Auberge On The Park Condos

Auberge On The Park Condos

Surrounded by indulgent views of lush greenery, city skyline and Sunnybrook Park, Auberge offers condominium luxury in nature. Coming soon to coveted Leslie and Eglinton.

Features of this Project:

• 3 luxury towers, built by long-trusted & award winning builder, Tridel

• Phase 1 will be 45 storeys

• An opportunity to enter into the prestigious Eglinton & Leslie neighbourhood, with its excellent schools and amenities

• Family friendly layouts, which go up to just over 2000 sq ft

• No micro units (thoughtful design throughout all 3 towers)

• Condos, lofts and townhouses - all available to suit individual needs and tastes

• Less than a 5 minute walk to the future 2021 Eglinton Crosstown LRT station, which will connect to 25 stations

• Easy access to the Don Valley Parkway, Bayview extension, the 404 and the TTC

• Walking distance to a network of large parklands, including Sunnybrook Park

Breakdown of unit sizes:

• 1 bedroom from 538 sq ft to 645 sq ft

• 1 bedroom plus den from 592 sq ft to 719 sq ft

• 2 bedroom from 890 sq ft to 1,352 sq ft

• Signature suites from 1,550 sq ft to 2,070 sq ft

• Terraces from 1,333 sq ft to 2,079 sq ft

• 2 storey suites from 1,300 sq ft to 1,930 sq ft

View more images & renderings below!

Get Floor Plans & Pricing:

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September 2017 Market Stats: Infographic & Report

September 2017 market stats are here!

The average sale price for the month was $775,546, up 2.6% over September 2016.

Here's a breakdown of the average sale prices & year-over-year increases for the 416 area code:

• Detached = $1,355,234 (+4.4%)
• Semi-Detached = $935,467 (+5.2%)
• Townhouse = $685,016 (+4.8%)
• Condo Apartment = $554,069 (+24.0%)

And here's TREB’s official market report for the month September 2017:

Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 6,379 sales through TREB's MLS® System in September 2017. This result was down by 35 per cent compared to September 2016.

The number of new listings entered into TREB's MLS® System amounted to 16,469 in September – up by 9.4 per cent year-over-year.

"The improvement in listings in September compared to a year earlier suggests that home owners are anticipating an uptick in sales activity as we move through the fall. Consumer polling undertaken for TREB in the spring suggested that buying intentions over the next year remain strong. As we move through the fourth quarter we could see some buyers moving off the sidelines, taking advantage of a better-supplied marketplace," said Mr. Syrianos.

The average selling price in September 2017 was $775,546 – up 2.6 per cent compared to September 2016.

The MLS® Home Price Index (HPI) composite benchmark was up by 12.2 per cent on a year-over-year basis.

A key reason for the difference in annual growth rates between the average price and the MLS® HPI composite is the fact that detached homes – the most expensive market segment on average – accounted for a smaller share of overall transactions this year compared to last.

"With more balanced market conditions, the pace of year-over-year price growth was more moderate in September compared to a year ago. However, the exception was the condominium apartment market segment, where average and benchmark sales prices were up by more than 20 per cent compared to last year. Tighter market conditions for condominium apartments follows consumer polling results from the spring that pointed toward a shift to condos in terms of buyer intentions," said Jason Mercer, TREB's Director 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.

Multiple-Offers Are Still Very Much A Part Of The Toronto Real Estate Landscape

Multiple-Offers Are Still Very Much A Part Of The Toronto Real Estate Landscape Photo

We're in the 2nd week of the fall real estate market now, and anyone who's been following along knows that in the past 4.5 months (ever since the Liberals announced their "16-Point Fair Housing Plan16-Point Fair Housing Plan" in April) we've seen a decline in the number of sales and, perhaps more notably, a decline in average sale prices.

Q:  Do these declines mean that there's now room for price negotiation on every single property that comes on the market? A:  Nope.

In fact... plenty of houses are selling for 100% of the list price. And an even larger number of houses are selling for more than the list price!

Despite all the talk of a "buyer's market", there are still plenty of buyers out there willing to pay full price for the right property, or even compete with other buyers and pay more than the list price if need be.

Let's take a look at all sales in the first 10 days of September for some insight (we'll go as far west as the Humber River, as far east as Victoria Park, and as far north as the 401):

Houses

• 83 sales total

• 58 sales at less than the list price

• 10 sales at 100% of the list price

• 15 sales at more than the list price (the highest being 119% of the list price)

Condos

• 162 sales total

• 77 sales at less than the list price

• 37 sales at 100% of list price

• 48 sales at more than the list price (the highest being 117% of the list price)

Percentage-wise, this breaks down as follows:

Houses

• 70% of houses sold for less than the list price

• 12% of houses sold for 100% of the list price

• 18% of houses sold for more than the list price

Condos

• 47.5% of condos sold for less than the list price

• 23% of condos sold for 100% of the list price

• 29.5% of condos sold for more than the list price

While these numbers don't reach the heights that we saw in January - April 2017 (in March, for example, there were a total of 2,145 combined house & condo sales - 73% of which sold for more than the list price), they do show us that buyers aren't being scared out of moving forward with their home searches. If a property warrants it, buyers will make agressive offers and fight for what they want.

