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Market Watch Report: February 2017

POSTED ON March 3rd  - POSTED IN Featured News, Market Watch

Sales Up and Listings Down in February

March 3, 2017 — Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 8,014 residential sales through TREB’s MLS® System in February 2017. Despite the fact that February 2016 had one more day due to the leap year day, this result was up on a year-over-year basis by 5.7 per cent compared to 7,583 sales reported last year.

“The February statistics tell me that many Greater Toronto Area households continue to view home ownership as a great long-term investment. The high demand for ownership housing we’re seeing is broad-based, with strong sales growth for most low-rise home types and condominium apartments. This makes sense given the results of a recent consumer survey undertaken for TREB by Ipsos, which found an even split between intending first-time buyers and existing homeowners who indicated that they were planning on purchasing a home in 2017,” said Cerqua.

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.

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.

“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.

Complete Report: February 2017

Market Watch Report: January 2017

POSTED ON February 6th  - POSTED IN Featured News, Market Watch

Strong Start to 2017

February 3, 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 per cent 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 MLS® Home Price Index (HPI) Composite Benchmark price was up by 21.8 per cent on a year-over-year basis in January. Similarly, over the same period, the average selling price was up by 22.3 per cent 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.

Full Market Watch Report: January 2017

Done Deals: Opening Bid Shuts Down Competition

POSTED ON January 18th  - POSTED IN Done Deals, Elli's Archives, Featured News

Done Deals: Opening Bid Shuts Down Competition                                                          26 McNairn Avenue

Done Deals: Older Condo North of Yorkville Offers Plenty of Privacy

POSTED ON January 10th  - POSTED IN Done Deals, Elli's Archives, Featured News

Done Deals: Older Condo North of Yorkville Offers Plenty of Privacy           2-photo-web-1680x1050-360406

Sydnia Yu

Special to the Globe and Mail

Published Thursday December 8, 2016

225 DAVENPORT ROAD, No. 101, TORONTO

ASKING PRICE: $699,000

SELLING PRICE: $675,000

PREVIOUS SELLING PRICE: $481,000 (2006); $200,000 (1992)

TAXES: $3,357 (2015)

DAYS ON THE MARKET: 48

LISTING AGENT: Elli Davis, Royal LePage Real Estate Services Ltd.

The Action: Just a few blocks north of Yorkville, the Dakota residence often has a few vacancies. Although this one-bedroom-plus-den unit was among the smaller set, it had private outdoor space, so it was visited by 30 buyers and sold for $675,000.

What They Got: On the ground floor of a nearly 30-year-old mid-rise is this over 1,100-square-foot suite with a private patio, laundry facilities, storage locker and parking, plus monthly fees of $1,183 toward utilities, a gym, recreation room and rooftop deck.

The layout is fairly modern with a living area against a wall of windows, a central dining space and U-shaped kitchen behind a granite-topped peninsula and breakfast bar.

Private quarters entail a den and master bedroom with a walk-in closet and four-piece ensuite, which is the larger of two bathrooms.

The Agent’s Take: “[The building] is about a five-minute walk to Bloor Street and Yorkville, so it’s very well located to shops, subway and all that Toronto has to offer midtown,” agent Elli Davis states.

“It’s an older building, built in the eighties, so it’s not as glamourous as some of the new ones, but the price is very reasonable compared with the new ones.”

Plus, older suites such as this offers more space than newer counterparts, inside and out. “They don’t make one-bedrooms very often any more that are that size,” Ms. Davis notes. “It has a magnificent patio because it’s on the main floor, where you can barbecue, garden and be outdoors like in a house, yet have the condo lifestyle.”

Market Watch Report: December 2016

POSTED ON January 9th  - POSTED IN Featured News, Market Watch

Record Sales in 2016

January 5, 2017 — Toronto Real Estate Board President Larry Cerqua announced 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 annual rate of growth for the MLS® Home Price Index (HPI) in the TREB market area accelerated throughout 2016 – from 10.7 per cent in January 2016 to 21 per cent in December 2016. 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.

