Tag Archives: TREB (Toronto Real Estate Board)

GTA home prices decline 12.4%

GTA home prices decline 12.4%

Latest News


GTA home prices decline 12.4%

TREB releases monthly market figures reported by GTA realtors

Toronto Real Estate Board (TREB) president Tim Syrianos announced that GTA realtors reported 7,792 sales through TREB’s MLS System in April 2018. The average selling price was $804,584. On a year-over-year basis, sales were down by 32.1 per cent and the average selling price was down by 12.4 per cent.

The year-over-year change in the overall average selling price has been impacted by both changes in market conditions as well as changes in the type and price point of homes being purchased. This is especially clear at the higher end of the market.

Detached home sales for $2 million or more accounted for 5.5 per cent of total detached sales in April 2018, versus 10 per cent in April 2017.

The MLS Home Price Index strips out the impact of changes in the mix of home sales from one year to the next. This is why the MLS HPI Composite Benchmark was down by only 5.2 per cent year-over-year versus 12.4 per cent for the average price.

“While average selling prices have not climbed back to last year’s record peak, April’s price level represents a substantial gain over the past decade. Recent polling conducted for TREB by Ipsos tells us that the great majority of buyers are purchasing a home within which to live,” Syrianos said. “This means these buyers are treating home ownership as a long-term investment. A strong and diverse labour market and continued population growth based on immigration should continue to underpin long-term home price appreciation.”

After preliminary seasonal adjustment*, the month-over-month change (i.e. March 2018 to April 2018) in sales and the average selling price was minimal, with sales decreasing 1.6 per cent and the average selling price decreasing by 0.2 per cent.  The month-over-month sales trend has flattened out over the past two months following a steeper drop-off in January and February.

“The comparison of this year’s sales and price figures to last year’s record peak masks the fact that market conditions should support moderate increases in home prices as we move through the second half of the year, particularly for condominium apartments and higher density lowrise home types,” said Jason Mercer, TREB’s sirector of market analysis. “Once we are past the current policy-based volatility, homeowners should expect to see the resumption of a moderate and sustained pace of price growth in line with a strong local economy and steady population growth.”

“With a provincial election campaign about to begin, GTA realtors hope that all of the provincial parties will make housing issues a priority. Homeownership is a worthwhile investment that benefits our economy, individual finances and quality of life,” said Syrianos.

“In recent months and years, there has been significant intervention in housing markets by all levels of government, through regulatory changes and taxation. We believe the next step should be tax relief, especially from Land Transfer Taxes, both provincial and the Toronto Land Transfer Tax, and efforts to facilitate an increase in the supply of missing middle housing that fills the gap between single family homes and highrises. Furthermore, we believe that any attempt to increase the Toronto Land Transfer Tax should require approval from the provincial government, given the significance of Toronto’s economy to the province and the connections between the Toronto real estate market and that of the broader GTA.”

______

* Preliminary seasonal adjustment undertaken by the Canadian Real Estate Association (CREA). Removing normal seasonal variations allows for more meaningful analysis of monthly changes and underlying trends.


SHARE  

Featured Products


TREB releases condo market report

TREB releases condo market report

Latest News


TREB releases condo market report

The average selling price for condominium apartments sold through TREB’s MLS system was up by 9 per cent year-over-year.

The Toronto Real Estate Board president Tim Syrianos announced that the average selling price for condominium apartments sold through TREB’s MLS system was up by 9 per cent year-over-year to $533,447 in the first quarter of 2018.

While the number of condominium apartment sales reported by GTA realtors in the first quarter was down by 29.7 per cent year-over-year to 5,084, so too were the number of new listings, which were down by 11.1 per cent annually to 8,030.

“Sellers’ market conditions for condominium apartments remained firmly in place in the first quarter of 2018. Strong competition between buyers underpinned price growth well above the rate of inflation,” Syrianos said. “We expect the condo market segment to remain strong through the remainder of 2018 and over the longer term, as buyers continue to see ownership housing as a quality long-term investment.”

