The gains were highest in detached houses, but condos were also still higher in price than a year ago, according to the Toronto Real Estate Board’s January Market Watch report. Overall sales were also up 8.8% from a year ago.

The average price of a detached home was $586,098 in January, up 8% from a year ago. A condo apartment average price was $321,475, up 5%. Townhouses showed the largest gain, up 9% to reach $359,467.

“Low inventory levels have kept competition between buyers strong, resulting in robust annual rates of price growth over the last year,” said Jason Mercer, the TREB’s senior manager of market analysis. “Strong price growth is expected to attract more listings.”

As the listings grow, price growth will slow its increase, especially by the second half of 2012, he said.

Condos have already started to show some decline, as the average price dropped 2.6% from December. At the same time, houses and townhouses continued to see price gains over the last month.

But even as prices rise, they haven’t pushed buyers out of the market, as sales remain brisk, said the TREB report.

“A favourable affordability picture bolstered by very low posted fixed mortgage rates has kept home buyers confident in their ability to achieve the Canadian goal of home ownership,” said TREB President Richard Silver.

The TREB will be taking part in a new way of reporting price increases, led by the Canadian Real Estate Association. The new MLS Home Price Index will be announced on Feb. 6 and is being touted as a less volatile measure of home prices and home price changes than the traditional median and average price measurements.

Source: Canadian Real Estate Magazine

Sky City is an exciting new condominium project by Pemberton Group launching this Spring in Richmond Hill, close to Highway 7 and Yonge. It’ll be built in an already established community that’s walking distance to the GO Train, VIVA, restaurants, shops, the Silver City movie Theater, a community centre, and schools. With the proposed plan to extend the TTC Subway line up North to Highway 7 and the Richmond Hill Centre renovation, the area will be a great location to live in the suburbs while having access to convenient public transit.

Amenities for Sky City will include a party room, rooftop terrace with BBQ areas, gym, indoor pool, media room, and 24/7 concierge service. The exact location will be on Oneida Crescent, next to  the current building 39 Oneida Crescent.

Register with me today and get notified when floor plans and prices are available.

Old Town Hall in Newmarket Ontario

Detached homes in Newmarket sell faster than any other region in the Greater Toronto Area, according to data released by the Toronto Real Estate Board.
Once listed, homes in Newmarket are on the market for an average of just 25 days before being sold. Homes sell just one day slower – at an average of 26 days – in the quickly expanding city of Milton.

The quick pace of home sales in Newmarket and Milton may be attributed to the diversity of the communities, according to Jason Mercer, senior manager of Market Analysis for the Toronto Real Estate Board. “These are areas that have a pretty diverse array of housing opportunities, whether it be single, detached, town homes, condominium apartments or what have you, so now you’re starting to attract a potentially big segment of the population,” Mercer said.

Mercer also warns that communities with a slower pace of home sales doesn’t necessarily mean they aren’t an attractive place to live, but instead, simply cater to a small segment of the population. The Bridle Path for example, where homes generally take longer than other areas to sell, is by no means an undesirable neighbourhood. “You’re seeing an average price that’s well above what you’ve seen for the GTA as a whole. You can’t say that this neighbourhood not ‘hot’ or not ‘sought after’ it’s just that the housing types are catering to a fairly small segment of the population,” Mercer said.

The price of homes seems to be increasing as well as demand seems to outpace supply. According to the Toronto Real Estate Board, the average price of a home is growing. “The low months of inventory over the past two years resulted from very strong sales relative to the number of homes listed. In 2011 in particular, there was a shortage of listings in the GTA. We continue to experience tight market conditions and considerable upward pressure on the average selling price,” said TREB President Richard Silver. Though the price of a home is expected to grow approximately 4 per cent in 2012 – to $485,000 – the Toronto Real Estate Board says it will still be affordable for the average person.

Source: GlobalToronto.com

Toronto house prices dipped by 2.4 per cent in December over November, putting the average price at $466,540.

