Affordability constraints and new Office of the Superintendent of Financial Institutions’ mortgage regulations push many potential purchasers to the sidelines The Royal LePage House Price Survey1 released today revealed double-digit growth across the Greater Toronto Area (GTA) in the fourth quarter of 2017 compared to the same quarter last year. Home values continue to be influenced by an exceptionally strong start to 2017. During the quarter, demand continued to slow in many suburban regions across the GTA. With the exception of condominiums, all housing segments studied depreciated on a quarter-over-quarter basis, as poor winter weather, growing affordability constraints and the ...
Greater Toronto Area’s Housing Market Sees Double-digit Year-over-year Price Gains in the Fourth Quarter of 2017
January 11, 2018
Average Price up 12.7% in 2017 across the Greater Toronto Area
January 4, 2018
Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 92,394 sales through TREB’s MLS® System in 2017. This total was down 18.3 per cent compared to the record set in 2016. Record sales in Q1 were followed by a decline in Q2 and Q3 after the Ontario Fair Housing Plan (FHP) was announced. The pace of sales picked up in Q4, as the impact of the FHP started to wane, and some buyers arguably brought forward their home purchase in response to the new OSFI stress test guidelines effective January 1, 2018. “Much of the ...
Home prices in the Greater Toronto Area expected to increase 6.8% in 2018
December 28, 2017
Impact of new stress test expected to be contained to first half of 2018 for most major markets Still risk of high price appreciation in Greater Toronto Area and Greater Vancouver as chance of market correction fades Compounding policies could have unintended consequences for struggling housing markets According to the Royal LePage Market Survey Forecast released last week, the Royal LePage House Price Composite, which measures home prices in 53 key Canadian cities, is expected to increase 4.9 per cent by the end of 2018 to $661,919, in the face of a series of measures aimed at affordability challenges in ...
Demand for Housing on the Upswing in November
December 5, 2017
Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 7,374 transactions through TREB’s MLS® System in November 2017. This result was up compared to October 2017, bucking the regular seasonal trend. On a year-over-year basis, sales were down by 13.3 per cent compared to November 2016. New listings entered into TREB’s MLS® System in November 2017 amounted to 14,349 – up by 37.2 per cent compared to November 2016, when the supply of listings was very low from a historic perspective. “We have seen an uptick in demand for ownership housing in the GTA this ...
Sales Momentum Picking up Across the GTA
November 2, 2017
Toronto Real Estate Board President Tim Syrianos reported 7,118 residential sales through TREB’s MLS® System in October 2017. This result represented an above average increase between September and October of almost 12 per cent, pointing to stronger fall market conditions. On a year-over-year basis, October sales were down compared to 9,715 transactions in September 2016. Total sales reported through the first 10 months of 2017 amounted to 80,198 – down from 99,233 for the same time period in 2016. “Every year we generally see a jump in sales between September and October. However, this year that increase was more pronounced ...
Condo Market Conditions Remain Tight in Q3 2017
October 27, 2017
Toronto Real Estate Board President Tim Syrianos reported continued average price growth on a year-over-year basis for condominium apartments listed and sold through TREB’s MLS® System by Greater Toronto Area REALTORS®. The average selling price was $510,206 in Q3 2017 – up by 22.7 per cent compared to the average of $415,894 reported in Q3 2016. “The condominium apartment market segment has exhibited the strongest average rates of price growth since the spring, relative to other major market segments. Competition between buyers remains strong, as listings remain below last year’s very constrained levels. Over the past few months, TREB has ...
6 Secrets of Being a Successful Real Estate Agent
October 26, 2017
thebalance.com – June 7, 2017 - James Kimmons If you're considering real estate as a career, or you've been in the business for under 2-years, these secrets can make a difference in your probability of success in real estate. Some of the old "real estate sayings" that many new real estate agents take to heart are no longer as true as they were before the Internet and the real estate market problems after 2006. Learn some new secrets about how to start your new business with less risk of failure. A great many agents never make it through their first ...
How the new mortgage rules will affect homebuyers in 2018
October 23, 2017
Scenarios show that Canadians will be able to afford about 20% less house From: Macleans.ca – October 19, 2017 - Julie Cazzin The Office of the Superintendent of Financial Institutions (OSFI) has introduced new rules on mortgage lending to take effect next year. OSFI is setting a new minimum qualifying rate, or “stress test,” for uninsured mortgages (mortgage consumers with down payments 20% or greater than their home price). The rules now require the minimum qualifying rate for uninsured mortgages to be the greater of the five-year benchmark rate published by the Bank of Canada (presently 4.89%) or 200 ...
Recovery Underway in the Greater Toronto Area Real Estate Market
October 13, 2017
Slide in rate of home price appreciation appears to have found its bottom as strengthening consumer confidence rekindles demand within the region Mortgage regulations, affordability issues and the prospect of further interest rate hikes spur competition in entry-level market segment The Royal LePage House Price Survey released today showed double-digit growth in year-over-year home prices across the Greater Toronto Area (GTA) in the third quarter of 2017, due in part to the strong gains witnessed within the region at the beginning of the year. While appreciation slowed within the GTA on a quarter-over-quarter basis to 1.5 per cent, market characteristics favouring ...
Homeowners Anticipating Uptick in Sales Activity
October 4, 2017
Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 6,379 sales through TREB’s MLS® System in September 2017. This result was down by 35 per cent compared to September 2016. The number of new listings entered into TREB’s MLS® System amounted to 16,469 in September – up by 9.4 per cent year-over-year. “The improvement in listings in September compared to a year earlier suggests that home owners are anticipating an uptick in sales activity as we move through the fall. Consumer polling undertaken for TREB in the spring suggested that buying intentions over the next ...