Let's see what the rest of the month brings...

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.

August 2017 Market Stats: Infographic & Report

Following is TREB’s market report for August 2017:

Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 6,357 home sales through TREB's MLS® System in August 2017. This result was down by 34.8 per cent compared to August 2016.

The number of new listings entered into TREB's MLS® System, at 11,523, was down by 6.7 per cent year-over-year and was at the lowest level for August since 2010.

"Recent reports suggest that economic conditions remain strong in the GTA. Positive economic news coupled with the slower pace of price growth we are now experiencing could prompt an improvement in the demand for ownership housing, over and above the regular seasonal bump, as we move through the fall," continued Mr. Syrianos.

The average selling price for all home types combined was $732,292 – up by three per cent compared to August 2016. This growth was driven by the semi-detached, townhouse and condominium apartment market segments that continued to experience high single-digit or double digit year-over-year average price increases.

The MLS® Home Price Index composite benchmark, which accounts for typical home types throughout TREB's market area, was up by 14.3 per cent year-over-year in August. The fact that MLS® HPI growth outstripped average price growth, points to fewer high-end home sales this year compared to last.

"The relationship between sales and listings in the marketplace today suggests a balanced market. If current conditions are sustained over the coming months, we would expect to see year-over-year price growth normalize slightly above the rate of inflation. However, if some buyers move from the sidelines back into the marketplace, as TREB consumer research suggests may happen, an acceleration in price growth could result if listings remain at current levels," said Jason Mercer, TREB's Director 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.

Buy In The Summer And Then Sell In The Fall?

Buy In The Summer And Then Sell In The Fall? Photo

"Should I stay or should I go?"

The classic 1982 Clash song (which I fondly remember being a highlight on the dancefloor at the Dance Cave, circa '99-'01) is a fitting soundtrack for anyone considering a move in the current Toronto real estate market.

While buying is nowhere near as stressful as it was in the first four months of the year, selling is a different story. We're in a transitioning market now and selling your home isn't as simple a process these days.

This change in the market has many buyers and sellers confused about how to proceed.

I've got a number of clients right now who are hesitantly contemplating a "move-up" purchase into something larger than their current space.

While they're tickled by the fact that they aren't shopping for a home in the same feeding-frenzy market we saw in January - April, the prospect of having to sell their home in this more relaxed market has them second-guessing whether or not now is the right time to make a move.

While their hesitation is certainly warranted, I don't think anyone should be totally writting-off the possibilty of a move in this current market.

Keep in mind, shopping for a home in the fall might not be the relaxed affair it is right now. Although no one can predict exactly what's going to happen in the fall, we need to consider the possibilty that market activity will pick-up again and we'll all be looking back at May/June/July/August as a four-month blip.

A few possibilties to consider when looking at how the market might be spurred towards greater activity in September:

1. With today's interest rate increase by the Bank of Canada (I'm writing this blog post on July 12th, the same day that the Bank of Canada has announced their first rate increase in 7 years), there are going to be buyers out there motivated to make a purchase before their current pre-approval rate-hold expires in 90-120 days.

2. After "taking the summer off" from their home search, buyers who've been sitting on the sidelines since the Liberals announced their 16-Point Fair Housing Plan in April will simply decide to get off the fence and take the plunge.

If the market does start to warm-up again in September we could all be looking back saying, "those who bought in the summer and then sold in the fall did very well for themselves...".

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.

June 2017 Market Stats: Infographic & Report

Following is TREB’s market report for June 2017:

Greater Toronto Area REALTORS® reported 7,974 sales through TREB's MLS® System in June 2017 – down by 37.3 per cent in comparison to June 2016.

The number of new residential listings entered into TREB's MLS® System, at 19,614, was up by 15.9 per cent compared to June 2016.

While this annual rate of growth was sizeable, it represented a more moderate annual rate of growth compared to May 2017, when new listings were up by 48.9 per cent year-over-year.

"We are in a period of flux that often follows major government policy announcements pointed at the housing market. On one hand, consumer survey results tell us many households are very interested in purchasing a home in the near future, but some of these would-be buyers seem to be temporarily on the sidelines waiting to see the real impact of the Ontario Fair Housing Plan. On the other hand, we have existing home owners who are listing their home because they feel price growth may have peaked. The end result has been a better supplied market and a moderating annual pace of price growth," said Mr. Syrianos.

