I'd like to wish all of my loyal blog readers, clients, family and friends a safe and happy holiday season.
Happy Holidays everyone!
If you’re thinking of splurging on a new home this holiday season and would like to know how I can help, feel free to contact me for more info.
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.
Following is TREB's market report for November 2011: Greater Toronto REALTORS® reported 7,092 residential transactions through the TorontoMLS® system in November – up 11 per cent in comparison to November 2010. At the same time, the number of new listings was up by 14 per cent in comparison to last year.
“We have seen strong annual sales growth through the 2011 fall market. The increase in transactions has been broad-based, with strong growth across low-rise and high-rise home types throughout the Greater Toronto Area,” said Toronto Real Estate Board (TREB) President Richard Silver. “The market has also become better supplied, with annual new listings growth outstripping that of sales. As this trend continues into 2012, we will see more balanced market conditions.”
The average price for November transactions was $480,421, representing an increase of almost 10 per cent in comparison to $437,494 in November 2010.
“Despite strong price growth this year, the housing market remains affordable in the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The correct method of assessing affordability is to consider the share of the average household’s income that is dedicated to mortgage principal and interest, property taxes and utilities. Currently, this share remains in line with generally accepted lending guidelines. Given this positive affordability picture, average price growth is forecast to continue in 2012, albeit at a more moderate pace.”
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.
There are a number of websites available that allow the public to search for properties currently listed for sale. Many of these websites belong to real estate agents (take my website, for example). Some belong to real estate brokerages (check out my brokerage's site here). And then there are sites like Zillow.com (in the states) and Zoocasa.com (here in Canada).
Probably the best known and most widely used of these public sites is Realtor.ca (formerly mls.ca). If you've used the site before, you know that it does have some limitations... Having said that, a handful of useful upgrades to the site were released on November 29th.
This upgraded version has new features and tools that allow users to customize their searches and find what they want faster.
The new interface’s features include:
What do you think of the new upgrades? Are there other improvements that you'd still like to 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.
I don't really do much "ranting" on this blog, but every now and then something comes up that compels me to throw in my 2 cents...
I’m sure that many of you have come across a property on Realtor.ca and submitted an email request for more information. Or you’ve driven by a “for sale” sign and phoned the number to inquire about the list price, etc. How long did it take for the listing agent to respond? 24hrs? 3 days? Never?
At a time when almost everyone is connected by way of cell phone, smart phone, notebook computer, etc, there’s no excuse not to make yourself easily reachable and reply within a reasonable amount of time.
I fully appreciate that we need to set boundaries so that our work life doesn’t negatively impact our home life. Especially in an industry where there are no "set hours". I’m all for shutting off your phone/email at 10:00pm (or whatever time your specific situation deems reasonable) and not re-connecting until the following morning.
That’s not what I’m talking about here. I’m talking about realtors who make themselves unnecessarily difficult to get a hold of, no matter what the time of day. I’m talking about realtors who even refuse (or neglect) to at least publish their email address on their website.
What’s the logic here? If you’re in a service-based business doesn't it make sense for potential clients to be able get a hold of you? As a realtor, isn't it reasonable to make yourself available outside of the 9-to-5 norm? Isn't that part of what you're signing up for when you get into this business? If you have a listing, aren't you doing your client a disservice when you fail to follow-up on inquiries from potential buyers?
Even on a realtor-to-realtor basis I sometimes see this as an issue. There've been a number of times that I’ve tried to get a hold of another agent, only to find that;
My only option is to have them paged through their office, which can produced mixed results and leave me wondering if the page ever actually went out.
Realtors - do yourself (and everyone else) a favour... Keep your contact info up-to-date, make yourself available to inquiries, and respond in a timely manner.
There. I'm glad I got that off my chest :-)
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. I promise you, I'm easy to get a hold of.
Following is TREB’s market report for mid-November 2011: Greater Toronto REALTORS® reported 3,379 transactions through the TorontoMLS® during the first two weeks of November. This result represented more than a 13 per cent increase compared to November 2010. New listings were up 16 per cent over the same period.
“The results for the first two weeks of November point to two important facts: First, despite global economic uncertainty, buyers have remained confident in the affordable housing market in the GTA. Second, stronger growth in new listings means that it is becoming easier for buyers to find a home that meets their needs,” said Toronto Real Estate Board President Richard Silver.
The average selling price through the first 14 days of November was $481,548 – up by 10 per cent compared to the average of $437,510 reported for the first two weeks of November 2010.
