« May 2009 | Main | July 2009 »

A Miraculous Resurrection?

It looks like a miraculous resurrection for the Toronto real estate market — or does it?

In the midst of recession, the average national price of Canadian resale homes hit a record level in May, and sales activity increased for the fourth consecutive month. While U.S. residential real estate prices have been falling for almost three years, Canada seems to have stumbled and picked itself up again in a span of 12 months.

"It's all happening because of the crack cocaine of housing, which is rock-bottom interest rates," said Garth Turner, author of Greater Fool: The Troubled Future of Real Estate. "They're so irresistible, especially to inexperienced first-time buyers. That's what's propelling the market."

See the full story in the Toronto Globe and Mail »

June 29, 2009 in Toronto Real Estate Trends | Permalink | Comments (0) | TrackBack

Architectural Landmark For Sale

Frank Lloyd Wright’s famed ‘Ennis House’ is to be sold.

Frank Lloyd Wright’s famed, long-endangered Ennis House, which served as a location for films such as “Blade Runner,” is putting out a “for sale” sign with a $15 million asking price, Christie’s said on Friday.

The 6,000-square-foot Los Angeles estate is being sold by the Ennis House Foundation, which recently completed the initial phase of a stabilization and restoration project after years of decay and damage from earthquakes and torrential rains. In March 2005, it was placed on the National Trust for Historic Preservation’s most-endangered list.

See full story on MSNBC »

June 20, 2009 in Toronto Landmarks | Permalink | Comments (1) | TrackBack

Toronto Real Estate Board:

GTA Resale Housing Sales Up 19% in the First Half of June

Greater Toronto Realtors reported 5,185 transactions in the first half of June - an increase of 19 per cent compared to the same period last year. "Households in the GTA have become more confident in purchasing a home over the past three months," said TREB President Maureen O'Neill. "Affordability, due in part to very low borrowing costs, has played a key role."

The average price for MLS® sales was $407,716, up by two per cent compared to last year. "Heightened interest in ownership housing this spring has solidified resale home prices," according to Jason Mercer, TREB's Senior Manager of Market Analysis. "The number of home buyers has been high relative to the number of listings, pushing the average price above last year's level."

See the Toronto Real Estate Board's Market Watch Report »

Source: The Toronto Real Estate Board

June 17, 2009 in Toronto Real Estate Update | Permalink | Comments (10) | TrackBack

Toronto Real Estate Board:

Over 600,000 Square Feet Leased in May

Toronto Real Estate Board Commercial Members reported 644,130 square feet of space leased in May through the TorontoMLS® system, reported Commercial Council Chair Garry Lander. "While still below 2008 levels, this figure represents an improvement over the first four months of the year," said Mr. Lander.

Prices declined for Industrial and Commercial space in May. Industrial space (all size categories) traded at $5.34 sfn, down 12 per cent from May of 2008 when the price was $6.08 sfn. Commercial space traded for $11.27 sfn, a 22 per cent decline from the same month last year.

Sales Market Highlights

Of the 50 IC&I sales recorded through TorontoMLS® last month, 28 were industrial properties, which averaged $69.20 per square foot. Non-MLS®.

See a complete copy of the Commercial Realty Watch for May »

June 17, 2009 in Toronto Real Estate Update | Permalink | Comments (1) | TrackBack

CREA National MLS Report:

The Canadian Real Estate Association reports that national resale housing continued to rise in May.

The Canadian resale housing market activity returned to pre-recession levels in May 2009. The rebound in activity is being led by an increase in transactions in some of the most expensive markets in the country, which is skewing the national average price upward. According to statistics released by The Canadian Real Estate Association (CREA), actual (not seasonally adjusted) home sales via the Multiple Listing Service® (MLS®) of Canadian real estate boards totaled 49,521 units in May 2009. This is less than one per cent below activity in the same month one year ago. Year-over-year declines have been shrinking since the beginning of the year.

The seasonal increase in activity continues to be stronger than normal. As a result, seasonally adjusted home sales rose eight per cent to 37,649 units in May compared to April. This marks the fourth consecutive monthly increase in seasonally adjusted activity. Seasonally adjusted activity in May was 43 per cent above where it stood in January 2009.

