Toronto Real Estate Market Report: July 2010 Statistics

       Greater Toronto REALTORS® reported 6,564 sales in July – a 34 per cent dip from the record 9,967 sales reported in July 2009. New listings, at 10,825, dropped to the lowest level for the month of July since 2002.  “The level of July sales remained below the expected long-term trend. The market has become more balanced following record monthly sales through most of the winter and early spring,” said Toronto Real Estate Board (TREB) President Bill Johnston.

Total sales through the first seven months of 2010 were up by 12 per cent compared to the same period in 2009.

Notwithstanding the fact that price trends vary at the neighbourhood level in GTA, the average price for July transactions was $420,482, representing a six per cent increase over July 2009.  Over the first seven months of 2010, the average selling price was up 12 per cent annually to $432,253.

“Market conditions promoting annual growth in the average selling price have remained in place.

While July sales were down compared to last year, the number of new listings in the marketplace also fell. This means there was enough competition between buyers to exert upward pressure on price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Who's Going To Buy My Property If They Also Have To Assume My Tenant?

     In the Toronto real estate market, tenanted properties come up for sale all the time.  Listings for houses with basement tenants, for example, are quite common.  And there’s certainly no shortage of renter-occupied condos for sale.  There’s one very important distinguishing question for the potential buyer of such a property though, “Can I take vacant possession or do I have to assume the tenant?”

If the tenant must be assumed (i.e. they’re not yet at the end of their lease term and arrangements can’t be made for an early termination) the pool of potential buyers shrinks significantly.  Essentially, all that’s left are landlord/investors or buyers who love the property so much that they’re willing to become landlords themselves until they can move in at the end of the lease term.

In the case of a house with a basement tenant, it’s not so much of an issue.  There are actually a number of buyers looking specifically for a house with basement rental income to help pay their mortgage.  So the fact that there’s an existing tenant can be a real bonus.

With condos and lofts however, a tenant that must be assumed can prove to be a tougher sell.  These properties often sit on the market longer than others.  Not always though...

Just this month I worked with a buyer from Ottawa looking to purchase a condo for investment purposes.  We started out visiting the sales center for DNA 3 in the King Street West/Liberty Village area but then decided that a resale property was a better alternative for her (Pre-Construction versus Re-Sale is a subject worthy of its own entire blog post, so I won’t get into it here...). 

We spent a few days viewing what was on the resale market, crunching numbers, and talking through the different scenarios at hand (“How much do you think we could rent this suite for versus that one?”  “Which of these 3 buildings has the best potential for future value growth?”  “Could we get more money if we rent out the parking space separately?”). 

One of the best properties we saw actually already had a tenant in it and they were only halfway through their lease term.  In the end, this is the one my client chose.  She was happy to buy this particular condo knowing that she could assume the tenant and immediately start collecting rent without having to spend the time, money, and effort required to find and qualify a tenant from scratch.

This is a great example of a situation where having to assume the existing tenant actually worked in the seller’s favour.  Generally, these properties can take longer to sell.  But here the sale happened quite quickly.  As so often happens in real estate, it was a matter of the right buyer coming along at the right time.

If you’ve got a tenanted property to sell and would like to find out more about my services, feel free to contact me for more info.      

If you're thinking of buying a tenanted property and would like to know how I can help, feel free to contact me for more info.

Toronto Real Estate Market Report: July 2010 Mid-Month Statistics

Greater Toronto REALTORS® reported 4,139 sales through the Multiple Listing Service® (MLS®) during the first two weeks of June 2010.  This represented a 20 per cent decrease compared to the 5,185 sales recorded during the same period in 2009.  New listings increased by 21 per cent annually to 7,985...

“The pace of existing home sales in the GTA has slowed to more normal levels following a record-setting start to 2010,” said Toronto Real Estate Board President Tom Lebour.

“Due to higher mortgage carrying costs, sales in the second half of 2010 will not be as high as what was experienced during the last six months of 2009.”

The average price for June mid-month transactions was $437,039 – up seven per cent compared to the average of $407,716 recorded during the first 14 days of June 2009.

