GTA Real Estate Market Report November,2014

Sales and Average Price Growth Continue in November

Greater Toronto Realtors reported 6,519 residential sales through the MLS in November 2014. The number of transactions represented a 2.6% increase compared to 6,354 transactions reported in November 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 November were down by 5.3% compared to the same period in 2013. Active listings were 14,717 in November-down 8.5% from November 2013.

“Even with a constrained supply of homes for sale in many parts of the G.T.A., buyers continued to get deals done last month. Households remain upbeat about home ownership because monthly mortgage payments remain affordable relative to accepted lending standards. This is coupled with the fact that housing has proven to be a quality long-term investment,” said Toronto Real Estate Board President Paul Etherington.

The average selling price continued to grow in November up by 7.4% from the same time last year to $577,936.  Note, the average selling price for 2013 as a whole was up by almost 5.2% to $523,036!

“The robust average price growth experienced throughout 2014 has been fundamentally sound, with demand high relative to supply. Strong competition between buyers has exerted upward pressure on selling prices. Barring a substantial shift in the relationship between sales and listings in the GTA price growth is expected to continue through 2015,” said Jason Mercer, TREB’s Senior Manager of Market Analyses.

Sales of Toronto (416 area code) condominium apartments increased by 11.2% from November 2013. The average selling price of a Toronto condo increased  by 2.0% from the same time last year to $394,225.

Condominium apartments accounted for 25.5% of total sales in the GTA for November 2014 while detached homes accounted for 47.1% of the total sales.

Other notable statistics include the average days on the market for November at 27 days, down 6.9%. The sales-to-listings ratio for November was 44.3% 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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This Was a Record-Breaking Year for Toronto’s Condo Industry

Great article in www.TheStar.com

This past September, 2014 officially entered the record books as the year with the most new condominium completions.

In fact, completions in the first nine months of 2014 surpassed the previous year’s record of 16,668 units.

By the end of October this year, there were 20,684 new condominiums completed across the GTA in 91 developments. And an additional 18 projects are scheduled to be completed in the next weeks before the end of 2014, bringing the estimated completions total for the year to about 25,000 units.

It’s a record-setting year that has been nearly a decade in the making.

The extraordinary condo growth is largely the result of intensification policies introduced by the province back in 2005. Places to Grow, the official growth plan that re-focused building and development on intensification, triggered a chain of events that have been working their way through the system — and the housing market in particular — ever since.

Those intensification policies have created a new normal for the GTA housing market: more highrise housing and less lowrise.

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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The Great Mortgage Debate Continues….

From the Desk of My Team Mortgage Specialist, Jerome Trail.

The great mortgage debate continues….for current mortgage holders, should I stay with my variable rate or is it time to lock into a fixed rate mortgage? For first time home buyers, should I apply for a variable rate or should I apply for a fixed rate?

The Bank of Canada hasn’t touched interest rates one way or another, since Sept 2010. Since that time the bank rate has remained at 1%. And all we have heard since is “….they have to go up – there’s no way they can stay at this level” or “its just a matter of time – better lock in now to a long fixed rate mortgage or we will miss the boat”.

Historically, central banks use interest rates to control inflation. An overheated economy with rising prices can be tamed or cut back with a boost in rates, which should curb spending and reduce price increases.

An economy that is slow or slumping with high unemployment can be jump started with a reduction in rates, thus encouraging spending.

It seems that our central bank has taken on a new role of late….trying to control the market with announcements about the “overheated real estate market” or the unprecedented level of debt per capita. Is the central bank suggesting that it will raise rates to curb the hot real estate market? Is it suggesting that rate increases will result in homeowners losing their homes?

No one knows with certainty what will happen, and when. But every year we hear about rates going up…… likely in the third quarter. We are hearing it again now, as we come to the end of 2014. It is the same thing every year – – rates are going up, it’s just a matter of when. Rates will go up – – that’s a guarantee!

If you are planning to purchase a home in 2015 now is the time to learn about what is required for a successful mortgage application in today’s strict lending climate and the steps that you will need to follow months in advance of your home purchase to insure that your mortgage application will be accepted with the best possible interest rate and with the best possible mortgage options.

Interest rates are at historical lows….for now.

For a FREE one-on-one mortgage consultation with Jerome please click HERE.

Mortgage Consultation

 

 

 

 

 

 

 

 

 

Have a great holiday season and lots of health and happiness in the New Year!

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 December 15, 2014

 

David Stoddard Condo Tours

 

 

 

 

 

 

 

 

 

Here are my Top Picks for the Week:

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33 Harbour Sq.

