Blog

search

Blog Article Finder

Article Month-Year   9 Ways to Increase Your Home's Value July 2014 A Christmas Greeting December 2014 Are You Planning to Sell in 2015? November 2014 Are You Ready for Some Lavender Love? July 2014 Art Show & Sale - David Arathoon - Islands in the Sun April 2015 Carbon Monoxide ( CO ) Alarms Now Mandatory in All Ontario Homes October 2014

more

January 2019 Toronto Real Estate Market Report

 

2019 started positively, surprising many who were anticipating the double-digit declines that the Toronto and area residential resale marketplace delivered in November and December of last year. Although moderate, January delivered increased sales volume and average sale prices compared to January 2018.

There were 4,009 sales reported in January, a less than 1 percent increase compared to 2018, but an increase nonetheless. Encouragingly, January’s positive results were due to an improvement in Toronto’s 905 region. The Greater Toronto Area was dramatically impacted by the provincial foreign buyers’ tax and has lagged behind the Toronto 416 market since the spring of 2017. In January, the 905 region’s sales were up by 2.5 percent compared to last year, while the City of Toronto’s sales declined by 3.5 percent. The decline in City of Toronto sales was not caused by a decline in demand. Rather the decline was driven by a chronic shortage of supply. At the end of January, the Greater Toronto Area had 2.7 months of inventory, whereas the City of Toronto found itself with only 1.9 months of inventory. The difference in inventory is also reflected by the fact that sales in the 905 region took place in 33 days (on average), yet it took only 29 days for all properties in the City of Toronto to sell.

Another positive aspect to January’s performance is the supply of new properties that came to market. In January, 9,456 new properties became available to buyers. This is a favorable 10.5 percent increase compared to the 8,561 new listings that became available last year. Entering February, active listings were slightly higher than last year. February began with 11,962 active listings compared to the 11,894 available last year. The bulk of these listings are located in the 905 region. OF the 11,962 active listings, 8,387, or more than 70 percent, are located in the 905 region.

January’s average sale price came in at $748,328, an increase of almost 2 percent compared to last year’s average sale price of $735,874. This is exactly the kind of increase that reflects a stable and sound market, not the double-digit monthly increases that became common place in 2016 and early 2017. Double digit increases in average sale prices become unsustainable and unfortunately can lead to painful corrections.

In this regard Toronto’s high-end residential market continues to adjust. In January, 76 properties having a sale price of $2 million or more were reported sold. This compared to 90 reported sold during the same period last year. The adjustment is also evident in the sale price to listing ratio witnessed in January. Detached properties in Toronto’s central districts are the most expensive properties in the Greater Toronto Area. All detached properties in these districts sold for 95 percent of their asking price. This ratio was much lower than detached properties in other trading districts. For example, all detached properties in Toronto’s eastern districts sold for 100 percent of their asking price. The fact that the average sale price in the eastern districts is half ($916,588) that of the central districts ($1,938,617) is no doubt responsible for this divergence. Higher- end properties accelerated more dramatically during the pre-2017 introduction of the Ontario Fair Housing Plan and are retracting proportionally, especially with the introduction of the 15 percent foreign buyers’ tax.

Condominium apartments continue to be the most affordable housing form, but again, because of supply, average prices continue to increase. In January, the average sale price in the City of Toronto increased by almost 9 percent to $591,444. In Toronto’s central districts, where most condominium apartment sales are located, the average sale price came in at $677,997, a 10 percent increase compared to last year’s prices. In January, there were only 1,738 condominium apartments for sale in the City of Toronto and only 1,093 in Toronto’s central districts where most sales take place. This shortage of supply will continue to put upward pressure on prices, constrained only by affordability.

