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Suite on Toronto Real Estate

As property markets continue to reel from the American sub-prime mortgage crisis, one housing market is still booming and shows no sign of slowing down. The Canadian condo boom is in full-swing. Sale prices Toronto have soared by 15.7 per cent since last year, according to Royal Le Page Real Estate Services, with the average price for a condo now clocking in at $241,818.

Because Canadian banks do not loan as aggressively as those in other markets, and, in fact are very conservative in their lending practices, we are not experiencing the kind of default issues that are occurring in other markets. The quite restrictive lending practices result in a market that is also quite stable.

Fuelled by steady population growth (more than 50,000 people move to the city each year) and laws preventing urban sprawl, Toronto's downtown condo market is flourishing. Feeding the high-end market are second-home buyers and foreign investors. Most renters of means rent condominiums from investor buyers, as indicated in a survey published by Canada Mortgage and Housing last month showing that in Toronto the vacancy rates are lower in the most expensive buildings.

An increasing desire to live in the city rather then suburbia means that the rental market is also flourishing.

The recently completed Wellington on the Park is located steps from the vibrant, bustling area of King Street West. The development overlooks a large green city park and is a short stroll from Lake Ontario. It is also just a few minutes from the financial heart of city and the country and on the doorstep of Liberty Village - a regenerated residential community, filled with galleries, cafes, shops and restaurants.

A little further up town is the Mosaic. Located in one of Toronto's most established and desirable residential areas The Annex, this property promises to be an idyllic development. It is within walking distance of some of Toronto's key attractions including the Royal Ontario Museum, the Royal Conservatory of Music, and the famous Yorkville district bursting with boutiques, outdoor markets and restaurants.

As Toronto continues to grow, real estate prices will continue to spiral upwards along with the condos, making for a very attractive investment opportunity in one the most culturally diverse and exciting cities in North America.

October 31, 2007 in Buying Toronto Real Estate | Permalink | Comments (3) | TrackBack

Sky's the limit for Bloor and Yonge

In a city afraid of heights, the advent of an 80-storey condo tower can be counted on to set off howls of outrage. Yet if history is any indication, once the screaming has subsided, Torontonians will be lining up to buy units in One Bloor East.

The $450 million project on the southeast corner of Bloor and Yonge will get underway at the end of the year when the leases in existing buildings expire. Demolition will start and after that, by next September, construction.

If all goes according to plan, the first residents will arrive in late 2011.

The developer, Bazis International of Kazakhstan – yes, that's right, Kazakhstan – has no qualms about investing in the Toronto condo market.

"We believe prices of real estate are still undervalued compared to world cities," says Bazis president Michael Gold. "Yonge and Bloor is the most important corner in Toronto. We wanted to address it and do something for Toronto. The city has been tough, but supportive. We believe real estate prices have a long way to go."

See story by Christopher Hume in today's Toronto Star »

October 30, 2007 in Location, location, location | Permalink | Comments (2) | TrackBack

TREB to tackle phantom bidding

Use of concocted offers is to be the focus of a newly appointed Toronto Real Estate Board task force

It seems that Maureen O'Neill, President of the Toronto Real Estate Board, who only recently heard about the practice of "phantom bidding" has now made the revolutionary discovery that there should be "more transparency" in the real estate industry practices.

The following article appears in today's Toronto Star:

The head of the Toronto Real Estate Board is striking a task force of industry experts to look at ways to quash the controversial practice of phantom bidding.

"We certainly want more transparency in the industry," Maureen O'Neill said this week.

O'Neill has approached a Toronto broker to chair the committee and another five from across Greater Toronto to sit on the panel.

"I want someone from every corner of the GTA, so there is balance," she added.

The practice of seller's agents concocting fake offers in an effort to boost a home's sale price has caused a firestorm in the real estate industry.

Last month, O'Neill called on the Real Estate Council of Ontario to pull the licence of any realtor caught crafting bogus bids.

