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.
Done Deals: Three Way Bidding War for a King’s Landing Suite
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.”
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.
Done Deals: Market Galleria Suite Offers Easy Downtown Access
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
Will You Build One Like That For Me?
Neo-Georgian Mansion Stands the Test of Time
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.
Strong July Price Growth
Toronto Real Estate Board President Larry Cerqua announced that TREB REALTOR® Members reported 9,989 home sales through TREB’s MLS® System in July 2016. At just shy of 10,000 transactions, this was the best result on record for the month of July.
While sales were up on a year-over-year basis, the number of new listings was down over the same period, representing the continuation of a troubling trend in the GTA. “GTA REALTORS® have been working very hard on behalf of their buyer clients to help them find a home meeting their needs. Unfortunately, listings for single-detached and semi-detached houses and townhouses continue to be in short supply. The result has been an increase in pent-up demand and annual rates of price increases well above the rate of inflation. Housing policy is now top of mind for all levels of government. Policy makers need to be focusing on solutions to the sustained lack of low-rise inventory throughout the GTA,” said Mr. Cerqua.
The MLS® Home Price Index (HPI) Composite Benchmark was up by 16.7 per cent in July 2016 compared to the same month a year earlier. Similarly, the average selling price for all home types combined was up by 16.6 per cent year-over-year to $709,825.
“Relatively strong labour market conditions, above-inflation average income growth, and record low borrowing costs have kept many households confident about purchasing a home. As long as very strong buying intentions are up against an extreme shortage of listings, expect home price growth to greatly outpace the rate of inflation,” said Jason Mercer, TREB’s Director of Market Analysis.
Spring Market Capped Off with Strong June
Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 12,794 residential transactions through TREB’s MLS® System in June 2016. This result was 7.5 per cent higher than the 11,905 sales reported in June 2015. In line with the prevailing trend so far this year, the number of new listings was down by 3.8 per cent.
“As I start my term as TREB President, we are certainly in an interesting environment for ownership housing. There is no doubt that demand is at a record level, but would-be home buyers continue to face an uphill battle against a constrained supply of listings, which has perpetuated strong price growth. Buyers and sellers alike continue to benefit from the value a REALTOR® brings to a transaction,” said Mr. Cerqua.
“As the federal, provincial and local levels of government discuss housing policy in the coming months, issues affecting the lack of supply in the GTA should be of paramount importance. TREB will be undertaking, and making public, results of additional research in the second half of 2016, with the goal of proactively adding to the housing policy discussion,” added Mr. Cerqua.
The MLS® Home Price Index Composite Benchmark was up by 16 per cent on a year- over-year basis. The average selling price for all home types combined was up by a slightly higher annual rate of 16.8 per cent to $746,546. The single-detached, semi- detached and townhouse market segments led the way in terms of price growth.
“When TREB surveyed consumer intentions for 2016, we found that the majority of GTA households who were likely to purchase a home continued to be pointed towards some form of ground oriented housing. This is why we continue to see strong competition between buyers in many neighbourhoods where supply remains constrained,” said Jason Mercer, TREB’s Director of Market Analysis.
Strong Sales Growth Continues in May
Toronto Real Estate Board President Mark McLean announced that there were 12,870 home sales reported through TREB’s MLS® System in May 2016. This result represented a new record for the month of May and a 10.6 per cent increase over the same period last year. In contrast, the number of new listings was down over the same time frame by 6.4 per cent. The decline in listings was experienced in both the low-rise and condominium apartment market segments.
“Whether we’re talking about existing homeowners or people looking to purchase for the first time, there is no shortage of buyers in the marketplace today. So, while the record number of home sales through the first five months of 2016 is not necessarily surprising, it does sometimes mask the larger story in the GTA: the shortage of listings, which has resulted in strong upward pressure on home prices,” said Mr. McLean.
The MLS® Home Price Index Composite Benchmark was up by 15 per cent year-overyear in May 2016. Similarly, the average selling price for all home types combined was up by 15.7 per cent over the same period. Low-rise home types, which remained in short supply in many GTA neighbourhoods, experienced the strongest price growth.
“Widespread competition between buyers of singles, semis and townhouses across the GTA has underpinned the robust annual rates of price growth experienced so far this year. With this said, however, it is also important to understand that tighter market conditions for condominium apartments have resulted in price growth well above the rate of inflation in this market segment as well,” said Jason Mercer, TREB’s Director of Market Analysis.
Market Watch Report May 2016
Record Home Sales in April
May 4, 2016 — Toronto Real Estate Board President Mark McLean announced that there were 12,085 sales reported through TREB’s MLS® System in April 2016. This result, which represented a record for the month of April, was up by 7.4 per cent in comparison to April 2015.
For the TREB market area as a whole, annual sales growth was experienced for all major home types except semi-detached houses. In the City of Toronto, sales were down for detached and semi-detached houses as well as townhouses on a year-over-year basis. This dip in sales in the ‘416’ area code was due to a lack of low-rise listings. Many would-be buyers were not able to find a home that met their needs.
“While April’s sales result represented a new record for sales, that number could have been even higher if we had benefitted from more supply. In the City of Toronto in particular, some households have chosen not to list their home for sale because of the second substantial Land Transfer Tax and associated administration fee. The lack of available inventory, coupled with record sales, continued to translate into robust annual rates of price growth,” said Mr. McLean.
Home selling prices continued to trend upward in April. The MLS® Home Price Index Composite Benchmark was up by 12.6 per cent year-over-year. The average selling price was up by 16.2 per cent. The higher growth rate reported for the average home price, as compared to the MLS® HPI, points to a greater share of high-end home sales this year compared to last.
“As we move into the busiest time of the year, in terms of sales volume, strong competition between buyers will continue to push home prices higher. A greater supply of listings would certainly be welcome, but we would need to see a number of consecutive months in which listings growth outpaced sales growth before market conditions become more balanced,” said Jason Mercer, TREB’s Director of Market Analysis.
Forest Hill Tudor Sells Quickly After Handful of Showings
Special to the Globe and Mail
Published April 22, 2016
18 AVA ROAD, TORONTO
ASKING PRICE: $2,285,000
SELLING PRICE: $2,250,000
PREVIOUS SELLING PRICE: $550,000 (1994)
TAXES: $10,933 (2015)
DAYS ON THE MARKET: One
LISTING AND CO-OP AGENT: Elli Davis, Royal LePage Real Estate Services Ltd.
The Action: Winter promotions for this brick-and-stone Tudor with an unfinished basement quickly resulted in a handful of showings from eager buyers, including casual house hunters who decided this was the first, and only, property they would visit and ultimately, the one to place an offer on.
What They Got: At the intersection of two residential streets is a 50-by-90-foot lot for this detached, three storey house with a mix of old and new characteristics, from a wood-burning fireplace in the living room to a remodeled kitchen with granite counters, stainless steel appliances and hardwood floors.
For privacy, there is a third-floor office, four bathrooms and five upper bedrooms, including three on the second floor with private or semi-ensuite bathrooms.
To entertain outdoors, there is a fenced backyard off the dining room and a deck above the double garage.
The Agent’s Take: “The appeal was the location and the schools,” agent Elli Davis says. “[Plus] it was a corner lot – a little smaller than the traditional 50-by-100 [foot] plus lot in the area – so the envelop of the house was somewhat smaller than other houses, but it was fine for the buyer.”
Though updates are needed, it is a solid base to work with. “It’s a traditional Tudor house in Forest Hill with a very charming interior with a fireplace, wood trims, leaded glass and all the nice older features that come with these kinds of homes,” Ms. Davis says. “It has a double garage, which is a very good feature and not too common.”