“Little or no movement is expected for mortgage rates through 2012. Low rates coupled with the consensus outlook for continued economic growth next year suggests that homes will remain affordable in the GTA and households will remain confident in doing deals. Look for the average selling price to advance to the $485,000 mark next year,” said Jason Mercer, the Toronto Real Estate Board’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.
Following is TREB’s market report for October 2011: Greater Toronto REALTORS® reported 7,642 home sales through the TorontoMLS® in October 2011. This represented an increase of 17.5 per cent compared to the 6,504 transactions reported in October 2010.
Monthly sales data follow a recurring seasonal trend that should be removed before comparing monthly results within the same year. After adjusting for seasonality, the annualized rate of sales for October was 97,100, which was above the average of 90,700 for the first three quarters of 2011.
“The pace of October resale home transactions remained brisk in the GTA. This bodes well for a strong finish to 2011,” said Toronto Real Estate Board President Richard Silver. “Home buyers who found it difficult to make a deal in the spring and summer due to a shortage of listings have benefitted from increased supply in the fall.”
The average selling price through the TorontoMLS® in October was $478,137 – up eight per cent compared to October 2010. “Sellers’ market conditions remain in place in many parts of the GTA. The result has been above-average annual rates of price growth for most home types,” said JasonMercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. “Thanks to low interest rates, strong price growth has not substantially changed the positive affordability picture in the City of Toronto and surrounding regions.”
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.
In the city of Toronto there are realtors who focus specifically on condos, and there are realtors who focus specifically on houses. There's a third group as well - the realtors who focus on both condos and houses. I'm one of those guys. Condos and houses each offer their own unique set of challenges, opportunities, and rewards. I can't imagine giving up one for the other.
When it comes to buying/selling a condo versus buying/selling a house, there are a number of key differences to keep in mind. Part of my job is to educate my clients as to what these differences are and to make sure they understand how condo living differs from freehold ownership.
I've written articles in the past focusing on condo-specific ownership issues (for example, take a look at my article on status certificates here, or my article on condo townhouses here). The Toronto Real Estate Board has posted a few of their own articles on condo ownership as well. I've re-printed one of those articles in full, below. Take a look...
Following is the article, "Condo Ownership - What To Expect", as it appears on the Toronto Real Estate Board's website:
If you are considering the purchase of a condominium in the Greater Toronto Area you are one of many residents who recognize the numerous benefits of this type of property ownership. Offering affordability, proximity to desirable areas and limited maintenance, it’s no wonder that condominiums now represent one in every three resale home transactions in the GTA.
Before proceeding with your purchase though, it’s wise to gain an understanding of how condominium living differs from freehold ownership. As with any type of purchase, the golden rule when buying a condo is to get everything in writing. If you’re buying a new unit you can expect to receive a disclosure statement. It includes a description of the project’s most important features, bylaws that govern the corporation, rules that regulate owners’ living environment and the condominium corporation’s budget for the first year after registration. Incidentally, during the first year after registration, the condo corporations must undertake reserve fund studies, performance and turnover audits, and if the cost for such common expenses is underestimated, your developer must pay the difference.
If you are planning to buy a resale condominium, you should request a status certificate, which offers similar information and confirms that the owner is current with common expenses. It costs $100 and must be delivered within 10 days of request.
While the purchase of a resale condominium includes a firm closing date, the move-in date for a new condominium can be years in the future. In this case, the developer can extend closing dates but if your unit isn’t ready by their outside closing date, you can terminate the purchase agreement. Your developer will have the option of terminating the agreement as well, if they can’t meet certain conditions including sales of units, planning approval, and financing by specific dates. In this case your deposit is refunded with interest.
It’s more likely though, that you will be able to move in, beginning with an occupancy closing, which takes place until the condominium corporation is registered. In this case, until you take ownership you’re responsible for paying common expenses, realty taxes and interest on the purchase price’s unpaid balance, which is due on closing.
Once the developer loses majority control of the project, within 42 days all new owners may elect a Board of Directors, consisting of at least three Directors. Their responsibilities are significant. The Board must ensure monies are held in trust, funds are properly invested and records are kept. They can hire personnel to maintain common elements, enter into legal contracts with a percentage of owner consent, and buy and sell property for the use and benefit of owners. The Board also enforces the condominium’s documents (bylaw, and rules and declaration) which specify the units and common elements, each unit’s share of ownership, and the types of costs included in monthly expenses.