Inventory levels for condominium apartments in the first quarter of 2018 were above the record lows experienced during the first three months of 2017. However, with months of inventory continuing to trend between 1.5 and 2 months, market conditions remain very tight from a historic perspective.

“The condominium apartment market segment continues to have the lowest price point on average compared to other major lowrise home types,” said Jason Mercer, TREB’s director of market analysis. “It stands to reason that condos remain popular with first-time buyers. Strong demand relative to supply will see this segment perform well from a pricing standpoint for the remainder of 2018 and beyond.:

Protect consumers purchasing a former grow-op

On a related front, personal cultivation of cannabis should not be allowed inside homes as growing marijuana can pose significant health and safety issues for unsuspecting homebuyers, such as the growth of mould and fungus. With the legalization of marijuana looming, there are no rules in place to protect a homebuyer from purchasing a former grow operation.

“The provincial government needs to act now to bring forward measures that will ensure homebuyers are protected from the health and safety risks associated with former grow ops,” Syrianos said. “Policy makers must take action to protect Greater Toronto Area homeowners and address the long-term impact of legal marijuana cultivation on the housing stock.

“We are calling for measures to require inspection by municipal building officials, registration of remediation work orders on property title, mandate home inspectors to receive training on spotting former grow operations and restrict the number of plants that a homeowner can grow from four to one in units 1,000 square feet or smaller to protect multi-unit dwellings such as condos and apartments.

“Visit protectontariohomes.ca, launched by the Ontario Real Estate Association for more information on cannabis legalization and to take action.”

trebhome.com


SHARE  

Featured Products


GTA home sales drop 39.5 per cent from March 2017

GTA home sales drop 39.5 per cent from March 2017

Latest News


GTA home sales drop 39.5 per cent from March 2017

GTA home sales down 17.6 per cent relative to average March sales for the previous 10 years, TREB reports

Toronto Real Estate Board (TREB) president Tim Syrianos says that Greater Toronto Area realtors reported 7,228 residential transactions through TREB’s MLS System in March 2018. This result was down by 39.5 per cent compared to a record 11,954 sales reported in March 2017, and down 17.6 per cent relative to average March sales for the previous 10 years.

The number of new listings entered into TREB’s MLS System totalled 14,866 – a 12.4 per cent decrease compared to March 2017 and a three per cent decrease compared to the average for the previous 10 years.

“TREB stated in its recent Market Outlook report that Q1 sales would be down from the record pace set in Q1 2017,” said Syrianos. “The effects of the Fair Housing Plan, the new OSFI-mandated stress test, and generally higher borrowing costs have prompted some buyers to put their purchasing decision on hold. Home sales are expected to be up relative to 2017 in the second half of this year.”

The MLS Home Price Index Composite Benchmark was down by 1.5 percent on a year-over-year basis for the TREB market area as a whole. The overall average selling price was down by 14.3 per cent compared to March 2017.

While the change in market conditions certainly played a role, the dip in the average selling price was also compositional in nature. Detached home sales, which generally represent the highest price points in a given area, declined much more than other home types. In addition, the share of high-end detached homes selling for over $2 million in March 2018 was half of what was reported in March 2017, further impacting the average selling price.

“Right now, when we are comparing home prices, we are comparing two starkly different periods of time: last year, when we had less than a month of inventory versus this year with inventory levels ranging between two and three months,” said Jason Mercer, TREB’s Director of Market Analysis. “It makes sense that we haven’t seen prices climb back to last year’s peak. However, in the second half of the year, expect to see the annual rate of price growth improve compared to Q1, as sales increase relative to the below-average level of listings.”

TREB continues to stress that housing and housing affordability need to be at the forefront of the policy debates leading into this year’s provincial and municipal elections.

