Tag Archives: housing market

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GTA moving into balanced market for 2019

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GTA moving into balanced market for 2019

Although the Greater Toronto Area housing market is somewhat in balanced territory, buyers and sellers are both up against the ropes.

This year has changed so much from the last five to 10 years. Both buyers and sellers have been affected in both positive and negative ways. For me, when working with a buyer and investor client, it was always a tailored approach. However, now more than ever, we have to be extremely diligent when analyzing residential types, location and price range.

In past years, it was much more common to think about flipping real estate or short-term investments. Now? Not so much. There is a total shift to a minimum five- to 10-year hold. Since the introduction of the stress test, some real estate markets took a hit. Buyers are also now faced with additional challenges such as qualification rules and rising interest rates.

Glass half full

Although there are pros and cons in today’s market, take a glass half full approach. Just think, in the past, is was very challenging for a seller to move up to a bigger property. There were bidding wars, price increases that exceeded pay raises, and to top it all off, extremely low inventory – which meant buyers might have to settle for something they might not fully love. The trade-off was a low interest rate environment. If you were a seller, it was nice to think you could sell your property for top dollar, but the million-dollar question was where will you buy next?

Also read: GTA home prices continue to rise

Also read: GTA new home market gains further momentum in October

Also read: GTA condo sales and prices hit record levels

Today, if a seller wants to move up, they can usually find a good deal and sell their property for a fair market value. Maybe your property went down 10 to 15 per cent, however, you are also buying your next home for the same 10 to 15 per cent less. Another benefit to such market conditions is that there are more deals to be had.

Notably, there have been fewer first-time buyers out there recently. Even a larger down payment might not cut it anymore, due to higher interest rates. This is why the condo market is doing well, especially the smaller and less expensive properties, due to affordability. The new reality could well be more people renting for a longer period.

Rising rates

The qualifying rate today is slightly more than six per cent. “The recent rule change with regards to the stress test basically decreased people’s max mortgage amount by about 15 to 20 per cent,” says Michael Yosher, director of lending at Integrity Tree Solutions Inc. “The 2019 horizon looks like this trend will continue, as Bank of Canada and economists are predicting several interest rate hikes, which will further reduce the amount of mortgage a buyer will qualify for. This has really taken the wind out of first-time buyers. Family members helping out with gifted down payments and cosigning mortgage loans are the trend these days.”

According to the Toronto Real Estate Board, in October 2018 compared to last year October, average sales prices were up 3.5 per cent. Although this is good news for some sellers, most of this price growth is driven by the condominium market, which at one point lagged behind detached, semi-detached and townhouse product.

Arie Buzilo is a real estate broker with Century 21 Leading Edge Realty Inc. Brokerage, and an investor specializing in buying and selling properties in the GTA.

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EDITOR'S CHOICE: Podium Developments

New home buying opportunities abound in Oshawa and Durham Region

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New home buying opportunities abound in Oshawa and Durham Region

EDITOR'S CHOICE: Podium Developments
Ironwood Towns in North Oshawa by Podium Developments and Urban Capital

Despite the bad news this week that General Motors Canada plans to close assembly operations in Oshawa, there are some good new home buying opportunities in the city and elsewhere in Durham Region.

As various levels of government and the Unifor trade union vow to somehow keep the plant open or otherwise deal with the fallout of the decision, the housing sector in Oshawa is expected to shift into a buyers’ market.

That could mean deals for buyers in a market where home prices have already been under pressure.

 

Also read: What the GM plant closure means for Oshawa economy and housing

Also read: Oshawa housing to move into buyers’ market thanks to GM closure

 

For those looking to buy a new home, know that there are still plenty of good opportunities in Oshawa and surrounding area.

First, let’s look at recent new home buying activity in the area, courtesy of statistics from Altus Group, theofficial source for market intelligence for the Building Industry and Land Development Association (BILD).

