March Numbers Are Out: 17.7% Increase in Residential Sales. Detached Homes and Condos Lead the Pack. Great Toronto Area, Average Selling Price up by 33.2%

Today, April 5, 2017 Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 12,077 residential sales through TREB’s MLS® System in March 2017.  This result represented a 17.7% increase compared to the 10,260 sales reported in March 2016.  For the TREB market area as a whole, annual sales growth was strongest for condominium apartments and detached houses.
The number of new listings also increased on a year-over-year basis, at 17,051 – a 15.2% increase compared to March 2016.  The strongest growth in new listings was experienced in the detached market segment.  While new listings were up strongly compared to last year, the rate new listings growth was still lower than the rate of sales growth. As a result, GTA market conditions continued to tighten.
“It has been encouraging to see that policymakers have not implemented any knee-jerk policies regarding the GTA housing market.  Different levels of government are holding consultations with market stakeholders and TREB has participated and will continue to participate in these discussions.  Policy makers must remember that it is the interplay between the demand for and supply of listings that influences price growth,” said Mr. Cerqua.
Strong competition between buyers continued to cause high levels of price growth in all major market segments. For the TREB market area as a whole, the average selling price was up by 33.2%, with similar annual rates of growth in the low-rise and condominium apartment segments.
“Annual rates of price growth continued to accelerate in March as growth in sales outstripped growth in listings.  A substantial period of months in which listings growth is greater than sales growth will be required to bring the GTA housing market back into balance.  As policy makers seek to achieve this balance, it is important that an evidence-based approach is followed,” said Jason Mercer, TREB’s Director of Market Analysis.

Summary of TorontoMLS Sales and Average Price  - March 1 - 31, 2017
	2017			2016
	Sales	Average Price	New Listings	Sales	Average Price	New Listings
City of Toronto ("416")	4,258	899,452	5,740	3,607	699,513	5,503
Rest of GTA ("905")	7,819	925,888	11,311	6,653	681,776	9,292
GTA	12,077	916,567	17,051	10,260	688,011	14,795

TorontoMLS Sales & Average Price  By Home Type -  March 1 - 31, 2017
	Sales			Average Price
	416	905	Total	416	905	Total
Detached	1,215	4,672	5,887	1,561,780	1,124,088	1,214,422
Yr./Yr. % Change	14.3%	21.3%	19.8%	32.8%	34.3%	33.4%
Semi-Detached	334	668	1,002	1,089,605	742,501	858,202
Yr./Yr. % Change	4.4%	0.8%	1.9%	33.3%	34.4%	34.4%
Townhouse	362	1,364	1,726	761,128	690,202	705,078
Yr./Yr. % Change	-8.1%	19.1%	12.2%	22.0%	38.5%	32.9%
Condo Apartment	2,324	937	3,261	550,299	440,950	518,879
Yr./Yr. % Change	29.0%	13.0%	23.9%	32.0%	33.2%	33.1%

TREB Market Watch

Bubble. What bubble? We are in Line with Other World Cities

Toronto's soaring home prices are in line with the reality of other world cities such as New York, Hong Kong and London, says Mark Renzoni, president of global commercial real estate giant CBRE.
"The market is fairly balanced. It's not being driven by foreign capital. It's being driven by Canadians, moving up, buying for the first time," he told Toronto Star, following a speech at CBRE's annual market forecast event.
"There's great jobs, there's a sense of optimism, there's confidence in the job market and interest rates are low," said Renzoni, who suggested that concerns about foreign speculation in the Toronto housing market are overblown.
In February, Toronto Real Estate Board released a research showing fewer than 5 per cent of the 113,133 residential real estate transactions in the Toronto region last year (2016) involved foreign buyers.

Click the Link for Full Article:
Toronto's Home Prices in Line with Other World Cities

Toronto House Prices Expected to Climb 25% in 2017

According to this article published by Blogto.com, Economists don't see the red hot real estate market cooling off anytime soon. After initially estimating a jump of 10 to 15 per cent in Toronto house prices over 2017, TD Economics now puts that number at 20 to 25 per cent.

The updated figures follow a sizzling start to the year that's witnessed 22 and 28 per cent increases in January and February respectively.

Full Article: Toronto House Prices Expected to Climb 25% this year

February Sales Up by 5.7%, Number of Potential Buyers is Up, New Listings is Down, Prices Will Continue to Grow Strong

Toronto Real Estate Board President Larry Cerqua announced today, March 3rd, 2017, that Greater Toronto Area REALTORS® reported 8,014 residential sales through TREB’s MLS® System in February 2017.  This result was up on a year-over-year basis by 5.7 per cent compared to 7,583 sales reported last year.

