Home sales in Toronto drop in November, 2018 following spike in sale prices

  Home sales in Toronto drop in November, 2018 following spike in sale prices   Toronto remains a seller’s market after home sales across the Greater Toronto Area (GTA) dropped nearly 15% this November, 2018, compared to a year ago.   According to the Toronto Real Estate Board (TREB), there were 6,251 residential transactions recorded through its system last month, a 14.7% drop compared to November last year. On a seasonally adjusted basis, sales were down by 3.4% compared with October 2018.   The average selling price for November was up by 3.5% year-over-year to $788,345, according to TREB. When adjusted seasonally, the average sale price

Toronto downtown is gaining from ‘Hyper-concentration’ of knowledge jobs in a permanent shift

  A fundamental economic shift is Toronto downtown is gaining from ‘Hyper-concentration’ of knowledge jobs in a permanent shift as traditional manufacturing employment evaporates across much of southern Ontario, a new report warns, and the trend has major ramifications for public transit and land-use planning.   The study, released days after General Motors announced the shutdown of its assembly plant in Oshawa, Ont., says the lopsided job growth is a permanent change, not a cyclical pattern. It warns Toronto’s transit system will be placed under further strain. The report also argues smaller communities outside the city should seek to attract the

New Rent control rules could mark return to sky-high rent increases for Toronto tenants

Toronto housing   New Rent control rules   With new Rent control rules and the province of Ontario scrapping rent control for new units across Ontario as of November 15, 2018, affordable housing advocates are warning that the changes could mark a return to sky-high rent increases for thousands of Toronto tenants.   The Progressive Conservative government revealed the details on November 15, 2018 through the fall economic statement, announcing legislation which ends rent control for all newly-built or newly-converted rental units going forward — while maintaining rent control for current tenants — as part of a new Housing Supply Action Plan.  

TREB October, 2018 Resale Market Watch Report

TREB October, 2018 Resale Market Watch Report   Greater Toronto, November 5, 2018 – TREB October, 2018 Resale Market Watch Report. Toronto Real Estate Board President Garry Bhaura announced year-over-year increases in home sales and average sale prices reported through TREB’s MLS® System in October 2018.   Greater Toronto Area REALTORS® reported 7,492 sales through TREB’s MLS® System in October 2018 – a six per cent increase compared to October 2017. On a preliminary seasonally adjusted basis, sales were down by one per cent compared to September 2018.   The average sale price for October 2018 was up 3.5 per

Interest Rate goes up adding to homebuyers’ challenges, more first-time buyers will not qualify

  The interest rate up and third Bank of Canada rate hike this year could shut more first-time buyers out of the Toronto region’s housing market. It will increase hundreds of dollars to some homeowners’ challenge mortgage payments. More first-time buyers may not qualify for mortgage.   The central bank has raised its key lending rate 0.25 to 1.75 per cent on October 24, 2018. Similarly, Canada’s big banks boost their prime rates by a quarter of a percentage point to 3.95 per cent from 3.70 per cent, effective October 25. The bank previously raised rates by 0.25 percentage points

Defective Kitec pipes can cause big repair cost for Toronto home and condo owners

Kitec pipes were used across the city a decade ago, but they quickly corrode and can cause flooding   Kitec plumbing — a plastic pipe with an aluminium lining — was introduced to the market in 1995.   Back in 1995, Kitec was considered an innovation and used in condominiums, homes and commercial buildings in Toronto and across Canada. The pipes were touted as durable, easy to install and cheaper than the popular copper alternative. But soon, homeowners and contractors realized the pipes corroded at an accelerated rate.   Class action lawsuit against Kitec The product’s failure rate sparked lawsuits, including a

75 Haddington Ave, Bedford Park, Toronto had multiple bidders, Sold for $2,000,000 in October, 2018

  75 Haddington Ave., Toronto Selling price: $2-million Previous selling prices: $1,289,000 (2013); $910,000 (2009) Realty Taxes: $8,849 (2017) Days on the market: 7   The home has a joined open eat-in kitchen and family room and finished maple hardwood floors.   On a residential street just east of Avenue Road, there were two properties listed in June. One seller sought $2-million, while the owner of this three-bedroom house on a 30-by-130-foot lot started under $1.4-million. Competition between 13 bidders drove the final price to $2-million within a week’s time.   Family room has a gas fireplace   In the Cricket Club

Toronto’s heated condo market looses steam in 1st quarter, 2018

  Toronto’s heated condo market looses some steam due to the growing development costs and some of the condo project cancellations. They have produced some caution into Toronto’s hot condo market, and with more project terminations likely yet to come, comments Urbanation, the development research company. Urbanation found that new Toronto condo launch prices went up 23 per cent year over year at the end of the 1st quarter, 2018. Even with a really large number of condo development projects that were launched in 2017, about 53 condo developments projects with nearly 14,000 units that still had not begun construction.   It’

Toronto home sales decline, could sign to a return to normal market

  Toronto real estate market has seen the effects of a confluence of policies: Ontario’s Fair Housing Policy, including a foreign buyers’ tax aimed at cooling the market; a new mortgage stress test targeted at protecting Canadians from dangerously high household debt levels; and the Bank of Canada’s moves to increase interest rates.   The Ontario government needed to act to cool the over-heated market when it peaked at more than 30 per cent year-over-year price growth last April, 2017..   If the government’s policy target was to increase affordability of buyers, that has not happened yet. The short supply

Analysis of condo investors in Toronto, a new study reveals

  What are the characteristics of the new pre-construction condo buyers in Toronto’s property market? These buyers buy out the most and best condo units in the condo building towers during the pre-sales period from the hundred of new condo builders across Toronto area.   Close to 50 per cent (50%) of the mortgages then rent their condo units to the existing large pool of available renters by leasing their units. An acute shortage of available apartment rental units is existing in the Toronto area for more than ten (10) years.  The vacancy rate of rental apartments in the Toronto