“The seller’s market conditions experienced during the first few months of the year have given way to more balanced conditions. Home buyers are experiencing more choice,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “With more choice in the market place, price growth is starting to slow.”

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Spotlight: "King George Square" In The St Lawrence Market Area

     More often than not, when I meet someone looking to purchase a condo in the St Lawrence Market area they already have a short-list of the top 3 or 4 buildings they're most interested in.  "King George Square" is usually on this list.  Even if they don't know the name or the address of the building, it's immediately apparent which one they're talking about: "You know, that building on King Street just down from St James Park.  The one with the iron gates out front.  You know, the one that's across the street from Starbucks."

There's no doubt that a big part of the attraction with King George Square is its location.  It sits pretty on that strip of King Street that runs just east of St James Cathedral.  Residents of the building walk out their front door and are literally steps to a number of great restaurants, pubs, coffee shops, parks, 24hr groceries, cinemas...  Not to mention the Market itself, located just a few more steps south down Jarvis St. 

Of course, the building is impressive as well.  King George Square was developed by Steven & Webster Callahan and designed by Burka-Varacalli Architects Inc.  (Bruka-Varacalli are also involved with "Crystal Blu" along the Bay Street corridor and the "James Cooper Mansion" on Sherbourne St, among other developments).  It was completed in 2000 and sits at the northwest corner of King & George.  The building has 16 floors and the municipal address is 168 King Street East.  Take a look at the Google Street View map here.

The building amenities include concierge, exercise room, party/meeting room, billiards room, and garden terrace with a hot tub & BBQ's.  I’ve included photos of some of the common elements below.

              

              

If you own a suite in the King George Square building and are thinking of selling, feel free to contact me for an evaluation of your property or for more info on my listing services.

If you're thinking of purchasing a suite in the King George Square building specifically, or in the St Lawrence Market Area in general, feel free to contact me for more info.

Toronto Real Estate Market Report: June 2010 Statistics

     Greater Toronto REALTORS® reported 8,442 sales through the Multiple Listing Service® (MLS®) in June.  This represented a 23 per cent decrease compared to the record 10,955 sales reported in June 2009.  Sales for the second quarter of 2010 amounted to 28,810 – up one percent annually.  Year-to-date sales through June were up 23 per cent to 50,455compared to the first six months of 2009.

“We experienced a record number of existing home sales during the first half of 2010, but these sales were weighted more towards the beginning of the year,” said newly elected Toronto Real Estate Board President Bill Johnston. “The pace of home sales has moderated from record levels over the past two months with the prospect of higher mortgage rates.

”The average price for June transactions was $435,034 – up eight per cent compared to the average of $403,972 recorded for June 2009.

“With more homes to choose from in the second quarter, many home buyers have been making less-aggressive offers.  This has resulted in less upward pressure on the average selling price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.  “The annual rate of average price growth in the second half of 2010 will be in the single digits.”

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

The Benefits Of Signing A Buyer Representation Agreement

     The Toronto Real Estate Board recently posted the above video on their YouTube channel.  While it does a good job of pointing out some of the reasons why one should sign a Buyer Representation Agreement, I thought I could expand on this a bit further.

For starters, here’s a list of some of the key benefits of signing a B.R.A. (this list and more info can be found on TREB’s website dedicated specifically to the B.R.A., www.brafirst.ca):

• Reassurance of the duties the brokerage owes to the buyer.
• Included in those duties is full disclosure of all property information known to the  brokerage about a particular property
• These duties help to ensure that you receive expert, professional advice from your REALTOR
• A listing on the Buyer Registry Service, so selling REALTORS can find you easily because your home “must-haves” can be registered
• Peace of mind that your best interests will be protected
• Diligent and attentive service

What is a Buyer Representation Agreement?

Essentially, the B.R.A. is a contract between a real estate brokerage and a buyer.  The brokerage promises to provide a set of services and owes the buyer a number of fiduciary duties (accountability, confidentiality, full disclosure, etc.).  In return, the buyer agrees to work exclusively with the brokerage in their search for a home.