Annual growth rates for MLS® HPI benchmark prices have moderated over the past two months, but remain strong.

The MLS® HPI composite benchmark price was up by 25.3 per cent on a year-over-year basis in June.

June's average selling price for all home types combined for the TREB market area was $793,915, representing a 6.3 per cent increase compared to the same month in 2016.

A better supplied market has certainly been a key factor influencing the moderation in price growth.

"Recent Ipsos survey results suggest that home buying activity in the GTA will remain strong moving forward. The year-over-year dip in home sales we have experienced over the last two months seem to be the result of would-be buyers putting their decision to purchase temporarily on hold while they monitor the impact of the Fair Housing Plan. On the supply side of the market, it certainly looks as though buyers will benefit from more choice in the second half of 2017 compared to the same period in 2016,"said Jason Mercer, TREB's Director of Market Analysis and Service Channels.

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.

April 2017 Market Stats: Infographic & Report

Following is TREB’s market report for April 2017:

Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® entered 33.6 per cent more new listings into TREB's MLS® System in April 2017, at 21,630, compared to the same month in 2016.

New listings were up by double-digits for all low-rise home types, including detached and semi-detached houses and townhouses.

New listings for condominium apartments were at the same level as last year.

Total sales for the TREB market area as a whole amounted to 11,630 – down 3.2 per cent year-over-year.

One issue underlying this decline was the fact that Easter fell in April in 2017 versus March in 2016, which resulted in fewer working days this year compared to last and, historically, most sales are entered into TREB's MLS® System on working days.

"The fact that we experienced extremely strong growth in new listings in April means that buyers benefitted from considerably more choice in the marketplace. It is too early to tell whether the increase in new listings was simply due to households reacting to the strong double-digit price growth reported over the past year or if some of the increase was also a reaction to the Ontario government's recently announced Fair Housing Plan," said Mr. Cerqua.

The MLS® Home Price Index (HPI) Composite Benchmark Price was up by 31.7 per cent yearover- year in April 2017. Similarly, the average selling price for all home types combined was up by 24.5 per cent to $920,791.

"It was encouraging to see a very strong year-over-year increase in new listings. If new listings growth continues to outpace sales growth moving forward, we will start to see more balanced market conditions. It will likely take a number of months to unwind the substantial pent-up demand that has built over the past two years. Expect annual rates of price growth to remain well-above the rate of inflation as we move through the spring and summer months," said Jason Mercer, TREB's Director 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.

Point-By-Point: Ontario's Fair Housing Plan

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Today, Premier Kathleen Wynne finally announced changes to real estate in Ontario in an attempt to increase supply and address affordability.

No doubt, there's going to be some confusion about the effects of the changes. Keep in mind though, the fundamentals of a healthy market have not changed.

Take a look at the plan below, point-by-point. If you've got any questions just give me a shout.

There are 16 proposed measures:

1. A 15-per-cent non-resident speculation tax to be imposed on buyers in the Greater Golden Horseshoe area who are not citizens, permanent residents or Canadian corporations.
2. Expanded rent control that will apply to all private rental units in Ontario, including those built after 1991, which are currently excluded.
3. Updates to the Residential Tenancies Act to include a standard lease agreement, tighter provisions for “landlord’s own use” evictions, and technical changes to the Landlord-Tenant Board meant to make the process fairer, as well as other changes.
4. A program to leverage the value of surplus provincial land assets across the province to develop a mix of market-price housing and affordable housing.
5. Legislation that would allow Toronto and possibly other municipalities to introduce a vacant homes property tax in an effort to encourage property owners to sell unoccupied units or rent them out.
6. A plan to ensure property tax for new apartment buildings is charged at a similar rate as other residential properties.
7. A five-year, $125-million program aimed at encouraging the construction of new rental apartment buildings by rebating a portion of development charges.
8. More flexibility for municipalities when it comes to using property tax tools to encourage development.
9. The creation of a new Housing Supply Team with dedicated provincial employees to identify barriers to specific housing development projects and work with developers and municipalities to find solutions.
10. An effort to understand and tackle practices that may be contributing to tax avoidance and excessive speculation in the housing market.
11. A review of the rules real estate agents are required to follow to ensure that consumers are fairly represented in real estate transactions.
12. The launch of a housing advisory group which will meet quarterly to provide the government with ongoing advice about the state of the housing market and discuss the impact of the measures and any additional steps that are needed.
13. Education for consumers on their rights, particularly on the issue of one real estate professional representing more than one party in a real estate transaction.
14. A partnership with the Canada Revenue Agency to explore more comprehensive reporting requirements so that correct federal and provincial taxes, including income and sales taxes, are paid on purchases and sales of real estate in Ontario.
15. Set timelines for elevator repairs to be established in consultation with the sector and the Technical Standards & Safety Authority.
16. Provisions that would require municipalities to consider the appropriate range of unit sizes in higher density residential buildings to accommodate a diverse range of household sizes and incomes, among other things.