Price: $314,800 Beds: 1 Baths: 1 Sq Ft: 547

Unit #1630 Harbourfront Living.Steps from the Boardwalk.High Demand Building at the Foot of Bay St. Freshly Painted, Open Concept 547sf Condo. Natural Light Galore from the Double Juliette Balcony Doors. Quiet Courtyard Exposure.Terrific Ensuite Sto…

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390 Cherry St

Price: $399,900 Beds: 1 Baths: 1 Sq Ft: 503

Distillery District. Floor to Ceiling Windows. Large Open Balcony. Unobstructed North View. Hardwood Flooring. Breakfast Island. Inclusions: Stainless Steel:, Stove, Microwave, Fridge, Dishwasher. Stacked Washer/Dryer. All Light Fixtures. All Window…

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8 Dovercourt Rd.

Price: $345,000 Beds: 1 Baths: 1 Sq Ft: 480

Sub Penthouse Suite In The Art Condo. Recognized As One Of Toronto’s Premiere Design Living Locales. Soaring Exposed Concrete Ceilings. Scavolini Custom Kitchen With High-End Appliances. Large Centre Island. Laminate Flooring. Juliette Balcony. …

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Percentage of Toronto Condos Owned by Foreign Investors is Very Low, CMHC says

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Great article at www.TheStar.com

For the first time, the Canada Mortgage and Housing Corporation has put a number on the percentage of condos across the country owned by foreign investors, and says that number is highest in Toronto — at a mere 2.4 per cent.

Vancouver is close behind, with 2.3 per cent of its condominiums owned by people who reside outside of Canada, according to the CMHC’s annual rental-market survey, released Tuesday.

The low number came as a shock to many housing observers who believe the percentage is at least twice as high, and could be much more if CMHC was able to get a handle on money funneled from overseas banks to buyers with Canadian addresses.

But CIBC World Markets deputy-chief economist Benjamin Tal says the numbers don’t come as a surprise to him. He estimates “pure foreign investment” as a small segment of the market, although slightly higher if you factor in families where the husband continues to live overseas while the wife and children live here so the kids can go to school.

“I think there is a lot of confusion here because so many immigrants are buying condos. But the fact people have a foreign accent doesn’t mean they are foreign investors,” he notes.

The federal housing corporation says it came up with the Toronto foreign ownership rates by asking condo corporations and property-management companies for 92,257 GTA rental units which of their owners have mailing addresses outside of Canada.

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

 

 

 

RE/MAX Housing Market Outlook Report 2015

RE/MAX Housing Market Outlook Report 2015

RE/MAX has released its 2015 Housing Market Outlook Report, which provides a summary of residential real estate trends in selected markets across Canada in 2014 and forecasts for 2015.

Key Market Findings:

*Strong demand and price appreciation in the freehold market continued to define the market across the GTA

*Buyers unable to afford homes or win bidding wars in Toronto—or wanting more space—drove demand in Brampton, Mississauga, Oakville and Durham

*Old housing stock is being extensively renovated or replaced with larger, feature-rich homes

*Properties are being priced more realistically than in the past, reducing the number of homes sold well over asking

*Average residential price expected to increase from $566,400 in 2014 to $589,100 in 2015 (+4%)

View the Greater Toronto Area summary here

View the full 2015 RE/MAX Housing Market Outlook Report here

 

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 December 8, 2014

David Stoddard Condo Tours

 

 

 

 

 

 

 

 

Here are my Top Picks for the Week:

 

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69 Lynn Williams #913

Price: $294,400 Beds: 1 Baths: 1 Sq Ft: 550

Liberty Village. Modern Finishes Throughout Including Wide Plank Flooring, Quartz Counter-Tops, Large Walk In Glass Shower. Floor To Ceiling Windows. Balcony with a NE View. Terrific Natural Light. Inclusions: Stainless Steel: Fridge, Stove, Dishwas…

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33 Harbour Sq. #1630

Price: $314,800 Beds: 1 Baths: 1 Sq Ft: 547

Harbourfront Living.Steps from the Boardwalk.High Demand Building at the Foot of Bay St. Freshly Painted, Open Concept 547sf Condo. Natural Light Galore from the Double Juliette Balcony Doors. Quiet Courtyard Exposure.Terrific Ensuite Storage with T…

View this property >>

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

Art Shoppe Condos

Great article at www.TheStar.com 

The Art Shoppe has been something of an institution in Toronto’s Yonge St.-Eglinton Ave. neighbourhood for decades.

Its longevity notwithstanding, however, the monolithic, brutalist concrete building that occupies the entire block of Yonge, between Soudan and Hillsdale Aves., has done little to enhance street life along this stretch through the years, with no front entrance and showcase windows featuring furniture.

