Demand for home ownership remains strong in the GTA

Demand for home ownership remains strong in the GTA, and dynamics around housing supply are impacting prices and redefining the market, said the Building Industry and Land Development Association (BILD) and the Toronto Real Estate Board (TREB) at their first ever joint briefing on the state of the GTA housing market. Through the first 10 months of 2015, there were 124,123 new and resale homes sold in the GTA. A record number of sales were … [Read more...]

Virtual realty: Can 3-D tours sell condos?

Strolling through a three-storey townhouse in the heart of Leslieville, prospective homebuyers take in the chic, toned-down decor. The high ceilings and lights embedded in the staircase wall stand out against the understated finishes, which catch subtler eyes. Of course, the development doesn’t exist — not yet — but to human senses, paired with 3-D technology, it may as well. Virtual reality is starting to crack the Toronto real … [Read more...]

Housing market adapts to some uneasy numbers: 4 and 13

In her three years hawking condos in downtown Toronto, Danielle Desjardins has fielded the gamut of buyers’ objections. It might be that the neighbourhood is too far from a subway. Maybe the balcony hangs over a roaring roadway, or that it’s too small to accommodate a canine’s meandering. But the strangest source of unease she hears stems from entirely immaterial concerns and runs counter to the straitlaced, secular zeitgeist of the era. … [Read more...]

Scorching Toronto, Vancouver housing markets push Canadian home sales higher in October 2015

Canadian home sales grew in October to the second-highest levels in almost six years as demand remained strong in the red-hot real estate markets in Vancouver and the Greater Toronto Area. The Canadian Real Estate Association said Monday the number of homes sold through its Multiple Listing Service was up 1.8 per cent in October from the previous month. However, the gains weren’t shared across the country, as the number of markets where … [Read more...]

Average house price up 8.3% to $454,976 in October 2015

The average price of  a Canadian home increased by more than eight per cent in the 12 months up to October and is now worth $454,976, the Canadian Real Estate Association said Monday. But as has been the case for a while, the national average is being skewed higher by red hot markets in Toronto and Vancouver. If those two cities are stripped out, the average house sold for $339,059 and the year-over-year gain is reduced to 2.5 per … [Read more...]

How smoking at home reduces property values

A recent survey of Ontario real estate agents in Ontario found that smoking in a home could lower the value of your property by up to 30 per cent. The survey was sponsored by Pfizer Canada and besides the obvious damage by staining walls and carpets, it can leave a smell that is very hard to eliminate. I remember having a client close a deal and noticed a smell of smoke when they entered the home on closing. I asked why they didn’t notice … [Read more...]

Condo renters pay hefty price for downtown living

Kerri Lynn McAllister was shocked last month to receive notice of an almost 10 per cent increase — $150 a month — on the downtown condo she and her boyfriend had been renting for $1,625. She was even more surprised to find out the hike — three times what’s allowed for most apartments under provincial rent controls — was perfectly legal. “I thought this was wrong because we were protected under the Landlord and Tenant Act,” says … [Read more...]

First-time home buyers: Wary, web savvy researchers

Like many people her age, Alyssa Richard is living in the basement, saving to buy her first home, wondering what she can afford to buy and whether now is a good time to take the plunge. Fortunately for her, unlike many of her peers, the pressure is off. The 28-year-old Queen’s University commerce grad is living in the basement of the rented mid-town Toronto townhouse where she is also building her business. On the upper two floors, she runs … [Read more...]

Toronto condo market seen stabilizing in 2013, says CMHC

Toronto’s slowing condo market will stabilize next year, but the risk that prices will fall is greater in the longer term, Canada Mortgage and Housing Corporation says. Shaun Hildebrand, a senior market analyst for the Greater Toronto Area at CMHC, presented his latest thoughts on the market at a conference Wednesday morning. The large quantity of cranes dotting the city’s skyline are part of the reason why many observers have suggested … [Read more...]

Idea of land transfer tax gains traction in Mississauga

Despite efforts by Mississauga’s real estate board to head off any talk about a land transfer tax, Mayor Hazel McCallion may be winning council support for the lucrative idea. Last month McCallion was the lone voice advocating strongly for a city land tax similar to Toronto’s, payable by property purchasers. But opposition seems to be softening as council grapples with a $1.5 billion infrastructure deficit, user fee hikes and an unfunded LRT … [Read more...]