Toronto Real Estate Market Report: June 2010 Statistics

Toronto Real Estate Market Report: June 2010 Statistics Photo      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.

Happy Canada Day!

     It's been a helluva couple of weeks here in Toronto.  An earthquake, the G20 summit, a devastating World Cup loss for fans in Corso Italia and Little Italy.  It's safe to say I'm not the only one looking forward to taking it easy for a few days.  What better way to get started than with a little Stompin' Tom Connors?  Happy Birthday Canada!  Enjoy the long weekend!

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

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

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

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

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

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

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

Toronto Real Estate Market Report: May 2010 Statistics Photo      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.”

Toronto Real Estate Market Report: May 2010 Statistics Photo

Toronto Real Estate Market Report: May 2010 Statistics Photo

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.

After Attending Doors Open Toronto 2010, I'm Hooked!

     I have to confess, this was actually the first year that I participated in Doors Open Toronto.  I’d planned on doing so in years past, but for whatever reason it just didn’t happen.  This year however, I held firm to my resolution and I have to say, I’m much better for it!

As a realtor I spend quite a bit of time driving around the city, passing by many of Toronto’s landmark buildings without ever stepping foot inside them.  So for me, Doors Open Toronto 2010 was an opportunity to slow down and really absorb some of the architectural beauty and historical significance of my surroundings.

Part of the attraction of an event like this is the relatively short period of time for which it exists (until its return next year, anyway). There`s something powerful about the fact that for only a few precious hours we’re granted access to spaces that are otherwise off limits to the general public. 

I was made even more aware of this on my elevator ride up to the 17th floor of the Canada Life Building.  The operator informed us that, "You're very privileged to be going up to the Tower Room.  Even the regular staff in the building don`t have access to this space other than during Doors Open Toronto."

The excitement was palpable outside as well.  I was actually sidetracked from my planned route because I just couldn`t pass up the enthusiastic recommendations of a few fellow participants.  "You have to see Osgoode Hall - the Library is beautiful!"  "The King Eddy tour is not to be missed!"

Needless to say, my original intention of sticking primarily to some of the taller buildings in the downtown core (inspired by a recent trip to Manhattan) was changed to include a more well-rounded assortment of structures. 

All in all, the weekend was a success for me.  I finally got around to doing something that I've wanted to for awhile.  And my relationship with the city was expanded and deepened.  After I finish writing this post I plan on going over the buildings I missed this weekend, adding them, in anticipation, to next year`s list.

What about you? 

Did you attend Doors Open Toronto 2010? 

Any highlights?

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

Candy Factory Lofts In The Queen Street West Area Photo 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.

Candy Factory Lofts In The Queen Street West Area Photo          Candy Factory Lofts In The Queen Street West Area Photo          Candy Factory Lofts In The Queen Street West Area Photo

Candy Factory Lofts In The Queen Street West Area Photo          Candy Factory Lofts In The Queen Street West Area Photo          Candy Factory Lofts In The Queen Street West Area Photo

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

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

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

 

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

 

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

 Toronto Real Estate Market Report: April 2010 Statistics Photo      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.”

Toronto Real Estate Market Report: April 2010 Statistics Photo

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

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

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

 

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

Rise In Listings Means More Choice For Homebuyers Photo      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

Toronto Real Estate Market Report: March 2010 Statistics Photo      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."

Toronto Real Estate Market Report: March 2010 Statistics Photo

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

Kings Court In The St Lawrence Market Area Photo      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.

Kings Court In The St Lawrence Market Area Photo

Kings Court In The St Lawrence Market Area PhotoKings Court In The St Lawrence Market Area Photo

Kings Court In The St Lawrence Market Area PhotoKings Court In The St Lawrence Market Area PhotoKings Court In The St Lawrence Market Area Photo

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

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

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

Toronto Real Estate Market Report: March 2010 Mid-Month Statistics      Greater Toronto REALTORS® reported 4,353 sales through the Multiple Listing Service® (MLS®) during the first two weeks of March.  This represented a 70 per cent increase compared to the 2,562 sales recorded during the same period in 2009 when resale transactions had dipped markedly due to the recession.  The mid-month sales total was also 16 per cent higher than the previous March midmonth high reached in 2006. 

