GTA Real Estate Market Report November, 2015

Record Home Sales for November 2015

Greater Toronto Realtors reported 7,385 residential sales through the Toronto MLS system in November 2015. The number of transactions in November represented a 14.0% increase compared to 6,476 transactions reported in November 2014. Semi-Detached homes in the GTA had the highest sales increase year-over-year.
November 2015 sales represented the best month of November on record.

Sales through the first eleven months of 2015 amounted to 96,401.

The number of new listings reported in November was up by 10.2% compared to the same period in 2014. Active listings were 13,454 in November-down 8.6% from November 2014.

“Not only did we see a record sales result for November, but with one month left to go in 2015, we have already set a new calendar year record for home sales in the TREB market area, eclipsing the previous record set in 2007. Sales were up on a year-over-year basis for all major home types, both in the City of Toronto and surrounding regions. This suggests that the demand for ownership is widespread, from first time buyers to long-time homeowners across the GTA,” said Mark McLean, TREB’s President.

The average price in November was up by 9.6% from the same time last year to $632,685. Semi-Detached homes in the GTA  led the way in terms of price increases at 11.8% compared to the same time last year.

“Demand for ownership housing has remained strong in the GTA throughout 2015 with sales generally increasing at a greater annual rate compared to new listings. This means that competition between buyers has strengthened in many neighbourhoods in the City of Toronto and surrounding regions. The end result has been upward pressure on home prices well above the rate of inflation in most cases,” said Jason Mercer, TREB’s Director of Market Analysis.

Sales of Toronto (416 area code) condominium apartments increased by 13.3% in November, 2015. The average selling price of a Toronto condo increased by 5.4% from the same time last year to $415,316.

Condominium apartments accounted for 26.1% of total sales in the GTA for November 2015 while detached homes accounted for 46.7% of the total sales.

Other notable statistics include the average days on the market for November at 26 days, down 3.7%. The sales-to-listings ratio for November 2015 was 54.9% 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.

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

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5 Steps Towards an Energy-Efficient Home

Great article at http://RealtyTimes.com

Your home is your place to rest, play, and spend time with your family. It should be a place of comfort, and this comfort need not come at a high cost. Many homes, however, waste a lot of energy in ways that can be prevented. Here are five ways to make your home more energy-efficient.

1. Replace or Weatherize All Windows  

Windows are one of the biggest sources of heat gain and heat loss in a home. Both heat gain and heat loss rob you of comfort and keep your energy bills higher than they have to be, whether during the summer or winter months.

Windows rank high on the list because of air leakage around the frame and the heat that transfers through windowpanes. Old single-pane windows provide little protection against heat transference. If you replace these windows with energy-efficient windows you should see immediate savings and improved climate control in your home.

When choosing windows, consider the frame and not just glass. Frame material and frame design matters. Hinged windows allow less air leakage than sliding, single-hung or double-hung do. Avoid metal because these conduct heat. Choose insulated vinyl frames or insulated fiberglass frames for the most efficiency and durability.

Pay attention to glass efficiency ratings such as the U-factor and the solar heat gain coefficient. The right windows to choose depend largely upon regional climate. If you live in an area with hot summers and mild winters, you want glass that blocks out as much solar heat gain as possible.

Low-E coatings on windowpanes reduce heat conduction through the glass, which benefits you by keeping hot air inside in winter and hot air outside in summer. There are other coatings and tints available, but you should still look for the Energy Star label. Only products that have met strict requirements by the EPA qualify for this special certification

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 Shifting Demand for Innovative Condo Amenities

Great article at http://Blog.NewinHomes.com

In Toronto’s competitive condo market, developers are constantly looking for ways to stand out from the rest. Condo amenities are an important tool for developers looking to attract homebuyers and edge out the competition.

As time passes and a new generation of homebuyers emerges, simply advertising a sauna or swimming pool just doesn’t cut it. Homebuyers want amenities that will complement their lifestyles and developers have to adjust.

As 2015 comes to an end, we’ve rounded up some of our favourite condo amenities that changed the game, altering the way we think about healthy living, outdoor space, the streetscape, commuting, and unleashing your creative side

1) Cater to Active Lifestyles

State-of-the-art gyms have become the norm in Toronto’s condominium market, and condo buyers have come to expect these facilities as a minimum standard from developers. In order to catch the eye of health-conscious homebuyers, Ghods Builders took fitness to the next level, using cutting-edge LED technology to give residents a multi-purpose court and diverse fitness experience.

5959 Yonge Street Condos in Toronto is the first condo to feature an LED court that produces lines and boundaries for your favourite sports with the push of a button. Some of the games include basketball, volleyball, squash, badminton, and soccer.

Click here for more.

Here is what you can do next:

 

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

New Down Payment Rules

David Stoddard Buyer Planning Sessions

 

 

As announced this morning by the Federal Finance Minister, the Federal Government is raising the minimum down payment for new insured mortgages to 10 per cent from 5 per cent for the portion of house prices above $500,000-$999,999.