“A well-functioning housing market is not only important to ensure that people have a place to live, it is also important because it supports hundreds of thousands of jobs, billions of dollars in spin-off expenditures and billions of dollars in government revenues,” Syrianos said. “Issues such as the below-average level of housing supply and often inadvisable policy ideas and negative measures such as land transfer taxes, vacancy taxes, speculation taxes and second home taxes should also be thoroughly debated by all candidates,” said Syrianos.

Click here to read TREB’s full report.


SHARE  

Featured Products


cl_apr2018_real_insight_2

Real Insight: Metrolinx Inspiring New Ridership

Latest News


Real Insight: Metrolinx Inspiring New Ridership

The design excellence program is about incorporating good urban design and architecture to help spur sustainable growth

Many GTA home buyers rank a convenient commute high on their list of new home must haves. Whether it’s the journey to the office, shops, schools, or a transit stop to embark on the next leg of a trip, commute times can be a major selling point when deciding on a home purchase.

For half a century, GO Transit has played a vital role in people’s commutes across the Greater Toronto and Hamilton Area (GTHA). Over the next 25 years, the $45 billion regional transportation plan developed by Metrolinx will increase service and connect even more communities, resulting in improved commutes and more housing options.

Beyond laying down new tracks and trains, Metrolinx has ambitious plans to transform how people get around by adopting the principles of what is known as design excellence. Design excellence is about more than just visuals, as Metrolinx is thinking about how their new transit developments should be designed to better integrate into communities, build ridership and instill a sense of pride in transit.

In essence, the design excellence program by Metrolinx is about incorporating good urban design and architecture to help spur growth, increase sustainability, usability, and improve passenger comfort and safety. All while ensuring public dollars produce thoughtful and costeffective results.

The Eglinton Crosstown LRT, Toronto’s first stand-alone rapid transit line in almost two decades, is receiving the design excellence treatment by Metrolinx.

The ECLRT will have new and identifiable station buildings that support city building, clear signage, streetscaping to beautify the neighbourhood, as well as outdoor platforms with built-in snow melting that will reduce snow clearing costs and the need for salt, which damages vehicles and the environment. Metrolinx will also enhance neighbourhood connectivity with the ECLRT, incorporating designs that encourage sustainable travel options such as walking, cycling and carpooling.

The transit project, which will stretch from Weston Road to Kennedy Road, will contribute to Toronto’s midtown in more ways than one, simultaneously creating new transit connections and improving the public realm.

The Davenport Diamond guideway, which will help increase service on the Barrie GO line and facilitate two-way electrified service, is another example of design excellence in action by Metrolinx.

The guideway initially drew some concern with residents in the area due to its size and proximity to households. However, through the principles of design excellence, which emphasize community engagement and public realm improvements, the benefits being proposed have since changed the tone of the conversation about the project.

Over public consultation sessions, Metrolinx outlined how design excellence promises that the guideway will not only allow for speedier transit service, but will also introduce a new piece of public infrastructure that contributes back to the community. It is set to feature prominent public realm improvements, a linear greenway park connecting to the West Toronto Railpath and includes a significant and prominent integrated art piece commissioned for the elevated rail portion.

While design excellence was not built into many of Ontario’s transportation projects in the past, Metrolinx has made great strides to change this by ensuring good urban design and architecture are part of the package.

Transportation is crucial, especially in a region grappling with gridlock and congestion, and the commitment to design excellence by Metrolinx promises to deliver a high standard for the region. It’s exciting to see what’s in store for the region’s transportation infrastructure over the next 25 years.

TIM SYRIANOS is president of the Toronto Real Estate Board, a professional association that represents 48,000 professional realtor members in the Greater Toronto Area. You can contact him at TREBpres@trebnet.com.

For updates on the real estate market, visit TREBhome.com. If commercial property is what interests you, contact a TREB realtor by visiting TREBcommercial.com.

SHARE  

Featured Products


GTA's most expensive (and least expensive) home

GTA’s most expensive (and least expensive) home

Latest News


GTA’s most expensive (and least expensive) home

A search of the Multiple Listing Service at realtor.ca found the most expensive and least expensive homes in the GTA.