“The spring-like weather in the first half of March brought the first green sprouts of the recurring spring market. Every year, monthly sales climb steadily through May,” said Toronto Real Estate Board President Tom Lebour. "People are buying homes because they are confident in the current economic recovery and mortgage payments on the average priced home remain affordable."

The average price for March mid-month transactions was $440,153 – a 20 per cent increase over 2009. New listings within the Toronto Real Estate Board boundaries were up 34 per cent to 8,540.

"Look for double-digit annual price increases to cease later in 2010, as new listings rebound from the low levels experienced in 2009," said Jason Mercer, TREB's Senior Manager of Market Analysis. "Increased listings will give buyers more choice, resulting in less upward pressure on home prices.”

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

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.

Ossington Art Hub Alive And Vibrant Despite Moratorium

Ossington Art Hub Alive And Vibrant Despite Moratorium Photo      Anyone familiar with that strip of Ossington Ave running north from Queen Street up to Dundas knows there's been quite a bit of change there in the last few years.  The number of bars, restaurants, shops, and galleries that've sprung up is impressive.  I live in the surrounding area myself and can attest to the difference a few short years makes.  In terms of real estate values alone, the area has certainly experienced an increase.  I helped some clients purchase a townhouse on Halton St, just east of Ossington, and the prices there have certainly benefited from what's happening in the area.

So much change though, so quickly, isn't going to sit well with everyone.  A number of residents in the immediate area voiced their concern about the increased nightlife and the city responded by placing a moratorium on new bars.

Personally, I'm somewhat divided on the moratorium.  I'm happy for anything it's done to curb the over-saturation of clubs that some feel was on the horizon.  But I'm also disappointed that a less restrictive solution wasn't adopted - a solution that would've allowed for more bakeries, daytime restaurants, etc, to find their way onto the strip. 

This isn't to say that there hasn't been any growth along the strip since the moratorium went into effect last year.  In fact, galleries and art spaces have really flourished.  There was an article in yesterday's Toronto Star touching on this very subject.  Take a look:

Following is Sarah Barmak's article from the March 14th Toronto Star in full:

One year after a controversial moratorium on new bars on the street was passed, much on Ossington Ave. has seemed frozen in time, with no new eateries and few new shops.

Other than the growth in gallery space, that is. More than ever, the Ossington art hub is alive and vibrant.

Jamie Angell's Angell Gallery relocated to the foot of Ossington from 890 Queen St. W., moving from 700 square feet to a cavernous 4,000. With its grand central space and satellite wings, it isn't hard to imagine Angell as a bustling bistro. Instead, it's now one of the bright lights of a booming creative nexus.

Further north on the strip, Meta Gallery is busily renovating their new space – formerly the eclectic art, market, concert, and event venue Rolly's Garage – for their grand opening on April 2.

The most impressive newcomer to the neighbourhood, the Artscape Shaw Street Centre, will add a mind-blowing 75,000 square feet of dedicated gallery and working space for artists to the area when it opens in 2012. A repurposing of the beautiful century-old Shaw Street School, which had been shuttered for a decade before Artscape bought it in January, the centre will be the largest project to date for the not-for-profit urban development organization behind the Wychwood Barns art community in the St. Clair and Christie neighbourhood.

Artscape's request for expressions of interest from artists – due Thursday – is helping them envision how the space will be used. The prospect of all that room, however it's used, seems likely to lure more artists and arts businesses to the area.

"Galleries could be a part of it," says Liz Kohn, director of communications for Artscape. "Also, music or performance or theatre. The options are endless, really."

The bar moratorium, put in place by ward councillor and now mayoral candidate Joe Pantalone, had split residents – who complained about late-night noise – and business owners, who said the ban penalized people who wanted to open daytime restaurants and bakeries.

Council since replaced that ban with more permanent rules: new bars, cafes, restaurants, bakeries and takeout places are limited to the ground floor and 175 square metres (1,800 square feet). Fears voiced by locals that the strip would wither under the restrictions, however, don't seem to have materialized – for galleries, in any case.