Although it is a little early in the year to be forecasting for 2019, January’s results – sales volumes, price increases and increases in supply – all point to a healthy 2019. Last year only 77,375 residential properties were reported sold, the lowest number since the recession of 2008. Barring any unexpected economic events this year, we should see between 83,000 and 85,000 reported sales, with average sale prices increasing by about 2-3 percent. January’s average sale price came in at $748,328. Last year’s annual average sale price was $787,000. By year-end Toronto and area’s average sale price should be approximately $800,000. From a long-term sustainability prospect we should be thrilled with this number.

PREPARED BY:

Chris Kapches, LLB, President and CEO, Broker

Pantone Colour of the Year for 2019: Living Coral

Pantone Colour of the Year for 2019

“Living Coral”

Vibrant, yet mellow PANTONE 16-1546 Living Coral embraces us with warmth and nourishment to provide comfort and buoyancy in our continually shifting environment. Living Coral is a colour you can live with.

In reaction to the onslaught of digital technology and social media increasingly embedding into daily life, we are seeking authentic and immersive experiences that enable connection and intimacy. Sociable and spirited, the engaging nature of PANTONE 16-1546 Living Coral welcomes and encourages light-hearted activity.

Symbolizing our innate need for optimism and joyful pursuits, PANTONE 16-1546 Living Coral embodies our desire for playful expression. Representing the fusion of modern life, PANTONE Living Coral is a nurturing color that appears in our natural surroundings and at the same time, displays a lively presence within social media.

PANTONE 16-1546 Living Coral emits the desired, familiar, and energizing aspects of color found in nature. In its glorious, yet unfortunately more elusive, display beneath the sea, this vivifying and effervescent color mesmerizes the eye and mind. Lying at the center of our naturally vivid and chromatic ecosystem, PANTONE Living Coral is evocative of how coral reefs provide shelter to a diverse kaleidoscope of color.

 

David Arathoon is a Toronto artist who paints in oils and often captures creativity and peace in our natural habitat. His flamingo channels Living Coral very effectively         http://www.davidarathoonstudio.com/

  

 

 

 

 

December 2018 Toronto Real Estate Market Report

 

December 2018 Toronto Real Estate Market Report

There were no surprises in December. The year came to an end as expected. Higher borrowing costs and the new stress testing measures implemented at the beginning of the year are now a driving force in the Toronto housing landscape. The landscape is now one of moderating sales volumes and average sale prices, as was made evident in December’s resale data.

In December sales declined by more than 22 percent compared to last year. Last December 4,876 properties were reported sold by Toronto and area realtors. This year that number shrank to 3,781, the lowest number of December sales since the 2008 recession. December’s sales brought total sales for 2018 to 77,426, a decline of 16 percent from the 92,000 plus sales recorded in 2017, and more than 30 percent fewer than the 113,000 sales reported in 2016. In 2016 mortgage interest rates were half of what they are today, and borrowers did not have to qualify subject to rigid stress testing rules.

In December the average sale price for all properties reported sold in the greater Toronto area held up well, coming in at $750,180, 2.1 percent higher than the $734,847 average sale price achieved last December. On an annualized basis, however, Toronto’s average sale price declined by slightly more than 4 percent, from $822,000 last year to $787,000 in 2018.

 

The decline in overall average sale prices was driven primarily by the decline in sales and sale prices for Toronto and area’s more expensive properties. In December only 82 properties having a sale price of $2 Million or more were reported. Last December 116 were reported sold. In December 2016, 140 properties were reported sold in this price category. On a year-to-date basis, 2,077 $2 Million plus properties were reported sold. In 2017, 3,435 properties in this price category changed hands, an eye-popping 40 percent decline. It should be noted that the bulk of these sales took place in the first 4 months of the year before the Ontario Fair Housing Plan and increased interest rtes took effect.

Notwithstanding these negative figures, the landscape for resale housing remains fractured. It could be argued that these negative numbers are due not only to higher borrowing costs and the stress testing measures but to a lack of supply. In December only 4,308 new listings came to market. Last December 6,289 new listings came to market, a decline of over 30 percent. Heading into 2019 there were only 11,431 properties in the greater Toronto area available for buyers, a decline of more than 11 percent compared to the almost 13,000 available properties last year at this time. Most of the available properties are located in the 905 regions of the greater Toronto area. In the City of Toronto, there are only 3,270 properties available to buyers. In fact, 72 percent of all available inventory is located in the 905 regions.

