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
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 (3) | TrackBack
Toronto pockets up as market cools
Prices jump in Trinity Bellwoods, Leslieville and Old Mill but fall in Richview and Graydon Hall
Blustery winter weather cooled Toronto's resale housing market in the first three months of the year, but pockets such as Old Mill and Trinity Bellwoods stayed sheltered in their own hothouse micro-climates. Meanwhile, most of the rest of Toronto saw more tepid price increases or — in some cases — outright declines.
Across the Greater Toronto Area, the average price increased 4.5 per cent to $379,006 in the first quarter, compared with the same period last year, according to data from the Toronto Real Estate Board. The number of single-family homes that changed hands dipped to 17,521 in the first three months of 2008, compared with 20,463 transactions in the same period last year.
Amid the art installations and retro lounges of Queen Street West, resale house prices in the urban Trinity Bellwood neighbourhood jumped 29.4 per cent in the first quarter, compared with the same period last year.
To the west, prices in the Old Mill area near the banks of the Humber River rose 13.2 per cent from the same time last year. And to the east, Scarborough Village was the hot spot, with the average price up 11 per cent over the average in the first three months of 2007. Other trend-defying neighbourhoods include Allenby, Beaconsfield, Hillcrest and Parkdale.
Chill continues
Meanwhile, the chill that permeated the market in the opening months of 2008 appears to have continued into the spring: The GTA resale housing market saw 3,955 homes change hands in the first half of April, down 5 per cent from the same period last year, TREB reported. And across Canada, the resale market is "sound but cooling," says Cal Lindberg, president of the Ottawa-based Canadian Real Estate Association.
On a seasonally adjusted basis, existing home sales in Canada's major markets in the first quarter of 2008 declined by 7.1 per cent, compared with the previous quarter, and by 10.6 per cent from the same period the previous year, to 81,747 units, CREA reports.
Changes in the average resale price in Toronto varied widely by neighbourhood. Toronto pockets where the average price fell include Richview, with a slide of 14.3 per cent, Armour Heights with a 33.8-per-cent tumble, Graydon Hall with a 41.2-per-cent decline and Lawrence Manor with a 21-per-cent fall. In the east end, L'Amoureux fell 7.23 per cent while Leslieville jumped 21 per cent. Price changes were recorded across the price spectrum: In the tony market of Forest Hill, for example, the average price fell 25.1 per cent to $825,439.
Source: Globe and Mail, Toronto Real Estate Board
April 27, 2008 in Toronto Real Estate Update | Permalink | Comments (2) | TrackBack
Toronto real estate plummeting ...
by Philip Preville in Toronto Life:
Attention, homeowners: the starting gun for the Great Real Estate Meltdown of 2008 has now been sounded. It actually went off about a month ago, though you may not have noticed, since it was sounded in dulcet tones, with a prediction that home sales would “drop slightly.” So much for that: sales in March are down 22 per cent over last year.
There are three preferred theories for the drop in sales. Here they are, ranked by the degree to which they are made of wishful fantasy.
April 6, 2008 in Toronto Real Estate Update | Permalink | Comments (5) | TrackBack
Toronto Real Estate Board reports:
City's housing market down 18 per cent
Resale home transactions in the Greater Toronto Area continued at a moderate pace during the first half of March, Toronto Real Estate Board President Maureen O'Neill announced today. With 3,183 transactions to mid-month, sales in the GTA and in Toronto declined 14% and 18% respectively, compared to the same period a year ago.
"It's important to recognize that we have endured the snowiest winter since 1939 and this has undoubtedly affected the market," said Ms. O'Neill. "The storm that pounded the GTA during the second weekend of March likely had more people focused on shoveling sidewalks than house hunting."
Despite moderate activity, the value of homes in our city continues to appreciate. At an average of $385,405 in the GTA and $409,116 in Toronto, prices have increased five and four per cent respectively compared to a year ago.
As well, some neighbourhoods experienced an increase in activity during the first half of March.
At the North end of the Greater Toronto Area, Georgina (N17) experienced a 39 per cent increase in sales during the first half of March, driven mainly by detached home transactions.
The Agincourt area of Scarborough (E07) experienced a 12 per cent overall increase in sales compared to a year ago based primarily on strong condominium apartment sales.
Strong condominium apartment sales also allowed the Weston area in York (W04) to hold strong, with a 28 per cent overall increase compared to a year ago.
Toronto's Downtown core (C01) has also experienced healthy sales activity so far this month, due to strong condominium apartment sales as well. Overall sales in this area were up 11 per cent compared to a year ago.
"Condominium apartments have weathered the winter best so far this year, with 733 sales to date but we remain confident that once the snow has melted, we will see a very active spring market overall," said Ms. O'Neill. "The land transfer tax in Toronto concerns us and we continue to keep a watchful eye on how this tax plays out in the market."
March 19, 2008 in Toronto Real Estate Update | Permalink | Comments (0) | TrackBack
Toronto commercial real estate
Toronto Real Estate Board reports 800,000 square foot month
In February, Toronto Real Estate Board Members reported 844,348 square feet of space leased through the TorontoMLS system, Commercial Council Chair Garry Lander announced today. "This figure is up marginally over January's 842,475 square foot total, and we should see those figures climb even higher as the IC&I Spring market gradually takes off." Lease rates remained relatively unchanged from their year-ago levels, with Industrial space trading for $5.84 sfn and commercial space going for $15.23 sfn.
Sales Market Highlights
In February, TREB Members reported 63 sales of IC&I properties. Of these, 38 were Industrial properties of all size categories, which averaged $109.38 per square foot. This compares with a price of $72.57 per square foot derived from non-MLS sources.
See copy of February’s Commercial Realty Watch.
March 15, 2008 in Toronto Real Estate Update | Permalink | Comments (1) | TrackBack
Is the 'real estate apocalypse' here?
Realtors are feeling a perceptible slowing in the market
The year has not started well for the Toronto real estate market. In figures released last week, a blustery February knocked existing home sales down by 11 per cent for the month, while residential building permits were down by a significant 47 per cent in January.
