This report talks about the current and expected Sellers market for 2017; the latest on new homes and residential land; the role of supply in addressing housing affordability; foreign buying activity in the GTA; the impact of transportation infrastructure on housing affordability, etc..  It also reviews 2016 - RECORD homes sales.  If you are in the market to BUY or SELL your home this is a must read.  

For the complete report email:   Irene@SoldByIrene.ca.

For help with the purchase or sale of a home, contact Irene at 416 523 3425 - text or call. 

​CMHC will be increasing its homeowner mortgage loan insurance premiums effective March 17, 2017!

They say on average the insurance premium will go up approximately $5 per month on Buyers mortgage payments.

For more information check out:   CMHC news

PUBLIC OPEN HOUSE

You have two times to attend a public open house for an update on Inspiration Lakeview.  The purpose is for people to meet the staff and discuss the proposal in an informal environment.

Date: Wednesday November 9, 2016
Time: 2:00 p.m. to 4:00 p.m.
Meeting Place: Carmen Corbasson Community Centre - Petrescue Hall 1, 2nd Floor - 1399 Cawthra Road

and/or

​Date: Wednesday November 9, 2016
Time: 6:30 p.m. to 8:30 p.m. (presentation at 7:00 p.m.)
Meeting Place: Mississauga Seniors’ Centre -  Olga Tyne Room -  1389 Cawthra Road

See you there!

TORONTO, May 4, 2016 – Toronto Real Estate Board President Mark McLean announced that there were 12,085 sales reported through TREB’s MLS® System in April 2016. This result, which represented a record for the month of April, was up by 7.4 per cent in comparison to April 2015.

For the TREB market area as a whole, annual sales growth was experienced for all major home types except semi-detached houses. In the City of Toronto, sales were down for detached and semi-detached houses as well as townhouses on a year-over-year basis. This dip in sales in the ‘416’ area code was due to a lack of low-rise listings. Many would be buyers were not able to find a home that met their needs.

“Demand remained strong for all types of ownership housing. This suggests that Canadians continue to see the value in investing in homeownership, and on May 17, I encourage all homeowners to celebrate with us on National Real Estate Day,” said Mr. McLean.

“While April’s sales result represented a new record for sales, that number could have been even higher if we had benefitted from more supply. In the City of Toronto in particular, some households have chosen not to list their home for sale because of the second substantial Land Transfer Tax and associated administration fee. The lack of available inventory, coupled with record sales, continued to translate into robust annual rates of price growth,” continued Mr. McLean.

Home selling prices continued to trend upward in April. The MLS® Home Price Index Composite Benchmark was up by 12.6 per cent year-over-year. The average selling price was up by 16.2 per cent. The higher growth rate reported for the average home price, as compared to the MLS® HPI, points to a greater share of high-end home sales this year compared to last.

“As we move into the busiest time of the year, in terms of sales volume, strong competition between buyers will continue to push home prices higher. A greater supply of listings would certainly be welcome, but we would need to see a number of consecutive months in which listings growth outpaced sales growth before market conditions become more balanced,” said Jason Mercer, TREB’s Director of Market Analysis. CON

TORONTO, April 22, 2016 – Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported 5,974 condominium apartment sales through TREB’s MLS® System during the first quarter of 2016 – an increase of 21.2 per cent compared to the first quarter of 2015. Approximately 70 per cent (4,131 sales) of first quarter 2016 transactions occurred in the City of Toronto.

The same annual rate of growth was not experienced for new listings. There were 11,112 new condominium apartment listings entered into TREB’s MLS® System in the first quarter – down 1.7 per cent compared to the same period in 2015.

“It is clear that the demand for condominium apartments more than kept up with the supply of listings in the first quarter of this year. This housing type is an important entry point into home ownership for a lot of GTA households, particularly in the City of Toronto. Recent polling undertaken for TREB by Ipsos suggested that approximately half of home purchases made in the GTA this year would be accounted for by first-time buyers,” said Mr. McLean.

The average condominium apartment selling price was $393,589 in the first quarter – up 8.1 per cent compared to Q1 2015. Similarly, the MLS® Home Price Index benchmark price for apartments was up by 7.1 per cent on a year-over-year basis at the end of March.

"While the condominium apartment market segment remains the best supplied in the GTA, market conditions have tightened considerably since the first quarter of 2015. Not surprisingly, the pace of year-over-year price growth has accelerated over the same period of time,” said Jason Mercer, TREB’s Director of Market Analysis. 