Among other things, the B.R.A. also specifies the geographical boundaries of the home search, the type of property being searched for (e.g.  “single-family residence”), and the commission that the brokerage shall receive (which is most often paid by the listing brokerage or the seller).

If I sign a Buyer Representation Agreement do I have to purchase a home?

It’s important to note that, while a B.R.A. is an exclusive contract, there is nothing in the agreement that says you must buy anything.  I’ve had buyer clients change their plans, mid-contract, and decide that it’s just not the right time for them to purchase a home.  No problem.

When should the Buyer Representation Agreement be signed?

Realtors are required to have a B.R.A. signed prior to their buyer clients signing an offer-to-purchase a property.  Generally, it's best to have the B.R.A. signed and dealt with as early as possible so that everyone involved is fully aware of the all aspects of the buyer-agent relationship. 

While there are some realtors out there who won’t even step foot into a property with a buyer client until they’ve signed a B.R.A., I personally like to go out once or twice with them before we make that commitment.  It’s a two-way street and not only does a buyer have to be comfortable moving forward with me as their realtor, I need to be comfortable with taking them on as a client. 

If you've got any questions about the B.R.A. or would like a more detailed explanation of its contents, feel free to give me a shout.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

Toronto Real Estate Market Report: June 2010 Mid-Month Statistics

       Greater Toronto REALTORS® reported 4,139 sales through the Multiple Listing Service® (MLS®) during the first two weeks of June 2010.  This represented a 20 per cent decrease compared to the 5,185 sales recorded during the same period in 2009. New listings increased by 21 per cent annually to 7,985.

“The pace of existing home sales in the GTA has slowed to more normal levels following a record-setting start to 2010,” said Toronto Real Estate Board President Tom Lebour.

“Due to higher mortgage carrying costs, sales in the second half of 2010 will not be as high as what was experienced during the last six months of 2009.”

The average price for June mid-month transactions was $437,039 – up seven per cent compared to the average of $407,716 recorded during the first 14 days of June 2009.

“The seller’s market conditions experienced during the first few months of the year have given way to more balanced conditions. Home buyers are experiencing more choice,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “With more choice in the market place, price growth is starting to slow.”

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Exclusive one-day sales event for "DNA 3" on Saturday, June 19th

     Earlier this year I wrote a Blog post about the coming of DNA 3 to King Street West (read it here).  Well, it looks as though that day is just around the corner.  Tomorrow evening I'll be attending an exclusive agent info session where I'll be given a sneak peak tour of the 7,000 sq ft sales centre.  More importantly, I'll get my hands on floor plans, starting prices, and worksheets for clients.

A one day only selling event is set to follow on this coming Saturday, June 19th, 12:00 - 6:00pm.  Keep in mind, this selling event is exclusively for registered agents (and their clients).  Anyone not registered will have to wait until the public launch to make a purchase.  If you or someone you know is interested in purchasing a suite at DNA 3 at this early stage in the game, please get in touch with me ASAP.

As many of you know, DNA 3 is one of the most anticipated projects in the King Street West/Liberty Village area.  It's being developed by Canderal Stoneridge Equity Group Inc. (also responsible for the Residences of College Park on Bay St, Aura, DNA 1 and DNA 2) and designed by Graziani & Corazza Architects.

The building will be located at 1030 King Street West, on the north side of King at Shaw, where the former Chrysler dealership building now stands.  This is the site of the sales center as well.

If you’re thinking of purchasing a suite at DNA 3 and would like to know how I can help, feel free to contact me for more info.

When's The Best Time To Both Buy And Sell Real Estate?

       I was recently speaking with a couple of friends who are thinking of selling their condo and moving into something bigger.  "We're hearing that prices are cooling off - should we wait awhile before making a move?"  Good question.  Unfortunately, there isn't one catch-all answer. 

If these guys didn't have a property to sell and were only buying into the current market I'd have one set of suggestions for them.