HIGH

68 THE BRIDLE PATH: $35 million
MLS number: C3910864

Quintessential gated French chateau-style home and preeminent country estate located on the highly sought-after Bridle Path. The home features nine above-grade bedrooms, 14 bathrooms, a games room and library.

The home offers spectacular grandeur on a four-acre ravine lot enhanced by manicured gardens, a stately fountain and a magnificent arboriculture paradise of privacy. Stone mansion exudes elegance, majesty and authenticity. The home features a 50-foot indoor swimming pool and an exquisite 18th-century period French onyx and marble fireplace mantles. Extras include custom granite, cobblestone driveway, formal granite and stone entrance, aged Italian marble floors, crown moulding, French doors, Downsview kitchen, elevator, Dectron pool system, tennis court, gazebo, potting cabin and golf cart.

Re/Max Realtron Barry Cohen Homes Inc.
Brokerage
183 Willowdale Avenue, Unit 6, Toronto, 416-222-8600
Patricia Sun, salesperson, 416-930-6920
Toll Free: 416-930-6920
barrycohenhomes.com



LOW

4673 JANE STREET, UNIT 1006: $58,000
MLS number: W3878963

A one-bedroom, one-bathroom condo with underground parking and locker and ceramic floors throughout. The bath has a mirrored sliding door and there is a sliding glass door to an enclosed balcony with a fabulous view. Large storage spaces and large hallway closet. Close to all amenities with a plaza across the street with supermarket, drug store, gas station, bank, restaurant, laundromat, doctor and dental offices, churches, schools and TTC at door. Walk to York University, Canada’s Wonderland is five minutes away, Black Creek Pioneer Village is walking distance. Extras: Fridge, stove, blinds (window coverings). Pets allowed, playground at back of building and 24-hour security. Maintenance fees are $566.43 a month.

Homelife Woodbine Realty Inc.
Brokerage
680 Rexdale Boulevard, Unit 202, 416-741-4443
Danny Tulshi, salesperson, 416-741-4443
homelifewoodbine.ca


Data provided by Toronto Real Estate Board. All information displayed is believed to be accurate but is not guaranteed and should be independently verified. No warranties or representations are made of any kind.

As of October 22, 2017



SHARE  

Featured Products


h_sep2017_real_insight_fi

Real Insight: Realtors Provide Expert Advice And Guidance

Latest News


Real Insight: Realtors Provide Expert Advice And Guidance

New TREB president looking forward to an exciting future for real estate in the GTA

I assumed my role as president of the Toronto Real Estate Board on July 1 and I am excited for the year ahead. I am also honoured to be working with, and representing such an esteemed group of professional TREB member realtors. We’re listening to our members who in turn serve the best interests of their clients.

TREB’s board of directors are an elected group of volunteers who represent over 48,000 Greater Toronto Area realtors. As an organization, we are collectively representing a strong voice for the profession and industry to the public and decision makers.

The board’s top priority for 2017/18 will be to continue to provide members with the tools and services they need to best serve their clients. TREB members have access to more than 100 tools and services, which involves providing members with leading technology, cutting-edge industry knowledge and quality professional development opportunities.

Simply put, the goal is to ensure that TREB members continue to be the expert resource, with access to the tools and services that give them the skills necessary to guide clients through one of the largest financial decisions they will ever make. This is key to providing clients with the confidence they need, whether you’re a buyer, seller, or renter.

If you have questions about the GTA housing market, talk to a Toronto Real Estate Board Professional member realtors.

TREB members possess the knowledge and skills that enable them to help buyers, sellers, and renters alike navigate the GTA marketplace with confidence.

Tim Syrianos is president of the Toronto Real Estate Board, a professional association that represents 48,000 professional realtor members in the Greater Toronto Area. You can contact him at TREBpres@trebnet.com. For updates on the real estate market, visit TREBhome.com. If commercial property is what interests you, contact a TREB realtor by visiting TREBcommercial.com.