As an owner, you have many responsibilities as well. You are responsible for your mortgage, property taxes, common expenses, and fees to cover special expenses. Like the Board of Directors, you are bound by the condominium corporation’s declaration, bylaws and rules. The rules for example, will likely prohibit you from making structural changes without prior consent. You can’t damage or neglect your unit as doing so affects all property values. Similarly, you can’t do anything that may jeopardize the project’s insurance coverage. Common area changes are also off limits without prior consent.
Whether you are buying new or resale, it’s wise to enlist the services of a REALTOR® to ensure that you’re clear on all of your responsibilities with respect to condominium ownership. For more information visit www.TorontoRealEstateBoard.com
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.
Following is TREB’s market report for mid-October 2011: Greater Toronto REALTORS® reported 3,477 transactions through the TorontoMLS® system during the first 14 days of October 2011. This total represented a 20 per cent increase over 2,890 sales reported during the first two weeks of October 2010. Year-over-year growth in new listings for the same period was slightly stronger than that recorded for sales – up 21 per cent to 6,249.
“The first two weeks of October seem to be pointing towards more balanced market conditions as we move toward 2012. Growth in new listings outstripped growth in sales, meaning more choice for buyers,” said Toronto Real Estate Board President Richard Silver. “A growing number of home owners are reacting to the above average price growth reported this year and have decided to list their home for sale. They are confident they will receive timely offers in line with their asking prices.”
The average selling price during the first two weeks of October was $475,743 – up 7.5 per cent compared to the same period in 2010.
“The average resale home price is expected to grow at a slower pace in the months ahead because the market is becoming better supplied. There will be less competition between home buyers as we move through the fall and winter.” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. “With a more balanced market in 2012, the average rate of annual price growth is expected to be in the mid 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.
Following is TREB’s market report for September 2011: Greater Toronto REALTORS® reported 7,658 transactions through the TorontoMLS® system in September - a 25 per cent increase over September 2010. Sales during the first three quarters of 2011 amounted to 70,588, representing a 2.6 per cent increase compared to the first nine months of 2010.
"We have experienced strong growth in sales so far this year, with a much more active summer compared to 2010. However, while sales have been strong, we have continued to experience a shortage of listings, resulting in more competition between home buyers," said Toronto Real Estate Board President Richard Silver.
"Over the past few months, the listing situation has started to improve, so we expect home buyers will have more homes to choose from in the months ahead." With annual growth in sales (+25 per cent) outstripping annual growth in new listings (+15 per cent) in September, market conditions became tighter and the average selling price continued to grow by close to 10 per cent on a year-over-year basis.
"Strong price growth through the first nine months of the year was mitigated to a great degree by low interest rates and rising incomes," said the Toronto Real Estate Board's Senior Manager of Market Analysis Jason Mercer. "As buyers continue to take advantage of the affordable home ownership options in the GTA, we remain on pace for the second best year for sales under the current TREB market area."
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.
Following is TREB’s market report for mid-September 2011: Greater Toronto REALTORS® reported 3,149 transactions during the first 14 days of September, representing an increase of more than 25 per cent in comparison to the first two weeks of September 2010. New listings over the same period, at 6,890, were up by 14 per cent compared to last year.
“Purchasing and paying for a home over the long term represents the single largest financial commitment most households will make over a lifetime. To make this commitment, households must be confident in their economic prospects,” said Toronto Real Estate Board President Richard Silver. “The fact that sales continued to grow through the first half of September suggests that GTA households remain confident that the economy will remain buoyant.”
The average selling price in the first half of September was $454,194 – an increase of 11 per cent compared to the same period in September 2010.
“Strong price growth in the GTA continues to be mitigated by a solid affordability picture. Mortgage rates will remain at or near current levels until the second half of 2012 if not into 2013,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.
“In response to strong price growth, more households chose to list their homes for sale in comparison to last August. Growth in listings is expected to continue. Increased choice will result in more sustainable rates of price growth,” continued Mercer.
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.
A few months ago I wrote a BLOG post titled, "How Much Can You Expect To Pay In Land Transfer Taxes?" (read it here). I provided a breakdown of how the various provinces calculate these taxes. I even linked to a handy little calculator that shows just how much a resident of Toronto has to pay. Let's just say... it's not chump change.
Today, the Toronto Real Estate Board posted the above video on their YouTube channel. The message is simple: "Mayor Rob Ford made a promise to repeal the Toronto Land Transfer Tax. Let's help him keep it."