If they were only selling and weren't buying (because they were moving away from Toronto or moving into a rental, etc) I'd have another set of suggestions.

However, they're talking about selling and buying in the same market.  Since they're doing both, the particular conditions of the market are (arguably) less of an issue.  In other words, if it's a Buyer's Market and prices have cooled, they'll suffer as sellers but they'll benefit as buyers.  And vice versa if it's a Seller's Market.

For example, let's say you want to sell your 1-bedroom condo and move up to a 2-bedroom suite.  And let's say that it's shifted from a Seller's Market to a Buyer's Market and prices are on average 5% less than what they were 6 months ago.  If you'd have sold your 1-bedroom suite 6 months ago you might've gotten $300,000 for it.  But the market has shifted and now you're like to get $285,000.  Clearly, selling has lost a bit of its appeal.

Don't forget though, you're also purchasing a larger (and presumably more expensive) 2-bedroom suite.  While this property might've cost you $400,000 if you bought 6 months ago, the market shift (5%) means that you're likely to pay only $380,000 for it now.  So, the appeal that was lost on the selling side is more than made up for on the buying side.  In fact, you're actually ahead of the game, to the tune of $5000 ($20,000 - $15,000).

Of course, this is just one possible scenario out of many.  What if you're selling in an area that isn't very "hot" but you're buying into one that is?  You have to keep in mind that certain areas of the city can appreciate/depreciate more than others during any upswing/downturn.  This has to do with a number of factors (supply & demand within that particular area, recent gentrification, etc). 

And what if you're selling within the downtown core but purchasing outside of the city.  Well, these are different markets and care needs to be taken in evaluating what's happening in each respective area.

As I said, there isn't one catch-all answer to this question.  Generally though, I would suggest that if you're selling and buying in the same market you're better to place less weight on current market conditions and more weight on other factors ("Have I outgrown my current home?"  "Am I ready for a change?"  "Are the circumstances right for me to make a move at this time?"  "Should I take advantage of attractive mortgage rates?"  "Etc..."

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

Toronto Real Estate Market Report: May 2010 Statistics

     Greater Toronto REALTORS® reported 9,470 sales through the Multiple Listing Service® (MLS®) in May, representing a one per cent dip from May 2009. In comparison to previous years, this was the third highest May sales result on record.

"The pace of transactions slowed in May following record‐setting sales in February, March and April,” said Toronto Real Estate Board President Tom Lebour. “Buyers who otherwise would have been purchasing a home in May moved more quickly this year, likely to get ahead of mortgage rate hikes.”

New listings were up 38 per cent annually to 18,940. The average price for May transactions was $446,593 – up 13 per cent compared to the average of $395,609 recorded in May 2009. 

"The gap between listings and sales has widened, which means there is more choice for buyers," said Jason Mercer, TREB's Senior Manager of Market Analysis. “The annual rate of price growth will slow in the second half of 2010, from the current double digit pace into the single digits.”

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Spotlight: "Candy Factory Lofts" In The Queen Street West Area

If you were to stop someone on the street in Toronto and ask them, "Can you name a residential loft building here in the city?" I bet the answer you'd hear most would be, "The Candy Factory Lofts".  This building seems to be the one that almost everyone is aware of, regardless of whether or not they're interested in real estate or they've ever been in the market for a loft themselves.

I think that part of its notoriety stems from the fact that it was one of the first true loft conversion buildings in Toronto (thank you, Harry Stinson).  Couple this with the fact that it's also one of the best loft conversion buildings in the city and it's easy to see why it's on the tip of so many people's tongues.

The building itself served as the production factory for the Cede Candy Co. (hence the development's name) and it sits on the south side of the street (at 993 Queen Street West), running west from Crawford Street over to Shaw Street.

The Candy Factory Lofts was developed by the Metro Ontario Group and completed in 1999/2000.  There are over 120 suites in total, ranging from 700+ sq ft one-bedroom units to 3500+ sq ft 2-level penthouse suites.  The building is characterised by everything you'd expect in a top-notch loft conversion; high ceilings (12-14 ft), exposed post and beam interiors, exposed brick, exposed duct work, huge windows, hardwood floors, extra wide hallways, etc...