Seasonally adjusted sales were up on a monthly basis in about 70 per cent of local markets. Monthly activity gains in Toronto (nine per cent), Calgary (25 per cent), Montreal (10 per cent), Vancouver (eight per cent), and Edmonton (12 per cent) contributed most to the overall increase in monthly activity.

The national MLS® residential average sale price in May 2009 reached the highest monthly level on record. At $319,757, it was up fourth tenths of a percentage point from the previous record set in May 2008. Over the past four months, the national MLS® residential average price has recovered 16.4 per cent from the low in January. The average price for MLS® home sales climbed to new heights nationally, and in Saskatchewan, Ontario, Quebec, New Brunswick, and Nova Scotia. New records were posted in only 15 per cent of local markets in May, none of which are among the most active or expensive. The strong rebound in sales activity, not price, in Canada’s most expensive markets is driving up average prices nationally and in some provinces, just as a sharp decline in activity in these markets pushed average prices lower in late 2008.

The supply of homes coming onto the MLS® market continued to decelerate in May. Seasonally adjusted MLS® residential new listings edged lower by eight tenths of a percentage point to 65,070 units, the lowest level since December 2005. Seasonally adjusted new residential listings in May were 19 per cent below the peak reached one year ago.

“Sales activity is now closer to the pre-recession peak than it is to the recent low point reached last January,” says Regina Broker Dale Ripplinger, President of The Canadian Real Estate Association. “Strengthening consumer confidence, low interest rates, and improved affordability are drawing buyers to the housing market across Canada,” he added.

“Fueled by a string of monthly increases in activity, the number of transactions in May reached the highest point since July 2008,” said CREA Chief Economist Gregory Klump. “Inventory levels are still high in many markets, but fewer new listings and rising sales activity suggests that the selection of homes available for sale may shrink as the year progresses. The supply of homes up for sale needs to be drawn down further before average price increases become more widespread among local markets.”

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighborhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

See the CREA News Blog »

June 15, 2009 in Canadian Real Estate Market | Permalink | Comments (2) | TrackBack

Toronto's Tony Real Estate Hot

May 2009 strongest month on record for luxury home sales, says RE/MAX

Sales of luxury properties in the Greater Toronto Area posted their strongest performance on record in May 2009, according to RE/MAX Ontario-Atlantic Canada. Two hundred and seventy-three high-end homes changed hands in May 2009, up 6% from 258 reported during the same period one year earlier, and the highest number of sales over $1 million in a one-month period in the history of the Toronto Real Estate Board.

The previous record was set in May of 2007 at 266 sales. "Confidence is slowly returning to the marketplace," says Michael Polzler, Executive Vice President, Regional Director, RE/MAX Ontario-Atlantic Canada. "Traditional market indicators are in place - the stock market has made tremendous gains in recent months, crude values have risen significantly, and the Canadian dollar has gained almost 10 points in the past month. Combine these influences with pent-up demand and growing economic stability and you have the ingredients for solid sales in the top-end of the market."

Further evidence of a rebound is the recent sale of a Bridle Path home priced at over $13 million, the first sale over the $10 million price point in more than a year. The 18,000 sq. ft. gated estate, situated on more than two acres, was listed by Barry Cohen, Broker, RE/MAX Realtron, and featured a spectacular backyard with a negative edge waterfall pool, fountains, hot tub, and tennis court.

Demand for homes priced in excess of $1 million has increased steadily since the beginning of the year, says Polzler, mimicking the overall real estate market. Seven hundred homes have changed hands year-to-date, compared to 944 in January to May of 2008. Given current momentum, however, it's likely that activity will continue at a healthy pace for the remainder of the year - with sales at year-end at least on par or ahead of 2008 levels.

June 12, 2009 in Toronto Real Estate Trends | Permalink | Comments (5) | TrackBack

Canada's Hottest 21 Neighbourhoods

Housing markets in a handful of neighbourhoods in Canada's major cities have dodged the recession and experienced robust price increases over the past year, according to a Century 21 Canada "HOTTEST 21 NEIGHBOURHOODS" survey released today.

Century 21 Canada also reported that more than a hundred other big city neighbourhoods are experiencing resurgent house prices after months of languishing in the recession doldrums.