From the Toronto Real Estate Board's website:
Say No To Status Quo!
Mayor Ford and City Council were elected with a clear mandate to change the way City Hall operates, including repealing the Toronto Land Transfer Tax. Unfortunately, some City Councillors are getting cold feet and would prefer to maintain the status quo. You can help make sure that City Council moves forward with changing City Hall. Use the links below to:
For access to a Land Transfer Tax Calculator and other financial tools, visit my website here.
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.
Following is TREB’s market report for August 2011: Greater Toronto REALTORS® reported 7,542 sales through the Toronto MLS® system in August – a 24 per cent increase over 6,083 sales in August 2010. New listings, at 12,509, were up by 20 per cent compared to August 2010. Market conditions remained tight as sales growth outstripped growth in new listings.
"Home sales in the GTA have stood up well despite a less certain economic outlook," said Toronto Real Estate Board President Richard Silver. "Home sales will be bolstered by low mortgage rates moving forward. The Bank of Canada is expected to be on the sidelines until the second half of 2012 or even into 2013. However, home ownership affordability in the City of Toronto could be further improved with the removal of the City’s land transfer tax. This tax currently represents a substantial upfront cost for homebuyers.”
With market conditions remaining tight in the GTA, the average selling price continued to grow strongly in August – up by more than 10 per cent year-over-year to $451,663. "We remain on pace for the second best year on record for sales. Approximately 90,000 transactions are expected by the end of December," said TREB's Senior Manager of Market Analysis Jason Mercer. "Major home ownership costs, including the average monthly mortgage payment, remain affordable despite the strong price growth experienced so far this year."
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 Better To Wait Until After Labour Day To List Your Home For Sale? Photo
Labour Day weekend means different things to different people.
For some, it’s time to celebrate the economic and social achievements of workers.
For others, it’s the last chance to bust out those white slacks before burying them deep into the closet.
For realtors (and their sellers & buyers), it signals the end of the summer real estate market and the beginning of the fall market.
Generally, the Toronto market slows down a bit during the last few weeks of summer.
Why?
Well, many buyers who were actively looking in the summer market have already bought.
And those that haven’t often decide to put their search on the backburner and enjoy some vacation time while the weather’s still warm.
The same goes for many realtors.
Naturally, the sellers follow suit.
Most will hold off on listing their home for sale until after Labour Day weekend has passed.
And it makes sense.
Why would you choose to introduce your property to the market at the same time that many of your potential buyers are choosing to take a break?
Doesn’t it make more sense to wait another week and list after everyone has returned?
Not to mention the many buyers who won’t even be starting their search until the fall market begins.
Having said that, there’s always the other side of the coin...
Potential Benefits Of Listing Before Labour Day Weekend
Sellers can sometimes take advantage of the fact that there likely isn’t going to be much competition in the last week of summer.
Getting a jump on the fall market can pan out well if there are motivated buyers out there and yours is one of the few homes available.
And there’s no way of knowing exactly how many properties are going to come on the market that first week after Labour Day.
What if two or three of your neighbours all list at the same?
Wouldn't it have been better to list the week before and possibly sell ahead of the new influx of inventory?
Maybe.
Generally though, I would argue that the safe bet is to wait and come out swinging at the start of the fall market.
Here's looking forward to a strong one this year!
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.
That's right, my real estate blog has been active for TWO YEARS now! I submitted my very first post in August of 2009 and haven't looked back since. I wrote a similar "Happy Birthday" post last August, celebrating my blog's first year of existence (you can read it here). That post answered the question, "What does one get a blog for its birthday?" In case you missed it, here's a re-print of my answer:
Once again, I'd like to end this post by saying THANK YOU to everyone who's taken the time to read and support this Blog over the past two years. Looking forward to birthday #3!
Cheers!
Following is TREB’s market report for mid-August 2011: There were 3,214 sales through the Toronto MLS® system during the first 14 days of August, representing more than a 22.5 per cent increase compared to the same period in August 2010. Year-to-date sales through the 14th of August were all but caught up to last year’s total – down by half a per cent compared to 2010.
“The unsettled situation in financial markets over the past few weeks did not appear to sap the confidence of GTA home buyers during the first half of August,” said Toronto Real Estate Board President Richard Silver. “Revised forecasts for future Bank of Canada interest rate decisions coupled with the recent announcement by the US Federal Reserve, suggest that interest rate hikes in Canada are on hold at least until sometime in 2012. This is a positive for affordability and should help sustain buyer confidence moving forward.”