Her comments came after the Star revealed in September that RECO fined Kingston Re/Max realtor Bill Batson $10,000 for misrepresenting the existence of an offer to another member.

Batson was also found to have breached RECO rules governing ethical behaviour and duty to a client, and to have engaged in unprofessional conduct and "failing to act in an honest, forthright manner."

RECO spokesperson Sandra Gibney said a number of issues – including how to protect consumers in these situations – are under review.

"RECO would certainly welcome any suggestions that the Toronto Real Estate Board's new task force wishes to offer," Gibney said.

The issue first hit the headlines this summer when Michael Manley, owner of Prudential Properties in the Beach, ran against O'Neill for the presidency of TREB.

Manley vowed to put an end to false offers, which, before the Star broke news of Batson's troubles in September, O'Neill denied existed.

Last month, an informal poll of 30 Toronto-area agents suggested most believed phantom bidding occurred and there is a need for reform.

A Toronto broker told the Star that phantom bidding is "rampant."

"This is a major problem and it's causing a black eye for the real estate community," said the broker, who asked not to be named. "You end up with one man at an auction bidding against himself – it's plain fraudulent."

O'Neill is also urging TREB's board of directors to adopt a new system where "each and every offer" in a multiple bidding situation is registered on MLS.

Broker Ken McLachlan isn't waiting for TREB to change the rules before acting.

This week, McLachlan, who owns Re/Max Hallmark Realty, ordered his 450 agents, to register all offers.

This means that in multiple offer situations where Hallmark Realty agents represent the seller, the name and company of all realtors who have registered an offer will be disclosed in writing to any other involved realtor, upon request.

"We've been waiting for RECO and the board to do something, but they've been too tentative," said McLachlan, who also sits on the TREB board.

Registering bids is a necessary first step toward restoring public confidence in the bid process, McLachlan and O'Neill agree.

"It's a perception; it's the trust issue, and this full disclosure system would even the playing field for the buyer," McLachlan said.

The next step is for the actual bid amount to be registered officially, a practice currently banned under provincial legislation.

"I think the evolution of our business is toward full disclosure," McLachlan added.

O'Neill says she will oppose this because, even without names, it breaches a buyer's right to privacy.

Maybe sometime soon Ms. O'Neill will also learn about the concept of supporting competition in the real estate industry.

October 27, 2007 in Real Estate Practices | Permalink | Comments (0) | TrackBack

The Canadian Housing Observer

Canada Mortgage and Housing Corporation has just released the 2007 edition of its flagship publication the Canadian Housing Observer. It presents a detailed annual review of housing conditions and trends in Canada and of the key factors behind them. The report is supplemented by online data resources accessible to anyone interested in exploring trends further or in conducting additional analyses of housing conditions.

The Canadian Housing Observer is an important tool for identifying, addressing and monitoring Canadian housing trends and issues. It is an ideal resource for housing planners; researchers; policy developers; home builders; housing finance and real estate professionals; and municipal, provincial, and federal housing specialists.

Highlighting the State of Canada's Housing, the report examines the state of Canada's housing from a variety of perspectives, combining national coverage with provincial and metropolitan detail. The report discusses influences on housing demand, current market developments, housing finance, housing affordability, sustainable communities, and other topics.

See the full 2007 Canadian Housing Observer »

October 26, 2007 in Canadian Real Estate Market | Permalink | Comments (0) | TrackBack

Toronto's pre-tax real estate push

The new land-transfer tax puts rush on real estate deals

Toronto’s bullish real estate market, which has set a series of sales records this year, has grown suddenly more frantic, as buyers (and sellers) try to get their sales completed before the new land-transfer tax takes effect early next year.

The National Post's Adam Huras and Will Tremain report:

The tax — approved by city council on Monday, it kicks in on Feb. 1 — will add $3,725 to the price of a $400,000 home. The average Toronto home is priced just below that.

