THE DAVISVILLE & LEASIDE INSIDER

THE DAVISVILLE & LEASIDE INSIDER

Friday, December 8, 2017

MARKET UPDATE FOR THE WEEK ENDING DECEMBER 1ST, 2017

As the calendar flips for the last time this year and we are three weeks shy of Christmas, it feels like we are all gearing up for the holiday festivities. The offices are a little slower, listings are dropping off and the buyers are taking a break. The November stats were released from The Toronto Real Estate Board and for the City of Toronto the average price was up 2 percent to $802,220 from November 2016. We saw a sizable number of new listings (14,349) for the entire GTA, up by 37 percent compared to November 2016. This boost to home ownership could be because of the upcoming changes to mortgage guidelines, which come into effect in January. On a year-to-year basis, the average selling price was up by 13.4 percent compared to same period last year. All the negative headlines are for the entire GTA, but conditions continue to be stronger for the City of Toronto.

The freehold sector in the central and east neighbourhoods saw a drop in new listings last week by 14 percent, while the west end remained on par as the week before. As December approached we also saw a drop in sales by 25 percent for all freehold but the bidding wars were still happening with 27 per cent selling over the asking price.

The condo market in the City of Toronto is still sizzling with the average price now at $555,965. Last week we saw a decline of 12 per cent in new listings for all neighbourhoods and a small decline in sales by 6 percent but the bidding wars were still strong with 32 per cent selling over the asking price. The condo market continues to lead the way in terms of price growth in the GTA.

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake and Port Hope, Ontario since 1928. We have four centrally located offices and over 250 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately reflect the true temperature of the real estate market.

For help in interpreting this information as it relates to your property, please call or email me and I  will be happy to assist you without any obligation.

Thursday, December 7, 2017

CNIB Ontario's new Community Hub at 1525 Yonge St. (north of St. Clair Ave).

I had a great afternoon last week visiting CNIB's new Community Hub - the first of its kind in the province - at 1525 Yonge St. (north of St. Clair Ave).

The Hub is an innovative, fully accessible space where people with sight loss in the GTA can come for social and emotional support, learn new skills, take part in programs, workshops, host events, hang-out and thrive in an engaging space. 

Angela Bonfanti, Executive Director of CNIB in the Greater Toronto region, gave me a tour of The Hub and told me that there are over 80,000 blind or partially sighted people in the GTA. And with an aging population, that number is expected to increase.

She explained that people with vision loss often experience isolation as it can be intimidating to venture out and socialize. The Hub aims to change that by providing a safe and accessible environment for members of the community to meet.

The Hub and many of the neighbouring businesses are equipped with beacons to help people with sight loss navigate the neighbourhood. It was fascinating to see how the technology works: when a beacon is installed in a building, it connects to a GPS app called BlindSquare and relays a verbal navigation to user’s phones. The beacons essentially provide directions and navigation indoors and outdoors including a description of the business, the layout or floor plan of the shop, and the goods for sale or on display.


The Hub aims to level the playing field for community members with sight loss with specialized life-enhancing programs, classes and workshops to enable people with sight loss to lead fuller, more independent lives and redefine what it means to be blind. Many of the program leads and volunteers are people living and working with sight loss themselves.

"Our Hub is a space that will help community members with sight loss smash barriers in areas of access, employment, research & technology and literacy to create an inclusive community where individuals with sight loss thrive," said Bonfanti. 

Accessible computers for community members are also available for people who want to update their resum├ęs, get online to learn new programs and just spend time in a social environment while researching new tools and programs or train for a new job. There is also a very cool virtual reality room on the top floor where community members (both with sight loss and full vision) can simulate various situations for people living with sight loss - such as walking across a busy street.


There is a kitchen where members can try out their cooking skills, and children can learn to help their parents in the kitchen. Oh, and let's not forget the "Doggy Zone" at the front door for those K9 helpers and best friends to have a drink, relax and socialize with other dogs, there's an array of toys for them to enjoy. 

 

This two-storey facility is so inviting with large windows and a painted mural at the front entrance by local artist Leyland Adams. A tactile tree created by Kate Ramos trails along the staircase and features the hand-prints of the many volunteers and employees who helped open this inclusive environment!

To learn more The Hub and upcoming events, check out http://www.cnib.ca/en/ontario/gta/Pages/default.aspx and be sure to follow them on Facebook https://www.facebook.com/CNIBOntario/ and  Twitter at @CNIB_Ontario 


Tuesday, December 5, 2017

Tuesday, November 28, 2017

New condo, townhome sales and prices soar in October

By TESS KALINOWSKI
Real Estate Reporter
Fri., Nov. 24, 2017
TheTorontoStar.com

High rises account for most new construction sales in October, but prices are also rising.