According to the recent Ipsos survey of intending GTA home buyers, first-time buyers will continue to account for much of the demand for ownership housing in Toronto and the surrounding regions.  For the GTA as a whole, 53 per cent of likely buyers indicated that they would be first-timers – up from 49 per cent a year earlier.  First-time buying intentions were highest in the City of Toronto, where 64 per cent of likely home purchasers indicated they would be first-timers – up from 56 per cent a year earlier.  The higher percentage of first-time buyers in the City of Toronto likely relates to the prevalence of condominium apartments, which are a popular entry point into home ownership.

While the demand for ownership housing grew over the past year, new listings entered into TREB's MLS® System in February were down on a year-over-year basis by 12.5 per cent to 9,834. This continues a pattern we saw throughout much of 2016, with the sales trend pointing up while the listings trend has been down, which has resulted in a contraction of the inventory of homes available for sale. TREB's average months of inventory trend for February was at one month, while in many neighbourhoods across the GTA, inventory can now be measured in weeks rather than months.
"The listing supply crunch we are experiencing in the GTA has undoubtedly led to the double-digit home price increases we are now experiencing on a sustained basis, both in the low-rise and high-rise market segments. Until we see a marked increase in the number of homes available for sale, expect very strong annual rates of price growth to continue," said Jason Mercer, TREB's Director of Market Analysis.
The MLS® HPI Composite Benchmark Price was up by 23.8 per cent compared to February 2016. Similarly, the average selling price was up by 27.7 per cent year-over-year to $875,983. Annual rates of price growth continued to be strongest for low-rise home types, particularly detached houses. Growth rates for condominium apartment prices were also in the double digits, likely a result of strong demand from first-time buyers.

For More Info, please click below:
TREB Market Watch February 2017

Summary of TorontoMLS Sales and Average Price February 1 - 28, 2017
	2017							2016
	Sales		Average Price		New Listings			Sales	Average Price		New Listings
City of Toronto ("416")	2,900		859,186		3,586			2,794	720,633		4,457
Rest of GTA ("905")	5,114		885,508		6,248			4,789	665,380		6,777
GTA	8,014		875,983		9,834			7,583	685,738		11,234
TorontoMLS Sales & Average Price  By Home Type February 1 - 28, 2017
		Sales					Average Price
		416		905		Total	416			905		Total
Detached		793		2,928		3,721	1,573,622			1,106,201		1,205,815
Yr./Yr. % Change		-6.8%		6.0%		3.0%	29.8%			35.4%		32.5%
Semi-Detached		199		452		651	1,085,484			712,276		826,359
Yr./Yr. % Change		-16.0%		-6.2%		-9.5%	27.6%			33.2%		29.4%
Townhouse		257		908		1,165	671,243			653,584		657,480
Yr./Yr. % Change		2.4%		7.7%		6.5%	15.7%			32.4%		28.0%
Condo Apartment		1,632		728		2,360	515,424			404,460		481,194
Yr./Yr. % Change		14.0%		20.3%		15.9%	18.2%			23.6%		19.2%

Average selling price last January was up by 22.3% with double-digit gains in the average prices for all major home types.

Last Friday, February 3rd, 2017 Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 5,188 residential transactions through TREB's MLS® System in January 2017. This result was up by 11.8% compared to 4,640 sales reported in January 2016. Annual rates of sales growth were higher for condominium apartments than for low-rise home types.

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

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

The average selling price in January was up by 22.3% to $770,745, with double-digit gains in the average prices for all major home types.

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

For more detailed info, check out the link below for Treb's "Market Watch":

http://www.trebhome.com/market_news/market_watch/2017/mw1701.pdf

136 Harvie Avenue, Toronto ON

SOLD

We had 12 Showings in two hours and 2 offers followed immediately. This property was sold in less then a day.

(1 Block North of St. Clair Ave. West at Lansdowne)

Asking: $600,000.00

MLS # W3687248

Spacious & Clean Semi-Detached All Brick Home on a 20.56 X 128 Feet Lot w/ 3 Br, Two 4 Pc Washrooms, Kitchen with back splash, Pot Lights, Double Sink & W/O To Backyard, Living Rm with Brick Fireplace, Hardwood floors and Window Separated from Dining Rm by French Doors. Finished Basement w/ Above Grade Windows, Lots Of Storage, detached One Car Gar. Just One Block from Street Car on St. Clair West, Walk To Outdoor Skating Rink, Indoor/Outdoor Swimming Pools & Basketball Courts, Soccer Field, Gym, Dog Park, Library, Restaurants, Cafes, Groceries.