Toronto house sales are slowing, but economists are not predicting a crash in the real-estate market.

The latest statistics from the Canadian Real Estate Association, released Monday, show that Toronto house prices dipped about 2.4 per cent in December over November, putting the average house at $466,540 when adjusted for seasonal fluctuations. Even with that slight decline, Toronto house prices were up in December by four per cent, year over year, CREA notes.

Buyers are becoming “increasingly cautious,” but house sales are expected to continue making a “significant contribution to Canadian economic activity” this year, CREA says.

Economists believe the “distinct signs of moderation” in late 2011 suggest that Toronto is headed not so much for a fall as for a cooling-off.

“We look for both sales and prices to be roughly flat this year,” said BMO deputy chief economist Douglas Porter. “That could be just what the policy doctor ordered, allowing incomes to catch up to higher prices.”

Source: MetroNews.ca

The federal agency said Friday that the market has shifted to a more balanced position as listings have increased and prices are expected to remain flat to the end of 2012.

Low mortgage rates, the domestic economy and immigration remain positive factors for the real estate market.

“These factors will continue to support Canada’s housing sector in 2012,” said Mathieu Laberge, deputy chief economist for CMHC.

Uncertainty in the global economy and U.S. economic recovery pose threats as the CMHC said it expected new housing starts to come in around the 191,000-unit mark this year and level off next year to about 186,750 units.

The agency said existing home sales will be come in this year at between 423,600 and 470,100 units, rising only “modestly” to between 406,100 and 509,000 units next year.

The average home price in Canada for 2011 is expected to be $363,900 in 2011 and reach $368,200 in 2012.

CIBC economist Benjamin Tal said the market next year will likely be “boring” compared with the double-digit gains seen in recent years. However, that may be good for the market.

“I think the next year will be a very telling year. If we stabilize and see prices stabilizing or even falling a very little bit, that would be a very good thing actually for the future health of the market,” he said.

Tal noted that if the forecast is wrong and 2012 turns out to be another strong year for home prices, his concerns about a possible crash in the housing market will only increase.

“If we talk next year and house prices are another 10 per cent up and mortgage activity has accelerated, then I will be more nervous,” Tal said.

The increase in home prices in 2011 has come despite the turmoil on the financial markets and a slower than expected economic recovery in the United States.

However mortgage rates are lingering near record lows and economists are predicting that the Bank of Canada’s key rate — which affects variable rate mortgages — will remain on hold until 2013.

A report last month by the Canadian Real Estate Association found that Canadian home sales were up 1.2 per cent in the first nine months of this year compared with 2010.

A strong September drove the number of homes sold on the Canadian Real Estate Association’s Multiple Listing Service in the first nine months of 2011 to 361,749, compared with 357,305 for the same 2010 period.

The national average price for a resale home in September was $352,600, up 6.5 per cent from September a year ago.

The report by CMHC came as Statistics Canada said contractors took out $5.6 billion worth of building permits in September, a 4.9 per cent drop from August and the third straight monthly decline.

The value of residential permits declined one per cent to $3.6 billion, while non-residential sector permits fell 11 per cent nationally to $2 billion.

Construction intentions fell in six provinces, with lower construction intentions for both residential and non-residential sectors in British Columbia, and the non-residential sector in Alberta, leading the way.

The value of permits increased in Ontario, Manitoba, Saskatchewan and Nova Scotia.

Source: CityTV.com

Tridel is introducing its new condominium project located at Sheppard and Highway 404 called ALTO At Atria. Location-wise it’s excellent, being close to Fairview Mall, a lot of restaurants, entertainment, and the Don Mills subway station for those with no cars. To the savvy drivers out there, it is close to Highway 404 and the 401, the two main Highways. From the renders, the building looks to have a very sleek and modern design. Tentative occupancy is early 2015.

The building will be a 43 storey glass tower nestled in a park setting, accessed along a tree-lined street leading to a private courtyard entry.