These inventory levels mean that there will be neighbourhoods, particularity in the City of Toronto, where demand far outstrips supply. This was evident in Toronto’s eastern neighbourhoods, (Riverdale, Leslieville, Beaches), were even in December all properties reported sold generated sale prices exceeding their asking price by more than 100 percent. Semi-detached properties in these neighbourhoods sold for more than 105 percent of their asking prices, and in just 11 days or faster.

The inventory shortage can be dramatically illustrated by looking at detached and semi-detached properties available for sale in the City of Toronto. At the end of December, only 377 new detached properties came to market, not many more than the 340 that sold in the month. The situation for semi-detached properties is even more severe. At the beginning of this year, there were only 154 active listings in the entire City of Toronto, only 38 more properties than the 116 semi-detached properties that sold in December. The situation for condominium apartments parallels the shortage of semi-detached properties.

These property shortages would normally result in substantial price appreciation. Normal however is no longer 2.5 percent 5-year fixed mortgage interest rates. Bank posted rates are currently 5.59 percent, and even if that isn’t the rate borrowers will have to pay, the buyers will, because of stress testing, be required to qualify at that rate. The disappearance of cheap and easy money is now driving the Toronto and area market place.

Looking forward, certainly, in the short term, there is nothing on the horizon that will see any dramatic changes to the current Toronto real estate market. Sales volumes will be lower than historic norms, and average prices will continue to moderate. Currently, unemployment numbers are at a 40-year low. Subject to stability in the mortgage markets, wages should start to rise beyond inflationary levels which with time will ease our prevailing affordability problems, which in turn should see moderate increases in sales volumes and to some extent in average sale prices. The process will be slow with both buyers and sellers at times adjusting painfully to the new resale landscape.

Prepared by Chris Kapches, LLB, President and CEO, Broker

Deciding To Move in Your Golden Years

About 90% of those 65 or older want to stay in their homes for as long as possible, according to AARP (American Association of Retired Persons). In order for that to happen, it’s important to have a plan. Aging in place could mean staying in your current residence or downsizing to something smaller in the neighbourhood. Making a move to something nearby allows you to find alternative accommodation with on-site support ranging from occasional, regular assistance, or chronic care.

1. Explore the Benefits of Staying Put
2. Do a Home Safety Check
3. Assess transportation
4. Ensure a supportive community or network
5. Look at Options Nearby in the Neighbourhood
6. Make it an Ongoing Process

But, eventually the day will come when you and your family decide that the time has come to sell your long-time home and move on. You don’t have to feel overwhelmed by the daunting task of moving after decades in the same house.

As a Seniors Real Estate Specialist (SRES), I work with teams of professionals who can help you and your family including
professional down-sizers who will help you sort, discard, disperse, and decide what will fit in your new residence. You will probably decide to keep your most precious pieces, or even treat yourself to new items chosen especially for your next place.

I can help you find your next residence as well. There are many options. I can refer you to communities that cater to senior independent living; there are life lease homes where someone else takes care of the outside; condominiums to purchase or lease. Whether it is something smaller or larger all on one floor, we will find you something that also feels like home.

If you are contemplating a move in the new year, give me a call (416-925-9191).

I am happy to meet with you to discuss all of the options available to you.

September 2018 Toronto Real Estate Market Report

September 2018 Toronto Real Estate Market Report

The new normal in the Toronto residential real estate market has arrived. It has been finding its way for several months now, guided by the implementation of mortgage stress testing, the foreign buyer tax, and a number of mortgage interest rate hikes. It is now crystal clear, that the frenzied market of 2016 and early 2017 was in a phrase: driven by cheap, and easy money. There were other factors at play, such as a shortage of properties available for sale and the net migration to the greater Toronto area, but at the end of the day, it was access to mortgage rates that were, for several months, less than the prevailing inflation.