The average selling price was up by almost seven percent annually during the first 14 days of August to $440,150.
“The rate of price growth reported for the first two weeks of August continued to point to sellers’ market conditions in the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “However, it should be noted that new listings grew at a slightly greater pace than sales. A better supplied market in the second half of 2011 will result in prices growing at a more sustainable pace.”
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.
Following is TREB’s market report for July 2011: Greater Toronto REALTORS® reported 7,922 transactions through the Toronto MLS® system in July 2011, representing a 23 per cent increase over July 2010. Total sales through the first seven months of this year amounted to 55,863 – down by 1.3 per cent compared to the same period in 2010.
After adjusting for seasonal fluctuations, the July figures continued to point to an annual sales result close to 90,000 – in line with results from the previous six months.
"Strong home sales continued in July, with a substantial rebound over last summer’s slow-down brought about by higher mortgage rates, new lending guidelines and misconceptions about the HST. The greatest rebound was seen in the condominium apartment segment in the City of Toronto," said Toronto Real Estate Board President Richard Silver. "If the current pace of sales holds up, we could see the second best year on record under the current TREB market area."
The average selling price in July was $459,122 – up by almost ten per cent compared to the July 2010 average of $418,675.
“Tight market conditions have boosted the annual rate of price growth this year. However, the listings situation is starting to improve. A better supplied market later this year and into 2012 would lead to a more sustainable rate of price growth,” 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.
Following is TREB’s market report for mid-July 2011: During the first 14 days of July, Greater Toronto REALTORS® reported an increase in sales and the average selling price compared to the first two weeks of July 2010. The number of sales through the TorontoMLS® system was up 35 per cent to 3,609, compared to 2,672 last year.
“Low mortgage rates, rising incomes and good news on the jobs front have kept consumers confident in purchasing a home in the Greater Toronto Area. In fact, home buyers are much more confident than they were this time last year when concerns around the HST, interest rate hikes and new mortgage lending rules had temporarily put a damper on home sales,” said Toronto Real Estate Board (TREB) President Richard Silver.
Tight market conditions in the GTA drove a strong rate of price growth through the first two weeks July. The average selling price was $464,277 – up 9.6 per cent compared to the average of $423,773 in July 2010.
“Enhanced competition between home buyers continued to drive strong price growth through the first two weeks of July,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “While new listings were up year-over-year in the first half of the month, seller’s market conditions were sustained as sales grew at an even greater rate.”
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.
Following is TREB’s market report for June 2011: Greater Toronto REALTORS® reported 10,230 home sales through the TorontoMLS® system in June 2011 – up 21 per cent compared to June 2010. This number represented the third best June result on record behind 2007 and 2009. The number of transactions during the first six months of 2011 amounted to 48,189 – down by 4.5 per cent compared to the first half of 2010.
“The strong June result capped off an interesting first half of 2011,” said Toronto Real Estate Board President Richard Silver. “The pace of sales was a bit sluggish at the beginning of the year, but rebounded in May and June. Because of the positive affordability picture, home buyers remained confident in their ability to purchase and pay for a home over the long term.”
The average price for June transactions was $476,371 – a 9.5 per cent increase over June 2010. Through the first six months of the year, the average selling price was $467,169 – almost an eight per cent increase compared to the same period in 2010.
“While sales have been strong, we would be on track for a record number of transactions in 2011 if not for the decline in listings so far this year,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. “Tight supply meant more competition between home buyers and an accelerating annual rate of price growth in the second quarter.”
“Home owners will likely react to the stronger price growth by listing their homes in greater numbers. A better supplied market would result in more moderate price increases,” continued Mercer.
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.
Love where you live? Looking for a way to publicly sing the praises of your neighbourhood or community? Interested in a chance to win $20,000? You're in luck... Last week Royal LePage kicked off their annual "My Great Neighbourhood" contest!
It's simple - submit a short paragraph explaining why you love your neighbourhood or community. And be sure to include up to 5 photos or 1 video as part of your submission. Take a look here and click on "Past Entries" to see what other contestants have come up with.
Winners will be selected based on 3 main criteria:
As if the opportunity to acclaim your 'hood wasn't motivation enough, you've got a shot at winning one of three cash prizes:
If you're interested in entering the contest, check out the website here. Keep in mind - not only is this a great way to share a little neighbourhood pride, it's also an incredible opportunity to promote your neighbourhood to potential buyers across the country.
Good luck!
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.