Home Inspection Report Available Upon Request.

Record Real Estate Sales in 2016. December Average Selling Price Up 20%. Low Supply of Listings Remains.

Toronto Real Estate Board President Larry Cerqua announced today, January 5, 2017 that 2016 was a second consecutive record year for home sales. Greater Toronto Area REALTORS® reported 113,133 home sales through TREB’s MLS® System – up by 11.8 per cent compared to 2015.
The calendar year 2016 result included 5,338 sales in December – an annual increase of 8.6 per cent. The strongest annual rate of sales growth in 2016 was experienced for condominium apartments followed by detached homes.
“A relatively strong regional economy, low unemployment and very low borrowing costs kept the demand for ownership housing strong in the GTA, as the region’s population continued to grow in 2016,” said Mr. Cerqua.
The overall average selling price for calendar year 2016 was $729,922 – up 17.3 per cent compared to 2015. The pace of the annual rate of growth for the average selling price also picked up throughout the year, including a climb of 20 per cent in December. “Price growth accelerated throughout 2016 as the supply of listings remained very constrained. Active listings at the end of December were at their lowest point in a decade-and-a-half. Total new listings for 2016 were down by almost four per cent.
In 2016, we saw policy changes and policy debates pointed at the demand side of the market. If we want to see a sustained moderation in the pace of price growth, what we really need is more policy focus on issues impacting the lack of homes available for sale,” said Jason Mercer, TREB’s Director of Market Analysis. 

More from TREB Market Watch:
http://www.trebhome.com/market_news/market_watch/2016/mw1612.pdf

Fortes Realty Inc., Brokerage Sold Properties

Fortes Realty Inc., Brokerage Sold Properties in Greater Toronto Area

By Julio and Natalia Fortes since 2005.

Please use the link below.

https://www.google.com/maps/d/edit?mid=1fgjiNIWtBmGni-NWZX3HZ1GfFWI&ll=43.70321628384674%2C-79.41775024999998&z=10

Toronto Real Estate Market (Sales & Prices) Continues Strong in November

Larry Cerqua, President of Toronto Real Estate Board annouced on December 2, 2016 that Greater Toronto Area REALTORS® reported 8,547 home sales through TREB's MLS® System in November 2016. This result represented a 16.5 per cent increase compared to November 2015. For the TREB market area as a whole, sales were up on a year-over-year basis for all major home types. The strongest annual rates of sales growth were experienced for the townhouse and condominium apartment segments. "Home buying activity remained strong across all market segments in November. However, many would-be home buyers continued to be frustrated by the lack of listings, as annual sales growth once again outstripped growth in new listings. Seller's market conditions translated into robust rates of price growth," said Mr. Cerqua. The MLS® Home Price Index (HPI) Composite Benchmark was up by 20.3 per cent compared to November 2015. The average selling price at $776,684 was up by 22.7 per cent on a year-over-year basis. 
"Recent policy initiatives seeking to address strong home price growth have focused on demand. Going forward, more emphasis needs to be placed on solutions to alleviate the lack of inventory for all home types, especially in the low-rise market segments,” said Jason Mercer, TREB’s Director of Market Analysis. 

For a more detailed info about sales and average prices by area and Home type, please use this link: http://www.trebhome.com/market_news/market_watch/2016/mw1611.pdf

Ontario Government Announces Provincial LTT Changes

According to Toronto Real Estate Board (TREB), yesterday November 14, 2016, the provincial government announced significant changes to the Provincial Land Transfer Tax (PLTT), including a doubling of the rebate available to first-time home buyers, bringing it in line with the City of Toronto's rebate, and an increase in the PLTT paid on the portion of the price of properties over $2,000,000 to help pay for the increase in the first-time buyer rebate. 

• The provincial government is proposing to double the maximum rebate for first-time home buyers from $2,000 to $4,000.  This change would bring the PLTT rebate in line with the City of Toronto LTT rebate.  The real estate industry welcomes this change, which will help to make housing more affordable in the GTA.

• The provincial government is proposing to increase the PLTT for homes priced over $2,000,000 by charging 2.5% on the portion of the value above $2,000,000 (currently this portion is charged 2%). 

• For non-residential properties, the provincial government is proposing to increase the PLTT on the portion of the value above $400,000 to 2% (currently this portion is charged 1.5%). 

• As a transitional measure, purchasers who entered into agreements of purchase and sale on or before November 14, 2016 would not be subject to the increased rates of tax.
  