September’s market results illustrate the new normal. There were 6,455 reported sales during the month. In September of 2017 6,334 residential properties were reported sold, a 1.9 percent year-over-year increase. The average sale price followed a similar trajectory. Last September the average sale price for all properties sold in the greater Toronto area was $774,489. This September the average sale price increased moderately to $796,789, or 2.9 percent. The era of double-digit increases year-over-year is at an end.

This pattern can also be seen at the high end of the market. Last year there were 188 properties reported sold that achieved a sale price of $2 Million or more. This year the number of similar properties reported sold was 189. A comparison to similar properties sold in 2016 poignantly indicates how the market has moderated. In September 2016, 297 properties sold in this category: 57 percent higher than the sales achieved this year.

The distinction between the 905 and the 416 regional marketplaces persists late into the year. The average sale price for all properties sold in the 416 region (the City of Toronto) came in at $864,275. Last year it was $809,591. The average sale price in the 905 region came in at $796,786. Last year it was $775,546. Year-over-year the average sale price in the City of Toronto has increased by 7 percent, while the average sale price in the 905-region increased by slightly less than 3 percent. Sales in both regions were relatively consistent with last year, with the 905 region showing a small overall increase.

It Is interesting to note that all sales in the City of Toronto came in at 101 percent of their asking price. In the 905 region sales only achieved 99 percent of their asking price. Similarly, all sales in the City of Toronto occurred (on average) in 21 days. It took 26 days for sales outside the 416 region.

Inventory levels are beginning to stabilize as a result of a decline in new listings coming to the market this September. This year 15,920 new listings became available to buyers. Last year over the same period 16,433 new properties hit the market, a decline of more than 3 percent. Heading into October there were a little more than 20,000 residential properties available to buyers, an increase of 5.6 percent compared to last year. Expect that discrepancy to come to an end in the months ahead as properties continue to sell, and fewer properties come to market.

The bulk of the 20,089 available properties for sale in the greater Toronto area are located in the 905 region. Of those properties, only 5,830 were to be found in the City of Toronto, the rest in the 905 region. Translated into months of inventory there are 2.6 months of inventory in the 905 region and only 1.9 months in the City of Toronto. It is not surprising therefore that all properties in the City of Toronto sold in 21 days and it took 26 days for properties to sell in the 905 region.

In the City of Toronto, semi-detached properties remain the most sought-after housing types, notwithstanding that in most parts of the City they are becoming quite pricey. In September all semi-detached properties sold in only 18 days and at 106 percent of their asking price. The average sale price for all semi-detached properties sold in the City of Toronto came in at just shy of $1 Million ($995,951). The eastern trading areas in Toronto continue to be the hottest for these housing types. In the neighbourhoods of Riverdale, Leslieville, and the Beaches all semi-detached properties sold in only 15 days and for a startling 112 percent of their asking price. Inventory shortages of semi-detached properties are pushing down days on market and putting upward pressure on sale prices.

Condominium apartment sales in the City of Toronto lost some steam this September. Last year 1,362 condominium apartments sold in Toronto. This year that number dropped to 1,282, a decline of over 5 percent. Since inventory levels were only marginally different compared to last year, the difference can more likely be attributed to affordability. In the City of Toronto, the average sale price for condominium apartments came in at $615,582. Last year the average sale price was only $554,000. In Toronto’s central core, where most condominium apartment sales are recorded, the average sale price came in at a whopping $687,701, or almost 12 percent higher than last September. At prices now approaching $1,000 a square foot, the average priced central core condominium apartment is less than 700 square feet.

Given the strength of the Canadian economy, a further mortgage interest rate hike is expected in October. In combination with previous rate hikes and the stress testing that is now being applied by lenders, the residential resale market will be confined to its present pace and rhythm for some time.

Welcome to the new normal.