“I’ve noticed in the last couple days an influx in showings I have listed right now. It looks like people are rushing to buy just to save on the tax,” said Bill Balamatsis of East York Realty Ltd., who estimates viewings are up about 25%. “I have one property listed at $1.4-million, and right after the announcement I started getting showings on it.”

Ann Hannah, owner and broker of record for Sutton Group Old Mill Realty Inc. in Etobicoke, said her brokerage is telling clients to buy or sell soon.

“They’re certainly concerned about the new land-transfer tax,” Ms. Hannah said. “All buyers and sellers; it’s going to affect the whole market. If you’re selling and the land-transfer tax is going to apply, it’s going to affect your sale price.”

Jordan Grosman of Team Wagman Forest Hill Real Estate Inc., said several clients have asked to expedite closings before year-end, especially on higher-priced homes. Several Toronto realtors have had clients whose deals are to close in February ask to be bumped up to December.

“My buyers who have been contacting me are getting more frantic. My buyers seem more eager to buy right now, and a lot of people are trying to close earlier so they start buying themselves,” Mr. Grosman said.

“We’re having people buy a place [in December] and not move in, and have [the sellers] still live there rent-free, pay their own bills, but take the money from the sale and buy a place [before December] in order for both parties to avoid the higher land-transfer tax,” he said. “These people are actually going to their own lawyer to write up a clause because I don’t have anything that says anything like that. But it will definitely be in my database after this offer.”

Under the compromise deal council approved, Torontonians buying a home will be taxed at between 0.5% and 2%, depending on the sale price. The tax would add $2,225 to the price of a $250,000 house; $7,725 to a $600,000 house; and $15,725 to a $1-million home.

People who buy by Dec. 31 will receive a full rebate regardless of the closing date. First-time buyers will get a rebate for the tax on any home valued at $400,000 or less. Realtors also said their clients are now looking outside of Toronto.

October 25, 2007 in Toronto Real Estate Taxes | Permalink | Comments (1) | TrackBack

Realtors still fretting about land tax

Toronto Realtors are worried about what will happen to the market in the city now that the land transfer tax has been approved. Brad Lamb is widely known as Toronto's "condo king." He said about 8,000 new condo developments go up in the city every year and council is basically killing what he calls "the golden goose."

"It's a shot at the arm, not through the heart ... but it's still not smart," Lamb said. "It's not what his council should be doing. This council should be embracing housing and seeing it for what it is, which is one of the few bright spots of the Ontario economy."

He said this will affect Toronto in a negative way, suggesting that people are resourceful and can make their livings in other cities across Canada and around the world.

An Environics poll comissioned by the Toronto Real Estate Board shows 62 per cent of Torontonians think the land transfer tax is an unfair solution to the city's financial challenge and that 61 per cent wanted their councillors to vote against it.

October 24, 2007 in Toronto Real Estate Taxes | Permalink | Comments (0) | TrackBack

Emerging Trends in Real Estate

American experts weigh in on why the real estate market north of the border remains immune from what's ailing U.S.

The U.S. real estate market is heading into turbulent waters in 2008 but, unlike years past, that won't rock the boat in Canada, according to a major real estate report. While the annual report, released late last week, warns that the U.S. real estate industry "will be walking on egg shells for a while" and anticipates "a long overdue correction," Canada is likely to avoid both scenarios.

"Interviewees remain positive about side-stepping any serious impacts of a possible U.S. correction," the report says. "All property sectors share positive prospects, especially industrial and retail."

The report, titled Emerging Trends in Real Estate, was prepared by the U.S.-based Urban Land Institute and PricewaterhouseCoopers and is based on interviews with real estate executives in both countries.

A decade ago, observers suggest that when the United States real estate market developed a cold, Canada caught pneumonia; that was how mightily U.S. trends influenced Canadian markets. But now the Canadian real estate market has developed immunity from what's ailing the U.S., observers say.