SHARE  

Featured Products


h_ja17_real_insight_fi

Real Insight : The Benefits of Home Ownership

Latest News


Real Insight : The Benefits of Home Ownership

People are looking at more creative ways to get into the market. Consumers are teaming up to buy a home with family and/ or friends, families are looking to alternative housing options that are offered beyond the traditional detached property — perhaps a townhouse or even a condo is more suitable to their lifestyle — and some are even looking to areas/ neighbourhoods outside of the more well-known “hot pockets.”

There are also several programs that can help assist with a down payment, and a realtor may advise as to your options. One notable mention goes to Habitat for Humanity GTA. Habitat helps low-income families achieve their dream of home ownership through decent affordable housing, and most recently TREB contributed $150,000 to a new home build for a local family at Habitat’s 140 Pinery Trail build site.

GROWING YOUR WEALTH

Home ownership will likely be one of the largest investments in your life. Home ownership can offer you a straightforward way to build your wealth and save for retirement. And, unlike other investments, you can live in your home as it provides a nest egg for your future. Plus, if your home is your principal residence, price gains are exempt from capital gains tax.

BE A PART OF A COMMUNITY

Finally, your home provides you with the backdrop for all of life’s most important events. Owning your home means contributing to and becoming part of a vibrant community – this is the part of your investment that you just can’t put a price on.

Owning a home in a neighbourhood you can call “home” buys you a sense of security and peace of mind that is truly priceless.

So, whether you’re considering buying your first property, or you’re looking to downsize to a more manageable space, remember that home ownership is a great investment that you can also live in.

Larry Cerqua is president of the Toronto Real Estate Board, a professional association that represents 45,000 professional realtor members in the Greater Toronto Area. You can contact him at TREBpres@trebnet.com. For updates on the real estate market, visit TREBHome.com. If commercial property is what interests you, contact a TREB realtor by visiting TREBCommercial.com.

SHARE  

Featured Products


cl_may2017_real_insight_fi

Real Insight – Modernizing The Home Inspection Industry Could Help To Further Protect Consumers In Ontario

Latest News


Real Insight – Modernizing The Home Inspection Industry Could Help To Further Protect Consumers In Ontario

Ontario has recently introduced legislation under the Putting Consumers First Act that proposes to regulate inspection service companies.

Currently, home inspectors are the only real estate-related professionals in Ontario that are not regulated.

If the bill is passed, home inspectors would require a license and an administrative authority to oversee home inspectors would also be created. The administrative authority would establish a code of ethics, and a standard for home inspection reports and contracts. They would also be responsible for handling complaints, as well as the enforcement processes through discipline and appeal committees.

The Toronto Real Estate Board, along with various industry partners, including the Ontario Real Estate Association, has long advocated for the licensing of home inspectors and the standardization of the industry.

I believe it is critical for the home inspection industry to be regulated in Ontario, if not to raise the bar and increase the credibility of the home inspector profession, but to provide added protection for consumers.

Realtors are not home inspectors and most real estate professionals will advise their clients to conduct a home inspection. In fact, the home inspection is useful to both buyers and sellers and can help increase consumer confidence in the real estate transaction. From a seller’s point of view, conducting a home inspection in advance has the added advantage of enhancing their home’s selling potential and can help close the real estate transaction faster. From a buyer’s point of view, knowing their new home has been given the seal of approval by a credible home inspection professional may add to the confidence of their purchase decision.

This legislation, if passed, would augment the value of a home inspection as part of the real estate transaction as home inspectors will be increasingly able to offer, according to a standardized process, a knowledgeable, accountable and credible assessment of your home.

If you have questions about home inspections, talk to a Toronto Real Estate Board Professional Member Realtor. For updates on the real estate market, visit TREBhome.com. If commercial property is what interests you, contact a TREB Commercial Professional Member Realtor by visiting TrebCommercial.com.

LARRY CERQUA is president of the Toronto Real Estate Board, a professional association that represents 45,000 professional realtor members in the Greater Toronto Area. You can contact him at TREBpres@trebnet.com.

