30 03, 2020

How to improve your home’s value while in quarantine

We’re all staying safe at home and this is a great time to do some things to improve your home’s value while in quarantine.

Improve your home's value while in quarantine

Here are 11 ways to improve your home’s value:

  1. Organize your pantry and closets – consider donating the items once you’re able. We love Allan Gardens Food & Clothing Share
  2. Sweep your entryway, deck, and walkways
  3. Power wash your porch, deck, walkways, or fence – don’t spray the neighbour’s dog!
  4. Clean your windows inside and out
  5. Clean up around your property – rake leaves, pick up fallen sticks and branches, remove weeds, edge your lawn
  6. Clean out your eavestroughs
  7. Re-caulk around your shower, tub, and sinks
  8. Patch any superficial cracks in walls and ceilings
  9. Touch up paint, or completely repaint to freshen up your space
  10. Clean the grout between your tiles – an old toothbrush is a great tool
  11. Deep Clean! Do the stuff you never have time to: wash down cupboards, appliances, and baseboards. Clean the inside and outside of your appliances (dishwasher and washer too!)

Did you recently move? Here are 10 things to take care of in your new home.

6 02, 2020

Toronto real estate sales & prices up in January 2020

Toronto real estate sales and prices up in January, inventory down

Toronto skyline January 2020 real estate

Toronto real estate prices continue to rise in a face of falling inventory. According to the latest data from the Toronto Regional Real Estate Board (TRREB), 4,581 homes changed hands in January 2020 – a 15.4-per-cent increase year-over-year. On a month-over-month basis, sales rose by 4.8 per cent. Active listings, meanwhile, are down 35 per cent. Strong sales coupled with constrained supply resulted in double-digit price growth last month.

“We started 2020 where 2019 left off, with very strong growth in the number of sales up against a continued dip in the number of new and available listings,” TRREB President Michael Collins noted in the Toronto real estate board’s release this morning. “Tighter market conditions compared to a year ago resulted in much stronger growth in average selling prices. Steady population growth, low unemployment and low borrowing costs continued to underpin substantial competition between buyers in all major market segments.”

In lockstep with the rising rate of home sales and dwindling inventory, average Toronto real estate prices were up in January. The Greater Toronto Area, prices were up 12.3 per cent, driven by single-family home and condominium apartment sales in Toronto proper. The average selling price in the GTA was $839,363 (compared to $747,175 at this time last year). Meanwhile in Toronto proper, the average price in January was $884,385.

TRREB notes that the key price differentiator between January 2020 and January 2019 was in the low-rise property market, particularly with regard to detached houses. Many buyers who were previously priced out of the market due to the mortgage stress test are re-entering, driving strong year-over-year detached price growth.

In its 2020 Housing Market Outlook, RE/MAX calls for home prices in Toronto proper to rise by six per cent throughout 2020, to $933,691. This expectation is based on continued demand for detached housing, higher employment rates and economic growth, as well as improved affordability compared to the last three years.

 

source: RE/MAX blog
14 01, 2020

Thurston Olsen Toronto Real Estate Market Update Q4 2019

2020 has arrived! We hope you had a wonderful holiday season with family and friends and are getting ready for a great year ahead. To keep you up to date and informed about the Toronto real estate market, we have prepared your neighbourhood update to have a look at all of 2019.

Toronto Real Estate Market Stats –  January to December, 2019 for the City of Toronto:

Do you have a question about a specific sale on your street, or want to know what’s happening in another hood? Reach out and we’ll gladly send you all the info! info@thurstonolsen.com

Are you curious to know what your home is worth? Give us call at 416.465.7850 and we will be happy to provide you with an opinion of value.

Detached Homes

  •  Homes Sold: 9,327
    • An increase of 16.0% compared to 2018
  • Average Price: $1,318,953
    • An increase of 0.4% compared to 2018

Semi-Detached Homes

  •  Homes Sold: 2,932
    • An increase of 11.5% compared to 2018
  • Average Price: $1,044,675
    • An increase of 4.3% compared to 2018

Condo Apartments

  •  Homes Sold: 16,353
    • An increase of 0.5% compared to 2018
  • Average Price: $633,948
    • An increase of 6.8% compared to 2018

Click here to view our Toronto Real Estate Update from Q3 2019.

9 01, 2020

Toronto home prices rise further in 2019

The city can “expect further acceleration” if nothing is done about the city’s undersupply of new homes, TREB says.

