Here is a quick rundown on the weeks real estate news in Toronto...
Competition Bureau and TREB once again face off in Ottawa… over TREB’s anti-competitive conduct.
"I welcome today’s order by the Competition Tribunal requiring the Toronto Real Estate Board to permit member agents to use and display critical data on virtual office websites. The Bureau remains focused on ensuring that consumers benefit from innovation and competition in the provision of real estate services."
John Pecman, Commissioner of Competition
Read the notice here:
Realtors warn against raising Toronto’s land transfer tax
The city is looking to “harmonize” the land transfer tax on homes from 1% to 1.5% on properties valued $200-400k… and by harmonize, they mean match the Ontario tax of 1.5%... how harmonious (groan!)…
They city is also looking to increase the tax on homes over $2 milion (from 2% to 2.5%) and on properties over $40 million from 1% to 2%. Changes could happen as early as March 1.
Read the full article here:
Little Supply and rising prices leave little left for first time home-buyers
Supply is still controlling the market, with few homes and condos for would be buyers… pushing prices up even more. Further as the article states, “November was the first full month of the new mortgage rules… (including a new stress test)… but sales fell from October to November by roughly the same amount they do every year, suggesting little impact from the rules.”
Another interesting point in the article… verging on troubling actually… “Prices for condos in Toronto jumped 13.5 per cent to $471,256. With an estimated average household income of around $75,000, the average Toronto first-time homebuyer can get a five-year, fixed-rate mortgage of between $380,000 and $420,000 from major lenders today. That, plus the down payment, is the limit of what an average household can afford.
So for an average household to afford an average condo, they would require a minimum of around $50,000 down. And since the amount lenders will give borrowers rises with borrowers’ incomes — not house prices — any further price hikes will mean larger down payments.
This likely means that Toronto's home ownership rate is going to start falling, as some experts have predicted. A greater number of households will have to become renters for life, unless prices change direction.”
Read the full article here:
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December 5, 2016 | Permalink
RedDoor: Crowdsourced Sold Data
Download RedDoor from the App Store and join the crowdsourced social movement sweeping the city!!
Free to download. No agenda. Sharing information.
RedDoor believes we are all better off with more information. Watch the video below to learn more, and don't forget to download today. Share with your friends and help us build a database we all benefit from!
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September 23, 2016 in Buying Toronto Real Estate, Canadian Real Estate Market, For Sale By Owner, Location, location, location, New in New Homes, Pay what you want listings, Real Estate Investments, Save on Comission Fees, Selling Toronto Real Estate, Sold Watch, Toronto MLS Listings, Toronto MLS Sales, Toronto Neighbourhoods, Toronto Real Estate Trends, Toronto Real Estate Update, What's next (in real estate) | Permalink
Toronto Real Estate Sold Watch
Do you ever wonder what your neighbours got when their house sold ... what yours might be worth? Curious about what's going on in the local real estate market? Well, wonder no more.
You might be surprised to hear that you now have immediate access to information on all properties that have just been sold or listed on the Toronto Real Estate Board's MLS® system.
This information is available by paid subscription ($1.00 per month for each report) to individuals who want to inform themselves with real facts about real estate activity in Greater Toronto. This information also helps to ensure transparency in the process of buying and selling real estate in the Toronto area.
Just Sold Report
The Just Sold Report gives homeowners a tool to assess the value of their home and helps buyers make informed decisions about their real estate purchase.
Just Listed Report
The Just Listed Report is ideal for people looking to buy a home in a specific area. You can quickly and easily scan all of the new listings of homes or condos that have just come on the market in your geographic area of interest.
The exclusive Just Listed and Just Sold reports are provided by Select/Plan Real Estate Inc.- Real Estate Brokerage
April 12, 2016 | Permalink
Toronto Sales Up 16% in March
Toronto Real Estate Board President Mark McLean announced record TREB MLS® home sales for the first quarter of 2016 following a strong result for March transactions. There were 10,326 sales in March and 22,575 sales in the first quarter. The year-over-year growth rate for sales was 15.8 per cent for Q1 2016 and 16.2 per cent for March 2016. For the TREB market area as a whole, double-digit year-over-year rates of sales growth were experienced for all major home types during the first quarter.
The positive annual growth in sales was not mirrored on the listings front. The number of new listings entered into TREB's MLS® System during March and the first quarter were down compared to the same periods in 2015.
“At the beginning of 2016, TREB’s outlook for the year pointed to a strong possibility of a second consecutive record year for home sales. This outlook was based, in part, on upbeat consumer survey results pointing to robust home buying intentions. It is clear that these upbeat intentions have translated into record first quarter results,” said Mr. McLean.