Prepared by: 
Chris Kapches, LLB, President and CEO, Broker

 

Buyer Beware: Tax Implications of Buying from a Foreign Owner

 

Buyer Beware: Tax Implications of

Buying from a Foreign Owner

Imagine being the lucky winner in a bidding war and finding out you have to pay $625,000 extra on a $2,500,000 house purchase or even $125,000 on a $500,000 condo purchase. If you are buying a house or condo, there is important information you need to know about. If you suspect the seller of the property is not a resident of Canada or won’t be on the completion date, the onus is on you, the purchaser, to perform your due diligence to determine the sellers’ residency status.

Employment income, income from a business operated in Canada, and capital gains earned from selling Canadian real estate are all subject to tax. If a U.S. resident owned a condo in Toronto they used while working here temporarily and sold it, they would likely incur a capital gains tax. Likewise, if an Asian family had purchased a property for their children to attend high school or university and then sold it when it was no longer needed, capital gains tax could be owing.

Of course, collecting the tax from someone off-shore can be difficult if not impossible, so the Income Tax Act makes a provision for the purchaser to withhold 25% of the purchase price unless a Clearance Certificate has been issued by CRA or “after reasonable inquiry the purchaser had no reason to believe that the non-resident person was not resident in Canada.”  Generally a seller signs a “sworn” statement that he or she is not a non-resident of Canada (meaning the seller is either a permanent resident or citizen of Canada). Even if a statement is signed, it might not be recognized if you, the buyer, has ignored warnings that they may, in fact, be a non-resident.

There was a court case over the summer where a resident of California purchased a property several years ago and subsequently sold the Toronto condo. The seller was physically present in California on the completion date and signed a one-line statement that he was “not a non-resident of Canada for income tax purposes, nor will I be a non-resident on the completion date”. The Agreement of Purchase and Sale showed a California address to be used for document delivery. The judge in the case noted that the seller signed he had DECLARED he was not a non-resident. This was not a SWORN statement nor was it a SOLEMN DECLARATION. The judge further noted there were too many “red flags” to accept an unsworn statement and not to raise suspicion that this seller was not a non-resident. The purchaser was ordered to pay $92,000, which represented a whopping 25% of the $368,000 purchase price.

Most real estate transactions are closed by a lawyer acting on behalf of the seller, but a buyer should have their own lawyer as well. Make sure your lawyer requests proof of citizenship or permanent residency to eliminate your tax obligation on the purchase of your next home.

 

August 2018 Toronto Real Estate Market Report

 

Market data for August came in as expected. Both the average sale price and the number of residential properties reported sold increased compared to August 2017. The average sale price for all properties sold came in at $765,270, or almost 5 percent higher than last year’s average sale price of $730,969. The number of properties sold compared to last year increased by almost 9 percent to a healthy 6,839 from 6,306 in 2017.

The increase in property sales was slightly unexpected. The 905 region was particularly hard hit by the implementation of the 15 percent foreign buyers tax. Since April of 2017 sales in the region have lagged behind sales in the 416 trading areas. That was reversed in August. Of the 6,839 sales achieved in August, 4,398 occurred in Toronto’s 905 region. It appears that the 905 market has adjusted to the implementation of the provincial legislation.

Although sales have clearly picked up in Toronto’s 905 region, sale prices continue to lag. For example, the average price of a detached house in the city of Toronto came in at $1,244,275 as compared to $907,780 in the 905 region. Similarly, semi-detached properties in the City of Toronto sold for almost $900,000, but dramatically less at $667,979 in the 905 region. Even condominium apartments in the City of Toronto out-priced sales in the 905 region. The average sale price of condominium apartments in the City of Toronto came in at $585,355 and at only $440,748 in the 905 region, although compared to last August average sale prices increased by 8 and 6 percent respectively in both trading areas.

The high end of the market also showed some improvement in August, but marginal. Last August 132 properties were reported sold having a sale price of $2,000,000 or more. This August 144 properties were reported sold in this category. The bulk of these sales were detached homes, although there were 8 condominium apartments sales in the $2,000,000 plus range.

