Monster Open House for Toronto
Doors Open Toronto
The City of Toronto is presenting its the 9th annual Doors Open Toronto on the weekend of May 24 and 25 when up to 150 buildings of architectural, historic, cultural and social significance open their doors to the public for a city-wide celebration.
The program allows visitors free access to properties that are either not usually open to the public, or would normally charge an entrance fee. Many locations have organized guided tours, displays and activities to enrich the visitor experience.
From heritage landmarks to modern structures, hidden gems, green roofs, places of worship, halls of learning, boardrooms, bedrooms, breweries, lighthouses, mansions, museums, theatres, national historic sites, centres of rail travel, cemeteries, factories, banking halls, architects' offices and more.
Doors Open Toronto is intended to help people get to know the city, whether they've lived in Toronto all their lives or visiting for the first time. You can see Toronto like you've never seen it before!
For more informatiom visit the Doors Open Toronto website »
May 11, 2008 in Toronto Landmarks | Permalink | Comments (0) | TrackBack (0)
Toronto Commercial Real Estate
Over 1,000,000 Square Feet Leased in April
Toronto Real Estate Board Members reported 1,108,430 square feet of space leased through the TorontoMLS system, up four per cent over April of 2007, Commercial Council Chair Garry Lander announced today. "This figure is also up 19 per cent over the March figure of 933,299, and in fact makes April’s the best monthly performance of 2008."
In April, the price for Industrial space (all size categories) declined six per cent to $5.43 sfn from last April's figure of $5.76 sfn. Commercial space (all size categories) averaged $14.91 sfn, down nine per cent from last April's $16.41 sfn.
Sales Market Highlights
In April, Toronto Real Estate Board Members recorded 58 sales of Industrial/Commercial Properties. Of these, 39 were industrial properties of all size categories, which transacted for an average of $87.04 per square foot. This compares to a figure of $101.59 per square foot from non-MLS® sources, which reported the sale of a number of unusually expensive Industrial properties in April.
See TREB Commercial real estate report:
May 8, 2008 in Toronto Real Estate Update | Permalink | Comments (4) | TrackBack (0)
Tim Hortons - Corporate Greed
This blog is usually about real estate but today I have to comment on the most egregious example of corporate greed that I have ever heard about.
The Canadian Press
LONDON, Ont.–Giving a free Timbit to a baby has cost a single mother of four her job. Nicole Lilliman, 27, was fired yesterday from her Tim Hortons job for giving one of the 16-cent blobs of fried dough to a tot. "I have been fired for giving a baby a Timbit," Lilliman said yesterday.
"It was just out of my heart – she was pointing and going `ah, ah...' I should have gone to my purse and got the change, but it was busy." Lilliman, who has worked at the store for three years, said she thought little of the incident since Timbits are often doled out to dogs and children. She said the baby was about 11 months old, and she gave her the treat to quiet her, since her mom – a Tims' regular – had been ``having a bad day." "I could see (the dismissal) if it was a sandwich or something," she said. "But it was a Timbit."
Three managers greeted her yesterday, saying she had been caught on video giving free food to a child. "They said, `Remember, Monday you gave out a free Timbit,' " she said. "I had to think, then I was like, `Oh yeah,' and I smiled because I thought I'd get a warning." Instead, she was fired for theft.
Giving food away is against the rules, said Tim Hortons district manager Nicole Mitchell.
The Timbits given to pets, Mitchell added, are usually "day-old and recycled."
I didn't know that you only gave stale Timbits to babies — I guess if they can't talk, they can't complain.
Postscript:
Tim Hortons responds to firing of staff member
TORONTO, May 8 /CNW/ - In regards to the recent situation with the termination of a staff member in London, Ontario.
Unfortunately the action of the manager of this location was not appropriate nor grounds for dismissal. With an apology from management Ms. Lilliman has been rehired by the franchisee.
We sincerely apologize to our customers for this unfortunate incident.
For further information: Rachel M. Douglas, Director, Public Affairs, Tim Hortons, (905) 339-6277, douglas_rachel@timhortons.com
May 8, 2008 in World View [of real estate] | Permalink | Comments (7) | TrackBack (0)
Realtors realize more
Real estate fee revenue up 8.1% to10.6 billion
Real estate agents, brokers, appraisers and other real-estate industries reported total operating revenues of $10.6 billion for 2006, an 8.1 per cent increase from 2005. Statistics Canada says high demand for real estate has boosted both sales and prices despite a slight increase in mortgage rates. The agency's New Housing Price Index grew 9.7 per cent in 2006, close to five times the rate of inflation. With a 37 per cent increase in operating revenues, Alberta's real-estate market continued to lead national growth. Manitoba also recorded double-digit annual growth, at 19 per cent. The offices of agents and brokers generated 87 per cent of the country's total real-estate revenue.
