LEASIDE & DAVISVILLE BLOG

LEASIDE & DAVISVILLE BLOG

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.

Tuesday, December 5, 2017

Market Watch- November 2017



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.

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 24, 2017

MARKET UPDATE

MARKET UPDATE FOR THE WEEK ENDING NOVEMBER 17TH, 2017
Over the years we have watched the Black Friday phenomena move north of the border and now it is not unusual to see line-ups outside big box stores in Toronto.  As always the in demand items are electronics, televisions, clothes and… Real Estate? While a few weeks back we might have thought we were headed for an early end to the Fall market, that definitely does not seem to be the case as we get into the second half of November.  Don’t get us wrong, these are not door crasher numbers but sales in the Freehold category increased and the condo market continues to defy every new bit of legislation the government can throw at it.
We have reviewed our holiday/long weekend calendar and are clear for the rest of the year.  We have however entered what is universally known as the ‘Holiday Season’ and the freehold market always respects the holiday season.  So we are not at all surprised to see the number of listings declining from the previous week down 20% to 178 from the 222 the previous week. We did see a nice jump in sales, up 12% to 132 from the 118 the week before.  We believe the new mortgage stress test is keeping the Buyers interested even as the Sellers get to decorating their houses and this resulted in the number of freehold properties selling above their advertised price remaining at the lofty 42%.
The condo market saw a modest decline in both listings and sales but saw an increase in the percentage of properties selling above their listed price, up to 40% from last week’s 35%.  New listings declined 10% to 270 from 299 and sales declined a similar amount to 147 from the 162 the previous week. With the continued pressure from Buyers to buy before the new mortgage rules come in on January 1st, 2018 we expect the condo market to be strong for the rest of the year.

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.

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.

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.

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.