In all categories, central Toronto properties continue to be the most expensive. Detached properties sales came in at $2,201,334. Semi-detached properties averaged $1,087,507, and condominium apartments averaged $662,059.

Listing inventories have increased compared to August last year. This August 12,166 new properties came to market, an increase if 6 percent compared to the 11,481 that came to market last year. As a result, active listings at the end of August were almost 9 percent higher than last year. In 2017 there were 16,419 properties available for buyers to view and purchase. This year there were 17,864.

A closer examination at the greater Toronto inventory indicates that it is overwhelmingly concentrated in the 905 region. Of the 17,864 active listings in the greater Toronto area, 13,056 were located in the 905 region with only 4,808 in the City of Toronto. Looked at from the perspective of months of available inventory, there are 2.6 months in the 905 region and only 1.9 in the City of Toronto. The same was true for new listings that came to market in August. Only 3,752 of the 12,166 new listings in August were in the City of Toronto. Interestingly, more than half of these new listings were condominium apartments.

Unlike last year average sale prices are only occasionally exceeding the average list price. In the City of Toronto all sales came in at 99 percent of the average sale price and sold in 23 days. In the 905 the sales to list price was lower, with sales taking place in more than 25 days, on average. Buyers are more deliberate, unwilling to pay any price to secure a property. Sellers’ expectations have modified dramatically since early last year and are more aligned with that of buyers.

The only trading area that has defied the changes that have taken place in the Toronto and area market place is Toronto’s eastern districts, especially those closest to the downtown core (Riverdale, Leslieville, and the Beaches), particularly semi-detached property sales. Sales in these neighbourhoods were all completed in 10 days on average, and all sales prices exceeded the average list price by 109 percent. At one time it could be argued that these trading regions bucked the norm because of affordability, but with the average sale price for semi-detached properties exceeding $1,000,000 that is obviously no longer the case. These neighbourhoods are simply some of the most desirable in the City of Toronto in their price point.

During the last part of this year the market is unlikely to vary dramatically from what occurred in August. In fact, price increase and property sales will likely be even more moderate that those achieved this August. The increases of 9 percent (sales) and 5 percent (average sale prices) were high compared to August 2017, the weakest month following the implementation of the Ontario Fair Housing Plan in 2017. Going forward expect increases in the 3 to 5 percent range for both sales and average sale prices.

Prepared by: 
Chris Kapches, LLB, President and CEO, Broker

Featured Photo Credit: Shane Kingerski

Aging In Place: 6 Success Factors to Grow Old in Your Own Neighbourhood

About 90% of those 65 or older want to stay in their homes for as long as possible, according to AARP (American Association of Retired Persons). In order for that to happen, it’s important to have a plan. Aging in place could mean staying in your current residence or downsizing to something smaller in the neighbourhood. Making a move to something nearby allows you to find alternative accommodation with on-site support ranging from occasional, regular assistance, or chronic care.

aging_in_place_info2

1. Explore the Benefits of Staying Put

There are many reasons why aging in place can be a win. It may be financially advantageous. For instance, depending on the situation, staying in your home can be less expensive than moving to an assisted-living community. There are the upfront costs of moving, monthly payments for room and board, which can easily range from $3,000 – $5,000+ a month. Home care could be a much cheaper option.

Even more important are the psychological payoffs of not moving away from one’s established community of friends, medical professionals, and faith community. Though these factors are hard to place a financial value on, they are a vital component of healthy aging. Your social connections will add to a happier, healthier life, which may get lost if you move. You shouldn’t just concentrate on finances.

2. Do a Home Safety Check

The first step in an “aging in place” plan is to run a complete safety check of your home.  There are some hazards that you might take for granted—for example, furniture obstructing pathways or stairs. Walk around the house with an eye for potential hazards that might cause trouble should vision or mobility begin to deteriorate. You can hire a home modification specialist to correct any issues.