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.

March 2017 Market Stats: Infographic & Report

Following is TREB’s market report for March 2017:

Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 12,077 residential sales through TREB’s MLS® System in March 2017.

This result represented a 17.7 per cent increase compared to the 10,260 sales reported in March 2016.

For the TREB market area as a whole, annual sales growth was strongest for condominium apartments and detached houses.

The number of new listings also increased on a year-over-year basis, at 17,051 – a 15.2 per cent increase compared to March 2016.

The strongest growth in new listings was experienced in the detached market segment.

While new listings were up strongly compared to last year, the rate new listings growth was still lower than the rate of sales growth.

As a result, GTA market conditions continued to tighten.

“It has been encouraging to see that policymakers have not implemented any knee-jerk policies regarding the GTA housing market. Different levels of government are holding consultations with market stakeholders and TREB has participated and will continue to participate in these discussions. Policy makers must remember that it is the interplay between the demand for and supply of listings that influences price growth,” said Mr. Cerqua.

Strong competition between buyers continued to cause high levels of price growth in all major market segments.

The MLS® Home Price Index (HPI) Composite Benchmark Price was up by 28.6 per cent year-over-year.

For the TREB market area as a whole, the average selling price was up by 33.2 per cent, with similar annual rates of growth in the low-rise and condominium apartment segments.

“Annual rates of price growth continued to accelerate in March as growth in sales outstripped growth in listings. A substantial period of months in which listings growth is greater than sales growth will be required to bring the GTA housing market back into balance. As policy makers seek to achieve this balance, it is important that an evidence-based approach is followed,” said Jason Mercer, TREB’s Director 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.

Deposit Cheque: Don't Show Up Empty-Handed!

Deposit Cheque: Don't Show Up Empty-Handed! Photo

Early in my real estate career, I was working with a young couple looking to purchase a loft in the city's west end.

Back then, just like now, most properties were receiving multiple offers and selling for above the asking price.

And just like now, listing agents were requesting that all potential buyers show up on the offer date with a certified deposit cheque in hand.

I don't recall the specifics now, but on the first offer we did together those clients of mine were not able to obtain a deposit cheque prior to submitting the offer.

Of the five offers that were submitted that night, my clients had the highest price.

The property should've been theirs...

The sellers ended up working with the second highest offer though, because we didn't have that damn deposit cheque in hand.

Needless to say, those clients never submitted another offer without being sure to have the certified deposit cheque ahead of time.

Fast forward to 2017, and just the other night I saw the same thing happen again (thankfully, it wasn't my clients who made the mistake this time).

A condo in the east-end received 20 offers and sold for $710,000. The highest offer was actually $730,000... but those buyers did not have a certified deposit cheque in hand.

Imagine the disappointment there - being the highest of 20 offers and still not getting the property!

There's almost 10 years distance between those two stories, but the lesson is the same for each: show up on offer night empty-handed, and you might go home empty-handed too.

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.

February 2017 Market Stats: Infographic & Report

Following is TREB’s market report for February 2017:

Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 8,014 residential sales through TREB’s MLS® System in February 2017.

Despite the fact that February 2016 had one more day due to the leap year day, this result was up on a year-over-year basis by 5.7 per cent compared to 7,583 sales reported last year.

“The February statistics tell me that many Greater Toronto Area households continue to view home ownership as a great long-term investment. The high demand for ownership housing we’re seeing is broad-based, with strong sales growth for most low-rise home types and condominium apartments. This makes sense given the results of a recent consumer survey undertaken for TREB by Ipsos, which found an even split between intending first-time buyers and existing homeowners who indicated that they were planning on purchasing a home in 2017,” said Cerqua.

While the demand for ownership housing grew over the past year, new listings entered into TREB's MLS® System in February were down on a year-over-year basis by 12.5 per cent to 9,834.

The MLS® HPI Composite Benchmark Price was up by 23.8 per cent compared to February 2016.

Similarly, the average selling price was up by 27.7 per cent year-over-year to $875,983.

Annual rates of price growth continued to be strongest for low-rise home types, particularly detached houses.

Growth rates for condominium apartment prices were also in the double digits, likely a result of strong demand from first-time buyers.

"The listing supply crunch we are experiencing in the GTA has undoubtedly led to the double- digit home price increases we are now experiencing on a sustained basis, both in the low-rise and high-rise market segments. Until we see a marked increase in the number of homes available for sale, expect very strong annual rates of price growth to continue," said Jason Mercer, TREB's Director 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.

