Toronto Real Estate and Community News

June 13, 2021

TORONTO MARKET REPORT

 Residential transactions reported through TRREB’s MLS® System remained high in May 2021, but fell short of the 2016 record and were below this year’s March peak. Despite a slight ebb in sales over the last two months, market conditions remained tight enough to push the average selling price to an all-time record in May.


Greater Toronto Area REALTORS® reported 11,951 sales in May 2021 – more than double the result from May 2020, the second full month of the pandemic. May 2021 sales were below the May 2016 record of 12,789 but remained well above the average May sales of 10,336 for 2010 through 2019 period. Often, May is the strongest sales month in any given year; however, 2021 results bucked this trend, with May sales below the 15,646 deals reported in March.

 

“There has been strong demand for ownership housing in all parts of the GTA for both ground-oriented home types and condominium apartments. This was fueled by confidence in economic recovery and low borrowing costs. However, in the absence of a normal pace of population growth, we saw a pullback in sales over the past two months relative to the March peak,” said TRREB President Lisa Patel.

The MLS® Home Price Index Composite Benchmark was up by close to 19 percent year-over-year in May 2021. The average selling price across all home types was up by 28.4 percent year-over-year, reaching a record $1,108,453. On a seasonally adjusted basis, the average price increased by 1.1 percent between April and May 2021.

“While sales have trended off the March 2021 peak, so too have new listings. This means that people actively looking to purchase a home continue to face a lot of competition from other buyers, which results in very strong upward pressure on selling prices. This competition is becoming more widespread with tighter market conditions in the condominium apartment segment as well,” said TRREB Chief Market Analyst Jason Mercer.

 

 

 

Posted in Real Estate News
June 13, 2021

OAKVILLE MARKET REPORT

The housing market across the GTA showed signs of cooling down from the frenetic activity it saw during the first quarter of this year. Typically, the March-April period shows progressive increases in sales and prices as the Spring selling season goes into full swing. However, this Spring, most housing activity stats show a decline in value across the region, including Oakville. While year-over-year comparison shows huge sales and average price increases for most of the GTA and Oakville- triple-digit hikes in sales and high double-digit jumps in average price - this comparison is to a month last year when the pandemic decimated activity.

In Oakville, sales of detached homes sales slowed down month over month( 22 percent down), but the average price inched upward to an impressive $1,897,844 ( up by 1.1 percent). Semis also saw a slight price increase, up by 3 percent to $1,155,800, with sales count flat with March. 

"Despite a modest slowing in market activity in April compared to March, selling prices for a major home type remained very high. Low borrowing costs during COVID-19 clearly had an impact on the demand for and price of ownership housing. While the pace of price growth could moderate in the coming months, home prices will likely continue on the upward trend. Renewed population growth over the next years coupled with a persistent lack of new inventory will underpin home price appreciation," says TRREB Chief Market Analyst Jason Mercer.

Posted in Community News
May 4, 2021

BUYING A HOME

Are you sick of paying monthly rent that contributes to someone else’s mortgage payment? Are you craving the freedom to repaint walls? Or, are you looking to build wealth through what is often considered a smart investment? If so, it sounds like it may be time to start your home buying process.

 

Consider these six reasons that help affirm you’re ready to become a first-time homebuyer.

1. You have the freedom to personalize and renovate

Owning a home gives you the freedom to express yourself by completely customizing the interior and exterior spaces. You no longer have to abide by regulations regarding wall colors or hanging art. Additionally, you can remodel and renovate your home as you see fit. From small projects, like changing cabinet pulls, to big projects, like tearing down a wall or adding hardwood floors, you have the authority to make decisions regarding design.

2. You’ve outgrown your space

An obvious reason to move is when you’re tight on space. For many, this could be because you’re expanding your family – think a baby on the way, more pets, aging children who want their own bedrooms.

3. You seek outdoor accessibility

In apartment living, outdoor space is limited – and sometimes crowded. When you buy a home, a criterion may be a grassy yard, deck, or patio space. Whatever your preference maybe, you’re likely seeking a way to enjoy the outdoors with privacy. Having your own outdoor space means room for entertaining and room for exercise. Plus, you can accentuate the curb appeal of your home with exterior décors like potted plants, flower boxes, furniture, and seasonal holiday flare.

4. You’re done with fees and rules

A major downside to renting is paying for a property that you do not own and therefore is not your personal investment. Apartment fees go toward necessary services, like garbage disposal, but also may contribute to amenities you don’t use, like a gym or pool. 