Royal LePage profits up 44%
Brookfield Real Estate Services Fund, a major property brokerage services company that operates through the Royal LePage and other brands, reported its first quarter net profits rose to nearly $1.3 million from $912,000 last year as the company benefited from a robust home selling market that is now starting to moderate. The Toronto-based fund said yesterday it earned 13 cents a unit for the three months ended March 31, up 44 per cent from $912,000 or nine cents a unit for the first quarter of 2007. Royalty revenue rose to nearly $8.1 million from $6.9 million as the company expanded its Royal LePage and La Capitale network by more than 14 per cent.
May 7, 2008 in Canadian Real Estate Market | Permalink | Comments (5) | TrackBack (0)
Toronto home prices up, sales down
GTA resales in decline as inventory levels surge
The spring rebound anticipated by realtors in the Toronto area market hasn't happened – at least not yet. Existing-home sales in April were down from the record highs of last year, with 8,762 homes sold, according to the Toronto Real Estate Board in figures released yesterday.
This is the fourth-consecutive month of declining home sales. April was considered a bellwether since it was the first month of good weather after one of the coldest and snowiest winters in recent years. Most analysts had expected pent- up demand to emerge in the spring market as potential homebuyers were hampered by slush and snow in the first quarter of the year. "With affordability the lowest in 17 years, the housing market should continue to cool, despite recent declines in mortgage rates," said Sal Guatieri, senior economist at BMO Nesbitt Burns, in a note yesterday.
Inventory, in the form of new listings, was also up significantly in April.It advanced by 18 per cent to 18,691 as sellers hoped the better weather would bring buyers out. "We're going to have to watch May very closely as well to see if there is a trend," said housing analyst Will Dunning.
However, Dunning said the market was fundamentally healthy and noted it is coming off record highs of 2007. Prices are still appreciating because sales still remain at historically lofty levels, even though they may be sliding. The average Toronto-area price in April almost hit the watershed $400,000 mark at $398,687, up 5 per cent from the same period a year ago. The housing market is coasting on strong job numbers and the wealth generated on the Toronto Stock Exchange over the last few years, said Dunning. "You would need a pretty big shock to consumer confidence to totally derail the market," said Dunning. "Most Canadians so far have reason to feel good about their earnings and employment."
Toronto prices, however, are holding up, with a consensus of analysts forecasting 3 per cent appreciation this year. "We continue to experience a supply and demand situation and to date, it remains a sellers' market," said Toronto Real Estate Board president Maureen O'Neill.
Sales activity was markedly different in the city of Toronto compared with the 905 region, added O'Neill. While Toronto experienced a 10 per cent drop in sales, the 905 market experienced only a 5 per cent fall by comparison. The real estate board is tracking sales in both areas because of a controversial new city of Toronto land transfer tax that took effect this year.
Sources: Toronto Real Estate Board and the Toronto Star.
May 6, 2008 | Permalink | Comments (5) | TrackBack (0)
Toronto Real Estate Board reports:
Sales moderate in April but prices up
April statistics show that 8,762 houses sold in the Greater Toronto Area. “The market continues to experience a supply and demand situation and to-date it remains a sellers market," said TREB President Maureen O’Neill. The GTA market was down 7 per cent from last April’s record 9,452 transactions. However, it is showing signs for a healthy 2008 compared to the diminished activity during the first quarter of 2008.
The sales pace however, did not take place evenly throughout the GTA. With 3,467 transactions in the City of Toronto, sales were down 10 per cent from a year ago. The 905 region was down five per cent from April 2007 sales, with 5,295 homes changing hands.
Prices continued to appreciate last month, to a GTA average of $398,687, up five per cent from last April's $367,968. The average price in the City of Toronto was $446,781, up six per cent from April 2007. The 905 region’s average price of $367,196 increased five per cent from a year ago.
“For more than a decade, real estate has served as the economy’s engine,” said Ms. O’Neill. “It’s encouraging to see that consumers are continuing to put their faith in real estate as an excellent longterm investment.”
Breaking down the total, 3,398 sales were reported in TREB’s 28 West districts and averaged $372,575; 1,531 sales were reported in the 14 Central districts and averaged $539,133; 1,768 sales were reported in the 23 North districts and averaged $429,262; and 2,065 sales were reported in TREB’s 21 East districts and averaged $311,350.
NEIGHBOURHOOD CORNER
Markham
There have been 1,172 sales in Markham (N01, N10, N11) during the first four months of 2008, with an average price of $453,630. The price is up eight per cent from the $417,818 recorded during the same period in 2007.
