Toronto real estate listings start 2016 in a deep freeze

In 2015, industry pundits were predicting that the scarcity of real estate listings in Toronto would continue into 2016. So far, they appear to be right. Agents from central Toronto to the suburbs say listings are in the deep freeze – even for a January, when the market is normally cool. The paltry number of houses for sale means sellers hold more power and prices remain aloft. Jason Mercer, director of market analysis for the Toronto Real … [Read more...]

Home sales, prices in Toronto could hit record in 2016, real estate board says

The Toronto Real Estate Board expects home sales in Canada’s largest city will be strong in 2016 and may set a record. TREB estimates its member realtors will sell between 96,500 and 105,000 residential properties this year – either just above or just below last year’s record high of 101,229 transactions. The average selling price is also expected to rise to between $655,000 and $665,000 – one of the highest in Canada – up from $622,217, which … [Read more...]

Ontario Real Estate Trends 2016 – Survey conducted by OREA

Residential real estate markets are stronger now than they were a year ago, said 40 per cent of Ontarians about their respective cities, up from 33 per cent last year, according to the Ontario Home Ownership Index, a semi-annual survey by the Ontario Real Estate Association (OREA). Looking ahead to the next year, four-in-ten (38%) Ontarians say their city’s real estate market will be stronger (up 2 points). Optimism for the year ahead is … [Read more...]

GTA REALTORS® Report record year for TREB MLS® Home sales

The second best sales result on record for December capped off a record year for TREB MLS® home sales in the GTA. Toronto Real Estate Board President Mark McLean announced that there were 4,945 sales reported in December bringing the 2015 calendar year total to 101,299 – a substantial 9.2 per cent increase compared to 2014 as a whole. Strong annual sales increases were experienced for all major home types last year. "Home ownership is a … [Read more...]

Average house prices to edge higher in 2016 according to CREA

Canada’s national average house price is expected to edge higher by 1.4 per cent in 2016, to $448,700 — with Ontario leading the other regions with an increase of 2.9 per cent. The Canadian Real Estate Association expects average house prices in Alberta, Saskatchewan and Newfoundland and Labrador to fall next year because of the downturn in the oil industry. The association is estimating Alberta's average housing price will fall in 2016 … [Read more...]

New condo rules will help 1.3M Ontarians

Some 1.3 million Ontario condo dwellers will be better protected and have more rights under long-awaited new legislation. Some 1.3 million Ontario condo dwellers will be better protected and have more rights under long-awaited new provincial legislation that has passed unanimously at Queen’s Park. In a province with 700,000 condominium units — and 10,000 different condo corporations for their residents — Government and Consumer … [Read more...]

Canada tightens mortgage rules to help cool blistering Toronto, Vancouver housing markets

Canada is raising minimum down payments on some government-insured mortgages, a move aimed at curbing the risk of a housing crash in Toronto and Vancouver where high prices are leaving some families at risk from heavy debt loads. Finance Minister Bill Morneau announced the plans on Friday morning in Ottawa. The required down payment on homes worth at least $500,000 will rise to 10 per cent from 5 per cent starting Feb. 15, 2016 — however the … [Read more...]

REALTOR.ca adds personal accounts – more features and security

REALTOR.ca introduced one of its most significant features: REALTOR.ca accounts. Also included in this release is a security change making REALTOR.ca safer for all users. As of December 3, all of REALTOR.ca is behind a Secure Socket Layer (SSL) which will encrypt and protect all user data through property and REALTOR® searches as well as the new accounts feature. REALTOR.ca account benefits include: Access your Favourites from … [Read more...]

Toronto Real Estate Board: November Market Watch

TORONTO, December 3, 2015 – Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported 7,385 home sales through TREB’s MLS® System in November 2015 – up by 14 per cent compared to November 2014. This result also represented the best result on record for the month of November. Sales through the first eleven months of 2015 amounted to 96,401. “Not only did we see a record sales result for November, but … [Read more...]

Cities outside Toronto cannot charge land-transfer tax, Ted McMeekin says

Ontario backs down on municipal land transfer taxes, as they would add thousands to the cost of homes. Homebuyers outside Toronto no longer have to worry about paying thousands of dollars in local land transfer taxes. Municipal Affairs Minister Ted McMeekin shut down speculation Tuesday that cities and towns would be given permission to bring in their own such levy in addition to the provincial land transfer tax. “There has been no … [Read more...]