Thursday, December 5, 2019
TREB RELEASES NOVEMBER MARKET FIGURES AS REPORTED BY GTA REALTORS® TORONTO
December 4, 2019 - Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 7,090 sales through TREB’s MLS® System in November 2019 – a 14.2 per cent increase compared to November 2018. On a GTA-wide basis, sales were up year-over-year for all major market segments. Annual sales growth in ground-oriented home types, including detached houses, led the way. New listings entered into TREB’s MLS® System in November and the active listings count at the end of the month went in the opposite direction compared to last year, with new listings down 17.9 per cent year-over-year and active listings down 27.2 per cent. “An increasing number of home buyers impacted by demand-side policies over the past three years, including the 2017 Ontario Fair Housing Plan and the OSFI mortgage stress test, have moved back into the market for ownership housing. Based on affordability and stricter mortgage qualification standards, many buyers may have likely adjusted their preferences, changing the type and/or location of home they ultimately chose to purchase,” said Mr. Collins. “The Greater Toronto Area needs flexible housing market policies that will help sustain balanced market conditions over the long term. All levels of government in Canada plus reputable international bodies have acknowledged that we have a housing supply problem. In 2020, policy makers need to translate their acknowledgment of supply issues into concrete solutions to bring a greater array of ownership and rental housing online. As always, TREB will be there to help policy makers in this regard,” said TREB CEO, John DiMichele. As market conditions continued to tighten in November 2019, with increased sales up against an increasingly constrained supply of listings, the annual rate of price growth continued to accelerate. The MLS® Home Price Index Composite Benchmark increased by 6.8 per cent year-over-year. The average selling price increased by 7.1 per cent yearover-year to $843,637. Both the MLS® HPI and the average selling price for the TREB market area as a whole experienced the strongest annual rates of price growth for the year in November. “Strong population growth in the GTA coupled with declining negotiated mortgage rates resulted in sales accounting for a greater share of listings in November and throughout the second half of 2019. Increased competition between buyers has resulted in an acceleration in price growth. Expect the rate of price growth to increase further if we see no relief on the listings supply front,” said Jason Mercer, TREB’s Chief Market Analyst.
Thursday, November 21, 2019
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Thursday, November 14, 2019
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Wednesday, November 13, 2019
TREB RELEASES OCTOBER 2019 MARKET FIGURES AS REPORTED BY GTA REALTORS®
TORONTO,
November 5, 2019 - Toronto Real Estate Board President Michael
Collins
announced that Greater
Toronto Area REALTORS® reported 8,491 residential sales
through TREB’s MLS®
System in October 2019. This result represented a 14 per cent
increase compared to
7,448 sales reported in October 2018. GTA-wide, sales were up on a
year-over-year basis for all major home types. “A strong regional
economy obviously fuels population growth. All of these new households need a
place to live and many have the goal of purchasing a home. The
problem is that the
supply of available listings is actually dropping, resulting in tighter
market conditions and
accelerating price growth,” said Mr. Collins.
“During the recent
federal election, some parties committed to more flexibility on the mortgage lending
front, including the reintroduction of a 30-year amortization period for insured mortgages and
more flexibility in the application of the OSFI mortgage stress test. These and
other housing-related policy options should be brought forth in the new
minority parliament,” continued Mr. Collins. The trend of annual growth in
sales versus annual decline in new listings continued in October 2019, with new
listings down by 9.6 per cent compared to October 2018. The resulting tighter
market conditions compared to a year ago resulted in positive annual rates of
price growth across all major market segments, from a GTA-wide perspective. “All levels of
government affecting the GTA plus many international organizations have recognized that we
continue to face a supply issue in our region for all types of housing.
TREB looks forward to
continuing its work with policy makers at all levels to bring more
supply online, which
will help ensure a sustainable pace of price and rent growth over the longer
term,” said TREB CEO John Di Michele.
The MLS® Home Price
Index Composite Benchmark was up by 5.8 per cent on a year over- year basis in
October 2019 – the strongest annual rate of growth since December 2017. The
average selling price for all home types combined was up by 5.5 per cent to
$852,142, compared to $807,538 in October 2018.
“As market conditions
in the GTA have steadily tightened throughout 2019, we have seen an
acceleration in the annual rate of price growth. While the current pace of
price growth remains moderate, we will likely see stronger price growth moving
forward if sales growth continues to outpace listings growth, leading to more
competition between home buyers,” said Jason Mercer, TREB’s Chief Market
Analyst.
Thursday, October 31, 2019
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Wednesday, October 30, 2019
The Importance of Depersonalizing Your Home
However, when they see a baseball trophy on the mantle with your name on it, that visualization crumbles, especially if they don’t play baseball! That’s why it’s smart to depersonalize your home as much as possible when selling.