5. You’re ready to make an investment

Have you been saving for a down payment? Though the initial cost can often be a barrier to entry for first-time homebuyers, the down payment may not need to be as high as you think. Once you’ve saved enough money for that initial investment, however, the monthly costs associated with homeownership can be similar to what you would have paid in monthly rent. Only this time, your payments contribute to your property becoming an asset. The more you pay off your mortgage, the more valuable your home is to your personal net worth.

6. Long-term happiness

One of the biggest reasons to purchase a home is for the stability and security it provides you and your family. You can truly settle into space and life can slow down a bit. With the ability to personalize most aspects, and by thinking of it as a long-term investment, a home of your own becomes the place you cross milestones, celebrate holidays, and create lasting memories.

 

 

 

 

 

Posted in Buying a Home
May 3, 2021

10 PIPS BEFORE LISTING YOUR HOME

Before you put your house on the market, is very important to improve your home's presentation. 

The following 10 steps are a way to get a good head start on preparing to sell your home.

1. Welcome buyers. Make your front door visible and accessible to buyers. Paint the door, replace your doormat, clear debris and clutter from the walkway and yard, mow the lawn, and prune hedges. Pot or plant colorful annuals and perennials to attract attention from the street. 

2. Make it sparkle. Cleanliness implies a home has been well taken care of, so deep cleaning can win points with buyers. Buyers scrutinize homes, especially kitchens and bathrooms. Recaulk and repaint to give these grime-prone rooms a fresh and clean look. Clean rugs and carpets to eliminate unsightly stains or dinginess and eliminate odors. Tidy each room, including cabinets, closets, and the garage, before showing. Consider hiring a professional cleaning company to take care of all of it for you.

3. Declutter. Cramped and cluttered rooms turn buyers off and make your house look smaller. A home packed with your personal belongings also makes it difficult for others to envision living there. Start by storing away excess furniture, toys, and personal decorations, such as family photos. Pack up things you don't use on a daily basis, and put them away. Decluttering your house also gives you a head start on your move.

4. Paint wisely. A well-done, no-frills paint job is all you need. Put a fresh coat of paint on white or beige walls, and repaint walls that have eccentric or unconventional colors. Nature- and spa-inspired neutral colors, such as taupe and subtle gray, are the best choices. Definitely don't forget the trim and molding either. 

5. Fix the small stuff. Repair or replace broken or outdated hardware throughout your home. You can install new door handles, faucets, towel bars, and curtain rods - fixtures that are readily visible to homebuyers - rather inexpensively. 

6. Update lighting. Replace decorative light fixtures that no longer fit your home's cleaner, fresher look. Install new bulbs with the appropriate lighting for specific areas of your home. Use accent lighting to highlight focal points in a room, such as the artwork above a mantle, to draw buyers' attention to certain selling points.

7. Frame windows. Ensure you have the right window treatments, which enhance natural brightness and boost the appearance of a home. Window treatments also can impact a room's temperature because they reduce or increase the amount of light entering the space. 

8. Set the table. Fresh, decorative flowers in the kitchen or on the dining room table are always a nice touch. Also, keep place settings handy for your tables so you can quickly set them out right before showings or an open house. Pull out all the formal stops for a dining room, and keep the table casual in the kitchen.

9. Hide unsightly everyday items. Don't leave children's toys and pet belongings out in the open during showings and open houses. Move litter boxes, pet dishes, toys, animal crates, and kids' entertainment to less conspicuous areas of the home, such as an outdoor storage unit or garage before each showing or open house. Also, think about where you can store things like dirty laundry and dirty kitchen sponges.

10. Don't forget your yard. Keep your backyard looking spacious and functional. Plant or pot colorful flowers and keep the landscaping trimmed and neat. Consistently pick up after your pets so buyers feel comfortable touring the yard.

Posted in Selling Your Home
May 3, 2021

NEW DEVELOPMENT IN BURLINGTON

Presenting Nautique Lakefront Residences: a one-of-a-kind opportunity to live overlooking Burlington's vibrant waterfront. Discover sophisticated condominium residences within a shimmering glass tower, making a synchronous, ultra-modern statement in the sky. Exceptional living has arrived in downtown Burlington with Nautique’s picturesque waterfront views. 

