The average selling price during first two weeks of March 2017 for all home types up 35.1 per cent compared to March 2016.
TREB reports on February 16th:
IMPORTANT Changes to Toronto LTT APPROVED - Effective March 1, 2017
February 16, 2017 -- City of Toronto Council has approved changes to the Toronto Land Transfer Tax that mean additional Toronto Land Transfer Tax costs for some home buyers with a closing date on or after March 1, 2017, when it will be harmonized with the provincial LTT.
Click here to see the detailed City of Toronto Notice on the "original" proposed changes posted in December 2016 (NOTE: changes made to original proposals as per below).
The following changes to the Toronto Land Transfer Tax were considered and approved by Toronto City Council on February 15, 2017. The changes are effective AS OF MARCH 1, 2017, for real estate transactions closing on or after this date:
TREB, with the support of the Ontario Real Estate Association (OREA), undertook a comprehensive campaign to oppose the proposed changes. As a result of these efforts, significant concessions were made to the proposals that went forward for City Council's consideration as follows:
For an analysis of your neighbourhood, call or text Irene at 416 523 3425 or email Irene@SoldByIrene.ca
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
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!
“The Finance Minister’s recent changes to regulations affecting mortgage lending has added to housing market uncertainty among buyers and sellers,” said CREA President Cliff Iverson. “For first-time home buyers, the stress test for those who need mortgage default insurance will cause them to rethink how much home they can afford to buy.”
“First-time home buyers, particularly in housing markets with a lack of affordable inventory of single family homes, may be priced out of the market by the new regulations that take effect on October 17th,” said Gregory Klump, CREA’s Chief Economist. “First-time home buyers support a cascade of other homes changing hands, making them the linchpin of the housing market. The federal government will no doubt want to monitor the effect of new regulations on the many varied housing markets across Canada and on the economy, particularly given the uncertain outlook for other private sector engines of economic growth.”
For Full Report see CREA NEWS
August 18, 2016 – Greater Toronto Area REALTORS® reported 4,237 home sales through TREB’s MLS® System during the first 14 days of August 2016. This result represented a 14.8 per cent increase compared to the same time period in 2015. Double-digit year-over-year sales growth was reported for most home types.
While the number of home sales was up substantially compared to the same period last year, the number of new listings decreased slightly. The decline was driven by a dip in new listings in the City of Toronto. New listings in the regions surrounding Toronto were up, but by a lesser annual rate compared to sales. This suggests tighter market conditions throughout the GTA.
Average selling prices for the first two weeks of August 2016 were up year-over-year for all major home types. For the TREB market area as a whole, the strongest average price growth was experienced in the detached market segment. According to a recent consumer survey undertaken for TREB, detached houses remain the most popular choice for intending home buyers, while listings of this type remain scarce in many neighbourhoods throughout the GTA.
Looking forward, through the end of August and through the end of 2016, annual rates of price growth are expected to remain strong. The drivers of demand, including low borrowing costs and a relatively strong regional economy, will remain conducive to home buying. At the same time, little to no relief is expected on the listings front, which suggests seller’s market conditions will remain in place.
See Full Report
Now in the South Mississauga General Information Tab. Click HERE for more info.
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.
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:
CMHC REPORT - April 2016.
In recent years, the topic of foreign ownership has gained in importance as evidenced by the level of interest generated in the media. The general perception is that foreign buyers are key players whose actions could have significant implications for Canadian housing markets.
Despite a range of statistics suggested by various studies on the size of foreign ownership, available factual information remains scarce. One meaningful first step towards filling this data gap is through CMHC’s Condominium Vacancy Survey which has been used to collect data on foreign ownership since 2014.
The Toronto CMA is where analysis by the age of the building provides the most interesting insights into foreign buyers’ activities. The share of foreign ownership is less than 2% for buildings completed before 2000 to over 7% for those completed since 2010 (see Graph 1). This variation is even more pronounced in Toronto Centre where about 10% of the newer stock is owned by foreigners compared to about 2% of the stock built in the 1990s.
For complete report download the attached.
April 19, 2016 – Greater Toronto Area REALTORS® reported 5,537 sales through TREB’s MLS® System during the first 14 days of April 2016. This result represented more than a 20 per cent increase compared to 4,604 sales reported for April 2015.