Full Market Watch Report: December 2016 – Year End Review

Market Watch Report: October 2016

POSTED ON November 9th  - POSTED IN Featured News, Market Watch

October Home Sales Up Year-Over-Year

November 3, 2016 — Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported a record 9,768 sales through TREB’s MLS® System in October 2016 – up by 11.5 per cent compared to October 2015. For the TREB market area as a whole, the largest annual rate of sales growth was in the condominium apartment market segment. Detached home sales were up by 10 per cent year-over-year, driven predominantly by transactions in the regions surrounding Toronto.

“The record pace of GTA home sales continued in October, with strong growth observed throughout the month. As we move through November and December, we will be watching the sales and listings trends closely, in light of the recent policy changes announced by the Federal Minister of Finance. TREB will once again be conducting consumer survey work, in order to report on home buying intentions for 2017,” said Mr. Cerqua.

The MLS® Home Price Index Composite Benchmark was up by 19.7 per cent on a yearover- yeaThe MLS® Home Price Index Composite Benchmark was up by 19.7 per cent on a yearover- year basis in October 2016. Similarly, the average selling price for all home types combined was $762,975 – up 21.1 per cent over the same time period. Double-digit increases were experienced for all major home types for the TREB Market Area as a whole.

“New listings were up slightly in October compared to last year, but not nearly enough to offset the strong sales growth. This meant that seller’s market conditions continued to prevail as buyers of all home types experienced intense competition in the marketplace. Until we experience sustained relief in the supply of listings, the potential for strong annual rates of price growth will persist, especially in the low-rise market segments,” said Jason Mercer, TREB’s Director of Market Analysis.

Full Market Watch Report October 2016

Done Deals: Three Way Bidding War for a King’s Landing Suite

POSTED ON November 4th  - POSTED IN Done Deals, Elli's Archives, Featured News

Done Deals: Three Way Bidding War for a King’s Landing Suite            460 Queens Quay West

Sydnia Yu

Special to the Globe and Mail

Published Thursday, November 3, 2016

460 QUEENS QUAY W., No. 502E, TORONTO

ASKING PRICE: $1,048,000

SELLING PRICE: $1,111,880

TAXES: $5,225 (2015)

DAYS ON THE MARKET: Five

LISTING AGENT: Elli Davis, Royal LePage Real Estate Services Ltd.

The Action: There aren’t often many opportunities to buy at the King’s Landing building, so this two-bedroom-plus-solarium suite drew in more than a dozen visitors within a few days this summer. It sold in under a week in a three-way bidding war.

What They Got: On the south side of a 30-year-old mid-rise – with optimal views of Lake Ontario – is this 1,672-square-foot unit with a balcony accessible from both bedrooms and a sunroom with a curved glass ceiling.

Set further back from the windows is an open living room, a dining area and renovated kitchen behind pocket doors, as well as two full bathrooms, laundry and storage facilities.

The unit comes with parking and monthly fees of $1,211 to cover water, security and amenities, such as a pool and tennis court.

The Agent’s Take: “King’s Landing is a very nice building built in the eighties and was very innovative for its time facing the waterfront,” agent Elli Davis says. “A lot of downsizers have bought in there and don’t move, and there’s a lot of downtown [professionals] who … like the access to the island airport and Financial District.”

Market Watch Report: September 2016

POSTED ON October 5th  - POSTED IN Featured News, Market Watch

Sales Growth Continues in September

Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 9,902 sales through TREB’s MLS® System in September 2016. This result was up by 21.5 per cent compared to September 2015.

For the region as a whole, strong annual rates of sales growth were experienced for all major home types. The pace of detached sales growth was slower in the City of Toronto and the number of semi-detached sales was down compared to last year. In both cases, the year-over-year dip in new listings was likely the issue.

“We continued to see strong demand for ownership housing up against a short supply of listings in the Greater Toronto Area in September. The sustained lack of inventory in many neighbourhoods across the GTA continued to underpin high rates of price growth for all home types,” said Mr. Cerqua.