Suite Features

• 9′ ceilings from 4th-20th floors and from the 22nd-42nd floors
• 10′ ceilings on the 21st floor. Premium: $5,000 for 1 bedroom and $7,500 for 2 bedrooms
• 10′ ceilings on the penthouse floor. Premium: $25,000 for 1 bedroom, $30,000 for 2 bedrooms
• Plank laminate floor in kitchen, living room, dining room, den, hallways, foyer, and bedroom(s)
• Kitchen cabinetry with deep upper cabinet above fridge
• Granite kitchen countertop with polished square edge and drop-in stainless steel sink
• Space saving, ENERGY STAR diswasher in stainless steel finish
• Counter-depth, ENERGY STAR bottom mount refrigerator in stainless steel finish
• Stainless steel exhaust fan
• 24 inch built-in Oven with stainless steel finish
• 24 inch built-in cooktop with ceran top
• Stacked washer & dryer

Amenities

Since this is Tridel, expect nothing but the best of the best for amenities. Featured at Alto:

• 24 hour concierge
• Fireplace lounge
• Private dining room
• Billiards lounge
• Theatre room
• Library
• Party room
• Exercise pool
• Fitness centre
• Yoga studio
• Rooftop terrace with BBQ area

Deposit Structure

• 5% due on signing
• 5% due 90 days after signing
• 5% due 180 days after signing
• 5% due 270 days after signing

VIP Special – Expires October 29th, 2011

• $3,000 discount on 1 bedroom and 1 bedroom + den units
• $5,000 discount on 2 bedroom and 2 bedroom + den units
• One parking space included in purchase price ($35,000 value)
• Free assignment
• Be one of the first to pick units before the general public

Preview Prices

Prices start at $243,000 for a 499 square feet one bedroom unit. One bedroom + den units start at $264,000 for a 545 square feet size. Two bedrooms start at $370,000 for a 740 square feet size. Two bedroom + den units start at $384,000 for a 754 square feet size. All prices include one parking spot.

For price list and floor plans contact me now

Canadian home sales climbed 2.7 per cent in September from a month earlier, illustrating what economists see as a balanced market with no signs of a bubble about to burst.

“September’s increase reflects strengthened activity in a number of major markets, led by Toronto,” the Canadian Real Estate Association said today. “The monthly increase pushed national sales to its highest level since recently tightened mortgage regulations dampened sales earlier this year.”

Average prices didn’t change all that much, but now sit 6.5 per cent above where they were a year ago. That’s down from a 9.3 per cent pace in July, largely because of the “downshift” in Vancouver, said Robert Kavcic of BMO Nesbitt Burns.

Price growth in Vancouver has been running at 10.6 per cent year-over-year, Mr. Kavcic said, less than half the rate of a few months ago.

“Toronto, however, has seen a steady 9 per cent year-over-year pace since April, and could well jump ahead of mighty Vancouver next month,” he said in a report.

“There are a few reasons for the relative shift: Vancouver valuations (relative to income) had blown well ahead of those in Toronto; sales have cooled more sharply since the spring in Vancouver; supply is much tighter in Toronto.”

For Mr. Kavcic’s research, see the accompanying infographic or click here.

Overall, the market continues to appear healthy as low mortgage rates and lower unemployment offset consumer uncertainty and tighter mortgage rules, Mr. Kavcic said, adding sales and prices should cool off the next year, but homeowners should still expect a soft landing.

Economist Sonya Gulati noted that so far this year, sales hit their peak in January, and sales are down 2.6 per cent since then. New mortgage rules, heightened economic uncertainty and a “growing saturation” of first-time buyers have had a dampening effect, offset by continued low interest rates.

“Going forward, we anticipate a tug-of-war action to take hold in the Canadian real estate market between low interest and mortgage rates and only modest economic, income and employment growth,” Ms. Gulati said. ” With both push and pull momentum, we expect both prices and sales to hold fairly steady, relative to current levels, over the next year.”

