. This Beautiful, Bright Spacious 1 Bedroom Condo Is Perfect For Those Wanting To Be Close To It All. It Features A Functional Layout With Modern Finishes. Natural Light And Great Western Sunsets From The West Exposure Balcony…

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43 Hanna Ave. #433

Price: $758,000 Beds: 2 Baths: 2 Sq Ft: 1165

Modern Loft Featuring Soaring Cathedral Ceilings, Exposed Duct Work . Sound Proofed Walls. Engineered Hardwood Throughout, Custom Wood Veneer Doors. Automated Lighting Dimmers,.Surround Sound Throughout,. Motorized Blinds. Wall Mounted Touch Panel F…

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

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Protect Yourself Against Condo Insurance Deductible

Great article at www.MarkWeisleder.com

There is a lot of confusion out there by buyers and real estate salespeople as to what insurance is required when buying a condominium. The mistake is thinking that the insurance policy for the building will always cover your situation. In most cases, the buyer will still have to pay for part of the damages, even if they have done nothing wrong.

Here’s why:

Condominium buildings do have an insurance policy that insures the building and the units. However, it will not cover any improvements to the unit made by the owners or the owners’ contents, should damage occur, whether by water leakage, fire or smoke damage. In addition, if someone you invite into your unit gets hurt, they can sue the owner personally for liability. As a result, most condominium buyers purchase a policy that provides coverage for their contents, any upgrades that they do to their unit and liability insurance to protect them if someone gets hurt visiting their unit.

What is confusing to most buyers is that just about every condominium insurance policy has deductibles, which become the owner’s responsibility should any damage occur, even if it is not the owner’s fault. The deductibles are usually $5,000 but I have seen many policies that have $10,000 deductibles. What this means is that let’s say you leave the bathtub overflowing and water damages the unit below you. You are responsible to pay the deductible, and the condominium will pay for any damage above the deductible. This will also be the case if you are responsible for the HVAC equipment in your unit and any malfunction causes damages to the building or to other units.

Click here for more.

Here is what you can do next:

David Stoddard Condo Tours

 

 

 

 

 

 

 

 

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

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David Found Us The Perfect Place

” My significant other and I were looking to move to downtown Toronto on a rather short notice, and David was very helpful!

He found us a perfect place, it is exactly what we wanted.

David gives great advice, he is very professional and is a real expert on downtown homes. We are forever grateful for his help!

I will gladly recommend David to friends and family.”

– Samantha Smith

What Clients Say