Many of the improvements that may make it easier to stay in your house—such as raising electrical outlets to make them more accessible, and installing brighter outdoor lighting—aren’t expensive. Homes can be retrofitted by installing secure handrails alongside the stairs to the front door, switching doorknobs to levers, adding automatic lights to hallways, removing rugs that might become tripping hazards, and placing grab bars in the shower. Some of these options can be done long before your senior years. Having a home that is senior-friendly could make it more saleable when the time comes.
The sooner you start preparing, the better.

3. Assess transportation

Driving may be your lifeline and independence. Eventually, you may come to that  “I don’t think I can drive” moment. It’s tough, but often unavoidable. If you are at the point that you can no longer drive or walk to the grocery store or reach other important services, assess other transportation options.  Is there public transit? Ride sharing with friends or neighbours? Some grocery and pharmacy outlets deliver.

4. Ensure a supportive community or networkcamille5

Isolation is deadly at any age, especially in senior years. Communication and social connectedness are crucial. Do you have a local support network? Are you comfortable communicating via computer or smart phone/tablet? Start to put together a list of people and professionals who can step in and help if you need someone to go along to a doctor’s appointment, or someone to help with errands, or for lunch or dinner dates. If your family doesn’t live nearby, you may want to have a pipeline to neighbours you can call for periodic check-ups. Don’t be stubbornly independent. Let friends help.

5. Look at Options Nearby in the Neighbourhood

Be honest with yourself. Are you happy living alone? Are you lonely? At least look at facilities in your neighbourhood that might range from independent living (with or without a meal option) to assisted-living where support is available for some daily or occasional tasks to chronic nursing care. You may not need chronic care now, but if your centre offers it, you will have first priority should the need arise. Living with other seniors nearby might provide a delightful social community that you didn’t realise you were missing.

6. Make it an Ongoing Process

Once you have a plan, review it regularly by yourself and a trusted family member or friend. Once the home is retrofitted, keep an eye open to see if you are having trouble. What if you experience a health event, such as a bout of pneumonia that requires a lengthy hospital stay, or a fall that affects your cognitive ability or mobility.

Friends and family members may want to look out for any unexplained bruising on the aging person’s arms or legs.  Look around the home when you visit. Is there a pile of mail? Are things in disarray? Is the fridge bare? Is food spoiling? Be willing to reassess the situation to consider and decide whether the plan you put in place is still working.

– Chip Barkel, MCNE, SRES, Toronto Real Estate. Extraordinary Service. Top Results. 

Out in the City: Symphony in the Gardens at Casa Loma

Out in the City: Symphony in the Gardens at Casa Loma

Symphony in the Gardens at Casa Loma

Out in the City: Symphony in the Gardens at Casa Loma

There is an exciting partnership between Casa Loma and the Toronto Symphony. Their Symphony in the Gardens series, with Kerry Stratton conducting, brings a wonderful sensory experience: combining a night out in Toronto at a heritage location, good food and drink, and live classical music amongst the beautifully-planted gardens on a warm summer evening.

Symphony in the Gardens at Casa Loma

For the normal entrance fee ($30 for adults) to Casa Loma, you get access to the building, its grounds, and the musical event of the evening. The Toronto Symphony performs in a tented glass house with excellent acoustics.

Symphony in the Gardens at Casa Loma

Bring your sweetheart or friends and have a memorable evening al fresco with dinner, a glass of wine, tropical sangria, or gelato in the shadow of this important Toronto landmark.

Out in the City: Symphony in the Gardens at Casa Loma

There are two more evenings planned: August 21 st and August 28th at 7:30 p.m., but get there early, because seating is limited. The August 21st program is Screen Classics, music that has defined film and television. The August 28th program is Thank You for The Music, a celebration of Abba!

Symphony in the Gardens at Casa Loma
1 Austin Terrace

August 21 & 28 – 7:30 p.m.   

