GTA Real Estate Market Report June, 2015

Record Sales and Strong Price Growth in June

Greater Toronto Realtors reported 11,992 residential sales through the Toronto MLS system in June 2015. The number of transactions in June represented an 18.4% increase compared to 10,132 transactions reported in June 2014. This result represented a new record for the month of June
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The number of new listings reported in June were up by 6.7% compared to the same period in 2014. Active listings were 17,972 in June-down 13.1% from June 2014.

“As I begin my term as TREB President, I think it is important to point out that our region continues to grow in response to our diverse economic, ethnic and cultural bases. The GTA consistently receives international accolades as one of the best places in the world to live and do business. As the number of households grow, many of them will take advantage of the diversity of affordable home ownership opportunities that exist in Toronto and the surrounding areas,” said Toronto Real Estate Board President Mr. McClean.

The average selling price continued to grow on a year-over-year basis in calendar year 2014 with an 8.4% increase over calendar year 2013 to $566,726.

The average price in June was up by 12.3% from the same time last year to $639,184.

“It is encouraging to see that new listings have edged upwards so far this year, as homeowners have reacted to strong home price growth and have looked to take advantage of increased equity in their homes. However, the annual rate of sales growth continues to far outstrip listings growth, which means that there remains a lot of willing buyers in the marketplace who haven’t found a home that meets their needs. As long as this situation persists, expect home prices to trend strongly upwards” said Jason Mercer, TREB’s Senior Manager of Market Analyses.

Sales of Toronto (416 area code) condominium apartments increased by 21.3% in June 2015. The average selling price of a Toronto condo increased by 7.0% from the same time last year to $418,599.

Condominium apartments accounted for 22.5% of total sales in the GTA for June 2015 while detached homes accounted for 49.6% of the total sales.

Other notable statistics include the average days on the market for June at 19 days, down 13.6%. The sales-to-listings ratio for June was 66.7% 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 or by email, David@DavidStoddard.ca

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5 Things To Remember About Boundary Rights

Great article by Mark Weisleder (www.realestatelawyers.ca)

There is an expression that good fences make good neighbours. One qualification. Only when the fence happens to be on the correct boundary line.  Here are 5 things to remember when it comes to boundary lines:
There is a difference between a fence line and a deed line. 

If you look at a survey, there may be two lines displayed, a fence line, and a deed line. The deed line is where the boundary line SHOULD be, based on the title papers. The fence line shows where the fence is actually located. If the fence is not on the deed line, then it will typically require both a lawyer and a surveyor to determine where the boundary line should b and whether the fence can be moved.
Can you still steal someone’s land by possession?

This is called Adverse Possession and is still available today in many parts of Ontario. However, it is getting harder to prove. Since most of the land has been converted into the Land Titles System, it now will take typically at least 20 years to be able to prove that you have taken your neighbour’s land by possession. Sorry, you cannot steal land from the government, so even if you have fenced in some City land or Conservation land for 30 years, you can be asked to move the fence back if they find out.
Who owns the tree on the property line?

If the tree is on the boundary line, then both neighbours own the tree. You cannot remove the tree without the permission of both owners. You can trim the branches or the roots of your neighbour’s tree to the property line, as long as you do not harm the tree. You cannot enter your neighbour’s land to do this. If your tree falls and damages your neighbour’s property, then your neighbour will be responsible for the loss and will have to claim from their own insurance policy. Strange result but true.
Is there a law that there must be a fence on the boundary line?

Unless you have a swimming pool or your land is backing onto a public highway, there is no law saying you must have a fence. If there are disagreements between neighbours over the type of fence to build, or whether a fence needs to be rebuilt, then each City has a process to decide this. Some cities send out referees to determine who is right. The reasonable solution is just share the cost of a simple fence. If one neighbour wants a more elaborate fence, let them pay the difference.
What should you do when an argument erupts over a boundary line?

I have seen neighbours come close to physical violence over arguments about boundary lines. I have seen cases where people just take matters into their own hands, rip up the fence and build it on a different boundary line. Although the best answer is to get a new survey and work it out, that may not always be possible. Make sure you take pictures of where your fence is in advance, so if your neighbour does take it down, you can prove later where the fence should be, if the case goes to court.
Understand your boundary rights and you will be able to get along better with your neighbours.

Please contact me direct at or by email, David@DavidStoddard.ca

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

GTA Real Estate Market Report May,2015

A New Sales Record for the Month of May 2015

Greater Toronto Realtors reported 11,706 residential sales through the Toronto MLS system in May 2015. The number of transactions in May represented an 6.3% increase compared to 11,013 transactions reported in May 2014. For the TREB market area as a whole, sales were up for all major housing types. However, in the City of Toronto, where the supply of low-rise listings has been constrained, sales were down for detached homes.

The number  of new listings reported in May were down by 0.8% compared to the same period in 2014. Active listings were 18,585 in May-down 10.1% from April 2014.

“During my tenure as TREB President over the past year, it is clear to me that ownership housing remains top of mind as a quality long-term investment for GTA households. This is why, despite a shortage of listings in some market segments, we experienced a record number of sales reported through TREB’s MLS system for the month of May,” said Toronto Real Estate Board President Paul Etherington.

The average selling price continued to grow on a year-over-year basis in calendar year 2014 with an 8.4% increase over calendar year 2013 to $566,726.

The average price in May was up by 11.1% from the same time last year to $649,599

“Tight market restrictions, especially for singles, semi’s and townhomes in the GTA have resulted in strong price growth regardless of the price metric being considered. With no relief so far on the listings front, expect similar rates of price growth as we move through the remainder of 2015. At this point, a number of months where listings growth outstrips sales growth would be required to satisfy pent-up demand,” said Jason Mercer, TREB’s Senior Manager of Market Analyses.

Sales of Toronto (416 area code) condominium apartments increased by 12.9% from May 2014. The average selling price of a Toronto condo increased by 5.5% from the same time last year to $422,947.

Condominium apartments accounted for 21.5% of total sales in the GTA for May 2015 while detached homes accounted for 49.9% of the total sales.

Other notable statistics include the average days on the market for May at 18 days, down 14.3%. The sales-to-listings ratio for May was 63.0% 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 or by email, David@DavidStoddard.ca

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