The location is exceptional as well.  You've literally got TTC at your door (the Queen St streetcar) and you're steps away from Trintiy Bellwoods Park and a number of notable galleries (Angell Gallery, Stephen Bulger Gallery) and restaurants (Bar One, Fresh, Swan).

The building amenities include concierge, exercise room, rooftop terrace, guest suites, and visitor parking.  I’ve included photos of some of the common elements below.

                   

                   

If you own a suite in the Candy Factory building and are thinking of selling, feel free to contact me for an evaluation of your property or for more info on my listing services.

If you're thinking of purchasing a suite in the Candy Factory building specifically, or in the Queen Street West Area in general, feel free to contact me for more info.

Toronto Real Estate Market Report: May 2010 Mid-Month Statistics

       Greater Toronto REALTORS® reported 4,887 sales through the Multiple Listing Service® (MLS®) during the first two weeks of May.  This represented a seven per cent increase compared to the 4,561 sales recorded during the same period in 2009. New listings increased by 48 per cent annually to 10,059.

“The average household looking to purchase a home continued to benefit from affordable opportunities in the first half of May,” said Toronto Real Estate Board President Tom Lebour.

"The number of done deals will remain high for the remainder of 2010, but will dip from record levels.”

The average price for May mid-month transactions was $448,641 – up 12 per cent compared to the average of $399,811 recorded during the first 14 days of May 2009.

"The total number of homes currently listed in the GTA is now within a more normal range. As buyers benefit from more choice in the second half of 2010, average selling prices will grow at a slower pace," said Jason Mercer, TREB's Senior Manager of Market Analysis.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

What's The Smallest Space You Could Live In?

      A few weeks ago I came across the above YouTube video of architect Gary Chang's incredible Hong Kong apartment.  Since then I've seen a few newspaper articles focusing on exceptionally small living spaces here in Toronto.  There were two in Saturday's Toronto Star alone (which you can read here and here).  All this talk of tiny homes has me asking the question, "What's the smallest space you could live in?"  500 square feet?  How about 400 square feet?  Could you live in 300 square foot apartment?  (Yes, they do make condos that small).

The smallest home I've sold was a 400 sq ft bachelor condo in the Pantages building on Victoria Street.  The buyer of this property put location at the top of her list.  Size was secondary.  As with any purchase, budget dictated the size of unit we could find within the specific location.  A bachelor unit was her only option.  Fast forward a few years - she's still there, she's happy with the space, and she has no plans of moving anytime soon. 

I'm no stranger to small spaces myself.  One of the first places my wife and I had together was a 400 sq ft bachelor apartment in the Annex.  We lived there for about a year, rearranging the layout 3 times until we found the perfect configuration to maximize the space.  With two people in such tight quarters we had to find the most economical placement and use of our furniture.  We'd try to multi-purpose anything we could ("This guitar amp could double as an end table..."). 

Could we live in such a small space now?  No.  But we did, happily, for almost a year.  And the clients that I've helped purchase smaller condos are very happy with their spaces.  The reality is, in a city like Toronto there will always be a market for small properties. 

There will always be renters who are looking to purchase their first home and the fact that these smaller properties exist allow them to do so.  There will always be someone looking to expand their real estate portfolio and a 400 sq ft condo offers them the opportunity to purchase their first investment property.

Of course, there will also always be those who balk at living in such small spaces.  They need to remember though, that in a city like Toronto real estate values are not the same as those in Windsor or London or Guelph...  Not everyone can afford an 1500 sq ft house here.  Without these smaller spaces a number of buyers simply wouldn't have an option. 

Just be happy that you're not in Vancouver where rental units as small as 270 sq ft are soon to hit the market.  Although I'm sure it's only a matter of time...