 

Total new home sales, units

Oshawa Durham Region
Annual
2013          682       2,376
2014       1,108       3,130
2015          971       3,433
2016       1,149       5,344
2017          490       2,385
Jan-Oct
2017          483       2,262
2018            83       1,065
Source:  Altus Group

 

Naturally, the GM news is a sensitive topic to an industry such as home building, where companies dedicate years to planning and construction development projects. So don’t expect a comment any time soon from BILD, the voice of home builders in the GTA, or individual companies.

Might developers at some point offer deals – be they discounts or upgrades – in order to move an unsold inventory in a market not feeling the strongest at the moment?

It never hurts to ask.

 

A selection of new home and condo inventory

Ironwood in North Oshawa, Building Capital and Podium Developments, contemporary freehold townhomes

Harmony Creek, Conservatory Group, townhomes and detached homes

Daniels FirstHome Oshawa, townhomes

Brook Phase 2, Delpark Homes, detached homes

Fields of Harmony Phase IV, Greycrest Homes, detached homes

Harmony Gate, Sundance Homes, townhomes

Kingsview Ridge, Treasure Hill, 30-, 36- and 40-ft. singles

Park Ridge, Tribute Communities, detached homes from the low $900’s

U.C. Towns 2, Tribute Communities, townhomes form the low $600’s

Top of Townline, Woodland Homes, detached homes

For more new home buying opportunities, visit MyHomePage.ca

With files from Natalie Sicilia, New Home Research Manager & Map Editor

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Don’t Doubt The Market

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Don’t Doubt The Market

There is no shortage of demand at the launches of new projects

The GTA housing market is as robust as ever and things have been humming along quite nicely for many years now.

And yet there will always be those who believe we are doomed, that the good times cannot continue for the GTA’s hot housing market — that it’s no doubt headed for an inevitable crash.

Well, that’s just not the sentiment we’re seeing at In2ition Realty as we’ve launched a series of successful projects across the region in recent weeks.

There was certainly no shortage of demand at the launch this summer of the first tower at Universal City, a Chestnut Hill Developments master-planned community in Pickering. The project enjoys lake views and is located just minutes from the GO Transit station. It sold out in record time and a second tower of 324 units just launched last month. The interest for tower two was equally as strong.

In Port Credit, on the other side of the GTA, it was the same story with the recent launch of Tanu Condos, a 204-unit tower and townhouse project by Edenshaw Developments. We had a lineup on the first day of launch!

Truth be told, Toronto condo builders can’t launch developments quickly enough to satisfy the insatiable demand.

It wasn’t all smooth sailing for the GTA housing market in 2018, mind you. The introduction of a new stress test on mortgage applicants certainly had an impact on home sales, sidelining some buyers.

And the GTA housing market faces considerable ongoing challenges, including trade labour shortages, development approval process and timing, project cost escalation, ability to secure financing, profit margins, land availability and cost … there are tons of hurdles for the building industry to contend with.

Although sales figures are down 40 per cent from last year, a portion is from lack of supply. In 2017 we saw 128 launches in highrise condos versus 56 in 2018.

The Toronto Real Estate Board (TREB) reported a 6 per cent uptick in regional home sales in October 2018, compared to the same month a year earlier. And the average sale price of a detached home in the GTA last month was up 3.5 per cent on a year-overyear basis, to $807,340. The average sale price for a condo in Toronto was $603,153, compared to $461,013 in the 905.

Renovation spending is also at an all-time high: $12.3 billion was spent on home alterations and improvements in Ontario in the first half of 2018, according to Altus Group.

Homebuying intentions are up, as well, despite affordability and qualifying challenges. An Altus Group survey of current homeowners and current renters showed that most GTA households are saying yes, they plan to buy a home in the next year or so.

The evidence doesn’t lie. Households and investors alike see the GTA housing market as a quality long-term investment. And why shouldn’t they? A thriving and diverse regional economy and a steady stream of 100,000-plus new arrivals in the GTA each year — more migration than any other city in Canada — will keep this market strong for years to come.

Debbie Cosic, CEO and founder of In2ition Realty, has worked in all facets of the real estate industry for over 25 years.