It comes down to some fundamental differences between the economies of the two countries, says Blake Hutcheson, president of CB Richard Ellis Ltd. and one of the report's Canadian sources. He suggests that in areas where we are naturally rich, such as energy and resources, we benefit from huge global demand, which fuels both the economy and demand for all forms of real estate.

At the same time, Canada seems to have proved a better economic manager than the United States, Mr. Hutcheson says. "All those years of significant federal surpluses have given consumers confidence and that confidence shows up in spending," he says - spending on homes, on retail goods, and on business expansion.

The downside is that in those areas where Canada is one small part of increasingly interdependent North American business activity, such as capital markets, we are already being hit with the fallout. The U.S. credit crunch is expected to make money to refinance existing projects or fund new ones either unavailable or more expensive, Mr. Hutcheson says. "In the past, it might have taken up to six months to affect us. This time we started to feel the impact in about two minutes."

Sheila Botting, senior managing director of Canada for the capital markets group at Cushman Wakefield Lepage and another interviewee, says that, during the past 60 to 90 days, the effect of the U.S. credit crunch has been seen in secondary and tertiary Canadian markets - smaller cities, such as Winnipeg.

"In the past, properties there have traded almost on par with major centres when it came to capitalization rates," she says. "Now, the cost of financing is starting to rise and with it cap rates. In some cases, money may just not be available for refinancing some projects or financing new ones.

"It is not serious as yet, but certainly bears watching."

On the plus side, Canada's economy continues to tick along; energy demand remains high and the soaring dollar brings benefits to importers and any company looking to make capital purchases, which are almost always priced in U.S. dollars, says Edward Sorbara, principal in Sorbara Group of Vaughan, Ont., a major industrial sector developer. He, too, was interviewed for the Emerging Trends report.

"One of our saving graces is that the Canadian economy is much simpler than that of the U.S.," he says. "Also, we only have four big cities - Montreal, Toronto, Calgary and Vancouver - and almost all major real estate projects across the country are held by a small group of very professional, very well-funded pension funds, institutions and companies."

He points out that 85 per cent of the office space in Toronto's financial core is in the hands of five large companies and Canada's eight major industrial developers have the resources to supply all the country's needs for factories, warehouses and distribution centres if necessary.

"We have become much more conservative than our neighbours to the south," he says. "We learned lessons from the meltdown of the 1990s. The result is there is no wild rush toward speculative building. We create to meet proven demand."

In major centres, an added benefit is the money currently available to upgrade existing commercial buildings to more energy efficient standards, says Chuck Stradling, executive vice-president of BOMA Toronto, a division of the national organization Building Owners and Managers Association.

"We have $60-million available in Toronto alone," he says. "With rents for office space rising by double-digit levels and vacancy rates extremely low, that means more and more building owners are upgrading properties. They know if they renovate, if they become 'green' and energy efficient, they can both fill their buildings and charge rents that provide a quick return on their investment."

In short, Canada's combination of natural resources and solid conservative management seems to have created a buffer against some of the problems affecting U.S. real estate, observers say.

"The strength of the markets will vary from city to city and province to province depending on the underpinnings of local and regional economies," Mr. Hutcheson says. "but, all in all, Canada has much brighter expectations than the United States for 2008."

Where the trends are:

All commercial property categories - office, retail, industrial and residential - in any of Canada's high-growth energy markets, particularly Edmonton and Calgary. Demand for oil is expected to continue strong globally and that will fuel the need for almost anything with four walls and a roof.

With office vacancy rates in low single digits in all major markets, demand for office space is outstripping landlord's ability to satisfy it. The result is certain to be rising office rents and solid sustainable returns.

Buy infill sites wherever you can. Many Canadian cities have stopped growing out and have started to grow up. Shortages of land ready for development have placed the focus for new projects, especially residential and retail, on existing infill sites. Old apartment structures are making way for new condos; brownfield sites are becoming malls or new residential communities.