Toronto Land Transfer Taxes Are Increasing. Ugh.

Toronto Land Transfer Tax Costs Are Going Up On March 1st Photo

If you haven't already heard, the City of Toronto Council has approved changes to the Toronto Land Transfer Tax which will result in additional costs for some home buyers with a closing date on or after March 1, 2017 (which is when the tax 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).

Status

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:

• Added an additional LTT of 0.5% of the value of a residential or non-residential property from $250,000 to $400,000 (an additional $750)

• Added an additional LTT of 0.5% of the value of a residential property above $2 million

• Added an additional LTT of 0.5% of the value above $400,000 of a non-residential property

• Increasing the maximum allowed First-Time Home Buyer Rebate to $4,475, up from $3,725

• Amended the first-time home buyer rebate program eligibility rules to restrict rebate eligibility to Canadian citizens or permanent residents of Canada

TREB Efforts Achieved Significant Concessions – First-Time Buyers Protected

TREB (Toronto Real Estate Board) 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:

• Under the original proposal, first-time buyers would have been forced to pay an additional $475 in Toronto LTT. However, TREB pushed for an increase in the rebate from $3,725 to $4,475, meaning first-time buyers will not face an increase.

• Many first-time buyers would have lost eligibility for the first-time buyer rebate entirely, meaning a total LTT increase of $4,475. TREB pushed back and all first-time buyers will be eligible for a rebate.

• As a result of TREB's efforts, first-time home buyers will NOT see any change.

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.

It Sold For HOW Much? WTF!

I’ve been a realtor for over 10 years now, and I can honestly say that I’ve never seen as many WTF sale prices as I saw last week.

It’s not unusual for a house to sell for stupid money in this city (it is Toronto after all), but last week was notable because it happened so many times!

All over the city, almost every day, houses and condos were selling for unprecedented figures.

“Unprecedented” is the key word here, but I’m not sure it really does justice to what we saw last week.

A few examples…

Sale #1: A condo townhouse in the east-end

• 1,100 sq ft
• 2-bed / 2-bath
• Parking

The last few comparable sales happened back in the summer, and sold for around $580,000. This new listing was priced at $589,000 and sold on offer-night… for $840,000!

Sale #2: A freehold home in the Don Mills area

• 1,500 sq ft
• 3-bed / 3-bath
• Detached 2-storey

The listing agent and seller priced it low ($1,188,000), thinking that it might sell for somewhere in the $1,500,000 - $1,600,000 range. It sold on offer-night (with 31 offers) for… $2,303,000! Read more about this sale in the Toronto Star here.

Sale #3: A one-bedroom condo in the downtown core

• 600 sq ft
• 1-bed / 1-bath
• No parking

A nearly identical unit sold in this building in the spring, for around $390,000. This new listing was priced at $435,000 and sold on offer-night… for $505,000!

It’s Sunday night as I write this, and I’m wondering what tomorrow and the rest of the week will bring. It can’t be as crazy as last week, can it? We’ll see…

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.

January 2017 Market Stats: Infographic & Report

Following is TREB’s market report for January 2017:

Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 5,188 residential transactions through TREB's MLS® System in January 2017.

This result was up by 11.8 per cent compared to 4,640 sales reported in January 2016.

Annual rates of sales growth were higher for condominium apartments than for low-rise home types.

January 2017 picked up where 2016 left off: sales were up on a year-over-year basis while the number of new listings was down by double-digit annual rates for most major home types.

"Home ownership continues to be a great investment and remains very important to the majority of GTA households. As we move through 2017, we expect the demand for ownership housing to remain strong, including demand from first-time buyers who, according to a recent Ipsos survey, could account for more than half of transactions this year. However, many of these would-be buyers will have problems finding a home that meets their needs in a market with very little inventory," said Cerqua.

The MLS® Home Price Index (HPI) Composite Benchmark price was up by 21.8 per cent on a year-over-year basis in January.

Similarly, over the same period, the average selling price was up by 22.3 per cent to $770,745, with double-digit gains in the average prices for all major home types.

"The number of active listings on TREB's MLS® System at the end of January was essentially half of what was reported as available at the same time last year. That statistic, on its own, tells us that there is a serious supply problem in the GTA – a problem that will continue to play itself out in 2017. The result will be very strong price growth for all home types again this year," said Jason Mercer, TREB's Director 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.

2016 Year In Review: Infographic & Report

Following is TREB’s market report for the year 2016:

Toronto Real Estate Board President Larry Cerqua announced that 2016 was a second consecutive record year for home sales.