In2ition.ca

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Oshawa

What the GM plant closure means for Oshawa’s economy and housing market

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What the GM plant closure means for Oshawa’s economy and housing market

Oshawa

General Motors Canada has confirmed that it plans to close all assembly operations in Oshawa, Ont. after next year, leaving the community reeling with concern for the local economy and housing market.

And with good reason.

Auto manufacturing in the city of about 170,000 dates back as far as 1907, and the plant is still a major employer. It employs about 2,500 hourly and 400 salaried workers, with many more engineers working at GM’s adjacent Regional Engineering Centre.

Oshawa Mayor John Henry has said the closure would have ripple effects well beyond the city, hurting businesses and families throughout the Durham Region.

“From a personal finance perspective, this news is devastating for the people of Oshawa,” says Rubina Ahmed-Haq, personal finance expert. “Not only the ones whose jobs will be affected and have the obvious financial impact of losing a steady income. But, also those who depend on those workers to run their businesses – everything from restaurants to dry cleaners to places of interest around the area will be impacted. As well as property values, which are already much lower in Oshawa compared to other parts of the GTA, will take a further hit.”

Durham Region home prices

Illustrating Ahmed-Haq’s point, home prices in the Durham Region have already been feeling the pinch.

 

Historical average home prices, Durham Region
2018: $591,739 (as of October)
2017: 624,225
2016: $528,475
2015: $439,842
2014: $388,610
2013: $354,548

Source: Canadian Real Estate Association

 

Values continued to decrease during the third quarter of 2018, according to the latest Royal LePage House Price Survey. Over the three-month period, the aggregate home price in Oshawa and Ajax decreased 2.8 per cent and six per cent year-over-year to $538,757 and $664,640, respectively. Home values in Pickering also depreciated when compared to the same time last year by 4.4 per cent to $709,260, and the aggregate price in Whitby decreased 3.5 per cent to $677,243.

Oshawa median home prices

Standard two-storey homes
Q3 2018 $557,071
Q3 2017 $576,922
Q/Q % change 0.8
Yr/yr % change -3.4

Detached bungalows
Q3 2018 $512,001
Q3 2017 $517,237
Q/Q % change 2.3
Yr/yr % change -1.2

Standard condos
Q3 2018 $278,224
Q3 2017 $281,864
Q/Q % change 0.3
Yr/yr % change -1.3

Aggregate
Q3 2018 $538,757
Q3 2017 $554,070
Q/Q % change 1.2
Yr/yr % change -2.8

Source: Royal LePage National House Price Composite, October 2018

 

What we can expect in the housing market

“After an announcement such as this, we often witness an immediate softening of purchase demand in the city and its surrounds, while the shock and reality of the situation settles in,” Don R. Campbell, real estate expert and author told HOMES Publishing. “This slowdown doesn’t hit the stats immediately, as there are a lot of deals that are already in the process of closing in the next couple of months. However, come February, the numbers begin to reflect the new reality. That is phase one.

“Phase two is when average sale prices begin to fall, as confidence in the market begins to slip further. In other scenarios, it is just a sign of a move ‘down-market’ or to lower priced properties. However, in today’s world, the existing ‘stress-test’ will be combined with this lack of confidence to exacerbate the normal situation.”

A third phase may follow eight months to a year after the actual closure, when EI benefits begin to run to the end of their course, confidence in the potential return of the GM jobs begins to fade and families have to start making big decisions of relocation to find new appropriate jobs.

“In other words,” Campbell says, “the announcement of and the subsequent closing of the plant kicks off a predictable but sad ripple effect that will last for years.”

If there is one potential saving grace in this news, it’s that Oshawa and the surrounding area has a more diverse economy than in the past, which will help slightly buffer the pain, says Campbell.

“However, the pain is coming and it is real and far reaching.”

The Oshawa plant is not the only facility to be affected by GM’s decision to “accelerate its transformation for the future.” Two locations in the Detroit area are also scheduled to be shut down, which could have spillover affects in related industries across the border in the Windsor, Ont. area.