Growing uncertainty over the U.S. economy, where housing values have plummeted in some states, has also cast a long shadow over the Toronto market.
In conversations with realtors, economists and buyers, the Toronto Star found a growing unease over whether the good times can continue – and whether this year will mark a turning point.
"If the American economy continues to go down, the greatest risks to Canada are in the Greater Toronto Area since we do the most exporting to the U.S.," says housing analyst Will Dunning. "This is the great unknown."
See full story in the Toronto Star »
March 9, 2008 in Toronto Real Estate Update | Permalink | Comments (4) | TrackBack
Toronto Real Estate Market Watch
Sales Break 6,000 In Spite Of Winter Weather
While snow fell in almost record amounts, Toronto Real Estate Board Members recorded a respectable 6,015 sales during the month of February, TREB President Maureen O'Neill announced today.
"While sales were down over 2007 (11 per cent), they are in line with historical levels for the month, and they should increase substantially as the GTA eases into Spring."
Prices rose in February, with the average climbing to $382,048, up four per cent from the $367,687 recorded in February of last year. Days-on-Market stood at 30 days, and the list-to-sale price ratio was 99 per cent.
Activity within the City of Toronto generally matched that of the broader GTA. Sales moderated 14 per cent in the city to 2,310 from last year's figure of 2,697. Prices rose two per cent to $424,235.
Breaking down the total, 2,358 sales were reported in TREB’s 28 West districts and averaged $357,884; 1,017 sales were reported in the 14 Central districts and averaged $522,480; 1,185 sales were reported in the 23 North districts and averaged $409,155; and 1,455 sales were reported in TREB’s 21 East districts and averaged $300,975.
NEIGHBOURHOOD CORNER
Unionville
Of the ten sales recorded within Unionville (part of N11) so far this year, 7 were detached homes which sold for an average of $623,971. The other three sales were condominium townhouses, which averaged $333,700.
March 5, 2008 in Toronto Real Estate Update | Permalink | Comments (1) | TrackBack
Toronto Commercial Realty Report
Ontario Strong Performer in Market Survey
As signs of economic weakness begin to emerge, Ontario property types emerge as Investor favorites, occupying 8 of the 15 top spots in the Altus Insite Product/Market Barometer. This quarter's barometer demonstrates a "flight to quality", with class "A" office and good quality industrial and retail being prominent choices amongst the top 15 product/market combinations chosen.
March 4, 2008 in Toronto Real Estate Update | Permalink | Comments (0) | TrackBack
Billions available from real estate
Toronto advised that underutilized holdings could be monetized.
As the bank slogan says, Toronto is richer than it thinks. The Mayor's panel on city finances suggests Toronto could – if it wanted – unlock up to $3.5 billion from the business enterprises and other assets it owns. And that doesn't even begin to touch the extra money that could be squeezed from Toronto's $17.9 billion real estate portfolio, much of it underutilized. Turning assets into cash could allow the city to pay off its debts, the panel says – and relieve it of paying $440 million a year in principal and interest.
See full report in the Toronto Star »
February 22, 2008 in Toronto Real Estate Update | Permalink | Comments (1) | TrackBack
Toronto Real Estate Board reports:
Sales near 3,000 mark at mid-month
Resale home transactions in the Greater Toronto Area declined in the first two weeks of February, Toronto Real Estate Board President Maureen O’Neill announced today. The first half of the month yielded 2,775 transactions, down 14 per cent from the 3,240 sales recorded in the same timeframe last year. The moderation in sales was more pronounced within the City of Toronto--down 18 per cent to 1,066 from last February’s 1,308—than in the 905 suburbs, which saw transactions off 11 per cent.
“It’s important to recognize that the mid-month report provides an indication of market conditions based on a very brief period,” said Ms. O’Neill. “However, we believe the harsh winter weather we’ve experienced in the early part of the month has had a negative impact on both sales and inventory levels. If you can’t get buyers out to your open house, then you are less inclined to list. And fewer listings means less appealing product for the potential home-buyer. It’s a compound effect.”
Although sales eased, several positive factors were also noted. At $385,735, the average price in the GTA rose seven per cent compared to $358,533 recorded in mid-February 2007. Within the City of Toronto, the average rose 11 per cent to $434,657, although pockets within the East end (Agincourt, for example) rose at the more affordable pace of around five per cent. As well, properties are remaining on the market fewer days.
The average number of days on market is currently 31 versus 35 days at the same time last year. Furthermore, a few neighborhoods both within and outside of the 416 area code saw increased sales over the first half of February, 2007.
In Ajax (E14) sales were up 11 per cent compared to mid-February 2007, based mainly on an increase in detached home sales. In the West region, the W3 (York South) district saw a 41 per cent increase in transactions, driven by strong sales of semi-detached homes. Central Richmond Hill (N04) also experienced a notable increase in sales compared to the same timeframe last year. Transactions were up 21 per cent, primarily due to an increase in attached row sales.
“We are optimistic that we will see a strong spring market because the economic fundamentals remain in place,” said Ms. O’Neill. “Prices are still particularly affordable in Toronto’s East end.”
February 20, 2008 in Toronto Real Estate Update | Permalink | Comments (3) | TrackBack
Commercial Real Estate Update
More Than 800,000 Square Feet Traded In January
Toronto Real Estate Board members saw 842,475 square feet of space traded in January 2008, Commercial Council Chair Garry Lander announced today. "The new year is off to a brisk start," said Mr. Lander. Lease rates traded within their customary ranges last month. Industrial space (all size categories) went for an average of $5.49 sfn, up three per cent over January of 2007. Meanwhile commercial space traded for an average of $17.03 sfn, and office space for an average of $11.87.
Market Highlights
TREB members reported 58 sales of Industrial/Commercial properties in January, of which 29 were Industrial properties in all size categories. These sold for an average of $123.67 per square foot, which compares to a figure of $111.55 derived from non-MLS sources.