“It’s quite cold, and it doesn’t invite people in,” says Todd Cowan, a principal with CD Capital Developments, the firm partnering with Freed Developments to redevelop the Art Shoppe site into a mixed-use, condo project. Plans include a 28-storey tower on the north side of the property, stepping down to a 12-storey midrise on the south side, and six storeys on the eastern side. Unit sizes are planned to be bachelor, one- and two-bedroom suites with prices starting in the $200,000s.

The development, dubbed Art Shoppe Condos and Lofts in a nod to the site’s outgoing occupant (the venerable furniture store will be moving to a new location) includes a 12,000-square-foot linear park along its eastern side, connecting Soudan to Hillsdale and providing a buffer with the existing neighbourhood.

The project, at 2131 Yonge St. and now in pre-registration phase with tentative occupancy for 2019, will also have two floors of retail at its base, with lifestyle-focused shops and services, restaurants and cafes, and potentially a grocery store.

“We’re taking the opportunity here to really connect the project to the neighbourhood by bringing the street to life and animating it,” Cowan explains. “We think this will bring more people and encourage the flow of pedestrian traffic along this part of Yonge.”

“It’s rare you have an opportunity where you have such a deep, full-block site (in the Yonge-Eglinton area) where you can create something special,” he adds, noting that Art Shoppe condos will serve as a catalyst for future development farther south on Yonge toward Davisville Ave.

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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Cranes Rising in Toronto

Great article at www.multihousingnews.com​

In 2013, $1.48 billion of multifamily properties traded in the Greater Toronto Area (GTA), setting a new benchmark for transaction volume, with a 9 percent increase from 2012 (the prior record holder) and 60 percent greater than the 10-year average.

Michael Betsalel, vice president of Colliers International, notes that when numbers come in for 2014, the numbers may be even higher—but a lot of that has to do with the condo segment.

“For rental properties, there is very little supply but a very strong market,” Betsalel says. “Vacancy is very low, at 2 percent, and we are seeing some pretty strong appreciation in the rents, but only on turnover. There has been an impact to the market because in the last 10 years, there have been approximately 300,000 condo units built, of which half are being rented, so that’s added some higher-end supply to the market.”

The latter point means there has been very little purpose-built rental being constructed, and as a result, rents have been increasing substantially.

According to Betsalel, there are more cranes up in Toronto than in Chicago, L.A. and New York combined, with condos being built left, right and center, but the reality is that to buy condo land costs $300 a foot and you’re not going to get rents to justify a yield.

“There have been newly developed buildings, being built by major institutions or on existing density—maybe someone has an old apartment building on an existing site, and they have free land in which to build,” he says. “The other option is to build a condo and sell it for a lot more a square foot, so the opportunity to make money is really limiting the production of purpose-built rentals.”

Jason Mercer, director, market analysis and service channels for the Toronto Real Estate Board (TREB), says there’s been more interest in the Toronto multifamily market of late.

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 December 1, 2014

David Stoddard Condo Tours

 

 

 

 

 

 

 

 

 

Here are my Top Picks for the Week:

 

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33 Harbour Sq. #1630

Price: $314,800 Beds: 1 Baths: 1 Sq Ft: 547

Harbourfront Living.Steps from the Boardwalk.High Demand Building at the Foot of Bay St. Freshly Painted, Open Concept 547sf Condo. Natural Light Galore from the Double Juliette Balcony Doors. Quiet Courtyard Exposure.Terrific Ensuite Storage with T…

View this property >>

 

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.​

What Homeowners Can Do to Prevent Basement Flooding

Great article in http://blog.newinhomes.com

It is that time of year again, when you start preparing for the cold winter months. You trade in those shorts and flip flops for a down coat and warm boots; put away that comfortable patio furniture and beach chairs and pull out the ice skates and hockey equipment; or you put the lawnmower in storage and fuel up the snowblower for those blustery days ahead. There’s one more vital task every homeowner needs to do but often overlooks – preparing for and taking steps to prevent basement flooding.

Each winter, homeowners lose hundreds of thousands of dollars from basement flooding. Whether you use your cellar for storage, laundry, workshop or extra living space, the loss of personal property due to flooding can be devastating. Even a few inches of water can destroy the furnace, water heater or electrical system and put your family’s safety at risk. Mold, mildew and bacteria growth can begin as soon as 24 hours after exposure to a damp environment causing long-term respiratory and other health concerns. Water infiltration sometimes comes with little warning, giving you little time to take expensive furniture, appliances, entertainment systems or tools to higher ground. As if all that wasn’t enough, being unprepared for a basement flood can compromise the structure of the home through damage to the basement flooring, wallboard and even the foundation. While the thought of this type of potentially catastrophic event can be overwhelming, you can control and even prevent basement flooding with a little planning.

TYPES OF FLOODING AND PREVENTATIVE ACTION

Internal – includes flooding due to equipment failure, back-ups or homeowner error.