RELATED READING

Oshawa housing to move into buyers’ market thanks to GM closure

New home buying opportunities abound in Oshawa and Durham Region

Focus on Whitby and Oshawa

6 Ontario municipal elections to watch regarding housing

 

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Canada Outlook NEW

Canadian housing market to moderate in 2019 but growth to continue in Ontario and Toronto

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Canadian housing market to moderate in 2019 but growth to continue in Ontario and Toronto

Canada Outlook NEW

 

By Wayne Karl

Canada’s housing market should see a moderation in both housing starts and sales, while home prices are expected to reach levels that are more in line with economic fundamentals such as income, job and population growth. This forecast for 2019 and 2020 is drawn from the 2018 Housing Market Outlook from the Canada Mortgage and Housing Corp. (CMHC).

Source: CMHC Housing Market Outlook
Source: CMHC Housing Market Outlook

Nationally, CMHC’s outlook for 2019 projects total housing starts to edge down and range between 193,700 to 204,500, with the downward trend expected for both single and multi-unit starts. MLS sales are expected to be between 478,400 and 497,400 units annually while MLS prices should lie between $501,400 and $521,600.

“Our key takeaway from this year’s outlook is moderation in Canada’s housing markets for 2019 into 2020,” says Bob Dugan, chief economist, CMHC. “Housing starts are expected to decline from the higher levels we’ve seen recently. We expect resales in 2019 and 2020 to remain below recent peaks while prices should reach levels that are more in line with economic fundamentals such as income, job and populations growth.”

Ontario recovery

After dampened market activity in 2018, existing home sales and housing starts in Ontario, particularly in single-family homes, will post a partial recovery in 2019. Buyers are expected to re-enter the market on the strength of stronger than expected job growth and in-migration, before the downward trend in starts and sales resumes in 2020.

Source: CMHC Housing Market Outlook
Source: CMHC Housing Market Outlook

GTA growth

With balanced conditions prevailing in the GTA, CMHC expects moderate sales growth and home prices growing in line with inflation. The rising costs of homeownership will result in strong rental demand, while new supply will add some upward pressure on vacancy rates. Toronto buyers should see more housing choices as builders concentrate their efforts on new highrise projects.

OTHER REGIONAL HIGHLIGHTS

BRITISH COLUMBIA
Housing starts activity and MLS sales in BC should moderate, as economic and population growth slows while MLS average prices are expected to see a flatter growth profile through 2020.

Vancouver
Over the next two years, Metro Vancouver’s resale market will see lower sales, higher inventories of homes for sale and lower home prices compared with recent market highs. Through 2018, demand and home prices softened across all market segments and local geographies.

PRAIRIES
Buyers’ market conditions in Alberta and Saskatchewan should gradually shift to a balanced market with gradual improvement in economic and demographic fundamentals. Balanced market conditions in Manitoba are expected to continue.

Calgary
Various factors will push and pull the demand for housing in Calgary in 2019 and 2020. Calgary’s economy will experience stronger growth in population and employment. This will help support demand and lift sales in 2019 and 2020. However, the average MLS price will continue to face downward pressure but is expected to stabilize in 2019 and modestly rise in 2020.

QUEBEC
Housing starts and sales of existing homes will both be sustained, however, slower economic growth and rising borrowing costs will moderate activity through 2020. Starts will continue to be dominated by the apartment market segment, while demand for resale single-detached homes will remain relatively strong.

Montreal
In 2018 and 2019, rental housing demand will increase slightly faster than supply in Montreal, which will put some downward pressure on the vacancy rate. Demand will be supported by rising net migration over the forecast horizon.

ATLANTIC CANADA
The Atlantic region will see sustained activity, notably in Nova Scotia, where existing home sales and average prices should trend higher while rental demand will drive growth in apartment construction.