See full Market Watch report »
May 5, 2008 in Toronto Real Estate Update | Permalink | Comments (2) | TrackBack (0)
Key Real Estate Market Factors
as they effect Canadian housing
Mortgage Rates
Mortgage rates have moved slightly higher over the past year. This rise, in conjunction with higher house prices, has and will continue to push mortgage carrying costs higher. As a result, this will ease housing demand, particularly for first-time buyers.
Employment
A record share of Canadians continue to be employed, moving the economy close to full-employment. Accordingly, job growth should slow to rates that are more in line with overall population growth. Job creation will continue to stimulate housing demand, but not as much as in the previous years.
Income
Rising incomes will continue because of tight labour markets and a strong demand for workers. This should partially offset the negative impact of higher mortgage carrying costs on home ownership demand.
Net Migration
Net migration is expected to remain strong in 2008. Ontario, Quebec, and British Columbia will continue to attract the bulk of the international immigrants. B.C., Alberta and Saskatchewan will attract a large number of inter-provincial migrants from the rest of Canada.
Demographics
Canada’s population is aging, and as a result, a smaller proportion of people are in their child bearing years and thus the birth rate is decreasing. High immigration levels will slow the average aging of the population, however, the rate of increase in the natural population (births - deaths) is slowing. This will eventually lessen the demand for additional housing stock in the longer term.
Consumer Confidence
Consumer confidence, as measured by the Conference Board of Canada, remains positive. Furthermore, strong consumer sentiment is expected to prevail throughout the forecast period. Confident consumers will continue to support demand for home ownership.
Market Inventories
Lower existing home sales, combined with a high level of new listings in 2008, will move the resale market towards more balanced territory. As a result, the rate of growth in the average MLS® price will moderate during 2008, especially in Canada’s western provinces.
Vacancy Rates
Modest rental construction and increased competition from the condo market will be offset by strong rental demand due to high immigration and a rising gap between the cost of homeownership and renting. As a result, vacancy rates across Canada’s metropolitan centres should remain relatively stable, but slightly higher in 2008.
For more information, see CMHC's latest Housing Market Outlook report »
May 4, 2008 in Canadian Market Forecast | Permalink | Comments (5) | TrackBack (0)
Calgary is in a buyer's market
Sellers need to pay attention to the current market
Calgary's MLS listings are taking twice as long to sell over last year, according to figures released by the Calgary Real Estate Board (CREB). Calgary's MLS listings remain elevated for April indicating two things: Calgary is in a buyer's market, and secondly, sellers need to pay attention and price their homes appropriately for today's market and ensure that their homes are well presented to encourage buyers.
Single family Calgary metro new listings added for the month of April totaled 3,377, an increase of 8.9 per cent from April 2007 when new listing added totaled 3,100 and a decrease of 3.3 per cent from last month, when new listings coming to the market were 3,493. Calgary metro condominium new listings added in April 2008 were 1,493, showing an increase of 29 per cent from the 1,157 new condominium listings added in April 2007 and a decrease of 4.4 per cent from last month's condominium listings of 1,561.
Single family Calgary metro sales for the month of April came in at 1,363, showing a decrease of 34.7 per cent from the 2,086 sales in April 2007 and showing a decrease of 3.9 per cent from last month's sales of 1,418. Condominium sales for the month of April were 581, a decrease of 30.8 per cent from the 839 condominium sales recorded in April 2007 and showing a slight increase of 2.8 percent over the 565 condominiums changing hands in March 2008.
"Given the hectic pace of the resale market in the last few years, many buyers are breathing a sigh of relief. There are more listings on the market, which means more choice for the buyers, with more inventory, buyers are taking their time to find the home that is right for them at the price that is right for them. What that means however, for a seller; you now need to pay more attention to how you price your home. The market is no longer bearing the prices that it did a year ago. A professional Realtor who understands what is going on in the market can help the seller with all of these issues in order to more effectively sell a home", said Calgary Real Estate Board President, Ed Jensen.
The median price of a single family Calgary metro home in April 2008 was $420,000 showing a decrease of 2.8 percent over April 2007, when the median price was $432,000 and showing no change from last month when the median price was also $420,000. All Calgary Metro MLS(R) statistics include properties listed and sold only within Calgary's City limits. The median price is the price that is midway between the least expensive and most expensive home sold in an area during a given period of time. During that time, half the buyers bought homes that cost more than the median price and half bought homes for less than the median price.
The average price of a single family Calgary metro home in April 2008 was $474,564, showing almost no change from last year, up just 0.1 per cent from April 2007, when the average price was $474,250. The average price of a Calgary metro condominium was $312,586, showing a 5.1 per cent decrease from April 2007 when the average price was $329,429. Average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differentials between geographical areas.
May 2, 2008 in Location, location, location | Permalink | Comments (1) | TrackBack (0)