You don’t have to go too far. Simply do what you can to remove items that scream “We live here!” Consider stowing items such as:
• Trophies, diplomas, certificates and anything else with a name prominently i89displayed on it.
• Personal and family pictures.
• Mementos, knickknacks and other items of a personal nature.
• Notes, pictures, etc. on a fridge door or bulletin board.
Depersonalizing is a proven staging strategy that can help sell your home faster and for a better price. Depending on the number of personal items you have, you may be able to display them between viewings.
Thursday, October 24, 2019
Staging Doesn’t Have to be Difficult
That’s true. However, if you’re like many homeowners, you’re worried about the time, energy and cost involved in staging your home properly. After all, don’t professional stagers bring in special furniture and décor? Will you have to do the same thing?
Not necessarily. Staging doesn’t have to be a big imposition. In fact, there are many staging techniques that most homeowners can easily do on their own. Among the simplest are: cleaning, decluttering, fixing, and painting.
Rearranging furniture can also improve the look of a room, while putting some furniture into storage can make the room look more spacious.
A helpful technique is to think of each room in your home as a product for sale. Then, explore ways to make it the kind of room buyers would want to buy. When it comes to effective staging, that’s a good mindset to get you started.
Thursday, October 17, 2019
GTA REALTORS® Release September 2019 Market Watch
October 3, 2019 -- Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 7,825 sales through TREB's MLS® System in September 2019. This result represented strong year-over-year sales growth of 22 per cent compared to 6,414 sales reported in September 2018. It is important to note, however, that sales remain well-below the record September 2016 peak of more than 9,800 sales. On a preliminary seasonally adjusted basis, the September 2019 sales level remained in virtually the same as the August 2019 result.
The supply of listings continued to be a concern in September 2019, with new listings down by 1.9 per cent year-over-year to 15,611. We have experienced multiple months this year wherein the annual rate of sales growth outpaced the annual rate of new listings growth, resulting in the overall number of active listings at month-end being well-below last year's levels. This speaks to tightening market conditions and an accelerating annual rate of price growth.
The annual rate of price growth in September reached the highest point so far in 2019. The MLS® Home Price Index (HPI) Composite Benchmark was up by 5.2 per cent on a year-over-year basis in September. The average selling price for all home types combined was up by a similar annual rate of 5.8 per cent to $843,115. On a preliminary seasonally adjusted basis, the September 2019 average selling price was up by 1.2 per cent compared to August 2019.
Tuesday, October 15, 2019
3 Ways to Sell Your Home Quickly
When you put your home on the market, chances are you’ll cross your fingers and hope that a good offer – or two or three – will come in fairly quickly. So, what can you do to help make that happen? A lot!
Here are just three of many sure-fire ways to speed up the sale of your home.
1. Price it right. Your home will sell more quickly when the list price is set at or near the current market value. That value is calculated using a number of factors, including what similar homes in the area sold for recently. You don’t want the price to be set too high, otherwise few, if any, buyers will bother to see it. On the other hand, setting the price too low may not excite as many buyers as you might think, and you may end up leaving a lot of money on the table.
2. Staging. This is all about presenting each room of your home in a way that looks attractive to buyers. The technique involves decluttering, reorganizing furniture, and decorating strategically. Staging is proven to reduce the number of days a home sits on the market. In fact, many studies suggest you can expect a 10-20% reduction in days on the market. Consider hiring a professional stager or get some good staging advice and do it yourself.
3. Flexibility. During the listing period, if you’re flexible when it comes to scheduling viewings, more buyers will see your home. More buyers means more chances that at least one will become interested and make an offer.
The great thing about these strategies is none involve lowering the price of your home.
Friday, October 11, 2019
Thursday, October 10, 2019
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Wednesday, October 9, 2019
What To Watch For When Viewing An Older Home
Buying an older property definitely has its advantages. The neighbourhood will already be
well-established, so you’ll be able to get a sense of the community. The trees will be grown. The area will have a defined character. This combination of an older home and established
community may be something you like, or even love.
However, when you’re viewing an older home for sale, there are a few extra things you need to be sure to check. Here are the most important:
Needed replacements. Nothing lasts forever. In any home, there are items that will eventually need to be replaced. The most common include roofing shingles, furnace, water heater, air
conditioner, windows, deck, and fencing. When viewing an older property, ask about the age of each of these items. You’ll get an idea of probable upcoming replacement expenses.
Building issues. Homes were built differently decades ago than they are today. So, there may be issues that need to be addressed by a new owner. Some can be serious, such as water leakage and structural problems. Others, less so, such as old electrical outlets that need to be updated. If there are issues like these, they’ll likely be identified during the professional home inspection.