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TORONTO, April 22, 2016 – Toronto Real Estate Board President Mark McLean announced 6,458 condominium apartment rental transactions reported through TREB’s MLS® System during the first quarter of 2016. This result represented a year-over-year increase of 6.5 per cent compared to the first quarter of 2015.

“It’s not just the home ownership market that is tight in the Greater Toronto Area. Demand for condominium apartment rentals remained very strong relative to available listings. As a result, strong competition between renters prompted very strong growth in average rents, particularly for the popular one bedroom and two-bedroom apartment categories,” said Mr. McLean.

The average one-bedroom apartment rent was $1,662 in the first quarter – up 4.8 per cent compared to the same period in 2015. The average two-bedroom rent climbed by 8.9 per cent to $2,375 on a year-over-year basis.

“Even with record and near-record completions over the last few years, condominium apartment vacancy rates have remained low. Renters looking for new apartments in popular neighbourhoods are by and large pointed at investor-held condominium apartments. This is why new rental listings have been absorbed in short order and average rents have trended upwards over the past year,” said Jason Mercer, TREB’s Director of Market Analysis.

Full report download:
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680 NEWS reports:  
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Mississauga city council voted Wednesday to study a proposal brought forward by Mayor Bonnie Crombie that would see the city separate from Peel Region.

Crombie says the review will look into long-standing issues about whether or not Mississauga should continue to be part of Peel Region, which also includes Brampton and Caledon.

“It’s time that we control our own destiny,” said Crombie. “Hamilton, London, Sudbury, Ottawa are all single tier. Why is Mississauga, with 800,000 people, still in a two-tier government.”
If the study supports such a move, citizens would be asked to vote on it as part of a referendum in the 2018 election.

This is not the first time that Mississauga has entertained the idea of leaving the region.

complete report

TORONTO, March 3, 2016 – Toronto Real Estate Board President Mark McLean announced Greater Toronto Area REALTORS® reported a record number of home sales through TREB’s MLS® System in February 2016. There were 7,621 transactions reported this past February – up 21.1 per cent compared to February 2015.

The number of new listings entered into TREB’s MLS® System was also up on a year-over-year basis, but by a lesser 8.2 per cent. The fact that the annual rate of sales growth outstripped the annual rate of new listings growth shows a tightening of market conditions compared to last year.

“Even after accounting for the leap year day, sales were above the previous record for February set back in 2010. Sales were up strongly from the 15th day of the month onward as well, despite the new federal mortgage lending guidelines coming into effect that require at least a 10 per cent down payment on the portion of purchase prices between $500,000 and $1,000,000,” said Mr. McLean.

Seller’s market conditions continued throughout the GTA in February. Strong competition between buyers resulted in a healthy growth in selling prices. The MLS® Home Price Index (HPI) Composite Benchmark was up by 11.3 per cent year-over-year. The average selling price was up by 14.9 per cent annually to $685,278.
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“Recent polling conducted for TREB by Ipsos suggested that GTA households will remain upbeat about purchasing a home in 2016. Early sales results for January and February certainly support this view. With strong sales up against a constrained supply of listings, home prices continued to trend strongly upward,” said Jason Mercer, TREB’s Director of Market Analysis.   

For the full report, download attached document

February 19, 2016 – Greater Toronto Area REALTORS® reported 3,500 sales through TREB’s MLS® System during the first 14 days of February 2016. This result represented a 13.5 per cent increase compared to 3,083 sales reported during the same time frame in 2015. For the TREB market area as a whole, annual rates of sales growth were strongest for condominium apartments, followed by semidetached and detached houses.

Market conditions appeared to have tightened compared to last year, with annual growth in sales well outstripping annual growth in new listings entered into TREB’s MLS® System.

The average selling price for the first two weeks of February 2016 was $677,380, which represented a year-over-year increase of 12.5 per cent compared to an average price of $601,943 reported for the same time period in 2015. Annual rates of average price growth were quite uniform when broken down by home type, with similar rates of growth for condominium apartments and detached and semi-detached houses.

​The strongest annual rate of price growth was for semi-detached houses in the City of Toronto. On top of this, in the ‘416’ area code, the average price of condominium apartments was up by more than 16 per cent year-over-year.  For the full report, download attached document