The boom in condos and stacked townhomes pushed sales of new construction homes in the Toronto region up 18 per cent year over in year in October — accounting for 91 per cent of the overall 5,377 purchases.

The remaining 9 per cent of sales were low-rise, single-family homes, including detached, semi-detached and town houses.

A 70 per cent decline in the number of transactions in the low-rise category in October, compared to the same month last year, was accompanied by a 30 per cent increase in prices that averaged about $1.22 million.

New construction detached houses now cost $1.55 million on average, according to the homebuilders’ group Building and Land Development Association (BILD).

At the same time, condo sales climbed 70 per cent with a 40 per cent year-over-year price increase to $677,456 on average.


That translates to an average price per square foot of $791 with the size of condos averaging 857 sq. ft.

The sales and price trends are a reflection of the declining choice for home buyers, according to BILD.

"We're still not building enough homes for the demographic reality of the Greater Toronto Area. Housing choice has diminished so markedly over the last 18 months to two years, even in the high rise market, prices are continuing to go up," said CEO Bryan Tuckey.

Click here to read more...

For information on buying or selling and the current real estate market, contact me by email or call 416-322-8000.

Friday, November 10, 2017

CBC News Posted: Oct 04, 2017 7:00 AM ET Last Updated: Oct 04, 2017 9:46 AM ET

Sales down 34% overall but condo prices up by more that 20%, Toronto Real Estate Board says

Overall home sales in September were down in the Greater Toronto Area over the same time last year but condo prices continue to rise, according to figures released Wednesday morning by the Toronto Real Estate Board (TREB).

Even though listings were up by 9.4 per cent compared to September 2016, sales were down by 35 per cent, the TREB report said.

The overall average price of homes in the GTA was $775,546 last month — up 2.6 per cent from the same time last year.

This follows a spring buying season in which the growth in Greater Toronto real estate prices slowed considerably, in the wake of measures taken by the provincial government to cool off the region’s red hot market.

But the board says the numbers indicate sellers think buyers are coming back to the market.

“The improvement in listings in September compared to a year earlier suggests that home owners are anticipating an uptick in sales activity as we move through the fall, TREB president Jim Syrianos said.

“Consumer polling undertaken for TREB in the spring suggested that buying intentions over the next year remain strong. As we move through the fourth quarter we could see some buyers moving off the sidelines, taking advantage of a better-supplied marketplace.”

But even with more supply of single-family homes, the supply of condos in the GTA is still tight and prices show no sign of cooling off.

“With more balanced market conditions, the pace of year-over-year price growth was more moderate in September compared to a year ago. However, the exception was the condominium apartment market segment, where average and benchmark sales prices were up by more than 20 per cent compared to last year,” said Jason Mercer, TREB’s director of 
market analysis. While the numbers have jumped, they’re not entirely surprising. Consumer polls conducted in the spring indicated a shift toward condominiums, Mercer said.

While the numbers have jumped, they're not entirely surprising. Consumer polls conducted in the spring indicated a shift toward condominiums, Mercer said.​

For information on buying or selling and the current real estate market, contact me by email or call 416-322-8000.

Thursday, October 26, 2017

CRA analyzing pre-construction condo flipping cases in Toronto for tax avoidance

www.globalnews.ca/news
by Staff The Canadian Press



Canada Revenue Agency is analyzing 2,810 transactions involving cases of pre-construction condominium flipping in Toronto to determine whether audits need to be carried out to find tax evaders.

In the Toronto area in particular, audit work has increased substantially on what are called “assignment sales” or “shadow flipping” in which a condo is purchased from a developer and sold to another buyer before the unit is completed, the federal government agency said Tuesday.
“The profits from flipping real estate are generally considered to be fully taxable as business income,” said CRA spokesperson Zoltan Csepregi in an emailed statement. “The facts of each case determine whether such profits should be reported as business income or as a capital gain.”

Real estate deals in the Greater Toronto Area and Vancouver have been the subject of greater scrutiny, including audits, the agency said.


“Over the years, CRA has made significant progress in using intelligence gathered through a variety of tools at its disposal as well as using experienced audit and investigations teams,” noted Csepregi.

“New technologies and faster computers are helping us to more effectively access, integrate, and analyze this data, resulting in better business intelligence.”

The CRA’s interest in tax avoidance in real estate is likely related to affordability issues in Toronto and Vancouver over the last couple of years, said Tsur Somerville, a senior fellow at the UBC Centre of Urban Economics and Real Estate.
For information on buying or selling and the current real estate market, contact me by email or call 416-322-8000.

Wednesday, August 30, 2017

Data suggest speculation in Toronto’s condo market surged last quarter

Posted in http://news.buzzbuzzhome.com

By Josh Sherman Aug 28, 2017

Photo: Loozrboy/Flickr


How do you go about gauging how much speculative investment activity there is in Toronto’s condo market?