Drafts. Drafts are common in older homes. Of course, that doesn’t mean they shouldn’t be fixed. Even modest infiltration of air through an old window or door with worn weather-
stripping could add hundreds of wasted dollars to your energy bill each year. Look for signs of drafts when viewing a home.
The good news is, the overwhelming majority of these issues can be fixed easily. Don’t let them
dissuade you from buying an older home you otherwise like.
Wednesday, October 2, 2019
Buying a Home Out-of-Town
Have you ever considered selling your home and moving out-of-town? One concern that might be holding you back is the uncertainty involved of finding a home in an unfamiliar place. What are the best neighbourhoods? What are homes selling for in that area? What is it like to live there?
There are many ways to find out.
• If possible, spend a day in the area. Walk some of the
neighbourhoods. Visit schools and parks. Check out the local
shopping and other amenities.
• Talk to someone who lives there. This will give you firsthand
insights into the area. You can facilitate this through a Facebook
post where you ask to chat with a local resident.
• View current listings in the area online. Most listings include helpful
data on safety, demographics and other information.
• Get a handle on home prices by finding out what a home like yours
is currently selling for in that area. That will give you a baseline to
determine what you can expect to pay.
What’s the bottom line? There’s no need to let uncertainty about finding a home in a different town or city hold you back.
Friday, September 27, 2019
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Thursday, September 26, 2019
Furniture Ideas that Save Space
We could all use a little more room in our homes, so it’s always worth checking out the amazing space saving options available to homeowners today. Some common clutter reducing options include closet organizers and kitchen cabinetry specially designed for storage, but there are so many new ideas available too.
For example, the latest modern beds appear to be sitting on a solid box frame but they are actually hiding plenty of storage space. That space is easily accessible with a simple lever that raises the mattress – a much tidier solution than shoving boxes between the legs of a standard bed frame.
If you’re considering a sofa bed or Murphy bed, imagine a set of bunk beds that are hidden within the framework of an ordinary-looking sofa or behind a wall unit. How about a coffee table that expands into a dining room table, or a cube-shaped ottoman that hides seating for five? With so many new space-saving furniture designs available, casual search online could reveal possibilities you may never have imagined.
Tuesday, September 10, 2019
GTA REALTORS® Release August 2019 Stats
September 5, 2019 -- Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 7,711 residential sales through TREB's MLS® System in August 2019. This result represented a 13.4 per cent increase compared to 6,797 sales reported in August 2018. On a month-over- month basis, after preliminary seasonal adjustment, sales were up by 0.8 per cent.
GTA-wide sales were up on a year-over-year basis for all major market segments, with annual rates of sales growth strongest for low-rise home types including detached houses. This reflects the fact that demand for more expensive home types was very low in 2018 and has rebounded to a certain degree in 2019, albeit not back to the record levels experienced in 2016 and the first quarter of 2017.
Market conditions also became tighter in August 2019 compared to a year ago because, while sales were up year-over-year, new listings were down by three per cent over the same time period to 11,789. Year-to-date, growth in sales has well outstripped growth in new listings. This is why overall active listings counted at the end of August were down by more than 11 per cent compared to August 2018.
The MLS® Home Price Index Composite Benchmark for August 2019 was up by 4.9 per cent on a year-over-year basis. The average selling price, at $792,611 in August 2019, was up by 3.6 per cent year-over-year. Both the MLS® HPI benchmark prices and average selling prices were up on an annual basis for major market segments. The condominium apartment segment continued to lead the way in terms of price growth, followed by higher density low-rise home types and finally detached houses.
Tuesday, August 6, 2019
GTA REALTORS® Release July 2019 Stats
August 6, 2019 -- Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 8,595 sales through TREB's MLS® System in July 2019. This result was up by 24.3 per cent compared to July 2018. On a month-over-month basis, sales were up by 5.1 per cent, after preliminary seasonal adjustment.
New listings entered into TREB's MLS® System in July 2019 were up compared to July 2018, but by a much lesser annual rate than sales, at 3.7 per cent. With annual growth in sales far outstripping annual growth in new listings, market conditions clearly tightened compared to last year. Active listings at the end of July were down by 9.1 per cent year-over-year, further reflecting tightening market conditions.
As market conditions continued to tighten in July, the average selling price increased by 3.2 per cent on a year-over-year basis to $806,755. The MLS® Home Price Index Composite benchmark was up by 4.4 per cent. Higher density home types continued to drive price growth, whereas detached home prices remained down in many communities throughout the GTA.
Broadly speaking, increased competition between buyers for available properties has resulted in relatively strong price growth above the rate of inflation for semi-detached houses, townhouses and condominium apartments. However, the single-detached market segment, which has arguably been impacted most by the OSFI stress test, has experienced a slower pace of price growth, with average detached prices remaining lower than last year's levels in some parts of the GTA.