The new rule will take effect on Feb. 15, 2016.

Down payment rules for mortgages for properties below $500,000 will be unchanged.

For example, a Buyer looking to purchase a $600,000 property:

  • $25,000 for the $500,000 (5%)
  • $10,000 for the extra $100,000 (10%)
  • Total Minimum Down Payment = $35,000

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.

GTA Real Estate Market Report October, 2015

Record Home Sales for October 2015

Greater Toronto Realtors reported 8,804 residential sales through the Toronto MLS system in October 2015. The number of transactions in October represented an 3.4% increase compared to 8,512 transactions reported in October 2014. Condo apartments in the GTA had the highest sale increase year-over-year.

The number of new listings reported in October were down by 0.4% compared to the same period in 2014. Active listings were 16,180 in October-down 7.5% from October 2014.

The average price in October was up by 7.3% from the same time last year to $630,876. Semi-Detached homes led the way in terms of price increases at 11.6% compared to the same time last year.

“Record sales coupled with a constrained supply of listings in many GTA neighbourhoods has underpinned very strong price growth throughout 2015. Even if we do see a greater supply of low-rise listings in the marketplace over the next year, market conditions will remain tight enough to see continued price growth well-above the rate of inflation,” said Jason Mercer, TREB’s Senior Manager of Market Analyses.

Sales of Toronto (416 area code) condominium apartments increased by 9.7% in October, 2015. The average selling price of a Toronto condo increased by 4.2% from the same time last year to $406,792.

Condominium apartments accounted for 25.2% of total sales in the GTA for October 2015 while detached homes accounted for 46.6% of the total sales.

Other notable statistics include the average days on the market for October at 22 days, down 12.0%. The sales-to-listings ratio for October 2015 was 54.4% 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.

Home Buyers’ Plan

If you are planning on moving into your first house or condo sometime in 2016 now is the perfect time to do some serious planning on how to best gather the money you’ll need for your down payment.

What is the Home Buyers’ Plan? (HBP)

The HBP is a Federal government program initiated in 1992. The HBP has helped millions of Canadians to purchase homes and to build homes and therefore has played and does play an integral part in Canada’s economic growth .

Simply, the HBP allows you to use your rrsp money as part of your down payment funds to purchase a home or to build a home.

Think of it as an interest free loan to yourself paid back over 15 years interest free.

HBP Main Criteria:

* You cannot have owned a home as a principal residence in the last 5 years.

*  If you have already participated in a HBP the balance is zero on Jan.1 of the year you plan on making another withdrawal . ie. you cannot have more than one plan open.

*  The funds must be in a designated rrsp account for a minimum of 90 days.

*  The money must be used no more than 30 days after your closing date.

*   The money must be paid back over a 15 year period using straight line amortization. eg. If you  withdrawal $15,000 then each year for 15 consecutive years  you must repay $1000.

*  You can overpay any year if you like however since it is interest free think again.

*   If you underpay any year the difference is taxable.

*  The first payment will be the second year following the year of the withdrawal.

*   You can contribute to your rrsp’s up to March 1, 2016 for the 2015 tax year.

* You have to have an Agreement of Purchase and Sale in place.

*  You have to occupy your house as your principal residence no more than 1 year after you purchase it.

*    You have to be a resident of Canada.

*  You have to receive your withdrawals in the same calendar year.

*  The maximum withdrawal per person is $25,000.

*  You have to complete form T1036 for each eligible withdrawal.

Important Points:

* Prior to utilizing your rrsp’s it is very important that a personal budget be prepared. Remember you have to repay an equal amount yearly for 15 years. If the repayment does not fit into your overall personal budget as a homeowner  then it is not advised.  Some of my clients use their rrsp’s and some do not. I have a standard personal budget form that my clients use as a worksheet.It is important to determine in advance if your rrsp’s qualify for the HBP. Ask your rrsp provider.

* It is important to determine in advance if your rrsp’s qualify for the HBP. Ask your rrsp provider.

* If you want to maximize your rrsp contribution under the HBP then there are ways to do this with liquid cash and/or with an rrsp loan. Email me for details.

* Any funds that you put into an rrsp account will generate a corresponding tax refund and this to can be added to your down payment funds.

To learn more about how you can use your rrsp’s as part of your down payment please come to a FREE Buyer Planning Session.

Click HERE to register for a Buyer Planning Session.

Even if you a year plus away from purchasing a home a buyer planning session will provide the framework for a systemized plan.

We will discuss your personal budgeting, mortgage application and mortgage financing, credit management, the real estate market and the home buying process.

How do we know our planning sessions are helpful for our clients to achieve their ultimate home buying goal?

Our clients have told us so.

Check out what are clients are saying about us. Click HERE.

Please contact me direct , 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.