Website: casaloma.ca/events_feature2.html

Symphony in the Gardens Casa Loma

July 2018 Toronto Real Estate Market Report

Symphony in the Gardens Casa Loma

Chip Barkel Toronto Real Estate Prices July 2018

 

July 2018 Toronto Real Estate Market Report

There were no surprises as to the market’s performance in July. There has been a consistent improvement both as to sales volumes and average sale prices since January. July saw the most dramatic year-over-year improvement. As compared to last year, sales volumes in the greater Toronto area increased by 18.4 percent, and the average sale price was 4.8 percent stronger than the average sale price last July. In July 6,961 residential resale properties were reported sold in the greater Toronto area. Last year only 5,869 properties were sold. The average sale price came in at $782,129 as compared to $745,971 last July. The average sale price in the city of Toronto came in at $824,336, almost 6 percent higher than the greater Toronto average, notwithstanding that the bulk of the property sales responsible for this average sale price were condominium apartments.

168 Bethel Sideroad, Georgina, ON

For the first time since the introduction of the Ontario Fair Housing Plan measures, every housing type saw price increases as compared to last year, including detached properties. The average sale price for detached properties came in at $ 1,350,700, an increase of 3.6 percent. Semi-detached properties increased by 7.4 percent to $935,300, and condominium apartments continued their upward trajectory, coming in at $582,247, an increase of almost 10 percent. The average sale price for condominium apartments in Toronto’s central districts, where most sales take place (65 percent), came in at $653,137. Translated as the cost for space, central district condominium apartments are now selling for approximately $1,000 per square foot.

43 Lakeview, Stouffville, ON

July also saw a recovery in the high-end of the market. The high-end of the market, primarily single-family properties, was dramatically impacted by the implementation of the 15 percent foreign buyer’s tax, the new mortgage stress testing, and three rate increases implemented by the Bank of Canada. For example, during the first 7 months of 2018, realtors reported that

1,247 properties having a sale price of $2 Million or more had sold. This number compares very poorly with the 2,625 similar properties that were reported sold over the same period last year, a negative variance of well over 50 percent.

In July this negative pattern was reversed. In July 181 properties having a sale price of $2 Million or more were reported sold. All but 16 of these properties were either detached (160) or semi-detached (5) properties. This compares favourably to the 149 similar properties that sold in July of last year, an increase of 21 percent. It should be noted that this improvement in sales volume is due to a combination of buyers adjusting to the various measures introduced by governments, increased mortgage rates and sellers accepting that their expectations as to the ultimate sale price of their properties had to be lowered. This is reflected in the fact that the average sale price came in at only 98 percent of asking price for detached homes, and in districts where Toronto’s most expensive properties are located, at only 96 percent. Even these figures are not entirely representative since they do not account for any price reduction from the original list price of these properties.

2 Wolford Court, Georgina, ON

Inventory levels are a concern. Throughout 2018 they have been declining, particularly in the 416 regions. Of special concern are semi-detached properties and condominium apartments. In both categories, levels are now lower than they were last year at this time. In July there were only 329 active semi-detached properties available to buyers in Toronto, and only 2,583 condominium apartments. Last year there were 2,710 available and that figure was substantially less than the prevailing buyer demand. Due to these shortages, all semi-detached properties sold at 103 percent of their asking price. All condominium apartments sold at 100 percent of their asking price.

23 Cedar Drive, Caledon, ON

Going forward the lack of inventory (semi-detached and condominium apartments) will continue to put upward pressure on average sale prices, but that pressure will be limited. The increase in mortgage interest rates and the implementation of the new mortgage stress testing will limit buyers’ ability to stretch to higher prices as was the case last year. What should result is moderate increases in average sale prices and the number of residential resales. Increases should not exceed 3-5 percent until either interest rates decline, or we see substantial increases in wages and salaries.

Prepared by: 
Chris Kapches, LLB, President and CEO, Broker

Featured Photo Credit: Shane Kingerski