February 8, 2008 in Toronto Real Estate Update | Permalink | Comments (0) | TrackBack
Toronto Commercial Real Estate
2007 GTA Commercial Market Report
RealNet Canada Inc. releases Q4 2007 commercial real estate investment statistics for the Greater Toronto Area. Record fourth quarter investment volume helped boost GTA market to record close in 2007. Fourth quarter sales volume of $3.6 Billion in the Greater Toronto Area (GTA) commercial real estate market reflected continued strong activity in investment-grade assets. This tally is the second highest quarterly volume on record since 1995. The quarterly total boosted the 2007 annual total to an all time record of $12.3 Billion, up 4% from the previous year, according to the report.
See RealNet Canada’s Q4 2007 GTA Commercial Sales Report »
February 6, 2008 in Toronto Real Estate Update | Permalink | Comments (0) | TrackBack
Toronto Real Estate Board reports:
New Year Off To Good Start
A strong performance within TREB's Central districts drove the Toronto area real estate market to a healthy 5,073 sales in January, off just two per cent from last year's record performance, President Maureen O'Neill announced today.
"While sales were strong, price increases remained modest, with the average rising six per cent to $374,449," said Ms. O'Neill. "There is clearly still a place for the first-time buyer in today's resale market."
Breaking down the total, 1,940 sales were reported in TREB’s 28 West districts and averaged $351,594; 945 sales were reported in the 14 Central districts and averaged $485,259; 966 sales were reported in the 23 North districts and averaged $410,289; and 1,224 sales were reported in TREB’s 21 East districts and averaged $296,838.
Neighbourhood Corner
Mississauga
There were 647 sales in Mississauga this January, a decline of three per cent over the first month of 2007. The average price came in at $339,655, a one per cent increase over the same time-frame last year. Of these sales, 196 were of detached homes which averaged $516,190, up eight per cent over January 2007.
February 5, 2008 in Toronto Real Estate Update | Permalink | Comments (2) | TrackBack
Year of the Condominium in Toronto
Condominium appreciation outpaces single-detached housing values in key GTA districts in 2007, says RE/MAX
Condominiums experienced unprecedented upward pressure on average price in 2007, surpassing gains reported in the single-detached category for the first time in key GTA districts, including the central core and west end.
According to RE/MAX Ontario-Atlantic Canada, the average price of a condominium rose 12.2 per cent in the central core in 2007 ($327,559 vs. $292,064) while values in the west end jumped 7.3 per cent from $215,036 to $230,749. Statistics for single-detached homes reveal an 11.5 per cent increase in average price in the central core ($910,906 vs. $816,938) and a 6.6 per cent increase in the west ($417,407 vs. $444,945) during the same period.
"Condominiums are clearly a viable - and now financially feasible - alternative to single-detached housing," says Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. "With so many purchasers forced to compromise on their choice of housing, the ever-growing return on investment in the condominium market is proving to be quite the consolation prize."
Despite higher prices across the board-approximately 20 per cent, or 12 of 63 Toronto Real Estate Board Districts, experienced a double-digit increase in average price in 2007 - the condominium lifestyle allows purchasers to live in the GTA's most coveted communities at a fraction of the price of a single-detached home. The best performing markets in 2007 include top-ranking Bayview Village (C15), leading with a 28.9 per cent increase in average price year-over-year ($241,611 vs. $340,113); Yorkville, Annex (C02) in second place with a 23.9 per cent increase ($494,861 vs. $650,379); and Rosedale, Summerhill (C09) in third place, with values 17.2 per cent ahead of 2006 figures ($462,067 vs. $558,435). Forest Hill, Deer Park (C03) and Swansea, Roncesvalles, South Parkdale (W01) both tied at 14.8 per cent - $514,823 vs. $604,924 and $246,900 vs. $289,872 respectively - claiming fourth place, while SE Mississauga, Applewood, Rathwood (W14) rounded out the top five at 14.6 per cent ($180,279 vs. $211,185).
"Condominiums now outsell single-detached homes two to one in the central core," explains Polzler. "Condo sales have accounted for an increasing percentage of the marketplace in the central, west, and northern districts since 2005. The trend is expected to continue as affordability levels diminish, particularly in the central core. It's also important to recognize that the vast majority of these purchasers are end-users and speculation is a rare occurrence in the resale condominium market."
Although they carry some pretty hefty price tags, single-detached homes continued to post solid gains as well, with approximately 21 per cent or 13 of 63 Toronto Real Estate Board districts, reporting increases over 10 per cent in 2007. The best return on investment occurred yet again in proven blue chip neighbourhoods. Forest Hill (C03) led the way with a 17.4 per cent increase in average price in 2007, rising from $849,697 in 2006 to $1,028,960. Leaside (C11), Lansing, Willowdale (C07), and Bathurst Manor, Armour Heights (C06) placed second, third and fourth, with prices rising 14.2 ($791,083 to $922,607), 13.4 ($537,891 to $621,185), and 12.2 per cent ($523,736 to $596,551) respectively year-over-year. Thriving Port Credit (W12) placed a strong fifth with a percentage increase of 11.7 per cent in average price, bringing single-detached housing values in the area to $577,461 from $509,380 in 2006.
"When it comes to bricks and mortar, homeownership can be cost-prohibitive," says Polzler. "The surge in condominium sales and prices is a glimpse at the future. Not only is the condo lifestyle more widely accepted, it is also highly coveted by many. Location, price, amenities, views, low-maintenance living - it's the ideal package for a growing number of purchasers. As such, price growth and demand are expected to continue strong into 2008."
January 23, 2008 in Toronto Real Estate Update | Permalink | Comments (0) | TrackBack
Selling parking spots as condos?
Toronto police allege two brothers defrauded a bank and investors by selling condo units that turned out to be parking spaces. It's alleged that a real estate agent, two mortgage specialists from a bank and a real estate lawyer were in on the scheme. The police say, "All of the participants comprised the entire gambit of the real estate transaction. The owners, the agents, the bank employees, the lawyers ... everybody that had anything to do with it. It was all baloney."