Both the MLS® Home Price Index (HPI) Composite Benchmark and the average selling price for all home types combined were up strongly on a year-over-year basis in September. The MLS® HPI Composite Benchmark grew by 18 per cent compared to September 2015. The average selling price was up by 20.4 per cent to $755,755. It is important to remember that the MLS® HPI provides a price growth measure for a benchmark home, thereby allowing for an apples-to-apples comparison from one year to the next. The average selling price can be influenced by changes in both market conditions and the mix of homes sold.

“The Toronto Real Estate Board will be closely monitoring how the recent changes to Federal mortgage lending guidelines and capital gains tax exemption rules impact the housing market in the Greater Toronto Area. While these changes are pointed at the demand for ownership housing, it is important to note that much of the upward pressure on home prices in the GTA has been based on the declining inventory of homes available for sale,” said Jason Mercer, TREB’s Director of Market Analysis.

Full Market Watch Report September 2016

Done Deals: Market Galleria Suite Offers Easy Downtown Access

POSTED ON September 27th  - POSTED IN Done Deals, Elli's Archives, Featured News

Done Deals: Market Galleria Suite Offers Easy Downtown Access             71 Front St East

Sydnia Yu

Special to the Globe and Mail

Published Thursday, September 8, 2016

71 FRONT STREET EAST, No. 306, TORONTO

ASKING PRICE: $525,000

SELLING PRICE: $520,000

PREVIOUS SELLING PRICE: $227,000 (1999); $159,500 (1997); $147,000 (1996)

TAXES: $3,279 (2015)

DAYS ON THE MARKET: 35

LISTING AGENT: Elli Davis, Royal LePage Real Estate Services Ltd.

The Action: On the block next to the historic St. Lawrence Market, this two-bedroom suite at the Market Galleria was toured by about 20 buyers and transferred over to new owners once a $520,000 deal was inked this summer.

What They Got: At the centre of a mixed-use mid-rise built in the 1980s is an atrium visible from private suites, such as this 1,441-square-foot unit with the additional bonus of a south-facing balcony off the master suite.

For entertaining, there is an open principal room, while cooking and cleaning takes place in the tiled kitchen, two full bathrooms and laundry closet.

Parking comes with the unit, along with monthly fees of $1,269 for the cost of water, gym, guest suites and rooftop deck, plus a redecorated lobby and new elevators.

The Agent’s Take: “It has a very good layout with a generous living and dining room, open concept kitchen, two bedrooms and two full washrooms,” says agent Elli Davis.

“It’s very difficult to find something in this price range that offers that in this city today.”

The building is also anchored by popular bars, Jack Astor’s and Jersey Giant. “The building is partially offices and partially residential, which overlooks the atrium full of foliage, which is quite unique,” Ms. Davis adds.

“Plus, it has easy access to the Theatre District and Financial District, you can walk everywhere.”

Neo-Georgian Mansion Stands the Test of Time – Globe and Mail Home of the Week: 32 Castle Frank Road

POSTED ON August 10th  - POSTED IN Elli's Archives, Featured News

Will You Build One Like That For Me?
Neo-Georgian Mansion Stands the Test of Time32 Castle Frank Road
Globe & Mail Resale Home of the Week:
32 Castle Frank Road

Asking Price: $9.28 million
Taxes: $46,018.52 (2016)
Lot Size: 123.5 by 340 feet
Agents: Janet Lindsay, Chestnut Park Real Estate Ltd., Elli Davis, Royal LePage Real Estate Serviced Ltd.

Article by: Carolyn Ireland

Rosedale lore has it that businessman Gerald Strathy admired a particularly beautiful mansion built at the top of the Don Valley. The architect was the renowned Eustace Bird, who designated such landmark buildings such as 2 King Street East and the Sunbeam Incandescent Lamp Factory on Dufferin Street during his career.

The stately red brick house Mr. Strathy admired at 5 Hawthorn Gardens was the architect’s own home.

Mr. Strathy approached Mr. Bird with a request along the lines of, “Will you build one like that for me?” The Strathy house was positioned a little further along the same ridge at 32 Castle Frank Road and completed in 1912. Most of the neo-Georgian architectural details remain today.

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