Century 21 Canada said Canada's HOTTEST 21 NEIGHBOURHOODS for housing prices are located in five major cities and 10 suburbs of major cities:

The Century 21 Canada survey shows that the HOTTEST 21 NEIGHBOURHOODS were in Toronto (three); Toronto suburbs (eight); Vancouver (two); Vancouver suburbs (one); Ottawa (one); Ottawa suburbs (two); Winnipeg (two); Halifax (one); and Regina (one). All of the HOTTEST 21 NEIGHBOURHOODS experienced price increases over the past year and over the past month.

Don Lawby, President of Century 21 Canada, said, "These survey results support what I am seeing in my annual June Canada-wide tour of housing markets. Although most markets have been impacted by the recession, some have neighbourhoods in which prices are resilient and stronger today than a year ago and many have neighbourhoods that are getting stronger month by month this spring."

"This survey serves as a reminder to Canadian homeowners to avoid relying on city, provincial or national averages to gauge their local neighbourhood housing markets. Instead, sellers should monitor selling prices of similar homes in their own neighbourhoods. Buyers should monitor selling prices of typical homes in the neighbourhoods where they want to live," said Lawby.

The Century 21 Canada survey covered 10 major cities (Halifax, Ottawa, Toronto, Winnipeg, Regina, Saskatoon, Calgary, Edmonton, Vancouver and Victoria) by Canada Post Forward Sorting Areas (FSAs) which are the equivalents of large neighbourhoods. FSAs are the first three digits of Canada's postal codes. Data was compiled for 190 of these neighbourhoods in which at least 30 housing units were sold during March 2009. Quebec data was not available for this survey and is therefore not included.

Of the total qualifying 190 neighbourhoods:

The complete database showing market activity, days on market, average prices, median prices, and sold-to-ask ratios is available at www.Century 21.ca/media.

Hottest of the Hot 21

Etobicoke

The hottest neighbourhood in metro Toronto over the past year included the Centennial Park area in Etobicoke (FSA: M9C) bounded east and west by Highway 427 and Etobicoke Creek and north and south by Eglinton Ave and Queen Elizabeth Way. In this neighbourhood, average prices were $302,052 in April 2009, an increase of 17% from $257,907 in April 2008 and an increase of 4% from $290,365 in March 2009.

Pickering

Another hot neighbourhood in metro Toronto includes Brock in the eastern suburb of Pickering near Lake Ontario (FSA: L1V) bordered on the north and south by Finch Avenue and Highway 401, where average prices were $334,216 in April 2009, an increase of 16% from $280,340 in March 2009 and an increase of 7% from $311,372 in April 2008.

Richmond, B.C.

The hottest neighbourhood in the Greater Vancouver/Lower Mainland is in Richmond (FSA: V6X), bounded north and south by Fraser River and Westminster Highway and east and west by Number 5 Road and Vancouver International Airport, where average prices were $448,469 in April 2009, an increase of 16% from $375,396 since March 2009 and an increase of 3% from $433,605 since April 2008.

Langley, B.C.

Another hot Vancouver neighbourhood is in the Township of Langley, 30 kilometres east up the Fraser Valley. Including the Langley Meadows neighbourhood (FSA: V2Y) this area is located directly south of the Trans-Canada Highway, north of 62nd and 56th Avenues, west of 248th Street and east of 196th Street, where average prices were $490,354 in April 2009, an increase of 15% from $414,560 since March 2009 and an increase of 12% from $437,041 since April 2008.

Winnipeg

North Kildonan in Winnipeg is a hottest neighbourhood (FSA: R2G), in an area bounded on the north, south and east by Glenway and Knowles Avenues, Oakland and McLeod Avenues and Day Street respectively. In this neighbourhood average prices were $225,111 in April 2009, an increase of 15% from $190,573 in March 2009 and an increase of 2% from $220,416 since April 2008.

Vancouver

The hottest neighbourhood in Vancouver is the downtown West Side/Coal Harbour area (FSA: V6E) bordering English Bay on the south, Hastings Street on the north, Burrard Street on the east and Broughton Street on the west. In this neighbourhood, average prices were $561,198 in April 2009, an increase of 15% from $476,331 in March 2009 and an increase of 0.3% from $559,314 in April 2008.

Ottawa

The hottest neighbourhood in Ottawa is the central area of Greenboro (FSA: K1T) bounded by Conroy Road and the CNR/CPR right of way. In this neighbourhood, average prices were $277,434 in April 2009, an increase of 15% from $235,956 in March 2009 and an increase of 3% from $268,028 in April 2008.

