GTA Real Estate Market Report December, 2015

Record TREB Home Sales In 2015

Greater Toronto Realtors reported 4,945 residential sales through the Toronto MLS system in December 2015 the second best sales result on record for December.  The number of transactions in December represented a 11.9% increase compared to 4,418 transactions reported in December 2014. Freehold townhomes in the GTA had the highest sales increase year-over-year.

TREB MLS home sales for 2015 totaled a record 101,299, a substantial 9.2% increase compared to 2014 as a whole. Strong annual sales increases were experienced for all home types.

The number of new listings reported in December was up by 8.4% compared to the same period in 2014. Active listings were 9,137 in December-down 10.7% from December 2014.

“Home ownership is a quality long-term investment that families can live in while the value increases over time. A relatively strong regional economy in the GTA coupled with low borrowing costs kept a record number of households-first time buyers and existing homeowners alike-confident in their ability to purchase and pay for a home over the long term,” said Mark McLean, TREB’s President.

“If the market had benefited from more listings, the 2015 sales total would have been greater. As it stands , we begin 2016 with a substantial amount of pent-up demand,”continued Mr. McLean.

The average price in December was up by 9.5% from the same time last year to $609,110. Semi-Detached homes in the GTA  led the way in terms of price increases at 15.0% compared to the same time last year.

The average price for 2015 as a whole was $622,217- up 9.8% compared to $566,624 in 2014.

GTA home price growth was driven by the low-rise segments of the market, but condominium apartment price growth was generally well above the rate of inflation for 2015.

“TREB will release its official 2016 outlook later in January, but suffice to say the demand for ownership housing is expected to remain very strong in 2016. Despite stricter mortgage lending guidelines and the possibility of slightly higher borrowing costs, on average, there will be many buyers who remain upbeat on the purchase of ownership housing,” said Jason Mercer, TREB’s Director of Market Analysis.

Sales of Toronto (416 area code) condominium apartments increased by 12.5% in December, 2015. The average selling price of a Toronto condo increased by 3.2% in December 2015 from the same time last year to $400,088. .

Condominium apartments accounted for 29.6% of total sales in the GTA for December 2015 while detached homes accounted for 43.2% of the total sales.

Other notable statistics include the average days on the market for December at 29 days, down 9.4%. The sales-to-listings ratio for December 2015 was 54.1% 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.

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Welcome to 45 Charles St E , Suite 2511

For Lease

MLS: C3402516


Chaz Condos Yorkville. Sun-Drenched East Unit With Floor To Ceiling Windows. Functional Open 580Sf Living Space With A Spectacular 123Sf Balcony. Beautiful Modern Finishes Designed By Cecconi Simone. Chefs Kitchen With A Corian Countertop And Stainless Steel Appliances. Master Bedroom With A Large W/I Closet And A 4Pc Ensuite Washroom. Beautiful Lobby. Amazing Amenities.

Inclusions:  All light Fixtures. All Window Coverings. Stainless Steel:Fridge, Stove, Hoodfan, Built-In Dishwsher, Built-In Microwave. Stacked Washer and Dryer. Concierge, Gym, Media Room, Party Room. Guest Suites. Bbq Area. Yoga Studio. Spa. Walk To Yonge/Bloor/Yorkville. Subway. Shopping. Restaurants.

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Welcome to 1246 Waterpoint St. Pickering, Ontario


MLS: E3396730


Enjoy The Fabulous Sunsets Overlooking Frenchman’s Bay. This Unique Modern Home On A Quiet Dead-End Street Offers An Incredible Open Concept Floor Plan. Natural Light Galore. Hardwood Flooring. Chef’s Kitchen With A Gas Stove And Breakfast Bar. Large Bedrooms Each With Access To Outdoor Space. A Beautiful, Private And Treed Property.

Included: All light fixtures. Stainless Steel: Fridge, Gas Stove, Hood Fan,Dishwasher, Microwave. Stacked washer and dryer. Detached Garage. Shared Driveway Parking. BBQ Gas Hookup. Minutes To GO And Hwy 401. Walking And Biking Trails. Marinas. Parks.Shopping. Restaurants.

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Press Release – What do we think of the current and upcoming market

Steady average price appreciation over close to two decades 

makes GTA housing market a global anomaly, says RE/MAX Hallmark

214 per cent increase in real estate values since 1996

Toronto, ON (January 12, 2016) – Low interest rates, coupled with population growth and solid economic fundamentals, contributed to a 214 per cent increase in average residential housing values in the Greater Toronto Area (GTA) over almost two-­-decades, according to RE/MAX Hallmark Ltd., one of country’s largest real estate franchises.

The GTA housing market is now entering its 20th year of consecutive price appreciation, on the heels of a record-­-breaking 2015.  The market has reported a steady increase in values since 1996, when the cost of an average home in the GTA hovered at $198,150.  Average price broke through the $600,000 benchmark in 2015, settling at $622,217 – an increase of 6.21 per cent when compounded annually over the 19-­-year period.