The MLS® Home Price Index Composite Benchmark for March 2016 was up by 11.6 per cent compared to March 2015. The average selling price for all home types combined was up 12.1 per cent year-over-year in March and 13.6 per cent in the first quarter.
“Demand was clearly not an issue in the first three months of 2016, regardless of the housing market segment being considered. The supply of listings, however, continued to aggravate many would-be home buyers. We could have experienced even stronger sales growth were it not for the constrained supply of listings, especially in the low-rise market segments. The resulting strong competition between buyers has underpinned the double-digit rates of price growth experienced so far this year,” said Jason Mercer, TREB’s Director of Market Analysis.
See the Toronto Real Estate Board's Market Watch report →
April 5, 2016 | Permalink
Record home sales on Toronto MLS®
TORONTO, March 3, 2016 -- Toronto Real Estate Board President Mark McLean announced Greater Toronto Area REALTORS® reported a record number of home sales through TREB’s MLS® System in February 2016. There were 7,621 transactions reported this past February – up 21.1 per cent compared to February 2015.
The number of new listings entered into TREB’s MLS® System was also up on a year-over-year basis, but by a lesser 8.2 per cent. The fact that the annual rate of sales growth outstripped the annual rate of new listings growth shows a tightening of market conditions compared to last year.
“Even after accounting for the leap year day, sales were above the previous record for February set back in 2010. Sales were up strongly from the 15th day of the month onward as well, despite the new federal mortgage lending guidelines coming into effect that require at least a 10 per cent down payment on the portion of purchase prices between $500,000 and $1,000,000,” said Mr. McLean.
Seller’s market conditions continued throughout the GTA in February. Strong competition between buyers resulted in a healthy growth in selling prices. The MLS® Home Price Index (HPI) Composite Benchmark was up by 11.3 per cent year-over-year. The average selling price was up by 14.9 per cent annually to $685,278.
“Recent polling conducted for TREB by Ipsos suggested that GTA households will remain upbeat about purchasing a home in 2016. Early sales results for January and February certainly support this view. With strong sales up against a constrained supply of listings, home prices continued to trend strongly upward,” said Jason Mercer, TREB’s Director of Market Analysis.
See the Toronto Real Estate Board's full Market Watch Report →
March 3, 2016 | Permalink
Record year for home sales in the GTA
The second best sales result on record for December capped off a record year for TREB MLS® home sales in the GTA. Toronto Real Estate Board President Mark McLean announced that there were 4,945 sales reported in December bringing the 2015 calendar year total to 101,299 – a substantial 9.2 per cent increase compared to 2014 as a whole. Strong annual sales increases were experienced for all major home types last year.
"Home ownership is a quality long-term investment that families can live in while the value increases over time. A relatively strong regional economy in the GTA coupled with low borrowing costs kept a record number of households – first-time buyers and existing homeowners alike – confident in their ability to purchase and pay for a home over the long term," said Mr. McLean.
"If the market had benefitted from more listings, the 2015 sales total would have been greater. As it stands, we begin 2016 with a substantial amount of pent-up demand," continued Mr. McLean.
The average selling price for 2015 as a whole was $622,217 – up 9.8 per cent compared to $566,624 in 2014. The MLS® HPI Composite Benchmark Price was up by a similar annual rate of 10 per cent in December. GTA home price growth was driven by the low-rise segments of the market, but condominium apartment price growth was generally well-above the rate of inflation as well through 2015.
"TREB will release its official 2016 outlook later in January, but suffice to say that the demand for ownership housing is expected to remain very strong in 2016. Despite stricter mortgage lending guidelines and the possibility of slightly higher borrowing costs, on average, there will be many buyers who remain upbeat on the purchase of ownership housing," said Jason Mercer, TREB's Director of Market Analysis.
See the Toronto Real Estate Board's Market Watch report
January 6, 2016 | Permalink
RECO's definition of ‘advertising’
Because advertising is not defined in either REBBA 2002 or the Code of Ethics, RECO adopted an advertising definition, which as been expended to include references to electronic media, web sites, and social media.
The revised definition reads:
“Advertising” means any notice, announcement or representation directed at the public that is authorized, made by or on behalf of a registrant and that is intended to promote a registrant or the business, services or real estate trades of a registrant in any medium including, but not limited to, print, radio, television, electronic media or publication on the internet (including websites and social media sites). Business cards, letterhead or fax cover sheets that contain promotional statements may be considered as “advertising.”
November 18, 2015 | Permalink