Greater Toronto Area REALTORS® reported 113,133 home sales through TREB’s MLS® System – up by 11.8 per cent compared to 2015.

The calendar year 2016 result included 5,338 sales in December – an annual increase of 8.6 per cent.

The strongest annual rate of sales growth in 2016 was experienced for condominium apartments followed by detached homes.

“A relatively strong regional economy, low unemployment and very low borrowing costs kept the demand for ownership housing strong in the GTA, as the region’s population continued to grow in 2016,” said Mr. Cerqua.

The annual rate of growth for the MLS® Home Price Index (HPI) in the TREB market area accelerated throughout 2016 – from 10.7 per cent in January 2016 to 21 per cent in December 2016.

The overall average selling price for calendar year 2016 was $729,922 – up 17.3 per cent compared to 2015.

The pace of the annual rate of growth for the average selling price also picked up throughout the year, including a climb of 20 per cent in December.

“Price growth accelerated throughout 2016 as the supply of listings remained very constrained. Active listings at the end of December were at their lowest point in a decade-and-a-half. Total new listings for 2016 were down by almost four per cent. In 2016, we saw policy changes and policy debates pointed at the demand side of the market. If we want to see a sustained moderation in the pace of price growth, what we really need is more policy focus on issues impacting the lack of homes available for sale,” said Jason Mercer, TREB’s Director 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.

October 2016 Market Stats: Infographic & Report

Following is TREB’s market report for October 2016:

Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported a record 9,768 sales through TREB’s MLS® System in October 2016 – up by 11.5 per cent compared to October 2015.

For the TREB market area as a whole, the largest annual rate of sales growth was in the condominium apartment market segment.

Detached home sales were up by 10 per cent year-over-year, driven predominantly by transactions in the regions surrounding Toronto.

“The record pace of GTA home sales continued in October, with strong growth observed throughout the month. As we move through November and December, we will be watching the sales and listings trends closely, in light of the recent policy changes announced by the Federal Minister of Finance. TREB will once again be conducting consumer survey work, in order to report on home buying intentions for 2017,” said Mr. Cerqua.

The MLS® Home Price Index Composite Benchmark was up by 19.7 per cent on a year-over-year basis in October 2016.

Similarly, the average selling price for all home types combined was $762,975 – up 21.1 per cent over the same time period. Double-digit increases were experienced for all major home types for the TREB Market Area as a whole.

“New listings were up slightly in October compared to last year, but not nearly enough to offset the strong sales growth. This meant that seller’s market conditions continued to prevail as buyers of all home types experienced intense competition in the marketplace. Until we experience sustained relief in the supply of listings, the potential for strong annual rates of price growth will persist, especially in the low-rise market segments,” said Jason Mercer, TREB’s Director 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.

Four Major Changes To Canada's Housing Rules

If you haven't already heard, the Canadian Department of Finance made an announcement earlier this month outlining a handful of changes that will have an impact on the mortgage/housing market.

The Globe & Mail followed the announcement pretty quickly with a detailed breakdown of all the changes, and how the affects might be felt.

Below is a reposting of that article in full. Enjoy!

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From the Globe & Mail, on October 3rd, 2016:

Four Major Changes To Canada's Housing Rules

The Liberal government has announced sweeping changes aimed at ensuring Canadians aren’t taking on bigger mortgages than they can afford in an era of historically low interest rates.

The changes are also meant to address concerns related to foreign buyers who buy and flip Canadian homes.

Below is a breakdown of the four major changes Finance Minister Bill Morneau announced Monday.

The current rules

Buyers with a down payment of at least 5 per cent of the purchase price but less than 20 per cent must be backed by mortgage insurance. This protects the lender in the event that the home buyer defaults. These loans are known as “high loan-to-value” or “high ratio” mortgages.

In situations in which the buyer has 20 per cent or more for a down payment, the lender or borrower could obtain “low-ratio” insurance that covers 100 per cent of the loan in the event of a default.

Mortgage insurance in Canada is backed by the federal government through the Canada Mortgage and Housing Corp. Insurance is sold by the CMHC and two private insurers, Genworth Financial Mortgage Insurance Company Canada and Canada Guaranty Mortgage Insurance Company. The federal government backs the insurance offered by the two private-sector firms, subject to a 10-per-cent deductible.

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The change

Expanding a mortgage rate stress test to all insured mortgages.

What it is

As of Oct. 17, a stress test used for approving high-ratio mortgages will be applied to all new insured mortgages – including those where the buyer has more than 20 per cent for a down payment. The stress test is aimed at assuring the lender that the home buyer could still afford the mortgage if interest rates were to rise. The home buyer would need to qualify for a loan at the negotiated rate in the mortgage contract, but also at the Bank of Canada’s five-year fixed posted mortgage rate, which is an average of the posted rates of the big six banks in Canada. This rate is usually higher than what buyers can negotiate. As of Sept. 28, the posted rate was 4.64 per cent.