Develop condominiums in Toronto, especially near subway stops. With 100,000 new immigrants every year, Toronto's demand for residential properties will likely remain strong. But low mortgage rates will be key: It seems to be monthly carrying costs, not purchase price, that drives this market.

Invest overseas: The indisputable fact is that Canada is a limited real estate market, especially at current purchase prices. Major pension funds and development companies have already caught on to the need to look further afield for opportunities. You will now find Canadian pension funds building shopping centres in Brazil and residential projects in China.

Source: Terrence Belford

October 23, 2007 in Canadian Market Forecast | Permalink | Comments (3) | TrackBack

No 'fall' in the Toronto market

October housing activity confirms consumer confidence in the Toronto real estate market

Resale housing activity substantially outpaced mid-October results from a year ago, Toronto Real Estate Board President Maureen O’Neill announced today. “There were 3,297 sales reported to mid-month, which is a 10 per cent increase over the 3,007 homes sold during the same period last year,” Ms. O’Neill said. “We are on course to rival October’s best result, which was in 2003 with 7,227 sales.”

In Riverdale (E01) the number of transactions to mid-month jumped 29 per cent compared to the same timeframe a year ago due to strong sales in all housing types.

Streetsville East (W19) saw a significant increase in the sale of semi-detached homes, which helped push overall sales up 48 per cent compared to mid-October 2006.

A combination of strong condominium and detached home transactions drove Willowdale’s (C07) mid-month sales to an overall increase of 83 per cent.

At the northern edge of TREB’s reporting area, Innisfil (N23) saw sales to mid-month double as compared mid-October 2006, driven mainly by the sale of detached homes.

Meanwhile, the average price rose to $399,013, up nine per cent over the $364,364 recorded to the middle of September. This figure is also 13 per cent higher than the first half of October last year when the average price stood at $353,677.

“While mid-month figures simply provide a snapshot of current activity, we are encouraged that sales remain robust. The activity we have seen this autumn shows that consumers continue to have a great deal of well-founded confidence in the housing market,” said Ms. O’Neill. “There’s no question that home ownership is the best long-term investment you can make.”

However, if the City of Toronto imposes a second land transfer tax, this could have far reaching impacts on the City’s economy. “A doubling of land transfer taxes could impact the market and will reduce the amount of money home buyers spend,” noted Ms. O’Neill.

October 18, 2007 in Toronto Real Estate Update | Permalink | Comments (0) | TrackBack

Toronto asked to “Axe the Tax”

A Toronto Real Estate Board directive to its members:

Strong public attendance at the upcoming Toronto City Council meeting can influence the vote!  Council is scheduled to debate and vote on this tax on Monday October 22, 2007. It is very important that as many people as possible attend this meeting to demonstrate to City Councillors that the public does not want this tax.

The City of Toronto wants to charge a second land transfer tax that would DOUBLE the current provincial land transfer tax. REALTORS® have shown City Council that there is strong opposition to this tax. Your continued help is needed. What you can do?

Attend the Meeting! Anyone from the public is allowed to attend the City Council meeting to OBSERVE (City Council’s meeting rules do not allow public deputations). The Toronto Real Estate Board encourages you to attend this meeting to continue the strong opposition that Realtors and the public have shown.

Or in other words: Real Estate commissions are at stake here folks!

October 17, 2007 in Toronto Real Estate Board | Permalink | Comments (5) | TrackBack

Canadian real estate sales slip

Sales in Canada's red-hot real estate market cooled in September, but average prices ticked up, according to new figures from the Canadian Real Estate Association. Seasonally adjusted sales last month in 24 major markets fell 3.1 per cent from August to 28,591, CREA said.

Sales in the four biggest markets of Toronto, Vancouver, Montreal and Calgary all declined. But the average price of a resale home rose by almost $3,000 to $328,660 — up 11.1 per cent from September last year.

Prices were up year over year in every major market except Thunder Bay, Ont., where they were 0.9 per cent lower.