See story in the Toronto Star »
January 17, 2008 in Toronto Real Estate Update | Permalink | Comments (0) | TrackBack
Impending tax drives home sales
Toronto housing purchases up 21% in what is usually a slow period - slowdown expected after tax takes effect in February
Buyers racing to beat Toronto's incoming land transfer tax created an uncharacteristic spike in home sales over the holiday season, but a slowdown is on the horizon after the tax comes into effect. "The fourth quarter of any calendar year tends to be very slow for the real estate market, but this was anything but slow," said Phil Soper, president and chief executive of Royal LePage Real Estate Services. "It is painfully obvious that the new tax that's being imposed on people in Toronto's 416 area drove activity."
As of February 1, Toronto home buyers will pay a new fee to the city in addition to the existing provincial land transfer tax. It will nearly double the tax bill for home buyers, raising the tab on a $375,000 home to $7,575 from $4,100.
"The rate of activity in areas where the tax will not impact people was much lower than in neighbouring areas where the tax comes into effect," Mr. Soper said.
Housing unit sales were up approximately 21 per cent in the GTA in the fourth quarter, compared with 7 per cent in surrounding areas, according to data from the Toronto Real Estate Board.
The strong fourth quarter helped the Toronto market shatter previous sales records in 2007, according to data released by Royal LePage. The average price of a two-storey detached home in the city hit $506,900, up 8 per cent from last year. The price of a detached bungalow rose 8.9 per cent to $413,375, and that of a condo unit rose 10.4 per cent to $280,505.
Two years ago a two-storey home in the city averaged $461,282, while a bungalow went for $362,611 and a condo unit $242,202.
After the current wave of buyers subsides, both price gains and sales should start to decline. "We do expect activity in Toronto this year to fall by about 4 to 5 per cent versus 2007," Mr. Soper said. "We don't expect to see a year like 2007 in terms of raw activity for a few years to come."
January 9, 2008 in Toronto Real Estate Update | Permalink | Comments (0) | TrackBack
Toronto Real Estate Board reports:
Condo sales bring 2007 to a strong finish!
Brisk condo sales in December brought the 2007 Greater Toronto Area resale housing market to a strong finish, Toronto Real Estate Board President Maureen O'Neill announced today. “Typically condominium apartment transactions comprise just over 20 per cent of total sales but in December they accounted for more than a quarter of resale activity,” said Ms. O’Neill. “Condos are often more affordable than other housing options and they show particularly well in winter.”
Increasing by 12 per cent over the previous year to a total of 93,193 sales, 2007 was the best year ever for GTA resale housing activity and December’s 4,646 sales came within two per cent of the best performance for the month, set in 2001.
The average price in December was $394,931, which resulted in an annual increase of seven per cent from the previous year.
The most active areas in December were in the City of Toronto.
Riverdale (E01) saw a 75 per cent increase in transactions compared to December 2006, primarily based on semi-detached home sales.
In the Mimico area of Etobicoke (W06) transactions were up 57 per cent, driven by a significant increase in the sale of condo apartments.
In North York, (C14) sales increased by 44 per cent compared to last December, as a result of strong detached home transactions.
Toronto's Downtown East (C08) experienced a 59 per cent increase compared to the same timeframe a year ago due to strong condominium and semi-detached home sales.
“We saw strong, stable monthly performances throughout 2007, which illustrates that consumers now recognize it’s always a great time to buy or sell their next home,” said Ms. O’Neill.
January 7, 2008 in Toronto Real Estate Update | Permalink | Comments (1) | TrackBack
Toronto's taste for luxury
With the Toronto Stock Exchange at record highs, the Canadian luxury-homes market has been in Sputnik territory. In the Toronto Star's annual look at the most expensive properties listed in central Toronto, valuations are loftier than ever. A Forest Hill home sold for $15.8 million earlier this year – a record for resale homes at the time, but one slated not to last in the heated luxury market. Indeed, a still-to-be-built penthouse condominium downtown has already been sold for $25 million.
According to research by ReMax Ontario Atlantic Canada for the Star, luxury home sales in the Toronto area jumped 37 per cent in the first 10 months of 2007. And ReMax had to change the definition of "luxury home" to anything $1.5 million and over, since million-dollar city homes are no longer the mark of distinction they once were.
In Toronto, you'd have to be in a home worth at least $5 million to make the top 10 list at the beginning of December, when the survey was taken.
See story in the Toronto Star »
January 2, 2008 in Toronto Real Estate Update | Permalink | Comments (0) | TrackBack
Toronto housing market in '08
Toronto's housing market will remain strong in the new year, an economist with TD Bank predicts. However, the real estate boom will lose some of its intensity as home price appreciation will slow down significantly, said economist Craig Alexander.
"There will be a few factors that will determine how fast homes sell on the market." For example, Toronto Mayor David Miller's new land transfer tax will slow down the sales trend, he said. However, if the city continues to have a low unemployment rate, then real estate sales will remain steady.
"Jobs will be available, income will rise, and that's your fundamental support for your housing market," he said. Alexander also predicted interest rates would remain low.
Nonetheless, he said an unprecedented supply of housing coming into the market -- especially the condo market -- will slow the rapid pace housing prices have increased over the last few years. "It still will remain a seller's market but not as tight as it has been, so home prices continue to rise, but rather than rise at double digit pace, something in the mid-single digit range," he said.
December 31, 2007 in Toronto Real Estate Update | Permalink | Comments (2) | TrackBack
Office vacancy to drop in 2008
Strong demand and a lack of supply drives markets forward
The national office vacancy rate will drop from the current 6.2 percent by the fourth quarter of 2008 to 5.6 percent as major urban centres continue to see the amount of available space decline.
Cushman & Wakefield LePage’s Outlook ’08: Annual Market Review found that, of the five surveyed markets, only Calgary will see a rise in office vacancy rates in the coming year. Vacancies in Vancouver, Toronto, Ottawa and Montreal will fall.
Toronto, which represents over 40 percent of the total Canadian office market, will have projected vacancies in the central office market reach a tight 3.8 percent vacancy in late 2008, down from 6.2 percent at the end of 2006.
