Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 5,921 residential transactions through TREB’s MLS® System in July 2017. This result was down by 40.4 per cent on a year-over-year basis, led by the detached market segment – both in the City of Toronto and surrounding regions.While sales were down, the number of new listings reported were only slightly (+5.1 per cent) above last year’s level. “A recent release from the Ontario government confirmed TREB’s own research which found that foreign buyers represented a small proportion of overall home buying activity in the GTA. Clearly ...
Market Continued to Adjust in July
August 3, 2017
Average Condo Price Up Year-Over-Year in Q2 2017
July 31, 2017
Toronto Real Estate Board President Tim Syrianos announced the release of TREB’s Q2 2017 Condo Market Report. Greater Toronto Area REALTORS® reported 8,223 condominium apartment sales reported through TREB’s MLS® System between April and the end of June. This result was down by eight per cent compared to 8,942 sales reported in Q2 2016. New listings of condominium apartments were up slightly on a year-over-year basis by 0.7 per cent to 13,682. “Despite the recent dip in overall GTA home sales, the condominium apartment market was quite resilient, especially when compared to low-rise market segments. Condo apartment sales accounted for ...
Greater Toronto Area Home Price Appreciation Begins to Cool in Second Quarter of 2017
July 14, 2017
Prices across GTA begin slower ascent on the back of extreme highs witnessed in beginning of 2017 The Royal LePage House Price Survey and Market Survey Forecast released today showed that home prices across the Greater Toronto Area (GTA) continued to appreciate by a sizable margin in the second quarter of 2017, surpassing levels witnessed in the first three months of the year. In the second quarter, the aggregate price of a home in the region reached new heights, rising 24.0 per cent year-over-year to $837,232. When broken out by housing type, home prices across all housing segments saw notable ...
More Moderate Price Growth in June
July 7, 2017
Greater Toronto Area REALTORS® reported 7,974 sales through TREB’s MLS® System in June 2017 – down by 37.3 per cent in comparison to June 2016. The number of new residential listings entered into TREB’s MLS® System, at 19,614, was up by 15.9 per cent compared to June 2016. While this annual rate of growth was sizeable, it represented a more moderate annual rate of growth compared to May 2017, when new listings were up by 48.9 per cent year-over-year. “We are in a period of flux that often follows major government policy announcements pointed at the housing market. On one ...
Recreational Property Prices in Ontario Continue to Rise in 2017
June 21, 2017
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 ...
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 ...