The big price increases in Saskatoon, Edmonton and Calgary showed some signs of easing. Saskatoon's average resale home sold for $242,091 in September — still up 49.3 per cent from last year's average.

But the number of new listings in those hot western markets also rose dramatically year over year, CREA said, helping to bring more balance to those markets.

"Buyers in Alberta will likely take more time to shop and remove some of the steam from price increases," said CREA chief economist Gregory Klump.

He said resale housing activity across the country "remains strong," but it's "beginning to ease back from its breakneck pace recorded in the first half of the year."

Vancouver's real estate market once again topped the country's most expensive. The average home sold for $582,354. That's down by about $5,000 from August, but still represents a better than 10 per cent hike in the past year.

Average resale prices in the Toronto real estate market showed a $19,000 gain from August. The September average of $380,132 was up 8.9 per cent from September 2006.

In the July to September quarter, CREA said sales broke records in London, Ont., Ottawa and St. John's, N.L.

"The underlying economic conditions in Canada that affect real estate are still very strong," said CREA president Ann Bosley in a statement. She attributed lower overall sales to the "volume of new listings."

The report is based on sales through the MLS system.

October 16, 2007 in Canadian Real Estate Market | Permalink | Comments (0) | TrackBack

'Home stretch' for Toronto tax vote

Both sides of debate on vehicle registration and land transfer tax gear up for final week of lobbying

It's a week to go until the crucial October 22 vote at city hall, and groups for and against the land transfer tax and vehicle registration fee are strategizing over how best to influence Toronto councillors.

"Clearly we're in the home stretch. This is a critical time," said Von Palmer, a spokesperson for the Toronto Real Estate Board, a group vehemently opposed to the house purchase tax Mayor David Miller wants to implement to address the city's serious revenue shortfall.

Leading up to the July vote at city hall on the two controversial taxes, groups like the real estate group and Toronto Board of Trade lobbied councillors heavily.

See full story in the Toronto Star »

October 15, 2007 in Toronto Real Estate Taxes | Permalink | Comments (4) | TrackBack

Condominium creation continues

Condo boom drives starts in Canada to 29-year high

Condo construction pushed Canadian housing starts to a 29-year high in September, suggesting troubles in the U.S. housing market haven't reached home builders north of the border. Canada Mortgage and Housing Corp. said starts rose 19.6 per cent to a seasonally adjusted 278,200 units, up from 232,700 in August – the biggest burst since 1978.

The numbers, released earlier this week, drew most of their strength from an increase in multiple-family home starts in the country's big cities, especially condominiums.

"The main story behind (the numbers) is the condo sales (and) it's not a surprise, because the Canadian economy's doing so well," said Julie Taylor, a senior economist at CMHC. "It's a matter of first-time buyers going into more affordable housing, which tends to be the multiples."

Canada and the U.S., she added "are two separate entities, and what's going on in the States has been going on for quite a few years."

The numbers surprised many economists, who say starts were expected to moderate to 218,000.

Craig Alexander, deputy chief economist at TD, conceded that a generally forecast cooling of the housing market has yet to take place, but said the bank wasn't likely to change its own forecast after the latest figures.

TD puts monthly housing starts at 200,000 units by the end of 2008.

Among its findings, CMHC said the seasonally adjusted annual rate of urban starts increased 22.9 per cent to 244,400 in September.

Urban starts were up 23.6 per cent in Ontario. But single-family starts fell everywhere except in Quebec, where they were unchanged.

October 13, 2007 in Toronto Real Estate Update | Permalink | Comments (0) | TrackBack

Toronto must impose its new taxes

Toronto's Mayor Miller said yesterday the Liberals' success in Toronto on election night (taking 18 of 22 seats) was a barometer of the public mood on new taxes, despite the rhetoric of his opponents and an anti-tax campaign run by the Toronto Real Estate Board and other groups.

See the full story.