December 28, 2007 in Toronto Real Estate Update | Permalink | Comments (0) | TrackBack
Condos outselling houses
High prices propel sale of condos above 50% of total
A single-family detached house has long been the ideal dream for Canadian homebuyers. But, in case you couldn't already tell by all the construction cranes dotting Toronto's ever more crowded skyline, 2007 has become the year of the condo.
New condominium sales in the Toronto area officially passed the 50 per cent mark for the first time, outselling new low-rise homes, according to November figures to be released today by the Building Industry and Land Development Association.
"This is really unheard of. Low-rise homes were always the preferred choice, but it shows you how much the market has changed," Stephen Dupuis, chief executive of the association, said in an interview.
The average new condo price is now $347,207, up 8.6 per cent from last November. Low-rise homes saw a price increase of 6.8% to $429,673, according to a copy of the report obtained by the Toronto Star »
December 21, 2007 in Toronto Real Estate Update | Permalink | Comments (2) | TrackBack
Toronto Real Estate Board:
Two New Records Set in First Two Weeks of December
The Greater Toronto resale home market reached two new heights during the first half of this month Toronto Real Estate Board President Maureen O'Neill announced today. "The 2,868 transactions recorded during the first two weeks of December have made this the first year that sales have exceeded 90,000," said Ms. O'Neill.
This activity also represents a 3 per cent increase over the 2,783 sales recorded during the first two weeks of December 2006.
This year's record activity has been matched by record prices. "The average price is now $404,707, which is the first time it has exceeded $400,000," said Ms. O'Neill.
The current average price has increased 3 per cent since last month and 19 per cent compared to the same timeframe a year ago.
In the Danforth area (E03) transactions are up 24 per cent compared to mid-December 2006, as a result of strong semi-detached sales.
New Toronto transactions (W06) are up 43 per cent compared to the same timeframe a year ago, as a result of strong condominium apartment sales.
Condominium apartment transactions Downtown (C01) also pushed overall sales in that area up 28 per cent compared to the first half of December 2006.
In North York (C14) detached home transactions led to an overall sales increase of 34 per cent in the area compared to mid-December 2006.
"The two new precedents set in the last two weeks is certainly positive news, said Ms. O'Neill. It's shaping up to be a busy holiday season for homebuyers and sellers alike."
December 20, 2007 in Toronto Real Estate Update | Permalink | Comments (0) | TrackBack
Toronto Commercial Real Estate
Almost 900,000 Square Feet Leased In November
Toronto Real Estate Board Members reported another active month, with 895,632 square feet of space leased through the TorontoMLS system, Commercial Council Chair Garry Lander announced today. "This is a nine per cent increase over October's figure of 821,889."
Industrial space continued to trade within a narrow range in November, averaging $5.63 sfn for all size categories. Commercial/Retail space traded for $14.63 sfn, also within its standard range.
Sales and Market Highlights
In November, TREB Members recorded 71 sales on Industrial/Commercial properties, of which 37 were Industrial properties in all size categories these averaged $137.32 per square foot. Which compares to a price of $96.30 per square foot derived from Non-MLS sources.
See Full Report [in PDF format].
December 10, 2007 in Toronto Real Estate Update | Permalink | Comments (0) | TrackBack
Real estate market to set record
This year's transactions to top at least 90,000
The November housing market was the hottest on record in the GTA, the Toronto Real Estate Board said today and 2007 is poised to set a record year overall, with transactions to top at least 90,000 -- breaking the old record of 84,000 property sale set in 2005.
The president of the Toronto Real Estate Board, Maureen O'Neil, said the pending land-transfer tax has been driving sales and that Tuesday's rate cut is going to help as well.
"You're seeing a lot of multiple offer situations in the urban centres. I've been in the business for 27 years and I've never seen anything like the multiple offer situations that we're encountering right now," O'Neil said.
"You can now get 25-year, 30-year mortgages. You can go in for five per cent down, enabling people who never could afford to buy before," she added.
Although the land-transfer tax is key, she said it's only part of the story. "I don't know whether we can attribute it entirely to that, probably 30-40 per cent of it is," O'Neil said. "People certainly want to -- those who are sitting on the fence -- in terms of buyers, (they) are wanting to buy and save that tax."
The average price of a home in the GTA in November was approaching $394,000 thousand, while in Toronto it's over $410,000.
December 6, 2007 in Toronto Real Estate Update | Permalink | Comments (1) | TrackBack
Toronto Real Estate Board reports:
On Track for a Record-Breaking Year
Last month became the best November on record with 7,313 resale home transactions in the Greater Toronto Area, Toronto Real Estate Board President Maureen O’Neill announced today. “I recently reported that 2007 became the best year ever for resale transactions in the Greater Toronto Area with six weeks left to go,” said Ms. O’Neill.
Even more astonishing though, is the fact that eight of the 11 months so far this year set new monthly records. No other year has shown as many record-breaking monthly performances.
Sales were up 16 per cent in November compared to the same timeframe last year. At $393,757, November’s average price increased 11 per cent as compared to a year ago and remained in line with the previous month.
Some of the most significant activity in November took place in the 416 area code.
Based on strong sales in all housing types, Riverdale (E01) saw a 56 per cent increase in transactions compared to November 2006.
In the Islington/Kingsway (W08), sales rose 55 per cent over last November, driven primarily by an increase in detached home sales.
In Willowdale (C07), transactions nearly doubled compared to the same timeframe a year ago, driven by strong condominium apartment and detached home sales.
In the West part of Markham (N01), strong detached home sales led to an overall increase of 86 per cent compared to November 2006.
“We expect 2007 to be the first year ever to exceed 90,000 transactions, said Ms O’Neill. These numbers reflect the fact that people who live in the Greater Toronto Area see real estate as an excellent long-term investment.”
December 5, 2007 in Toronto Real Estate Update | Permalink | Comments (0) | TrackBack
Toronto Commercial Brokerage Sold
Even the big fish respect the tide.