Michael Babad – The Globe and Mail

Read more: http://www.ctv.ca/generic/generated/static/business/article2203903.html#ixzz1b5ZBaxZs

The Canadian housing market continues to defy the odds in the face of a world economic slowdown, as new statistics from Canada Mortgage and Housing Corp. show newhome construction soaring again.

The latest data put September starts at 205,900 on a seasonally adjusted annualized basis, in line with the 20022008 housing boom when starts checked in at more than 200,000 a year.

This time it appears the condominium sector is driving the market, a commonality across the country.

That construction is expected to be a key economic driver.

Royal Bank of Canada forecasts 2.4% growth in gross domestic product in the third quarter on an annualized basis, with the housing sector responsible for 50 basis points of that growth.

Bank of Montreal economist Doug Porter said Tuesday there are now 4.3 construction jobs in the United States for every one in Canada, far off the historical norm of seven to one.

“It’s tough to believe” Canada can continue at its present pace, Mr. Porter said in a note.

“We don’t anticipate the large-scale collapse we saw in the United States,” said David Onyett-Jeffries, an economist at RBC. “Maintaining residential construction growth has positive implications for GDP and is going to provide support to it.”

CMHC said urban multiple starts, largely composed of condominiums, accounted for most new-home construction last month.

Urban-multiple starts were an annualized 118,000 in September.

Who is actually buying those condominiums remains anybody’s guess.

Estimates by such groups as Urbanation Inc., a condominium research firm, put up to 60% of condo purchases in the hands of investors as opposed to people who plan to occupy the dwellings they buy.

“The anecdotal story is [that] foreign money is buying condos, but we don’t have any data to back it up,” said Mr. Onyett-Jeffries, adding there are several arguments in favour of housing for foreign investors.

“[Canada] has a stable economy and a stable banking system and the housing market is fundamentally strong, especially as compared to the United States. Given global uncertainties, you can make the argument Canadian real estate has been solid all the way through,” Mr. Onyett-Jeffries said.

Ben Myers, executive vicepresident of Urbanation, says Toronto set a record for quarterly construction with 40,000 units begun in the second quarter of this year. “Investors are not working on the same dynamic. A lot of them are looking at it as a place [to store their cash]. They want out of whatever international market they are in. They look at it as a straight investment and their others are not performing as well,” he said.

At the same time, individual homebuyers are still a strong force, partially driven by near-record low interest rates. “There is a feeling in Canada that the economy is performing well. Interest rates have kept people in the market,” said Don Lawby, CEO of Century 21 Canada. “As long as people feel they have a job, the future looks OK, they have money and interest rates are where they are, people will continue to look to get into the market.”

Francis Fong, an economist at Toronto-Dominion Bank, said European turmoil has led investors to buy government bonds, which has kept rates low and improved affordability, but he doesn’t expect that to continue forever.

“Spending fatigue and high levels of debt among Canadian households will lead to further moderation in the housing market,” he said. “We forecast that housing starts will slow to an average of 180,000 by next year, only to trend lower the year after.”

“Correcting misconceptions about commissions is something that is very common for Realtors,” says Barbara Sukkau, president of the Ontario Real Estate Association. “A Realtor’s commission isn’t set in stone, it is agreed upon by the client and Realtor in the Buyer Representation Agreement or Listing Agreement.”

“Whether a client is a first time or experienced home buyer, part of finding the right Realtor is looking for one who asks the right questions, gets to know their finances and demonstrates expert knowledge of current market trends. It also means settling on a commission that works for everyone,” Sukkau says.

When a potential buyer starts working with a Realtor they can sign a Buyer Representation Agreement (BRA). This contract establishes how long the buyer and Realtor will work together, what neighbourhoods the contract applies to and is where the Realtor and client will decide on a commission.