October 12, 2007 in Toronto Real Estate Taxes | Permalink | Comments (0) | TrackBack

Toronto Commercial Real Estate

Leased Space Up 12 Per Cent in September

Toronto Real Estate Board Members reported 1,112,814 square feet of space leased through the TMLS system in September, a 12 per cent increase over the 988,678 figure reported during September 2006, Commercial Council Chairman Garry Lander announced today. "Square footage is also up 38 per cent from August," said Mr. Lander. "Either way you look at it, the Fall IC&I market is off to a fast start."

No marked price trends could be seen in September's figures. While leased industrial space (all size categories) rose five per cent to $5.80 sfn over September 2006, commercial space fell 29 per cent to $12.52 sfn from last year's figure of $17.58 sfn.

Sales Market Highlights

TREB Members reported 57 IC&I properties sold through the TorontoMLS system in September. Industrial properties (all size categories) comprised 32 of these sales and averaged an unusually low $61.17 per square foot, due to the sale of one very large (200,000 square foot plus) property through MLS during the month. Non-MLS sources gave a figure of $76.67 per square foot.

See Full Report [in PDF format].

October 9, 2007 in Toronto Real Estate Update | Permalink | Comments (3) | TrackBack

Toronto Real Estate Market

Second Best September

September put in another excellent performance, with 6,866 single family units changing hands through the TorontoMLS system, Toronto Real Estate Board (TREB) President Maureen O’Neill announced today. “This figure was up four per cent from last year (6,622 sales), and off only six per cent from the record 7,326 sales recorded during September of 2005.” Year-to-date sales, at 73,827, were up 12 per cent over 2006. “They are also,” the President went on to note, “up 11 per cent over the first nine months of 2005, which turned out to be the best year ever recorded in the history of TREB.”

Prices rebounded in September, rising five per cent over August to $380,132. On a year-over-year basis they were up also up five per cent, to $371,848 from the $352,318 recorded during the first nine months of 2006.Breaking down the total, 2,613 sales were reported in TREB’s 28 West districts and averaged $351,328; 1,298 sales were reported in the 14 Central districts and averaged $501,419; 1,380 sales were reported in the 23 North districts and averaged $404,663; and 1,575 sales were reported in TREB’s 21 East districts and averaged $306,467

NEIGHBOURHOOD CORNER

East York

To date in 2007, there have been 1,136 sales in East York (E03), a six per cent increase over last year. Of these, 588 were detached homes which averaged $404,314, an 11 per cent increase over the $363,458 recorded during the first nine months of 2006. In addition, 252 semi-detached homes changed hands for an average of $388,595, up ten per cent over the same time last year.

See Full Report [in PDF format]

October 3, 2007 in Toronto Real Estate Update | Permalink | Comments (5) | TrackBack

At last, INTELLIGENT home search

A new Toronto website, RealEstatePlus.ca, has taken power of Web 2.0 and applied it to real estate. It brings accurate, immediate, easy residential real estate search directly to your home or mobile phone. And, with the complete MLS® database, it presents specific property details for all of the homes for sale in Toronto.

Imagine the possibilities!

Whether you’re a home buyer or seller, a real estate professional, or just plain curious, it's a great addition to your real estate intelligence gathering.

Incredibly simple — all you have to do is type the address or location of any home (ie: 123 Main Street or Riverdale) and instantly you’ll know the scoop on that great mansion or the cozy cottage next door, all for FREE!

You’ll get complete info about the property including:

Plus, all of your previous searches are saved on website under your RE+ profile. So feel free to walk around the block and then check out the houses for sale on the website, where they’ll be patiently waiting for you – neatly displayed on one page. It’s that easy.

Want to know more? Well, you can access detailed info on recent sales, to estimate values, interactive maps and demograghic details ... plus, plus, plus.

Oh by the way, for detailed information you'll be asked to Register, a manditory requirement of real estate industry regulators.

So what are you waiting for? Try it right now »

October 1, 2007 in Buying Toronto Real Estate | Permalink | Comments (1) | TrackBack

 

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