Joseph J. Barnicke ruled Canada's commercial real estate market for nearly 50 years, and knew it was time to sell. Mr. Barnicke has kept his share of secrets in the nearly 50 years he has helped orchestrate commercial real estate transactions across Canada.
When a company wanted to pick up stakes and move to new quarters, sometimes across the country, the firm's president would often first pick up the phone and talk to Mr. Barnicke, swearing him to secrecy to work out the plan long before employees and shareholders found out.
Or, when the old Eatons department store chain wanted to expand to what was then a novel retail centre - a mall - it was Mr. Barnicke who cut through the red tape by quietly meeting with the political boss of the day.
Now that he's sold his company to British interests, there's no secret about what Mr. Barnicke wants to do - at 84, he would like to maintain a role with the company he founded in 1959 and built into a recognized powerhouse in commercial real estate, with 25 offices across Canada and 400 employees, including 175 at the Toronto head office.
See story by DANNY GALLAGHER in The Globe and Mail »
November 27, 2007 in Toronto Real Estate Update | Permalink | Comments (1) | TrackBack
Toronto Commercial Real Estate
Over 800,000 square feet leased in October
In October, Toronto Real Estate Board Members reported 821,889 square feet of space leased through the TorontoMLS system. Part of the reason for this healthy result was the lease of a 105,110 square foot building in the Newmarket (N07) area. "As IC&I Realtors further recognize the advantages of listing through MLS, you will see more and more of these large properties appearing on the system," said Commercial Council Chair Garry Lander.
Prices trended upwards in October, with industrial space (all size categories) rising marginally over September to $5.83 sfn, while commercial space climbed 12 per cent to $14.04 sfn over the $12.52 sfn recorded during the previous month.
Sales Market Highlights
The TorontoMLS system saw 60 sales of Industrial/Commercial properties in October. Of these, 34 were of industrial properties in all size classes, which averaged $105.73 per square foot. Non-MLS sources this month gave a figure of $77.95 per square foot.
See Full Report [in PDF format].
November 8, 2007 in Toronto Real Estate Update | Permalink | Comments (0) | TrackBack
Toronto Real Estate Board Reports:
October Sets New Record
Toronto Real Estate Board Members recorded 7,915 transactions of single-family homes in October, an all time record for the month, TREB President Maureen O'Neill announced today. "Sales were up 15 per cent over the 6,876 figure recorded in October of 2006, and up about 10 per cent over the 7,227 transactions that took place in October 2003, which was our previous record."
"There is every indication that 2007 will be a banner year for resale housing activity in the Greater Toronto Area," said Ms. O'Neill. "The effects of the City of Toronto's new land transfer tax will definitely be felt in 2008 but we are also confident that consumers will continue to see the value of real estate as a solid long-term investment."
Prices rose in October, with the average climbing four per cent to $394,646 over September's $380,132, and up 11 per cent over the $356,423 recorded in October of 2006.
Breaking down the total, 2,964 sales were reported in TREB’s 28 West districts and averaged $367,139; 1,602 sales were reported in the 14 Central districts and averaged $522,800; 1,555 sales were reported in the 23 North districts and averaged $415,071; and 1,794 sales were reported in TREB’s 21 East districts and averaged $307,950.
NEIGHBOURHOOD CORNER
Agincourt
Within Agincourt (parts of districts E05 and E07) the dominant resale house types are detached and semi-detached units. So far this year detached homes averaged $376,047, up one per cent over the same time-frame in 2006. Semis averaged $313,337, a six per cent increase over the $295,800 recorded for the first ten months of 2006.
The complete report covers all neighbourhoods »
November 6, 2007 in Toronto Real Estate Update | Permalink | Comments (0) | TrackBack
Toronto Real Estate Market
Best October ever pushes 2007 toward a strong finish
The Greater Toronto Area resale housing activity set a new record for the month of October Toronto Real Estate Board President Maureen O’Neill reported today. With 7,915 transactions, activity was up 10 per cent over the previous best for the month, set in 2003.
Sales were also up 15 per cent over last October.
October’s strong performance has pushed year-to-date activity 12 per cent ahead of last year. “There is every indication that 2007 will be a banner year for resale housing activity in the Greater Toronto Area,” said Ms. O’Neill.
“The effects of the City of Toronto’s new land transfer tax will definitely be felt in 2008 but we are also confident that consumers will continue to see the value of real estate as a solid long-term investment.”
Prices also rose in October to an average of $394,646, a four per cent increase over the previous month.
In Pickering (E13), overall activity was up 34 per cent, led by strong detached sales and a doubling of condominium apartment transactions.
Willowdale (C07) experienced the same combination of strong detached sales and sizeable condominium apartment transactions, which led to a 67 per cent increase in overall sales.
Condominium apartment sales also pushed the South Humber area (W07) to a 60 per cent overall increase in activity.
In Central Richmond Hill (N04), a combination of detached sales and attached/row-house sales, contributed to an overall increase of 54%.
November 5, 2007 in Toronto Real Estate Update | Permalink | Comments (0) | 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
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 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
Toronto area housing starts fall
Sales of new homes in the Toronto area remain healthy, but that isn't being reflected in current housing starts, according to Canada Mortgage and Housing Corp. Starts edged down in August to a seasonally adjusted and annualized 32,000 from 35,100 in July, the federal housing agency reported yesterday.
One problem has been that developers are having trouble getting work crews, which are too busy with single detached housing to work on condominiums.
"While pre-construction sales of condominium apartments remained at record levels over the past year, condominium apartment starts have been lower," said CMHC senior market analyst Jason Mercer.
"The answer to this conundrum lies with the fact that builders have completed fewer condominium projects this year and have not been able to shift as many resources to new projects."
The current slowdown could cause capacity problems in the future, said Brian Johnston, who heads the Ontario Home Builders' Association and is president of Monarch Corp., one of the largest Canadian builders.
"Right now you've got a situation where the pipeline is filled and you've got a potential blockage," said Johnston.
Everyone from builders to architects and city hall staff is probably running flat out to deal with demand, said Johnston.