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

Toronto Real Estate Market Report: April 2010 Statistics

       Greater Toronto REALTORS® reported 10,898 sales through the Multiple Listing Service® (MLS®) in April, representing a 34 per cent increase compared to April 2009. There were also 20,683 new listings in April – a 59 per cent annual increase. Both the sales and new listings results amounted to new records for the month of April under the current Toronto Real Estate Board (TREB) boundaries.

“The GTA resale market is functioning properly. Sales were high as buyers continued to take advantage of affordable home ownership opportunities. Listings grew as home owners reacted to strong sales and price growth,” said Toronto Real Estate Board President Tom Lebour.  “More balanced market conditions will result in sustainable rates of annual price growth in the second half of 2010.”

The average price for April transactions was $437,600 – up 13 per cent compared to the average of $385,641 recorded in April 2009.

"Home sales continue to be driven by many different segments of the market, with sales growth for all major home types in both the City of Toronto and surrounding 905 regions," said Jason Mercer, TREB's Senior Manager of Market Analysis. "Home sales will remain strong in the second half of 2010, but will slip from the current record pace as borrowing costs rise.”

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Great Deals For A Great Cause

     There are a number of reasons that I'm proud to have Royal LePage as my brokerage.  Sitting near the top of this list is the fact that I get to contribute to and be a part of the Royal LePage Shelter Foundation.  It has the distinction of being Canada’s largest public foundation dedicated exclusively to funding women’s shelters and violence prevention and education programs. 

On Saturday, May 15th, Royal LePage offices all over the country will be participating in the foundation's 2nd annual National Garage Sale for Shelter, with 100% of the proceeds going to help women and children living with abuse.  My office, located at 905 King Street West (at Strachan Ave) will be joining in.  The hours are from 8:00am - 2:00pm and we'll be serving coffee, breakfast sandwiches, and cupcakes, as well as live music and raffles. 

Right now we're looking for donated items for the garage sale.  If you've got anything that you're happy to part with for a good cause, give me a shout and we'll schedule a time to swing by and pick it up.

Acceptable items for donation are as follows:

• Furniture in good condition
• Books
• CD's & DVD's
• Small appliances & electronics
• Toys with all parts
• Jewelry
• Kitchen ware
• Decorative accessories like candleholders, art prints, etc
• Sporting goods
• Tools

To learn more about the Royal LePage Shelter Foundation, check out their website here and their Facebook Page here.

Looking forward to a great turnout on the 15th and a successful garage sale!

Toronto Real Estate Market Report: April 2010 Mid-Month Statistics

     Greater Toronto REALTORS® reported 4,601 sales through the Multiple Listing Service® (MLS®) during the first two weeks of April.   This represented a 25 per cent increase compared to the 3,681 sales recorded during the same period in 2009. New listings increased by 48 per cent annually to 9,512.

“The fact that annual growth in new listings outstripped growth in sales suggests that the GTA existing home market is becoming better supplied,” said Toronto Real Estate Board President Tom Lebour.

"Home owners are reacting to strong sales and price growth by listing their homes in greater numbers. They are confident they will receive offers in line with their asking price."

The average price for April mid-month transactions was $430,271 – up 12 per cent compared to the average of $383,361 recorded during the first 14 days of April 2009.

"The average annual rate of price increase has declined and we are shortly going to see a return to sustainable single-digit rates of growth," said Jason Mercer, TREB's Senior of Market Analysis.

"As home buyers experience more choice in the marketplace, there will be less upward pressure on the average selling price in the GTA.”

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Rise In Listings Means More Choice For Homebuyers

     Who likes a more balanced market?  I do!  I do!  So far, this year's spring market has seen the arrival of more listings than we've had in awhile.  Although we're still aways from being "balanced", Toronto's inventory shortage does seem to be easing up a bit.

Demand is certainly still very high.  Although mortgage rates have started to increase, there are a number of buyers locked into record low rates for a few more months and the push is on for them to take advantage.  The looming arrival of the HST is also motivating many to make a move by the end of June.

This rise in new listings and the resulting effect on the market is the subject of a press release today from the Canadian Real Estate Association (CREA).  Although the release focuses on the country as a whole, it does touch in significant ways on the Toronto real estate market. 