RELATED READING

7 factors that will affect GTA housing in 2019 – and 5 reasons to consider buying NOW

 

 

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The fall condo market in the GTA is in full swing

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The fall condo market in the GTA is in full swing

Although October has been unseasonably warm, it’s just a tease. Most of us have closed our cottages, people on the water were wearing ski jackets and toques this Thanksgiving. The barometer has dropped and its that time of the year. We survived September; kids back at school and everyone seems to be busy back at work in full swing. As always, the great real estate developers in our town are now showcasing the latest and greatest. Some new housing opportunities, detached, attached, stacked and so forth are available. Nice to see with the general prevailing shortage of new housing opportunities that exist in the GTA, that there are some good choices out there.

New housing opportunities in town should be looked at carefully; they are few and far between and it’s not going to get better. Many of the house sellers took their time to reflect this summer, re entering the market place with a view of offering a competitive and fair value to the buyers while trying to make sure they make a living selling. Some great choices exist out there. Speaking of ‘out there’, some of them are really out there. Last month, I moved into a new condo in the centre of town and bought a new home just outside of town. Room for the kids in both but I’m pushing towards being a youngish empty nester. I love this city; but Saturdays and Sundays are for somewhere else.

New condo choices are here; many of the developers also reflected this summer; enjoying the heat, and preparing their launches with new opportunities, new design and an assortment of new buildings in (416), (905) and beyond. Rents are continuing to increase almost ad finitem; (if you can even get your hands on a rental); owning makes more sense than ever if you can find the downpayment. Great new opportunities are here all over town. Look carefully at the neighbourhood; the property values there, the demographics and the trends. Do your homework. Talk to your realtor if you’re working with one. Talk to the on site agents and ask them about the neighbourhood they’re selling in. They should know what’s happening and, perhaps more importantly, what is likely to happen down the road. Get into gear. The fall market is here.

MARK COHEN is a founding partner of The Condo Store Marketing Systems, a firm specializing in the design, marketing and sales of condo and new home communities in and outside of the GTA. condostorecanada.com
mark@condostorecanada.com

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CMHC CMA

Toronto and Hamilton highlight evidence of overvaluation, CMHC says

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Toronto and Hamilton highlight evidence of overvaluation, CMHC says

CMHC CMA

One day after the Bank of Canada raised its overnight lending rate – and hinted at further increases in the near term – the Canadian housing market got another sobering reminder this week: the latest Housing Market Assessment (HMA) from Canada Mortgage and Housing Corp. (CMHC).

CMHA warns that Canada’s overall housing market remains highly vulnerable, though conditions of overvaluation are easing as a whole.

The quarterly report acts as an “early warning system” for the country’s housing markets – an important tool supporting financial and housing market stability.

In Ontario, Toronto and Hamilton home prices are moving closer to levels supported by housing market fundamentals such as income, mortgage rates and population. Still, these markets continue to exhibit a high degree of overall vulnerability.

Source: CMHC Housing Market Assessment
Source: CMHC Housing Market Assessment

Toronto continues to show moderate evidence of overheating and price acceleration, and strong evidence of overvaluation, CMHC says. On the plus side, there is weak evidence of overbuilding, as the number of completed and unsold units is at a historic low.

Hamilton CMHC
Source: CMHC Housing Market Assessment

In Hamilton, moderate evidence of overheating exists, due to a high sales-to-new listings ratio in eight of the last 12 quarters. Price growth has persisted over the last 12 quarters, contributing to moderate evidence of price acceleration. Overvaluation in Hamilton has decreased on average, but moderate evidence remains since house prices are considerably higher than levels supported by economic fundamentals, CMHC says.

OTHER MARKET HIGHLIGHTS

  • Evidence of overbuilding remains high in Edmonton, Calgary, Saskatoon and Regina, so those markets continue to receive a moderate degree of vulnerability in the overall assessment.
  • A low degree of overall vulnerability is sustained for Ottawa, Quebec City, Moncton, Halifax and St. John’s where house prices continue to follow the path of fundamentals.
  • Montreal’s resale market is close to overheating, creating significant upward pressure on prices as a result of a sharp tightening between supply and demand.
  • In Winnipeg, evidence of overbuilding as well as the degree of overall vulnerability changed from low to moderate, reflecting increases in the inventory of newly completed but unsold units.