* Use burst-proof pipes on washing machine.

* Add a lint trap on washing machine drain to prevent laundry tray back-up.

* Make sure laundry tray drain is open and free of obstruction.

* Check dishwasher flexible tubing for cracks or loose connections.

* Make sure sump pump is operating properly and handles sufficient capacity.

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 Critics Should Chill

Great article at http://renx.ca/

This week’s entry comes from Canada Mortgage and Housing Corp. which warned of “overbuilding” in Toronto (and Montreal). Its chief economist warned of “elevated” numbers of units under construction in those cities that could develop into overbuilding should sales be slower than expected.

So the big “if” is left hanging, are sales set to fall in Canada’s hottest market? We asked Hunter Milborne, head of Milborne Real Estate Inc., who is credited with the marketing and sales of 60,000 units worth approximately $10 billion.

Milborne’s take on the condo market

His take: Toronto’s condo market is healthy today and will be going forward, primarily because it is the only option for entry-level buyers.

“The biggest explanation is if you look at the single-family house market . . . if you try and buy a house in Toronto lately, anything under $1 million, there are multiple offers, it is difficult to buy,” said Milborne, who was dubbed the “Dean of Condos” by Canadian Business. “The condos, most of what we buy is $200,000 to $500,000. It is really kind of the only entry-level new housing that is available.”

He is also not worried that the industry trend to smaller and smaller units by developers, in part to keep prices down, will be a problem down the road when the millennials get busy making families.

“It’s primarily single guy, single gal, young couple, that is primarily what investors purchase to rent out, but more and more you are getting families that are having a kid in a two-bedroom or a small three-bedroom and realizing that the trade-off is to drive for an hour and a half each way each day and that is really a very happy trade-off.”

Bigger, better?

He does see a slow trend towards larger condos as some developers target buyers who will outgrow that first unit, but it will not be dramatic. “The studios, the one-bedrooms and the one-plus-dens are still the bulk of the market just simply because you have a lot of single- or two-person households and they are much more affordable.”

As for the fate of all those small units that are going to be outgrown, “there is always going to be a supply of young people moving to the city.”

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.​

33 Harbour Sq.

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18.1 unit view2

 

 

 

 

 

 

 

$314,800

Ste: 1630

MLS: C3078176

Harbourfront Living. Steps from the Boardwalk in a High Demand Building at the Foot of Bay St. Freshly Painted, Open Concept 547sf Condo. Natural Light Galore from the Double Juliette Balcony Doors. Quiet Courtyard Exposure. Terrific Ensuite Storage with Two Double Closets in the Bedroom and Two Closets in the Front Hall. Parking and Locker Included. This Unit is a Perfect Pied-a-Terre or for a First Time Home Buyer.

This Condo Includes: All Light Fixtures. All Window Coverings. Fridge, Stove, Hood Fan, Built-In Dishwasher and a Microwave. Phantom Balcony Screen. 100 transit score. Shops And Restaurants Nearby. Highway and PATH Access Nearby. Incredible Building Amenities Including a FREE Shuttle Service, Visitor Parking, Concierge, Gym, Indoor Pool With an Outdoor Sundeck, Squash Courts, Terrace With Outdoor BBQ’s, Event Room, Guest Suites, Library, Sauna, Yoga and Pilates Classes.

For more information please visit http://www.33harbour1630.com/

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

New Purpose-Built vs. Condo Rents: A Per Sq. Ft. Comparison

Great article at http://UrbanationInc.Blogspot.ca

In addition to our quarterly reports on the new, resale and rental condominium apartment markets, Urbanation is actively engaged in site-specific market studies across the country. Interestingly, the majority of our consulting work has been focused on the market opportunity to construct new purpose-built rentals.

Whether it’s the fact that rental demand is at a 25-year high (at least), that condo rents have grown by about 20% over the past five years, that vacancy rates are ultra-low, the availability of low interest loans and tax incentives to build new rentals, or the perhaps the diversification of developers away from condos, attention has shifted sharply to the purpose-built arena.

With condos representing 99% of new rental supply in the GTA, our ability to provide accurate market valuation assessments has benefited tremendously by drawing information from the UrbanRental database — our proprietary database of condo rental market data by project.

In the course of conducting our research we have come across several instances where new purpose-built projects have been achieving higher per sq. ft. rents than comparable condo projects. For this blog post, we decided to zero in on some examples within the City of Toronto.

Five recently completed rental apartments were selected: One32 (2013), Motion (2012), WestQ (2012), Minto Roehampton (2007), and Jazz (2006). Using the UrbanRental database, we identified condo projects that were (i) within a 500 metre radius of the site, (ii) built within the last 10 years, and (iii) were of a comparable scale as the rental buildings selected.

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.​