For sellers, the contract is called the Listing Agreement. The document provides a Realtor with authority to offer for sale and market the home; it establishes the listing price, length of contract and also the Realtor’s commission.

A Realtor’s commission is either a percentage of the sale price, or a previously agreed specific amount, but it cannot be a combination of the two. Commission guidelines are generally established by brokerages and then an exact number is agreed upon between a Realtor and their client.

“We know that owning a home is important to Ontarians, and we want to help them get the home of their dreams,” says Sukkau. “We want our clients to be happy, and the Buyer Representation or Listing Agreement is our promise to work hard on their behalf.”

Sukkau suggests that potential clients do their research and interview a number of Realtors. “They’ll want to find a Realtor who makes them feel comfortable, presents him or herself professionally and has a plan that is built around their needs,” she says.

Both buyers and sellers should ask questions about the agreements they’re signing and talk to a Realtor about these details

Length of contract: How long will you be working together and what regions does the contract cover?

Value: A seller’s Realtor can complete a market value assessment and advise on a listing price. A buyer’s Realtor will help them find a home in their price range and make sure to consider their list of ‘must have features’ in their home.

Representation: Services offered by a Realtor can vary, so it is important for a buyer or seller to agree with their Realtor on how they are going to work together to either find the right home or sell their home for the best price possible.

Source: (c) 2011 Canada Newswire. Provided by ProQuest LLC. All rights Reserved.

Low interest rates have fueled Canada’s housing market in the past decade, pushing prices to new highs in most regions. Sales are now close to their past-decade norm, and well below pre- and post-recession peaks, while residential mortgage demand has also moderated. However, a weaker economy and new mortgage rules have dimmed activity recently.

“Since the prudent and timely mortgage rule changes announced early this year by Finance Minister Jim Flaherty, Canadian house prices have moderated,” said Sal Guatieri, Senior Economist and Vice President, BMO Capital Markets. “House price gains are slowing. Although average resale prices rose a brisk 7.7 per cent year-over-year in August, the rate of increase has slowed from nearly 9 per cent earlier this year.”

Mr. Guatieri noted in the report that housing activity should remain moderate in the year ahead, with tailwinds including low mortgage rates, relatively low unemployment and strong immigration. Furthermore, a weak global economy and Europe’s debt crisis will likely keep the Bank of Canada on the sidelines until early 2013, while further easing measures by the Federal Reserve should suppress long-term rates in both countries, thereby supporting affordability.

On the flip side, Mr Guatieri noted that the housing market also faces several challenges, including high prices, elevated household debt and slowing employment.

“Prices have risen twice as fast as incomes in the past decade, lifting the current ratio 16 per cent above its norm. Although the current overvaluation is below levels that triggered price corrections in Canada in 1989 and the U.S. in 2006, it will remain a thorn in the side of first-time buyers,” said Mr. Guatieri. He added that for bargain hunters, Canadian houses, on average, cost a record two-thirds more in local currency terms than properties in the U.S.

The upshot is that home sales are likely to remain steady in 2012 and prices should also stay put. However, the resource-rich provinces, notably Alberta and Saskatchewan, should outperform other regions since their economies are expected to grow the fastest. Because housing is moderately overpriced in most regions (and considerably so in Vancouver), it’s vulnerable to a correction.

“Regardless of the current low interest rates, it is still important for homeowners or potential buyers to be prudent and stress-test their mortgage against a higher interest rate to ensure they can afford what they signed up for. Total housing expenses should not consume more than one-third of total household income,” said Katie Archdekin, Head of Mortgage Products, BMO Bank of Montreal.

Ms. Archdekin added that Canadians need to be continually examining ways to reduce overall housing costs. “BMO has developed products, such as the low rate mortgage with a maximum 25-year amortization, that we believe are directly relevant to today’s environment and specifically designed to help Canadian consumers manage their debt. Furthermore, the lower amortization can significantly reduce the amount of interest paid over the life of the mortgage.”

Source: MarketWatch.com