Other aspects of the stress test require that the home buyer will be spending no more than 39 per cent of income on home-carrying costs like mortgage payments, heat and taxes. Another measure called total debt service includes all other debt payments and the TDS ratio must not exceed 44 per cent.

Who it affects

This measure affects home buyers who have at least 20 per cent for a down payment but are seeking a mortgage that may stretch them too thin if interest rates were to rise. It also affects lenders seeking to buy government-backed insurance for low-ratio mortgages.

Why

The government is responding to concerns that sharp rises in house prices in cities like Toronto and Vancouver could increase the risk of defaults in the future should mortgage rates rise.

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The change

As of Nov. 30, the government will impose new restrictions on when it will provide insurance for low-ratio mortgages.

What it is

The new rules restrict insurance for these types of mortgages based on new criteria, including that the amortization period must be 25 years or less, the purchase price is less than $1-million, the buyer has a credit score of 600 and the property will be owner-occupied.

Who it affects

This measure appears to be aimed at lowering the government’s exposure to residential mortgages for properties worth $1-million or more, a category of the market that has increased sharply in recent years in Vancouver and Toronto.

Why

Vancouver and Toronto are the two real estate markets that are of most concern for policy makers at all levels of government. These measures appear to be targeted at those markets.

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The change

New reporting rules for the primary residence capital gains exemption.

What it is

Currently, any financial gain from selling your primary residence is tax-free and does not have to be reported as income. As of this tax year, the capital gains tax is still waived, but the sale of the primary residence must be reported at tax time to the Canada Revenue Agency.

Who it affects

Everyone who sells their primary residence will have a new obligation to report the sale to the CRA, however the change is aimed at preventing foreign buyers who buy and sell homes from claiming a primary residence tax exemption for which they are not entitled.

Why

While officials say more data are needed, Ottawa is responding to extensive anecdotal evidence and media reports showing foreign investors are flipping homes in Canada and falsely claiming the primary residence exemption.

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The change

The government is launching consultations on lender risk sharing.

What it is

Currently, the federal government is on the hook to cover the cost of 100 per cent of an insured mortgage in the event of a default. The federal government says this is “unique” internationally and that it will be releasing a public consultation paper shortly on a proposal to have lenders, such as banks, take on some of that risk. The Department of Finance Canada acknowledges this would be “a significant structural change to Canada’s housing finance system.”

Who it affects

Mortgage lenders, such as banks, would have to take on added risk. This could potentially lead to higher mortgage rates for home buyers.

Why

The federal government wants to limit its financial obligations in the event of widespread mortgage defaults. It also wants to encourage prudent lending practices.

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Five previous federal housing moves since 2008

Monday’s package of announcements is the sixth time since the onset of the 2008 financial crisis that Ottawa has taken policy action in response to concerns about Canada’s housing market. July, 2008: After briefly allowing the CMHC to insure high-ratio mortgages with a 40-year amortization period, then Conservative finance minister Jim Flaherty moved to tighten those rules by reducing the maximum length of an insured high-ratio mortgage to 35 years.

February, 2010: Responding to concern that some Canadians were borrowing too much against the rising value of their homes, the government lowered the maximum amount Canadians could borrow in refinancing their mortgages to 90 per cent of a home’s value, down from 95 per cent. The move also set a new 20-per-cent down payment requirement for government-backed mortgage insurance on properties purchased for speculation by an owner who does not live in the property.

January, 2011: The Conservative government under Stephen Harper tightened the rules further, dropping the maximum amortization period for a high-ratio insured mortgage to 30 years. The maximum amount Canadians could borrow via refinancing was further lowered to 85 per cent.

June, 2012: A third round of tightening brought the maximum amortization period down to 25 years for high-ratio insured mortgages. A new stress test was also introduced to ensure that debt costs are no more than 44 per cent of income for lenders seeking a high-ratio mortgage. Refinancing rules were also tightened for a third time, setting a new maximum loan of 80 per cent of a property’s value. Another new measure limited the availability of government-backed insured high-ratio mortgages to homes valued at less than $1-million.

December, 2015: The recently elected Liberal government moved to tighten lending rules for homes worth more than $500,000, saying it was focused on “pockets of risk” in the housing sector. The package of measures included doubling the minimum down payment for insured high-ratio mortgages to 10 per cent from 5 per cent for the portion of a home’s value from $500,000 to $1-million.

August 2016 Market Stats: Infographic & Report

Following is TREB’s market report for August 2016:

Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported a record 9,813 sales through TREB’s MLS® System in August 2016.