"It's like a village between Dundas and Queen," says Angell, whose gallery has its official launch April 3. "I personally think it is easier for galleries to grow on Ossington."

Angell more than quadrupled his floor space by moving to Ossington while only doubling his rent. He also moved to the area himself, with an apartment above his gallery.

"Much more space enables me to have three distinct galleries," he says – a dramatic main wing for group shows and up-and-coming artists, an east wing, and a project space where visitors see more inventory. The high-ceilinged white rooms elegantly show off the work of talented locals such as Geoffrey Pugen and Alex McLeod.

It isn't just the space, however. One of the most distinctive additions to the new Angell Gallery is a permanent video room. The mini-theatre, with a flat-screen video monitor, speakers and space comfortable for about four to six people, is unique among smaller galleries, which usually install screens temporarily for specific exhibits.

"It's a serious medium," says Angell. "But how many galleries have the space to dedicate to it?"

Jody Polishchuk, owner of Meta Gallery, says he's happy Ossington didn't become a club district. "People were worried it was going to turn into a kind of Richmond Street," he says. "It's such a gem and it would be a shame for it to go that way."

He says he looked for spaces along Dundas West – theorized by many as the new, new art district – before settling on Rolly's. He's happier to think of Dundas West as part of a giant art nexus that includes Ossington and the Shaw complex, anyway.

The new Meta seems likely to become a strip destination: though it will be a gallery in the main, it plans to retain some of the events that made Rolly's Garage such a creative hotspot – such as its unique Night Market, where local vendors sold hand-made designer goods while shoppers drank and socialized.

It has even hired Phil Terry, the same contractor who has worked on the Drake Hotel, W Burger Bar and Mercatto restaurants. Not that it will get a permanent liquor licence. "As if Ossington really needed another bar," says Polishchuk.

Architect Breck McFarlane owns the building at 9 Ossington, which houses electronic media arts centre InterAccess and Imperial Tattoo. He agrees that galleries seem to have emerged from the moratorium unscathed. And he is happy to remind newcomers that the street is a long way from what it was when he bought the property in 2001.

"It was like a country road," he says. "I think there were tumbleweeds, honestly. It's got to be a 25-fold increase in foot traffic (since then)."

Many small business owners along the strip are far less sanguine about life since the ban, however. They say the moratorium didn't stop kids from drinking – and it hurt daytime retail.

"I'm the newest vintage store and I've been here for a year," says Lindsay Fernlund, who owns Silver Falls, across from Angell. She says without places to have lunch, shoppers simply don't linger on the street.

"Restaurants would get foot traffic going," says Tim Hanna, the owner of Ossington bookstore Frantic City. He says that when Pizzeria Libretto opened nearby, he stayed open late and benefited from more walk-ins.

Two daytime restaurants and a bakery have closed since Pantalone's moratorium was put in place – businesses that haven't been replaced. The councillor says eateries and bars are welcome if they comply with the new rules; what's wanted, is variety, not just a bar strip.

"Art galleries, clothing stores and food stores are particularly needed in this area to add to the diversity, and their absence was actually creating a problem to both the business people and the residents," he told the Star's Bruce DeMara last week.

There is also a danger that the new rules and the drop in daytime traffic will make the art community also sour on the street.

"There is not another strip in the city that has so many restrictions," says Gary Hall, executive director of Gallery TPW, which relocated to 56 Ossington in 2006 after 20 years at 80 Spadina Ave.

He says the gallery will "consider all its options" – including the idea of the Shaw Street Centre – when their lease expires in three years.

Others are already thinking about life after Ossington – west of it, that is. Next month will see the opening of Parts + Labour on Queen West near Sorauren Ave., masterminded by owners from The Social and Oddfellows, two hectic hipster hubs within blocks of the Queen/Ossington axis. The group gutted a huge old building that housed a hardware store for decades and spent months creating a slick restaurant and live music venue. What results is sure to transform a forlorn stretch of street – and finally, perhaps, Parkdale.

While Ossington galleries continue to thrive, only time – mainly the summer and its crowds – will tell what the future of the strip holds.

If you’re thinking of making a move to or from the Ossington Ave area, or downtown in general, feel free to contact me for more info.