Thursday, July 11, 2019
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Market Watch Report for June 2019
TORONTO, July 4, 2019 – The new President of the Toronto Real Estate Board, Michael Collins, announced that Greater Toronto Area REALTORS® reported 8,860 sales through TREB’s MLS® System in June 2019, representing a 10.4 per cent increase compared to June 2018. Over the same time period, total new listings remained at a similar level for the month of June and active listings at month-end were down by 5.7 per cent. Sales and new listings statistics for the first half of 2019 compared to the same period in 2018 painted a similar story to that of June. Sales were up by 8.5 per cent, while new listings were up by less than one per cent. This shows that sales accounted for a greater share of listings compared to last year, which means that competition between buyers increased, resulting in renewed price growth in many segments of the market. “As I start my term as President of the Toronto Real Estate Board, I am proud to say that the Greater Toronto Area continues to grow, in terms of employment, population and overall diversity. As people are attracted to our region from all around the world, they obviously need a place to live. Over the next year, as demand for ownership and rental housing continues to grow, my hope is that we will see more movement from policy makers on two fronts: alleviating the constrained supply of housing and providing more flexibility around demand-side policies, including the OSFI two percentage point mortgage stress test and allowable amortization periods on insured mortgages,” said Mr. Collins. The overall average selling price in June 2019 was $832,703 – up by three per cent compared to the average of $808,066 in June 2018. Price growth was driven by the higher density market segments, including semi-detached houses, townhouses and condominium apartments. The MLS® Home Price Index Composite Benchmark was up by a similar annual rate of 3.6 per cent. For the first half of 2019, the average selling price was $810,661, representing an increase of 2.4 per cent compared to the first half of 2018. “Buyers started moving off the sidelines in the spring, as evidenced by strong year-over-year price growth throughout the second quarter. However, because we saw virtually no change in the number of new listings, market conditions tightened and price growth picked up, especially for more higher density home types, which, on average, are less-expensive than traditional detached houses and therefore provide more affordable housing options under the new OSFI stress test regime,” said Jason Mercer, TREB’s Chief Market Analyst. “While some home buyers may have adjusted to the OSFI stress test by looking to more affordable housing options, this could present an issue over the longer term because we aren’t adding a meaningful amount of new mid-density housing supply to bridge the gap between condominium apartments and detached houses. Finding ways to add more mid-density housing types to existing neighbourhoods and new developments needs to be a key component of municipal, provincial and federal housing plans and policies moving forward,” said TREB CEO John DiMichele.
Friday, June 7, 2019
GTA REALTORS® Release May 2019 Stats
June 5, 2019 -- Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported 9,989 transactions through TREB's MLS® System in May 2019.* While this result represented a substantial increase of 18.9 per cent over the 15-year low in May 2018, it should be noted that the result was still below the average for month of May sales for the previous ten years, which stands at almost 10,300.
The year-over-year uptick in sales experienced so far in the second quarter of 2019 reflects spring polling results from Ipsos (undertaken on behalf of TREB) suggesting that the share of likely home buyers in the Greater Toronto Area has edged upwards since the fall.
"After a sluggish start to 2019, the second quarter appears to be reflecting a positive shift in consumer sentiment toward ownership housing. Households continue to see ownership housing in the GTA as a quality long-term investment as population growth from immigration remains strong and the regional economy continues to create jobs across diversity of sectors. However, sales activity continues to be below the longerterm norm, as potential home buyers come to terms with the OSFI mortgage stress test and the fact that listings continue to be constrained relative to sales," said Mr. Bhaura.
The number of new listings entered into TREB's MLS® System in May 2019 was up only slightly compared to May 2018, increasing by 0.8 per cent to 19,386. Year-over-year growth in new listings was far outstripped by year-over-year growth in sales. This means that market conditions continued to tighten in favour of sellers. The MLS® Home Price Index (HPI) Composite benchmark price was up by 3.1 per cent on a year-over-basis. The average selling price for all home types combined was up by a similar 3.6 per cent to $838,540. Price growth was driven by the condominium apartment and townhouse market segments.
"We are experiencing annual rates of price growth that are largely sustainable right now in the GTA – above the rate of inflation, but in the single digits. If, however, we continue to see growth in sales outstrip growth in new listings, price growth will accelerate. This potential outcome underpins calls from TREB and other housing industry stakeholders to address roadblocks preventing a more sustainable and diverse supply of housing reaching the market. Many households are not comfortable listing their homes for sale because they feel that there are no housing options available to better meet their needs," said Jason Mercer, TREB's Chief Market Analyst.
*The total sales in May 2018 were not as low as originally reported and have been upwardly revised to 8,402 from 7,834. The initial estimate of sales was conservative due to a one-off reporting discrepancy that was discovered when the May 2019 reports were being produced.
Wednesday, May 22, 2019
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Tuesday, May 21, 2019
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