Following is today's press release from CREA in its entirety:

Homebuyers have more choice heading into the busy spring buying season, with new supply in Canada's resale housing market setting a record for the month of March. While resale housing demand remains strong, rising numbers of new listings are resulting in a more balanced national resale housing market.

According to statistics released by The Canadian Real Estate Association (CREA), some 97,663 residential properties were listed for sale on the Multiple Listing Service(R) (MLS(R)) Systems of Canadian real estate Boards in March 2010. This is an increase of 20 per cent from the previous March record set in 2008. A total of 233,402 new listings have come on stream since the beginning of the year, more than in any other first quarter period on record.

"Negotiations still favour sellers during the home buying process in a number of major Canadian housing markets," said CREA President Georges Pahud. "The rise in new listings means that buyers may shop around more before making an offer."

Demand remains very strong, but has edged lower compared to the record levels posted at the end of 2009. Seasonally adjusted national home sales totalled 130,072 units in the first three months of 2010. This represents the fourth highest quarterly level on record, down 3.4 per cent from the quarterly peak in the fourth quarter of last year. Sales activity in Ontario, Quebec, and Newfoundland & Labrador rose to new records in the first quarter. Higher activity in these provinces was offset by a decline in activity in British Columbia (-17.8 per cent) and Alberta (-9.7 per cent).

Actual (not seasonally adjusted) sales numbered 111,110 units in the first quarter of 2010. This is the third highest level ever for the first quarter period.

A total of 43,621 homes traded hands through Boards' MLS(R) Systems on a seasonally adjusted basis in March 2010. This is an increase of 1.4 per cent from February, as further gains in Toronto more than offset a decline in activity in Vancouver. Seasonally adjusted sales scaled new heights in Toronto and Ottawa in March.

Unadjusted national sales activity numbered 49,256 units in March. This marks the second highest level on record for the month of March. On a year-over-year basis, sales were up 40.8 per cent, smaller than those of the previous five months. Since a year will soon have elapsed following the recessionary decline and subsequent rebound for the Canadian resale market, year-over-year comparisons are expected to continue shrinking in the months ahead.

The national average price of homes sold via Canadian MLS(R) Systems in March was $340,920. This is the second highest national average price on record, just $300 below the peak reached last October. Compared to March 2009, the national average home price was up 17.6 per cent. As with sales activity, the increase was smaller than those recorded over the past five months, and year-over-year gains are expected to become further subdued as the year progresses.

The price trend is similar but less dramatic for the national weighted average price, which compensates for changes in provincial sales activity by taking into account provincial proportions of privately owned housing stock. It climbed 16 per cent on a year-over-year basis in March 2010.

The residential average price in Canada's major markets climbed 19 per cent year-over-year to $373,835 in March. As with the national counterpart, the price trend is similar but less dramatic for the major market weighted average price, which rose 17 per cent from levels reported in March 2009.

There were 214,312 homes listed for sale on Boards' MLS(R) Systems in Canada at the end of March 2010, a decline of nine per cent compared to the elevated levels of one year ago. This is the smallest year-over-year decline in active listings since June 2009.

The actual (not seasonally adjusted) number of months of inventory in March 2010 stood at 4.4 months. While well below where it stood one year ago (6.7 months), and down slightly from March 2008 (five months), months of inventory are higher compared to March from 2004 through 2007. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

On a seasonally adjusted basis, months of inventory stood at 4.6 months in March. This was little changed from February, but stands above levels reported in the previous four months.

"The erosion of housing affordability is crimping activity in some of Canada's priciest markets in the lower mainland of British Columbia," said CREA Chief Economist Gregory Klump. "Higher mortgage interest rates and the rise in new listings may also soon reduce some of the urgency to purchase in Toronto. Sales activity in British Columbia and Ontario is expected to ease over the second half of 2010 once the HST comes into effect, pulling national activity lower. Rising supply and lower activity will take the steam out of the pricing environment following upbeat home sales this spring."