Double-digit annual rates of sales growth were common for many market segments, both in the City of Toronto and the surrounding regions making up the balance of the TREB market area. A notable exception was for sales of semi-detached homes in the ‘416’ area code, where sales were down compared to last year. This was likely due to a lack of listings rather than a lack of demand.
The average selling price for the first two weeks of April 2016 was $730,330, which represented a year over-year increase of 16.9 per cent compared to an average price of $624,821 reported for the same time period in 2015. Annual rates of price growth were stronger for low-rise home types, both in the City of Toronto and the surrounding regions. This reflects the tighter market conditions for these home types compared to those for condominium apartments.
It is important to remember that average price growth can result from both changes in market conditions and changes in the mix of home types sold from one year to the next. In contrast, MLS® Home Price Index (HPI) benchmark prices reflect price changes attributable to market conditions. MLS® HPI statistics are released monthly in TREB’s Market Watch publication.
See attached for full report
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680 NEWS reports:
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.
GTA REALTORS® Release Monthly Resale Housing Market Figures
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.
“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
Province Announces Funding to Help Homeowners Improve Home Energy Efficiency
February 5, 2016 -- The Government of Ontario announced the creation of a new program to help Ontarians improve the energy efficiency of their homes. The province is investing $100 million from the Ontario Green Investment Fund to provide rebates for homeowners who conduct an energy audit on their property and then complete retrofits recommended by the auditor.
The program will help about 37,000 homeowners conduct audits to identify energy-saving opportunities and then complete retrofits, such as replacing furnaces and water heaters and upgrading insulation.
Full program details, including program start date, eligible project details and amounts, will be available in the coming months.
To read more about the Government of Ontario's new program to help Ontarians improve the energy efficiency of their homes, click here
GTA REALTORS® RELEASE MONTHLY RESALE HOUSING FIGURES
TORONTO, Feb. 3, 2016 – Toronto Real Estate Board President Mark McLean
announced Greater Toronto Area REALTORS® reported 4,672 residential transactions
through TREB’s MLS® System in January 2016. This result represented an 8.2 per cent
increase compared to January 2015.
“It is clear that the handoff from 2015 to 2016 was a strong one. This is not surprising
given that recent polling conducted for TREB by Ipsos suggested 12 per cent of GTA
households were seriously considering the purchase of a home in 2016. Buying intentions
are strong for this year as households continue to see home ownership as an affordable
long-term investment,” said McLean.
The MLS® Home Price Index Composite Benchmark Price for January 2015 was up by
11.2 per cent on a year-over-year basis. The average selling price over the same period
was up by 14.1 per cent.
The difference in the annual growth rates for the MLS® HPI and average price was largely
due to a greater share of high-end detached homes sold in the regions surrounding the
City of Toronto this year compared to last. The MLS® HPI removes the impact of shifts in
the share of different property types sold from one year to the next.
“Market conditions in January were tighter compared to a year earlier, with an annual
increase in sales up against a decline in listings. This is why growth in the MLS® HPI
benchmarks continued to be strong, especially for singles, semis and townhouses, where
there has been a persistent lack of inventory,” said Jason Mercer, TREB’s Director of
TREB News Release File Attached for further information
Little Things Make A Big Difference
There’s no doubt about it. A completely renovated room – especially a kitchen or bathroom – will really impress home buyers. That room will probably look brand new and very stylish.
But you don’t have to do a full “tear-down-the-walls” type of renovation to upgrade the look of a room. In fact, just a few minor improvements can make a big difference.
For example, upgrading wall plates is an easy and inexpensive way to add a lot more style and personality to a room.
In the kitchen, installing new hardware on existing cabinets can have a dramatic impact. So, look around your house to determine where small improvements could make a big difference.
Buying or Selling a home soon? Knowing the value of your home BEFORE you commit all your hard earned money along with time and energy... Just Makes Sense! Get your Free Comparable Market Analysis. Contact: Irene at Irene@SoldByIrene.ca, 416 523 3425 or complete the form on the right side of your screen.
Irene Owchar is a Mississauga Realtor: "I grew up in Missy, lovin' raising my kids and working in this beautiful City."
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