With the record number of condominium sales in the last year, the worry if problems continue is about the potential for a record number of delays down the road for condominium purchasers taking possession.
As of the end of July, sales of new condos in the Toronto area hit 13,365, compared with 10,722 at the same time last year. CMHC is expecting this to be a record year, with 18,000 condo sales.
Nevertheless, condo starts were off 48 per cent in the first eight months of the year, compared with a year earlier.
"We are a little surprised that this is still continuing, but obviously the system is experiencing some capacity issues," said Johnston.
While the Toronto area experienced a drop, housing starts across Canada rose to 226,500 seasonally adjusted and annualized units in August from 215,600 in July. Much of the increase came in condominiums, up 10 per cent from the prior month.
CMHC has said condos are selling so well because they provide a choice for some would-be homeowners priced out of the single detached home market.
"While detached home construction weakens next year, a stronger apartment sector will support new construction activity in the back half of this year and into 2008," said CMHC economist Ted Tsiakopoulos.
In a separate report released yesterday, Statistics Canada said the pace of growth in prices for new homes across the country slowed for the eleventh-straight month in July. Selling prices were up 7.7 per cent from a year earlier. In June, the year over year growth was 7.8 per cent.
That's probably small consolation to some would-be purchasers across Canada, including those in Saskatoon, where housing prices posed a record increase of 51.4 per cent year over year.
Regina's increase was 23 per cent.
Price increases for new homes in Toronto and Oshawa were much more moderate, up by about the rate of inflation, or 2.3 per cent.
Source: Canada Mortgage and Housing Corp.
September 12, 2007 in Toronto Real Estate Update | Permalink | Comments (0) | TrackBack
Commercial Real Estate Markets
August Sees Over 800,000 Square Feet In Leased Space
With 806,743 square feet of space leased, August 2007 turned out to be another solid month for the Greater Toronto Area Industrial/Commercial real estate market, Toronto Board Commercial Council Vice Chairman Garry Lander announced today.
“This summer, a total of 3,070,102 square feet of space has traded through the TorontoMLS system,” Mr. Lander said. “This is up 13 per cent over the 2,716,065 recorded during summer 2006.”
At $6.35 sfn, prices for Industrial leased space (all size categories) rose 12 per cent over August 2006. Commercial properties also increased from that time-frame, rising 12 per cent from $15.86 sfn to $17.86 sfn.
Sales Market Highlights
In August, 53 sales of Industrial/Commercial properties took place through the TorontoMLS system. Of them, 23 were industrial buildings in all size categories that sold for an average of $100.30 per square foot. This compares to a figure of $78.54 derived from non-MLS sources.
September 11, 2007 in Toronto Real Estate Update | Permalink | Comments (0) | TrackBack
Toronto real estate remains hot
August Sets New Record, Breaks 8,000 Sales
August 2007 became the fifth record-setting month in a row, with 8,059 sales reported by TREB Members throughout the Greater Toronto Area, TREB President Donald Bentley announced today. "This figure is up 15 per cent over August of last year, and up seven per cent over the 7,498 sales recorded during the same month in 2005, which was the previous "best ever" performance for the month of August," said the President. "Summer of 2007 has been hands-down the most active holiday season for the resale market in the history of the Toronto Real Estate Board."
While sales roared ahead, prices remained affordable in August, with a recorded average of $361,890. This figure is up seven per cent over the $338,192 recorded during August of 2006. "While the last decade has seen five record breaking years, and a good possibility of a sixth in 2007, year-over-year prices increases have remained in the single digits. This kind of activity is sustainable for a long time."
Breaking down the total, 3,057sales were reported in TREB’s 28 West districts and averaged $343,493; 1,444 sales were reported in the 14 Central districts and averaged $453,718; 1,653 sales were reported in the 23 North districts and averaged $403,539; and 1,905 sales were reported in TREB’s 21 East districts and averaged $285,665.
NEIGHBOURHOOD CORNER
Rosedale
There have been 100 total residential sales within Rosedale (part of C09) this year for an average of $1,208,414, up four per cent over the first eight months of 2006. Of these 34 were detached homes, which averaged $2,203,457. This is up four per cent over the $2,087,600 recorded during the same time last year.
September 6, 2007 in Toronto Real Estate Update | Permalink | Comments (0) | TrackBack
Toronto Commercial Real Estate
Toronto Among Top Five Most Desirable Locations
Altus-Insite Investment Trends Survey respondents continue to rank Tier One Regional Malls as the best property type for investment purposes.
This ranking has not changed since the second quarter of 2006. Meanwhile, Edmonton was ranked as the most desired location in Canada.
Calgary was second, and Vancouver rounded out the top three spots. Toronto was ranked as the 4th most desirable location to purchase an investment property.
See Full Report [in PDF format].
August 28, 2007 in Toronto Real Estate Update | Permalink | Comments (0) | TrackBack
Summer Market Remains Hot
August Prepares to Roar into Fall Market
Resale home transactions reached unprecedented heights in the first half of August, up 17 per cent from the same period in 2006, Toronto Real Estate Board President Donald Bentley announced today. So far this month 3,838 properties have sold with an average price of $355,829.
"The market has shown tremendous strength in recent months," said Mr. Bentley. "Given that August sales have been brisk thus far and that the past four consecutive months have all set records, we are looking forward to a robust fall market."
The rate at which transactions are occurring has increased over 2006 as well. On average, properties are currently on the market 32 days before selling as compared to 38 Days during the first half of last August.
Sales were particularly swift in the neighborhood of West Agincourt (E05) where there was an overall increase of 71 per cent in sales compared to mid-August 2006 as detached home transactions doubled.
In Rexdale, the W10 district showed a 54 per cent increase in overall sales compared to mid-August a year ago due to large increases in both condominium apartment and detached house sales.
In the Downtown Core (C01), 27 per cent more transactions took place overall compared to the same period last year as a result of a 34 per cent increase in condominium apartment sales in August 2007.
Detached and condominium apartment sales in South Richmond Hill (N03) fueled an overall increased of 41 per cent as compared to the same timeframe a year ago.