For updates on the real estate market, visit TREBhome.com. If commercial property is what interests you, contact a TREB Commercial Professional Member Realtor by visiting TrebCommercial.com.

SHARE  

Featured Products


h_apr17_real_insight_fi

Real Insight – Downsizing May Upsize Your Bank Account

Latest News


Real Insight – Downsizing May Upsize Your Bank Account

But weigh the pros and cons before making the big move

Downsizing is on the minds of many these days. Maybe it’s the changing demographics as baby boomers become empty nesters and look for a smaller home; or maybe it’s the market as supply continues to dwindle for detached and semidetached home types. Whatever it is, downsizing is a delicate balancing act and it’s important to consider the tradeoffs before you choose to relocate.

Perhaps the most obvious benefit of downsizing is the financial one. In today’s GTA housing market, there may be a good chance that you’ll be able to sell your home at a premium, freeing up cash for retirement, travel, etc. Downsizing may even afford you the luxury of buying your next home mortgage-free, giving you financial breathing room through your golden years.

Aside from the financial payout downsizing may afford, there are also potential positive lifestyle changes in store. Perhaps you’ll relocate to a condo in a convenient, walkable area. With groceries, restaurants and theatres at your doorstep, condo living in the heart of a city can be quite attractive. Plus, living in a condo can afford you a simpler life, with security in the building and less home maintenance being some of the attractive pros. Or, maybe you’ve always dreamed of a simpler life far outside the city and can’t wait to indulge in a vacation lifestyle year-round.

Downsizing is good for the GTA housing market as a whole as well. Selling your home could help offset the supply/demand imbalance we’re currently seeing in the marketplace.

Of course, financial gain and a more convenient and relaxing lifestyle seem like great reasons to downsize, but many people rush into the decision motivated by these factors without considering the trade-offs. I believe it’s critical to understand what it is you may be giving up before you take the plunge.

Downsizing can be a real culture shock. After so many years living in a big home that’s in a familiar area and close to all your friends, family and favourite shops and services, changing your location can be a bit unnerving. While it could be the right decision for you, it’s important to understand how it may impact your life when making such a decision.

For instance, when you downsize you may have to face a decision to part with some of your valuables, collections and treasures. If you’re considering moving outside of your current neighbourhood, how much distance will you and your family/friends have to travel when getting together, and will you have the space to house and entertain them when they come to visit?

So, before you take the next step in your downsizing adventure, think about what it means to adapt to a new lifestyle. Weigh the positive and negatives and be open and realistic about your expectations. A professional TREB member realtor has helped many with this type of decision and may offer you the insight and advice you need to help you make that decision.

For updates on the real estate market, visit TREBHome.com. If commercial property is what interests you, contact a TREB commercial realtor by visiting TREBCommercial.com.

Larry Cerqua is president of the Toronto Real Estate Board, a professional association that represents 45,000 professional realtor members in the Greater Toronto Area. You can contact him at TREBpres@trebnet.com. For updates on the real estate market, visit TREBHome.com. If commercial property is what interests you, contact a TREB realtor by visiting TREBCommercial.com.

SHARE  

Featured Products


Toronto house prices not fuelled by foreign funds: TREB

Toronto house prices not fuelled by foreign funds: TREB

Latest News


Toronto house prices not fuelled by foreign funds: TREB

Toronto Star

Don’t blame overseas investors for the high price of housing in the Toronto area, says the city’s real estate board.

The Toronto Real Estate Board (TREB) released new research Tuesday showing only 4.9 per cent of the 113,133 residential real estate transactions in the Toronto region last year involved foreign buyers.

More than half of those buyers were purchasing homes for themselves or family members, according to an October Ipsos poll of more than 3,500 TREB members, who acted on behalf of those buyers.

https://www.thestar.com/business/2017/01/31/toronto-house-prices-not-fuelled-by-foreign-funds-treb.html


SHARE  

Featured Products