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

Toronto Real Estate Market Report: March 2010 Statistics

     Greater Toronto REALTORS® reported 10,430 sales through the Multiple Listing Service® (MLS®) in March, pushing total first quarter 2010 sales to 22,418 – the best result on record under the current Toronto Real Estate Board (TREB) boundaries. The average price for March transactions was $434,696. The average price for the first quarter was $427,948.

"The strong rebound in the existing home market was one of the initial drivers of economic recovery," said TREB President Tom Lebour. "While we don't expect to see the same rates growth moving forward, GTA households will remain confident in ownership housing as a quality long-term investment, especially as economic recovery expands across all industries."

The annual rate of growth for new listings continued to accelerate in March. The number of new listings grew by 42 per cent compared to March of 2008.

"The average home price in the GTA will continue to grow this year, but the pace will slow as we move through the spring," said Jason Mercer, TREB's Senior Manager of Market Analysis. "As growth in new listings starts to outstrip growth in sales, buyers will experience more choice, resulting in more sustainable single digit rates of average price growth."

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Spotlight: "Kings Court" In The St Lawrence Market Area

     The St Lawrence Market area is home to a number of standout condo/loft buildings, and each one has its own set of distinguishing features.  One such building is "Kings Court" which is often identified as "the condo building with the bank entrance".  Indeed, the structure does a great job of incorporating the restored original bank facade and it's one of the more sought-after addresses in the area.

Kings Court was developed by Camrost-Felcorp (also responsible for The Avenue, iLoft, and Mystic Point, among others).  The building was completed in 2005 and sits at the northeast corner of King & Sherbourne.  The municipal address is 230 King Street East and the building has 17 floors. 

Like many of the other residential buildings located on King St East (MOZO, King George Square, Abbey Lane Lofts, the Metropole, 92 King St E, East), Kings Court benefits from being so conveniently located to everything the strip has to offer.  It's literally just steps to the King Street streetcar, a selection of local restaurants/pubs (Betty's, Zoulpy's Deli), breakfast dinners (Patrician Grill, Le Petit Dejeuner), as well as a number of shops and cafes. 

The building amenities include concierge, exercise room, sauna, jacuzzi, party/meeting room, rooftop terrace, and visitor parking.  I've included photos of some of the common elements below.

If you own a suite at Kings Court and are thinking of selling, feel free to contact me for an evaluation of your property or for more info on my listing services.

If you’re thinking of purchasing a suite at Kings Court specifically, or in the St Lawrence Market Area in general, feel free to contact me for more info.

A Good Realtor Has Their Finger On The Pulse Of The Market

       The recent issues between the Canadian Real Estate Association and the Canadian Competition Bureau have sparked a handful of fruitful conversations between myself and friends, clients, etc, over the past few weeks.  I've found myself more than once listing off the many ways a person benefits by using a realtor to buy or sell their home.  Sitting near the top of this list is the detailed knowledge a realtor has of the market in both broad and specific terms.

An experienced, active realtor is out there in the trenches everyday and has their finger on the pulse of what's happening in the market, on both macro and micro levels.  On a macro level, a realtor will be able to tell you that "the combination of low interest rates plus the low inventory of houses for sale is contributing to rising house prices."  Fine.  But really anyone can read the real estate section of the Toronto Star and see that this is the case. 

On a micro level however, a good realtor will know specifically that "one-bedroom + den suites in this particular building have been selling on an average increase of 0.5% per month since June, but you shouldn't pay as much for one of the north-facing suites because they have these awkward hallways leading towards the master bedroom that essentially waste 75 square feet of floor space whereas the south-facing suites don't have any wasted space..." 

In other words, realtors not only have access to a wealth of sales history information and market statistics - we're also putting this information to use in real-world situations on an ongoing basis. 

We're actively stepping foot into properties, assessing the pros and the cons, analysing values for buyer clients, preparing CMA's for seller clients, etc...  These are the daily activities that an active realtor is involved in and it's this constant engagement with the market that breeds a very specialized sort of knowledge and allows us to keep our finger on the pulse of the market.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.