 

RELATED READING

7 factors that will affect GTA housing in 2019 – and 5 reasons to consider buying NOW

GTA housing market correction coming to an end, ReMax says

GTA new home market shows some improvement in September

 

 

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Toronto fall cityscape Web

GTA housing market correction coming to an end, ReMax says

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GTA housing market correction coming to an end, ReMax says

Toronto fall cityscape Web

by Wayne Karl

Get ready for a busy GTA housing market this fall and into 2019, as the recent correction is coming to an end – especially for single-detached homes – according to a new report from ReMax Integra, Ontario-Atlantic Canada Region.

Following a strong summer market, demand for detached homes is on the upswing, as active listings fall and average prices begin to rebound, the realty firm says.

The supply of detached homes listed for sale has gradually declined, after peaking in May, according to the Toronto Real Estate Board. Average price in the nine TREB markets has been battling back from trough levels that were reached as early as July of 2017 in Durham Region to as recently as February of 2018 in the Central Core.

GAINING MOMENTUM

“We expect momentum to build moving into the traditional fall market, and the trend to continue throughout the remainder of the year,” says Christopher Alexander, executive vice-president and regional director, ReMax Integra, Ontario-Atlantic Canada Region. “The worst is now behind us. Pent-up demand will be a factor in the coming months, as homebuyers – many of whom delayed their purchasing plans – are entering the market.”

Despite some softening in sales activity, condo prices have continued to climb throughout 2018, with the year-to-date average price (January to August) now $548,103, seven per cent ahead of 2017 levels. During the same period, average price for a detached home in the GTA has come down 11 per cent to $1.01 million. The differential – $623,288 versus $464,729 – has many buyers thinking that if they stretch their budget, they can buy a detached home, Alexander says. Condo townhouse values were on par with year ago levels ($569,103 versus $571,463), while semi-detached homes were down just three per cent year-over-year.

First-time buyers of single-detached homes in the $600,000 to $900,000 range are leading the charge, ReMax says. Since June, this segment has reported a 22-per-cent increase in year-over-year sales. Inventory at this price point in the 416 area is low, potentially prompting buyers to expand their search into the 905, where supply and price options are more plentiful.

The luxury market is also beginning to firm up, with a 16-per-cent increase in sales of single-detached homes priced at more than $2 million in July and August, compared to the same period in 2017.

416_monthly_avg_price

“It’s been a real roller coaster for single-detached properties in the GTA over the past 32-month period,” says Alexander. After reaching peak levels in early 2017, market-cooling tactics such as Ontario’s Fair Housing Plan in April, the federal government’s mortgage stress test expansion in October of 2017, and the Bank of Canada’s interest rate hike in January of 2018 created a great deal of uncertainty in the market.

Many financial experts, however, expect another interest rate hike, possibly as early as the next Bank of Canada announcement on Oct. 24, or the following one on Dec. 5.

“There’s no question that the threat of higher interest rates has propelled more buyers into the GTA housing market in recent months,” Alexander told Homes Magazine. “We suspect that small, incremental hikes will be absorbed, especially in the short-term, as buyers take advantage of detached housing values that are off peak levels.

“While the October 2016 stress test for high-ratio mortgages had little impact on the market, the same can’t be said for subsequent interventions,” says Alexander. “Conditions had changed. Inventory levels reached their lowest point in October 2016, which contributed to a notable uptick in sales and pricing between October and May 2017. The introduction of the Fair Housing Plan set the wheels of correction in motion.”

The run-up in detached housing values between January 2016 and peak levels in early 2017 was unprecedented. The highest appreciation was noted in the city’s west end, where the average price had climbed 60 per cent in the 14-month period, rising from $763,327 at the start of 2016 to $1.22 million in March of 2017.