While this sales result was 23.5 per cent above the number of transactions reported for August 2015, it is important to note that the majority of sales are reported on working days and there were two additional working days in August 2016 compared to 2015.

When the year-over-year discrepancy in working days is accounted for, the annual percentage change in sales is closer to 13 per cent.

“The conditions underlying strong demand for ownership housing remained in place, including a relatively strong regional economy, growth in average earnings and low borrowing costs. Unfortunately, we did not see any relief on the listings front, with the number of new listings down compared to last year. This situation continued to underpin very strong home price growth, irrespective of home type or area,” said Mr. Cerqua.

The MLS® Home Price Index (HPI) Composite Benchmark for August 2016 was up by 17.2 per cent on a year-over-year basis.

Similarly, the average selling price for all home types combined was up by 17.7 per cent on an annual basis to $710,410.

Both the MLS® HPI benchmarks and average prices for low-rise home types were up by double digits percentage-wise.

“Population in the GTA continues to grow. The resulting growth in households coupled with favourable economic conditions and low borrowing costs means that we remain on track for another record year for home sales. Against this backdrop, TREB will also be releasing new third-party research, and consumer and REALTOR® survey results throughout the fall and winter, with discussions focusing on foreign buying activity and issues affecting the supply of ownership housing,” said Jason Mercer, TREB’s Director 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.

Is It A Bad Idea To List Immediately After Labour Day?

Is It A Bad Idea To List Immediately After Labour Day? Photo

Summer doesn’t officially end until the Autumnal Equinox in the 3rd week of September, but we all know it really ends the day after Labour Day.

Every year, the Tuesday after Labour Day sees the kids go back to school, the white clothes go back into the closet, and the real estate market come back to life after the August slow-down.

A whole slew of new listings hit the market during that first week after Labour Day, and plenty of eager sellers (and realtors) are excited to get the ball rolling.

In my opinion though, it’s a good idea to consider waiting until the following week to list your home for sale.

The goal is to expose the property to as many buyers as possible, but a good chunk of the buyer pool is distracted at this time of year.

There’s so much happening in people’s lives during that first week after Labour Day, that there’s a good chance many of the new listings are going to slip-by unnoticed.

• People are busy getting back into the swing of things at work.

• Anyone working in a seasonal industry is likely focused on transitioning over to their fall market.

• People are coping with the fact that summer’s over and the cold & rainy weather is just around the corner (ugh).

• And then of course there are the families that have small children…

I know that my wife & I are going to be preoccupied these next few days with starting our oldest daughter in JK. If we were searching for a home right now we’d almost certainly be taking a week off from our search to concentrate on the start of school.

I myself have a new listing coming out soon, and we’re waiting until that 2nd week after Labour Day to go to market. My clients are fully onboard with the idea that we’ll reach the maximum number of potential buyers if we wait that extra week.

That’s not to say that a seller won’t still do well if they list right after Labour Day. And not every seller is even going to have the option of waiting until mid-September to list.

If you really want to maximize your odds of success though, you do need to consider all of the angles and strategize accordingly.

So, while it might not necessarily be a bad idea to list immediatley after Labour day, it might be a good idea to hang back and wait a week.

Here’s to a kick-ass fall 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.

June 2016 Market Stats: Infographic & Report

Following is TREB’s market report for June 2016:

Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 12,794 residential transactions through TREB's MLS® System in June 2016.

This result was 7.5 per cent higher than the 11,905 sales reported in June 2015.

In line with the prevailing trend so far this year, the number of new listings was down by 3.8 per cent.

"As I start my term as TREB President, we are certainly in an interesting environment for ownership housing. There is no doubt that demand is at a record level, but would-be home buyers continue to face an uphill battle against a constrained supply of listings, which has perpetuated strong price growth. Buyers and sellers alike continue to benefit from the value a REALTOR® brings to a transaction," said Mr. Cerqua.

"As the federal, provincial and local levels of government discuss housing policy in the coming months, issues affecting the lack of supply in the GTA should be of paramount importance. TREB will be undertaking, and making public, results of additional research in the second half of 2016, with the goal of proactively adding to the housing policy discussion," added Mr. Cerqua.

The MLS® Home Price Index Composite Benchmark was up by 16 per cent on a year- overyear basis.

The average selling price for all home types combined was up by a slightly higher annual rate of 16.8 per cent to $746,546.

The single-detached, semi- detached and townhouse market segments led the way in terms of price growth.

"When TREB surveyed consumer intentions for 2016, we found that the majority of GTA households who were likely to purchase a home continued to be pointed towards some form of ground oriented housing. This is why we continue to see strong competition between buyers in many neighbourhoods where supply remains constrained," said Jason Mercer, TREB's Director 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.