Toronto

The hottest neighbourhood in the City of Toronto includes High Park (FSA: M6P) bounded north and east by the CPR and CN tracks and on the south and west by Bloor Street and Runnymede Road, where average prices were $505,063 in April 2009, an increase of 14% from $436,369 since March 2009 and an increase of 7% from $473,392 since April 2008.

Oshawa

In the Toronto suburbs, one of the hottest neighbourhoods is Central Oshawa (FSA: L1J) bordered on the south and east by Lake Ontario and Oshawa Creek, on the north by Conlin Road and on the west by the Oshawa-Whitby town line. In this neighbourhood, average prices were $230,320 in April 2009, an increase of 13% from $177,912 in March 2009 and an increase of 4% from $196,357 in April 2008.

Halifax

The hottest neighbourhood in Halifax borders on the northeast shores of Halifax Harbour and Morris Lake (FSA B2W) where average prices were $222,756 in April 2009, an increase of 11% from $197,491 since March 2009 and an increase of 11% from $200,041 since April 2008.

An additional 17 neighbourhoods had increases of 10% to 27% over the past month from March 2009 to April 2009, but experienced declines over the past year from April 2008 to April 2009. Toronto, Vancouver and Calgary each have two of these neighbourhoods, while the others are Richmond Hill, Brampton, North York, Etobicoke, Winnipeg, Regina, Saskatoon, Edmonton, Abbotsford, Port Moody, and Burnaby.

Data in this survey was compiled from MLS data for Century 21 Canada by an independent research firm that provides real estate statistics for professional realtors throughout North America.

June 11, 2009 in Canadian Real Estate Market | Permalink | Comments (2) | TrackBack

Housing starts up in May

Canadian housing starts rose 9.2 percent in May, slightly better than expected, and was broadly based and encompassed both single and multiple segments, the Canada Mortgage and Housing Corp (CMHC) said on Monday. New home construction rose to a seasonally adjusted annual rate of 128,400 units in May from 117,600 units units in April, CMHC said.

The number of starts in May beat analysts' consensus expectations of 125,300 starts.

The seasonally adjusted annual rate of urban starts rose 11.1 percent to 107,800 units in May. Urban multiple starts rose to 60,900 units, while urban single starts climbed to 46,900 units in May.

The seasonally adjusted annual rate of urban starts in May rose 22 percent in Ontario, 16.8 percent in the Prairies, 7.3 percent in Atlantic Canada and 3.3 percent in Quebec.

Urban starts declined 5 percent in British Columbia.

CMHC said housing starts are expected to improve throughout 2009 and over the next several years to "become more closely aligned to demographic demand," which is currently estimated at about 175,000 units per year.

June 9, 2009 in Canadian Real Estate Market | Permalink | Comments (0) | TrackBack

Mike Holmes "makes it right"

And he certainly has it made. His TV show reaches 100 million households, he's building homes with Brad Pitt, and now he's itching to star in his own cartoon series. How much bigger can his brand get?

Mike is a big man. That much you can see on TV. His broad face, topped by a buzz cut, usually towers over the distraught homeowners looking to him for salvation from financial ruin. His bare, beefy biceps appear amply up to the job of tearing out waterlogged drywall or shoddily installed floorboards before his crew puts it all back together the way it should have been done in the first place.

Read about The making of Mike Holmes »

June 5, 2009 in Real Estate Personalities | Permalink | Comments (0) | TrackBack

Toronto Real Estate Board:

GTA May Resale Housing Sales Higher Than Last Year

In May 2009, Greater Toronto Realtors reported 9,589 sales, up almost 2% from May 2008 - the first annual increase since December 2007. "The resale housing market in the GTA has remained resilient in the face of challenging times globally," according to TREB President Maureen O'Neill. "Many home buyers have taken advantage of extremely low mortgage rates."

The average price for April transactions was $395,609 - down less than one per cent compared to the same month last year.

"The average resale home price has moved in line with last year's level because of tighter market conditions experienced this Spring," stated Jason Mercer, TREB's Senior Manager of Market Analysis. "Home sales have increased strongly relative to new listings, bolstering home prices."

See the complete Toronto Real Estate Market Watch Report »

June 2, 2009 in Toronto Real Estate Update | Permalink | Comments (7) | TrackBack

 

Thank you for visiting!