DURHAM, SIMCOE & DUFFERIN COUNTIES

Durham Region, Simcoe County and Dufferin County also experienced serious gains in just over a year, with prices climbing 55 per cent, 52 per cent and 59 per cent, respectively. The average price of a detached home in the central core, home to the most expensive properties in the GTA, rose 48 per cent, jumping from $1.68 million in January 2016 to $2.5 million in February 2017. Peel Region, the city’s east end, York and Halton Regions all reported increases ranging from 38 to 47 per cent over the one-year period.

“The pace was simply unsustainable,” says Alexander. “While government intervention appeared heavy-handed at the time, in retrospect, the measures put in place served to cool down a wildly overheated market.”

Since then, buyers have cautiously re-entered the market, with many taking advantage of lower, post-correction detached property values. By the end of August 2018, homes in the more-affordable West and East Districts were back on the rise and within striking range of those average prices reported during the same period in 2017. Detached housing values in the city centre – the target of investors throughout 2016 and early 2017 – have been climbing, albeit at a more moderate pace, particularly north of Hwy. 401.

905_month_ave_price

In the 905 areas, recovery is moving at a slower pace, but as inventory levels decline, detached housing values are expected to appreciate. In particular, Brock (Durham Region) and Essa (Simcoe County). Burlington, Halton Hills, Brampton, Orangeville and Scugog are all showing promise in detached home price growth.

“After an extended period of housing market inertia, the floodgates are breaking open,” says Alexander. “Upward movement in detached housing values and the threat of additional interest rate hikes in the future are prompting homebuyers to get off the fence and into the market. Rising consumer confidence, job security and an economy firing on all cylinders should continue to support healthy home-buying activity in the GTA for the remainder of the year and into 2019.”

Wayne Karl is Senior Digital Editor at Homes Publishing Group. wayne.karl@homesmag.com

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Market Report: The Dirt

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Market Report: The Dirt

Deets & Trends about the GTA New Homes and Resale Housing Market

WE ARE:

  • New Home Sales & Marketing Gurus 
  • Licensed Realtors 
  • Market Nerds

SpectrumSky.com

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Perspectives: Townhomes: Not What They Used To Be

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Perspectives: Townhomes: Not What They Used To Be

There are entry-level units as well as large luxurious townhomes

While looking for inspiration for this month’s article, I found myself first glancing back at the articles that have been written over the years in this publication. I find it interesting how trends evolve and then some return, while others just disappear. I also like to look at how many predictions have come true over time; we have managed a pretty good track record of getting it right so far.

We have seen many design changes over the years and our industry has worked very hard to adapt to the demands of the marketplace, while always trying to deal with the affordable housing question and making sure that the goal of homeownership stays alive and well.

Nowhere is it more evident than in the move of first-time buyers to now start off in condominiums, affording them entry into the housing market. Traditionally, for as long as I can remember, the first purchase was a townhome. Styles did not vary to a huge degree and the biggest difference was usually in square footage. We worked within a parameter that dictated our design philosophy and, after all, it was just a starter home. Fast forward to today and we can see that the townhome is a product with many variations and price points to suit every purchaser’s needs.

Through careful planning and innovation, we have brought to the market stacked, also know as urban towns, back-to-back towns, front-load (garage in the front) and rear-lane townhomes (garage in the back), just to mention a few. Builders offer homes with single- and double-car garages, some homes have underground parking, some with backyards and some without, some with roof decks and balconies to allow for personal entertainment and amenity space. There are entry-level products with just one bedroom right up to larger super-luxury townhomes.

Features and finishes of all levels are also available in the marketplace — if it’s an elevator you need or desire, that can be accommodated. I guess what I am trying to say is that there is something for everyone and in all price levels.

As consultants to the developers and builders throughout the GTA, we are listening to the demands of the buying public and working with amazingly talented architects to develop new plans and products to meet every families needs.

This fall promises to be a busy one with many new sites opening, showcasing some of the newest innovations in townhome design and use of space. We look forward to introducing you to many of these new homes in some of the best locations. Stay tuned for more information coming soon.

Elliott Taube is the president of International Home Marketing Group (IHMG), a fully integrated sales manage and marketing company. IHMG.ca

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