  TREB welcomes the increase to the provincial first-time buyer rebate to bring it in line with a similar rebate in the City of Toronto as long overdue. TREB, however, always has concerns with tax increases on property, and governments should be focused on measures to make property ownership in the GTA more affordable, not more expensive. 

• The provincial government is proposing to restrict eligibility of the first-time home buyer rebate to Canadian citizens and permanent residents, effective January 1, 2017.  As a transitional measure, purchasers who entered into agreements of purchase and sale on or before November 14, 2016 would remain eligible for the refund, regardless of citizenship or residency status.

For more details from the Provincial Government click below:

http://www.fin.gov.on.ca/en/budget/fallstatement/2016/chapter5b.html

181 Fern Avenue, Row House in Roncesvalles Area

SOLD

Asking $799,900.00

Roncesvalles Village Starter Home. First Time on the Market in decades. Spacious Brick Row House with 3 Bedrooms, 2 Bathrooms, Kitchen with Walk Out to Deck in Backyard, Separate Entrance to Open Basement, 1 Parking Space off Lane Way on a Lot of 14.83 Feet by 116.62 Feet Short walk to St. Joseph's Health Centre, Lakeshore, High Park, Sorauren Park, Steps to trendy Roncesvalles for TTC, Groceries, Restaurants, Cafes, Bars, Bakeries, Banks, Library... Walk Score of 94 out of 100. This location is a Walker's Paradise so daily errands do not require a car.

The New Mortgage Rules

1. The Federal Government will restrict insurance on mortgages to loans on owner-occupied dwellings with amortization periods less than or equal to 25 years, purchase prices of less than $1 million, and for borrowers who meet a minimum credit score standard of 600.

2. All insured mortgages in Canada (any mortgage where the borrower puts less than 20% down...) will be underwritten using posted rates to qualify borrowers based on their income. That means a borrower that could qualify for a mortgage at a 5-year fixed rate of 2.29% now will have to qualify - as of the 17th of October - at the qualifying rate of 4.64%.

3. Foreign Buyers will need to prove that a home they sell is their primary residence to avoid capital gains tax exemption abuse.

Canada's new mortgage rules could leave millennials struggling to buy a home. Millennials could lose as much as 20 per cent of their "purchasing power" when new federal mortgage rules kick in on October 17. 

"Purchasing power" means the amount they (home buyers) can borrow to buy a home.

But there are benefits, too. Such as keeping them from buying properties they can't afford.

A family with a household income of $80,000.00 can currently buy a $505,000 home with a five per cent down payment.

But that wouldn't be possible under the new rules because of a "stress test" requiring all insured mortgages, which have down payments of less than 20 per cent, to be qualified at higher Interest Rates.

This hypothetical family could only buy a $405,000.00 property under the new rules — $100,000, or 20 per cent less than what they could have had before.
The effects of these changes are hard to predict on each individual housing market in Canada. But it's probably safe to say that it'll cool the hot ones. 
According to BNN, mortgage lenders are "swamped" as home buyers rush into the market ahead of new rules that will undercut the average family's home-buying power. 
http://www.bnn.ca/mortgage-lenders-swamped-as-homebuyers-race-to-beat-new-stress-test-rules-1.585079

186 Pearson Avenue, Detached Duplex at Roncesvalles and Queen St. West

SOLD: 

Asking $1,300,000.00

186 Pearson Avenue, Toronto ON

(Roncesvalles & Queen St. West)

Detached, 3-Storey, Duplex, 4 bedrooms + 1, 4 Washrooms, 2 Kitchens + 1, Finished basement with Separate Entrance, One Car Detached Garage, Backyard Deck on a 31 X 128 Feet Lot and Tons of Potential, Steps to Trendy Roncesvalles for TTC, Groceries, Restaurants, Cafes, Bars, Bakeries, Banks, Libraries, St. Joseph's Health Centre... Lakeshore and High Park. 

Three Properties Sold in September. With Our Commission Rate, our Sellers are Saving 10s of Thousands. You can do the same

During the month of September we Sold 3 properties in Great Toronto Area: 

Listing Agents for 9 Reeve Road, Brampton (Williams Parkway & Main St.)

Semi-detached, 3 bedrooms raised bungalow w/ built-in garage & Basement Apartment on a 30 X 108 Feet Lot

Buyer Agents for 286 Lauder Avenue, Toronto (Dufferin St. & St. Clair Ave.)

Detached Duplex with 3 Large Apartments & double detached garage on a 46 X 120 Feet Lot

Listing Agents for 1663 Warren Drive, Mississauga (Dixie Road & Eastgate Pkwy)

Semi-detached, 4 bedrooms back-split raised bungalow w/ built-in double garage on a 30.16 X 125 Feet Lot