Nautique Lakefront Residences is a new condo development currently under construction at 374 Martha Street, Burlington. The development is scheduled for completion in 2023. Sales for available units range in price from $579,990 to over $1,136,990. Nautique Lakefront Residences has a total of 240 units. Sizes range from 503 to 1015 square feet.

 

 

 

 

Posted in New Development
April 25, 2021

WHO IS DRIVING TORONTO REAL ESTATE PRICES?

There are many other factors that may be contributing to the dramatic price growth across the Canadian real estate market. 

Covid-19 prompted a spike in sales of single-detached homes at a time when condominium sales have dipped, and prices of detached homes are traditionally higher than condominiums. We’ve also seen an uptick in the luxury freehold market, with sales over $3 million posting their best year on record in 2020. All of these factors tend to skew prices higher.

To illustrate, this data table depicts the average prices for detached homes and condominiums from January 1-February 28, 2021, according to the Toronto Regional Real Estate Board.

After some concerns of overheating earlier in the year, there has been a shift in the market activity in recent weeks with more detached inventory coming on-stream. In areas north of 416, the increase in new listings appears to be meeting demand, with fewer bidding wars taking place. Evidence of this can be found in the number of listings that have been canceled and reintroduced to the market at a higher price point. The 416 also reported growing inventory levels.

Covid-19 fatigue is playing a role as well, with some purchasers taking a step back from the heated market conditions experienced during the second half of 2020 and in the first quarter of 2021.

 

Posted in Market Updates
Nov. 2, 2020

NEW DEVELOPMENT IN STONEY CREEK

STONEY CREEK! No longer just a small-town suburb.

Stoney Creek and the surrounding area have welcomed the vibrancy of new growth. High-end and casual restaurants, cafes, breweries, and unique lunch spots pepper Hamilton's downtown and stretch into surrounding communities. A collection of single-family homes and townhomes in Upper Stoney Creek. Surrounded by pathways and nature trails for the explorer and conveniently close to highway access for the commuter.

     

ON THE RIDGE PHASE III

"On the Ridge" is located in one of the most desirable settings in the Stoney Creek area on the Niagara Escarpment. Rosehaven is offering a selection of semi-detached homes and townhomes that will be both beautifully designed and impeccably crafted. These new homes in Stoney Creek are near everything you will need, including shops, restaurants, parks, trails, and more. The spectacular location offers quick access to the new Confederation GO Station at Centennial Parkway, as well as to QEW and Red Hill Parkway. Here is Stoney Creek, life is breathtaking with stunning views and attractions to enjoy.

BARTON & GLOVER

A collection of freehold townhomes by "LOSANI HOMES". Currently in preconstruction at Barton Street, Hamilton. Sales for available units start from the $400,000's.

ESSENCE STONEY CREEK 

A collection of single-family homes and freehold townhomes built by DiCarlo Homes. Situated at First Road East & Green Mountain Road East. Sales start in 2022. 

YOUR HOME AWAITS YOU ON THE MOUNTAIN

Look around you and see the trees, the trails, the lovely nature. Let your dog run around leash-free. This is the neighborhood that you wish you could have grown up in. This is the place that your children will remember and one day hope that their family can find a community as welcoming and comforting as Essence.

Posted in New Development
May 5, 2020

MARKET REPORT DURING COVID-19

Toronto Regional Real Estate Board is reporting results for the first 17 days of April 2020, in order to provide some guidance on the impact of COVID-19 on the Greater Toronto Area housing market.

Greater Toronto Area reported 1,654 home sales through TRREB’s MLS® System during the first 17 days of April – down by 69 percent compared to the same period in 2019. Year-over-year sales declines, in percentage terms, were greatest for the detached and condominium apartment market segments.

In the detached segment, the higher end of the market was particularly impacted in the City of Toronto. The condominium apartment segment has traditionally attracted a high share of first-time buyers, who in times of uncertainty can put their decision to purchase on hold.

The number of new listings was down on a year-over-year basis by a similar annual rate, declining by 63.7 percent. The average selling price for sales reported during the first 17 days of April 2020 was $819,665 – down by 1.5 percent compared to the same period in 2019.

Market conditions due to COVID-19 certainly played a role in moderating the pace of year-over-year price growth during the first half of April. The changing composition of home sales also played a role. In the City of Toronto, for example, the number of homes sold for more than two-million dollars declined more than overall sales. This also had an impact on the average selling prices. Selling prices have also followed listing prices, with average listing prices down by a similar amount. Average selling prices have not been noticeably lower than listing prices compared to last year.

