2016 CENSUS NUMBERS ARE IN; CANADA REMAINS THE FASTEST-GROWING COUNTRY IN THE G7

IN THE CONDO KNOW

The 2016 Canadian Census results were just released, and our country was once again the fastest-growing in the G7. Last year, Canada was home to 35.15 million, and close to two in five Canadians lived in the 15 largest municipalities in the nation. Toronto, Vancouver and Montreal are home to over one-third of all Canadians, and of that total, nearly half live in Toronto and its surrounding municipalities.
None of this is a surprise to those of us in the new home-building industry, especially in the Greater Toronto Area. For many years, we have watched the influx of immigrants who continue to choose Canada as their home of choice because of the safety and quality of life they find here. According to the census statistics, 82 per cent of the population in Canada live in large- and medium-size cities, a trend fueled by immigration. Most people who relocate here from…

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Canadian home sales up from November to December

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Ottawa, ON, January 16, 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 December 2016.

Highlights:

  • National home sales rose 2.2% from November to December.
  • Actual (not seasonally adjusted) activity in December was down 5.0% from a year earlier.
  • The number of newly listed homes dropped 3.0% from November to December.
  • The MLS® Home Price Index (HPI) in December was up 14.2% year-over-year (y-o-y).
  • The national average sale price climbed 3.5% y-o-y in December.

natl_chart_of_interest01_lo-res_enThe number of homes trading hands via Canadian MLS® Systems rose 2.2 % month-over-month in December 2016. The rebound recovered less than half of the drop in activity from October to November, when it posted the biggest monthly retreat in more than four years after tightened mortgage regulations came into effect.

Activity was up on a month-over-month basis in about 60% of all local markets, led by Calgary and Edmonton where sales rallied following large declines in November.

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GTA REALTORS® RELEASE MONTHLY RESALE HOUSING MARKET FIGURES

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TORONTO, January 5, 2017 — Toronto Real Estate Board President Larry Cerqua announced that 2016 was a second consecutive record year for home sales.  Greater Toronto Area REALTORS® reported 113,133 home sales through TREB’s MLS® System – up by 11.8 per cent compared to 2015.  The calendar year 2016 result included 5,338 sales in December – an annual increase of 8.6 per cent.

The strongest annual rate of sales growth in 2016 was experienced for condominium apartments followed by detached homes.

“A relatively strong regional economy, low unemployment and very low borrowing costs kept the demand for ownership housing strong in the GTA, as the region’s population continued to grow in 2016,” said Mr. Cerqua.

“It is important to point out that the strong demand that we experienced in 2016 was very much domestic in nature.  TREB recently commissioned Ipsos to survey its Members with regard to the level and type of foreign buying activity within the Greater Toronto Area.  The results of the Ipsos survey suggest that the level of foreign buying activity is low in the GTA.  Only an estimated 4.9 per cent of GTA transactions, in which TREB Members acted on behalf of a buyer, involved a foreign purchaser.  In the City of Toronto, the share of foreign buyers was five per cent,” continued Mr. Cerqua.

The methodology of the Ipsos research involved an online survey of the TREB Membership hosted on the Ipsos platform. A total of 3,518 surveys were completed between October 6 and October 21, 2016. The margin of error is ±2 percentage points 19 times out of 20. TREB will be releasing the full results of the Ipsos survey dealing with foreign buyers on January 31, 2017, in conjunction with its Market Year in Review and Outlook Report and related media event.

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TAKE CHARGE AND HELP TO RUN YOUR CONDOMINIUM

IN THE CONDO KNOW

One of the best ways to feel part of the vertical community in your new condominium residence is to get involved with the running of the building. Consider joining the condominium board of directors for a number of good reasons. First, you have a say in the way things are done. Condo residents are expected to live according to guidelines that protect their comfort, safety and privacy. The board’s decisions directly affect the quality of life for all suite owners, their families and visitors.

As a board member, you will help to make decisions on a variety of elements, such as awarding contracts for building maintenance, hiring staff, setting up a code of conduct for residents, ensuring that the reserve fund remains ample for future repairs, determining amenity hours and use … the list goes on. To qualify, you must have great communication skills and be willing to act as…

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According to Barbara Lawlor, president and CEO of Baker Real Estate Inc., condos will always be a hot item in expensive housing markets like Toronto and Vancouver – all sizes and configurations, but particularly micro units, thanks to their micro price.

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Micro Condos Are Still Trending In Canada

December 13, 2016

By Lydia McNutt

Are micro condos still a thing, or a novelty? Well, if you’ve been keeping up on real estate prices in Canada, then you already know that condo is king. So the real question is, how “big” is small-space living?

Housing costs continue to soar in Canada’s priciest real estate markets — in spite of provincial and federal action to slow housing activity in Toronto and Vancouver. This has left many hopeful home buyers priced out of the average detached home market. Even larger condo units are picking up speed in price.

