Low inventory and demand from retirees contribute to increased prices According to the 2017 Royal LePage Canadian Recreational Housing Report1 released today, recreational market trends across Ontario heated up earlier this year, as characteristics stemming from the Greater Toronto Area (GTA) increasingly influenced pricing and sales activity well beyond its borders. Provincially, Ontario saw its aggregate2 recreational property price climb year-over-year to $413,000 in May 2017, with property values and sales activity in the majority of markets rising over the same period of time. Inventory levels across the province have also declined when compared to last year, placing significant upward ...
Recreational Property Prices in Ontario Continue to Rise in 2017
June 21, 2017
Active Listings Increase in May
June 5, 2017
Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 10,196 sales through TREB’s MLS® System in May 2017 – down by 20.3 per cent compared to 12,790 sales reported in May 2016. Sales of detached homes were down by 26.3 per cent. Sales of condominium apartments were down by 6.4 per cent. Active listings – the number of properties available for sale at the end of May – were up by 42.9 per cent compared to the lowest level in 15 years recorded in May 2016, but remained below the average and peak during that ...
Using An Escalation Clause
June 2, 2017
What you need to know before using an escalation clause As the housing market continues to sizzle, buyers often feel tempted to offer more for a property, or remove conditions that are intended to protect them. One tool buyers are considering is an ‘escalation clause’. Escalation clauses, also known as ‘escalator clauses’, are designed to edge out competing offers by automatically raising the offer price by a pre-set amount when a higher bid comes into play. There are numerous variations of this type of clause. Some identify a maximum price, others may not. It can become particularly cumbersome if more ...
Ontario Non-Resident Tax Overview
May 5, 2017
If you sell residential real estate in the Great Golden Horseshoe Area (GGH), which includes Brant, Dufferin, Durham, Haldimand, Halton, Hamilton, Kawartha Lakes, Niagara, Northumberland, Peel, Peterborough, Simcoe, Toronto, Waterloo, Wellington and York (please see map); then your non-resident clients slapped with an extra 15% Provincial Tax on any residential real estate they purchased as of April 21st. In this short article we will try to explain what the Non-Resident Speculation Tax (NRST) is, and how it will affect your foreign buyers. What is NRST? NRST is a 15% tax on the purchase or acquisition of an interest in residential ...
Strong Growth in New Listings in April
May 3, 2017
Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® entered 33.6 per cent more new listings into TREB's MLS® System in April 2017, at 21,630, compared to the same month in 2016. New listings were up by double-digits for all low-rise home types, including detached and semi-detached houses and townhouses. New listings for condominium apartments were at the same level as last year. Total sales for the TREB market area as a whole amounted to 11,630 – down 3.2 per cent year-over-year. One issue underlying this decline was the fact that Easter fell in April in ...
Canadian home sales edge higher from February to March
April 19, 2017
According to statistics released today by The Canadian Real Estate Association (CREA), national home sales were up on a month-over-month basis in March 2017. Highlights: National home sales rose 1.1% from February to March. Actual (not seasonally adjusted) activity in March was up 6.6% from a year earlier. The number of newly listed homes climbed 2.5% from February to March. The MLS® Home Price Index (HPI) was up 18.6% year-over-year (y-o-y) in March 2017. The national average sale price increased by 8.2% y-o-y in March. Home sales over Canadian MLS® Systems edged up 1.1% in March 2017, surpassing the ...
Overheated Price Appreciation in Greater Toronto Area Reaches New Heights in the First Quarter of 2017
April 18, 2017
Apprehension grows over the region’s steep price gains, causing many to search for property in regions beyond the GTA The Royal LePage House Price Survey released today showed double-digit growth in the prices of homes across the Greater Toronto Area (GTA). In the first quarter of 2017, the aggregate2 price of a home in the region rose by an astounding 20.0 per cent year-over-year to $759,241. When broken down by housing type, in the first quarter of 2017, the median price of a two-storey home and bungalow in the GTA climbed 21.9 per cent and 19.3 per cent year-over-year to $894,919 ...
Royal LePage Revolutionizes the Real Estate Industry Again
February 28, 2017
After years of painstaking work and endless testing, Royal LePage Canada in partnership with Jump Tools, are on the verge of releasing the most comprehensive and powerful CRM in the industry. Royal LePage Smart Studio will take the place of their current Marketing Centre which offered a wide array of Real Estate Marketing Materials from Feature Sheets to Post Cards to Single Property Websites. The beauty of the Royal LePage Smart Studio is that it takes all of the benefits of a powerful CRM and blends it with all of the design tools from the aforementioned Marketing Centre. If ...
What does the Toronto City Council Approved 3.29% Property Tax Increase Mean For You?
February 27, 2017
The new 2017 Toronto Property Tax is an increase of 2% but once all the levies are added, the increase will be 3.29%. Toronto Mayor, John Tory describes the 2017-2026 tax supported capital budget and plan as “…a balanced, responsible budget that invests in the needs of the people who live and work in Toronto.” The truth is, for the cost of an extra $90 for the average homeowner (property assessed at $587,471) for a total of $2,835 in 2017, and extra payments for every year up to 2026, the city will spend on: Transit & Transportation: $20 Billion Federal ...
Condo Sales up 22.3% in Toronto
February 3, 2017
Strong Condo Sales and Price Growth across the GTA in Q4 2016 Condominium apartment sales reported by Greater Toronto REALTORS® in the fourth quarter of 2016 were up by 22.3 per cent year-over-year to 6,831. Over the same period of time, new listings were down by 13.4 per cent. At the end of the fourth quarter, the MLS® Home Price Index apartment benchmark price was up by 15.2 per cent. The average condominium apartment selling price for the fourth quarter was up by 14.5 per cent to $437,281. The number of condominium apartments listed for rent in the fourth ...