The mix of homes listed has changed compared to last year. The state of emergency measures currently in place, including the necessary enforcement of social distancing, has impacted the real estate market in many ways. Homebuyers and sellers have concerns about the economy and indeed their own employment situations. On top of this, many buyers and sellers are avoiding any type of in-person interaction. All of the COVID-19 related issues and measures have translated into a temporary drop in the number of transactions. However, once recovery begins, it will likely accelerate as buyers seek to satisfy pent-up demand that will build up over the course of the spring and part of the summer.

Recovery will accelerate through the fall, as social distancing measures are substantially relaxed, a large number of people return to work and home buyers take advantage of very low borrowing costs that will remain in place to spur economic recovery. 

As we recover from this temporary downturn, home buyers will be faced with the persistent lack of listings inventory that was a serious problem before the onset of COVID-19. As the different levels of government look toward recovery, it will be important for them to resume and build upon initiatives to bring a greater diversity of housing supply on line.

Posted in Market Updates
Jan. 15, 2020

GLEN ABBEY ENCORE

SELECTED AS THE  " BEST PLACE TO LIVE IN CANADA "

Located in Oakville's prestigious Glen Abbey neighborhood, the Encore is ideally situated on the edge of the majestic Bronte Creek Provincial Park, and adjacent to over 350 acres of 14 Mile Creek's protected valley lands and the Deerfield Golf Course.

Glen Abbey Encore is worthy of a round of applause. In the charming town of Oakville, Glen Abbey Encore lets you choose from an extraordinary selection of homes by 6 acclaims GTA home builders; CASTLERIDGE HOMES, COUNTRYWIDE, FERNBROOK HOMES, HALLETT HOMES, LINDVES, AND PRIMONT.

Glen Abbey Encore is nestled in between Oakville's many channels of connectivity. To the north: Oakville's GO Transit Bus Routes and Highway 407. To the south: Highway 403, Oakville GO Station, Lakeshore Road West, and the VIA Rail Station. From Oakville, no place is too far and nothing is out of reach. Toronto, the GTA, Ontario and beyond don't seem so distant here.

Colored with sprawling green parks and contoured by meandering trails, Oakville is where nature lies undisturbed. Walk or bike along the Fourteen Mile Creek, Bronte Creek Trail and Shannon Creek Trail; welcome moments of peace or family picnics at Lions Valley Park, Neyagawa Park to Trafalgar Memorial Park.

Oakville's golf courses harness and foster a love of the game with a variety of terrain and facilities. Glen Abbey Golf Club is one of North America's most celebrated, having hosted the RBC Canadian Open and a PGA Tour. 

Glen Abbey Encore will be a collection of Towns and Semis and in the future condominium buildings, up to 8 storeys will be built along Bronte Road. Full completion of this exciting development is not known yet. 

Posted in New Development
Jan. 13, 2020

ONTARIO RENTAL INCREASE GUIDELINE

 

THE ONTARIO GOVERNMENT HAS RELEASED ITS RENT INCREASE GUIDELINE FOR THE YEAR 2020, SETTING 2.2 PERCENT AS THE MAXIMUM PERCENTAGE A LANDLORD CAN INCREASE MOST TENANTS' RENT WITHOUT APPROVAL FROM THE LANDLORD AND TENANT BOARD - THE HIGHEST INCREASE SINCE 2013.

THAT MEANS THOSE PAYING $2,000 A MONTH FOR A UNIT IN ONTARIO COULD HAVE THEIR RENT INCREASED TO $2,044 A MONTH.

THE GUIDELINE, WHICH THE PROVINCE CALCULATES USING THE ONTARIO CONSUMER PRICE INDEX, WHICH MEASURES INFLATION AND ECONOMIC CONDITIONS OVER A YEAR, APPLIES TO MOST PRIVATE RESIDENTIAL RENTAL UNITS, EXCLUDING VACANT RESIDENTIAL UNITS, SOCIAL HOUSING, NURSING HOMES, AND COMMERCIAL PROPERTIES.

THE GUIDELINE ALSO DOES NOT APPLY TO NEW BUILDINGS OR APARTMENTS, INCLUDING NEW BASEMENT UNITS, THAT WERE OCCUPIED FOR THE FIRST TIME AFTER NOV.15,2018.

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