Housing costs rising, lowrise construction falling, and the come-back of condos

According to ReMax, 2016 saw the average home price (across all housing types) increase 13 per cent in Greater Vancouver to $1.02 million, and 17 per cent in the GTA to $725,857. The average detached home in these markets is well over a million. Those numbers are only expected to climb in 2017.

What’s falling, is the number of new single-detached homes being built in Canada, which have been trending downward since 2009 according to Canada Mortgage and Housing Corp. (CMHC). High demand coupled with low supply leads to rising costs.

CMHC predicts condo construction starts to drop in 2017, due to an increase in completed and unsold condo units in 2016, and a smaller pool of first-time homebuyers – a result of more stringent mortgage lending rules. But looking ahead to 2018, the national housing agency calls for a rebound in condo construction starts, thanks to growing demand for this more affordable housing option.

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GTA REALTORS® RELEASE MONTHLY RESALE HOUSING MARKET FIGURES

TREB LogoTORONTO, December 2, 2016 — Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 8,547 home sales through TREB’s MLS® System in November 2016. This result represented a 16.5 per cent increase compared to November 2015.

For the TREB market area as a whole, sales were up on a year-over-year basis for all major home types. The strongest annual rates of sales growth were experienced for the townhouse and condominium apartment segments.

“Home buying activity remained strong across all market segments in November.  However, many would-be home buyers continued to be frustrated by the lack of listings, as annual sales growth once again outstripped growth in new listings. Seller’s market conditions translated into robust rates of price growth,” said Mr. Cerqua.

The MLS® Home Price Index (HPI) Composite Benchmark was up by 20.3 per cent compared to November 2015. The average selling price at $776,684 was up by 22.7 per cent on a year-over-year basis.

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Foreign Ownership in Canada’s Housing Market Remains Low: CMHC Reports

CMHC

November 30, 2016

OTTAWA, November 30, 2016 — The share of foreign ownership in condominium apartments remains low in major Census Metropolitan Areas (CMAs). This analysis is the result of combined insight from two Housing Market Insight reports released by Canada Mortgage and Housing Corporation today — a national look at foreign ownership and a second report delving deeper into Montréal.

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THINK OF NEW HOME PRICES IN THE GTA AS RELATIVE

IN THE CONDO KNOW

The statistics for October from BILD and Altus Group are out, and although there has been a slight decrease in average new home prices, they are still high: $937,689 for low-rise and $483,656 for high-rise. Of course, this poses a challenge for first-time buyers, but for those who have an existing home or condo to sell, these home prices can work in their favour.
It’s all relative, and always has been. If purchase prices are high, so are selling prices. The important thing is to get into homeownership, build equity and then make the most of it. One way to do that is by choosing to move from a low-rise home to a less expensive condo, or to move farther out from the city where prices are lower. When you own a home or condo, you have options, which is a wonderful way to approach your lifestyle and financial futures.

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GTA REALTORS® ReLEASE Commercial Market Statistics

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TORONTO, November 3, 2016 — Toronto Real Estate Board President Larry Cerqua announced that TREB Commercial Network Members reported 365,659 combined square feet of industrial, commercial/retail and office space leased through TREB’s MLS® System in October 2016, on a per square foot net basis with pricing disclosed.  This result represented a 17.3 per cent decline compared to October 2015.

The industrial market segment accounted for approximately 85 per cent of space leased.  The average lease rate was $7.02 per square foot net, which represented an increase over the average from October 2015.  Average lease rates for commercial/retail and office space were also up year-over-year.

“Commercial leasing and sales activity can be volatile on a month-to-month basis.  Many deals are complex and can take a significant amount of time to go firm.  It is also important to note that businesses and investors continue to face a certain degree of economic uncertainty, which can influence the decision to purchase or lease space,” said Mr. Cerqua.

There were a combined 59 industrial, commercial/retail and office property sales reported through TREB’s MLS® System in October 2015.  This result was down from 69 transactions reported by Commercial Network Members in October 2015.

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GTA REALTORS® RELEASE MONTHLY RESALE HOUSING MARKET FIGURES

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TORONTO, November 3, 2016 — Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported a record 9,768 sales through TREB’s MLS® System in October 2016 – up by 11.5 per cent compared to October 2015.  For the TREB market area as a whole, the largest annual rate of sales growth was in the condominium apartment market segment.  Detached home sales were up by 10 per cent year-over-year, driven predominantly by transactions in the regions surrounding Toronto.

“The record pace of GTA home sales continued in October, with strong growth observed throughout the month.  As we move through November and December, we will be watching the sales and listings trends closely, in light of the recent policy changes announced by the Federal Minister of Finance.  TREB will once again be conducting consumer survey work, in order to report on home buying intentions for 2017,” said Mr. Cerqua.

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