“The overall strength and stability of Toronto’s housing market is a global anomaly,” says Ken McLachlan, Broker-­-Owner, RE/MAX Hallmark Ltd. “Very few large residential housing markets can compete with the GTA’s performance over the past two decades”

When analyzing the level of growth in the Greater Toronto Area, population played a serious role.  In 2014, the Toronto CMA topped six million (6,055,724), a figure eight per cent higher than the 2011 Census population of 5,583,064 and a substantial 42 per cent uptick over the 1996 Census figure of 4,263,757.

The low interest rate environment has also influenced home buying activity in the GTA.  While the average residential mortgage-­-lending rate for a five-­-year term hovered at approximately eight per cent in 1996, the same product can be had for under three per cent in today’s competitive market.

Homeownership rates have also steadily increased in the GTA, in spite of rising values. Between 1996 and 2006, the level of ownership jumped approximately 10 per cent in the GTA (58.4 per cent to 67.6 per cent).  The most recent available rates for the province of Ontario sat at 71.4 per cent in 2011.

Given the turbulence the GTA market has withstood –recessions, 9/11, and SARS, just to name a few – the performance is “nothing short of remarkable”, explains McLachlan.

“Moving forward, there is no reason to expect the upward trend to end,” says McLachlan.  “In light of recent volatility in the stock market and overall economic uncertainty, we anticipate an upswing in home buying activity as investors look to tangible assets like bricks and mortar to ride out the storm.  The strength of the US dollar will also contribute, serving as an impetus for greater investment in the Greater Toronto Area throughout 2016.” 

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20 Tips To Get Your Credit In Check In 2016

Happy New Year!!

Make this the year you get your credit in order. Whether your goal is to buy a new home, become debt free and raise your credit score, or just make your payments more manageable, these 20 tips for handling your credit can help get you there.

1. Meet with a Mortgage Specialist. If you’re planning to buy a home anytime soon, meeting with a Mortgage Specialist can clarify what you’ll need to do in order to qualify and qualify for the best rates.

2. Check your credit. You can pull your report at Your credit score will not be affected if you check your score on this consumer site. When a lender (ie.applying for a credit card) pulls your credit score your score will be affected.

3. Dispute anything that’s incorrect. It may take some time and effort, but removing incorrect items from your report can have a great impact on your score.

4. Don’t waste your time trying to get collection accounts off your credit report. Be aware that paying off a collection account will not remove it from your credit report. It will stay on your report for seven years.

5. Set little goals. Paying off a large balance can seem overwhelming. Setting weekly or monthly goals to pay down your credit can make it feel for manageable, and also help keep you on track when that handbag is calling your name.

6. Pay off the smallest accounts first. It may seem smarter to attack the large balances first, but getting small balances paid off will lower your monthly output and allow you to redirect those funds to other balances once they’re paid off.

7. Or, pay off the account with the highest rate first. Since this is the one that’s costing you most every month.

8. Contact your creditors. It might be that they have a program to help you pay your debt.

9. Negotiate your rates. A call to your creditors may yield a lower rate.

10. Transfer balances. You can make it easier to pay your balances by taking advantage of an existing card with low or no interest.

11. Don’t have a card with a low rate? Open a balance – transfer credit card – This allows you to move expensive debt over to a new card, with a low, often 0% APR, for a set time period.

12. Get a secured card. If you’re trying to re-establish credit after a bankruptcy or after paying off old delinquent accounts, a secured card from a bank can help you build it back up.

13. Even if you can’t wipe out all your debt now, pay down your balances. One of the major factors in your credit score is how much revolving credit you have versus how much you’re actually using. The smaller that percentage is, the better it is for your credit rating. The optimum: 30 percent or lower.

14. Pay your bills on time. It’s the easiest and most effective way to keep your score good, or improve it.

15. If you’re buying a home, don’t apply for any more credit cards without your Mortgage Specialist’s approval. Each application will hurt your credit score.

16. Set up payment reminders. If you’re the type that forgets or overlooks payments, make sure you’ve got it covered. Setting a reminder from the creditor or putting a reminder in your phone can help.

17. Set your accounts on auto pay. You’re less likely to miss a payment if you have it set up automatically to draw from your account. Just make sure you keep enough money in your account to cover the payments or you’ll have to pay overdraft fees.

18. Use cash for everything. Financial experts often recommend this tactic to keep us in check about what we’re actually spending. There aren’t any surprises at the end of the month when you’re only using the dollars and cents you have in your wallet.

19. Think about debt consolidation. Many experts consider this a last-ditch resort because its “quick fix” solution may actually cause more problems down the line. Be sure to read up to make sure this is the right step for you.

20. File for bankruptcy, but only if you have no other option. While going this route allows you to wipe the slate clean, it also has a devastating impact on your credit. Bankruptcy is meant to be a last-resort option but there are certain situations when filing may be your best bet:

•You’re being sued by debt collectors

•Your wages are being garnished

•You can’t pay your bills (due to a job layoff or an unexpected illness)

•You’re in danger of losing your home

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