Mr. Bentley offered one word of caution with respect to the market outlook, noting that the potential for a second land transfer tax in Toronto could be a wild card.
"The health of the current market is good news for Toronto’s economy. We hope that the City of Toronto doesn't jeopardize this market by imposing a second land transfer tax on home buyers," said Mr. Bentley.
August 17, 2007 in Toronto Real Estate Update | Permalink | Comments (2) | TrackBack
Toronto Commercial Real Estate
July Up over 2006
With 882,252 square feet of space changing hands in July, the month was up 43 per cent over the 614,952 square feet transacted in July of 2006, Commercial Council Vice Chairman Garry Lander reported today. "So far the summer months, with a total of 2,263,359 square feet traded, are up 5% over the same time-frame last year."
Prices fluctuated downward in July, with leased space (all size categories) declining marginally over July 2006 to $5.86 sfn. Commercial space (all size categories) registered an average of $16.09 sfd, down four per cent from the $16.74 recorded last July.
Sales Market Highlights
In July, there were 52 industrial/commercial properties sold through the TorontoMLS system, and of these 25 were Industrial properties of all size categories that averaged 94.87 per sf. This compares to an average of $73.82 per square foot drawn from non-MLS sources.
See Full Report [in PDF format] »
August 9, 2007 in Toronto Real Estate Update | Permalink | Comments (1) | TrackBack
No real estate siesta this summer
Summer has traditionally been a quiet time in the house-hunting game, but not this year, according to the Toronto Real Estate Board, who said July was a record month, with activity up 26 per cent from last year.
The Riverdale area saw an increase of 73 per cent from the past year, while one part of Etobicoke saw an increase of 116 per cent. "I find it interesting to note that a certain area has a flurry of activity," states Donald Bentley, the president of the Toronto Real Estate Board.
Bentley said what these numbers convey to buyers is that there is a lot of competition for properties, so alternates should be considered.
He also said the real estate market has changed and that summer is no longer deemed the sleepy season. In the past, he said, people went on vacation and things went quiet, but that is not the case anymore.
August 7, 2007 in Toronto Real Estate Update | Permalink | Comments (0) | TrackBack
Toronto Real Estate Market Update
More Records Broken in July
Toronto Real Estate Board Members reported 8,912 total sales in July, 26 percent ahead of the 7,082 sales recorded in July of 2006, and an all time record for the month. Furthermore, July makes the fourth month in a row that sales have broken monthly records. "The local resale market is as healthy as it has ever been," said TREB President Donald Bentley. "Not only are we running 13 per cent ahead of last year's January - July total of 52,682, we are running 14 per cent ahead of the seven month total for 2005, which became our best year ever."
While sales have set a blistering pace, prices eased in July, down two per cent to $366,012 from June's average of $373,719. "This decline is seasonal in nature," said the President. "Prices tend to ease in July/August as potential homebuyers and sellers go on holiday." He went on to note that the year-to-date average, at $373,326, was up five per cent over the same time-frame in 2006.
Breaking down the total, 3,424 sales were reported in TREB’s 28 West districts and averaged $347,978; 1,590 sales were reported in the 14 Central districts and averaged $470,464; 1,797 sales were reported in the 23 North districts and averaged $392,360; and 2,101 sales were reported in TREB’s 21 East districts and averaged $293,819.
NEIGHBOURHOOD CORNER
North York
There were 5,115 sales in the North York area (C04,C06,C07, and C12 through C15) during the first seven months of 2007, up 12 per cent over the 4,583 sales recorded during the same time-frame in '06. The average price came in at $488,663, a five per cent increase over last year.
See Full Report [in PDF format]
August 4, 2007 in Toronto Real Estate Update | Permalink | Comments (1) | TrackBack
Toronto's investment neighbourhoods
Central core homes 'first and foremost' in market performance
Unprecedented demand for single-detached homes along the Yonge St. corridor prompted double-digit price increases in the GTA's top performing neighbourhoods in the first six months of the year, according to RE/MAX Ontario-Atlantic Canada.
In total, 56 of the 62 Toronto Real Estate Board Districts examined reported an increase in the average price of a single-detached home between January to June 2007, compared to the same period one year ago. Three of the top five were located in TREB's Central District, while the remaining two were located in the North and West Districts. Leading the charge was Forest Hill, Chaplin Estates, Deer Park, and Cedarvale (C03) with a 16.8 per cent increase over one year ago, bringing average price to a just over one million dollars.
Thornhill, Vaughan (N02) followed in second place with an average price of $565,428, up 15 per cent versus the same period in 2006. South Hill, Annex, Yorkville (C02) claimed third spot, with an average price of $883,869, 14.3 per cent ahead of one year ago, while C07 (Lansing, Willowdale, Newtonbrook) reported a 12.2 per cent upswing to $618,179. Port Credit, Mineola (W12) secured the fifth position, with an average price 11.3 per cent ahead of last year's figure at $581,167. Close to half of all GTA districts are now reporting a single-detached average price in excess of $500,000.
"The trade-up market is once again heating up in the Greater Toronto Area," says Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. "Significant equity gains have been the impetus behind market activity. As a result, sales and prices continue to reach new benchmarks. Demand is particularly evident in the central core - from Bloor St. north to Highway 7 - where average price ranges from $565,000 to well over a million. In fact, nearly 60 per cent of 'C' districts reported double-digit increases in unit sales for the first half of the year."
Last year at this time, appreciation had slowed in the central core as the average price approached $830,000. Buyers were investigating more affordable alternatives east, north, and west of the city centre. This year, despite an average closer to $875,000, demand for properties is at an all-time high in the district and a limited supply of product has purchasers vying for homeownership. In June, four central districts (C02, C10, C11 and C15) reported a sales-to-listings ratio above 100 per cent. Multiple offers remain commonplace on quality, well-priced product, with detached homes selling for 100 per cent of list price or more in all but one central district in June.
"With affordability a growing concern in the Greater Toronto Area, more and more purchasers are turning to condominium apartments and townhomes," says Polzler. "Close to 80 per cent of distri