If you’re industry observer Urbanation, over a certain period of time you track the number of condos that are purchased on the resale market and then subsequently rented out.

When the Toronto-based firm did exactly that for this year’s second quarter, it found that the number of existing condo units sold and then rented on the Toronto Real Estate Board (TREB)’s multiple-listing-service system surged by 57 per cent compared to the same period in 2016.

In all, 622 units were first purchased — and then rented out — on the MLS system in that three-month timeframe, admittedly a “relatively small” sample size, according to Urbanation.

But those transactions represented an 8.5 per cent share of activity in the segment, up from the 5.2 per cent share observed over the same period last year, according to Urbanation’s exercise.

While Ontario introduced a foreign-homebuyer tax for the Greater Golden Horseshoe, which Toronto is a part of, in the first month of this year’s second quarter, the Urbanation data suggests it didn’t have a significant impact on the condo market.



For information on buying or selling and the current real estate market, contact me by email or call 416-322-8000.











Tuesday, August 29, 2017

Six figure income needed to buy almost any GTA home: report

Published in thestar.com Aug 17 2017 by Real Estate Reporter TESS KALINOWSKI

As the cost of Toronto-area housing rises, so do the financing challenges for young adults. Report says $200,000 a year is the average income needed for a detached house in Toronto.

It takes a six-figure income to afford virtually any Toronto area home — even a condo — and that expense is presenting a considerable financial challenge to an important cohort of millennial consumers.

Separate studies from two real estate companies on Thursday paint pictures of the high income requirements of affording a home, and of the housing aspirations of Canada’s “peak millennials” — adults 25 to 30.

It takes a household income of more than $200,000 a year to carry the $1.15 million cost of the average detached house in the Toronto region, according to a report from TheRedPin brokerage.

Even the average condo apartment, costing about $511,000, requires an annual income of $92,925 to afford a $1,933 monthly mortgage, plus taxes, utilities and condo fees, according to the report.

Meantime, 59 per cent of those aged 25 to 30 in Ontario would like to own a detached house in the next five years, but only 30 per cent think they will be able to afford one, according a new Royal LePage report based on findings by Leger research.

According to TheRedPin, buyers need more than $150,000 a year to cover the cost of a home in half of 22 Toronto area municipalities.

The average Toronto home price, $864,228, is affordable to buyers with an annual income of $147,750 — though that average may be skewed lower by the large number of condos on the market.

In Oshawa, an annual income of $108,773 is enough to afford the average home price of $552,268.

TheRedPin study averaged home prices over the first seven months of the year, and assumed a 20 per cent down payment and a 2.99 per cent mortgage, amortized over 25 years. The income requirements took into account the areas’ average utility costs and property taxes and estimated condo fees based on a 900-square-foot condo townhouse and a 750-square-foot apartment.



For information on buying or selling and the current real estate market, contact me by email or call 416-322-8000.

Toronto's housing market is seeing a massive decline in prices — or is it?

The latest set of housing numbers show Toronto existing home prices rising, but look closely and it's not that pretty a picture


Click here to follow the link to the video

Published in the Financial Post on Aug 14th, 2017 by Garry Marr


Toronto’s existing homes market is seeing a massive decline in prices — or is it? The latest numbers from the Teranet-National Bank Composite House Index look like they tell a different story.
The index, released Monday, shows Toronto prices actually rose 2.1 per cent from June to July and national prices were up two per cent from a month earlier. The Toronto results, at first glance, appear out of sync with Toronto Real Estate Board results which show prices have declined almost 21.5 per cent from a peak hit in mid-April before the province put in measures like a foreign buyer tax to cool the market in and around the city.
But Marc Pinsonneault, an economist with National Bank, said his index needs to be examined more closely and, as his firm went out of its way to explain in a note, that the index reflects a three-month rolling average, or what it calls a ‘smooth index’. The 2.1 per increase was an average of May, June and July and therefore not fully reflective of the falling Toronto market.
Monday, it also released a so-called unsmoothed index, which offers a better snapshot of July, comparing it to June. The result was 0.3 per cent decline for all dwellings in the Toronto region.
“When (the index) was built, people wanted to soften the monthly fluctuations,” said Pinsonneault, adding the main index number might not reflect a quickly declining market like Toronto is now seeing. The Teranet-National Bank index also focuses on final sales while TREB initial numbers focus on agreements to purchase – the 30-60 days it might take to close a sale creates a lagging effect.
For information on buying or selling and the current real estate market, contact me by email or call 416-322-8000.

Friday, August 18, 2017

THE NEXT MOVE: Toronto home buyers and sellers try to stay afloat in a rocky market

CAROLYN IRELAND

Special to The Globe and Mail

Published Thursday, Aug. 17, 2017 8:00AM EDT Last updated Thursday, Aug. 17, 2017 8:00AM EDT