Toronto home prices rise in 2019. Snow covered rooftops of homes in Leslieville, Toronto

The Toronto Real Estate Board says home sales were up 17.4 per cent in December compared with the same month last year, while the average price was up almost 12 per cent in the month from a year earlier.

The December jump caps a surge in activity in the second half of last year, while a slower first half meant that overall 2019 sales were in line with annual medians for the decade.

The increased sales over 2018, even as new listings dropped 2.4 per cent year-over-year, helped push the average selling price for the year up by four per cent to $819,319. The average selling price in December was $837,788, up 11.9 per cent from a year earlier.

“We certainly saw a recovery in sales activity in 2019, particularly in the second half of the year,” said Michael Collins, president of the Toronto Real Estate Board (TREB).

“As anticipated, many home buyers who were initially on the sidelines moved back into the market place starting in the spring. Buyer confidence was buoyed by a strong regional economy and declining contract mortgage rates over the course of the year.”

The region continues to struggle with an undersupply of housing, said Jason Mercer, TREB’s chief market analyst.

“Taking 2019 as an example, we experienced a strong sales increase up against a decline in supply. Tighter market conditions translated into accelerating price growth. Expect further acceleration in 2020 if there is no relief on the supply front,” he said in a statement.

For the year, condos saw the biggest price gains, up 6.4 per cent to an average of $587,959 compared with 2018, while detached home prices were up 0.9 per cent to an average of $1.02 million compared with the previous year. Condo sales activity was up only three per cent overall last year, while detached home sales were up 18.8 per cent.

For December, detached homes actually recorded higher price gains, up 11.6 per cent in the month to $1.05 million as sales were up 26.2 per cent from a year earlier. The average condo price was up 10.4 per cent to $612,464, while sales were up 6.9 per cent.

source – The Canadian Press, with a file from HuffPost Canada

Have questions about Toronto home prices? Contact Us.

Toronto Home Prices

11 07, 2019

Thurston Olsen Toronto Real Estate Update Q2 2019

Summer is here! We hope you’re enjoying this weather and finding some time to relax with friends and family. To keep you up to date and informed about the real estate market, we have prepared your Toronto real estate update for the second quarter of 2019.

Do you want the stats for your neighbourhood, or have a question about a specific sale on your street? Reach out and we’ll gladly give you all of the info! info@thurstonolsen.com

Are you curious to know what your home is worth? Give us call at 416.465.7850 and we will be happy to provide you with an opinion of value.

 

Thurston Olsen Real Estate Team update Toronto Q2 2019

  • 10,131 homes sold throughout Toronto from April – June, 2019
    • 3,150 were detached homes
    • 1,021 were semi-detached homes
    • 4,836 were condos
    • 1,124 were a combination of other home types
  • The average price of a detached home is $1,359,192
  • The average price of a semi-detached home is $1,052,834
  • The average price of a condo is $639,316
  • Homes are on the market an average of 17 days

Click here to view our Toronto Real Estate Update from Q1 2019.

11 04, 2019

Thurston Olsen Toronto Real Estate Update Q1 2019

Bring on the spring! In an effort to keep you up to date and informed about the Toronto real estate market, we have prepared your Toronto real estate update for the first quarter of 2019.

Do you want the stats for your specific neighbourhood, or have a question about a specific sale on your street? Reach out and we’ll gladly give you all of the info! info@thurstonolsen.com

Are you curious to know what your home is worth? Give us call at 416.465.7850 and we will be happy to provide you with an opinion of value.

 

Thurston Olsen real estate team Toronto update Q1 2019

  • 5,837 homes sold throughout Toronto from January – March, 2019
    • 1,480 were detached homes
    • 480 were semi-detached homes
    • 3,247 were condos
    • 630 were a combination of other home types
  • The average price of a detached home is $1,254,683
  • The average price of a semi-detached home is $1,039,640
  • The average price of a condo is $603,243
  • Homes are on the market an average of 22 days

Click here to view our Toronto Real Estate Update for 2018.

29 01, 2019

Thurston Olsen Toronto Real Estate Update Jan-Dec 2018

We hope you’re keeping warm and safe this winter! In an effort to keep you up to date and informed, we have prepared your Toronto Real Estate Update for 2018. Below you will find Toronto sales information for January – December, 2018 compared to 2017.

Do you want the stats for your neighbourhood, or have a question about a specific sale on your street? Reach out and we’ll gladly give you all of the info! info@thurstonolsen.com

Are you curious to know what your home is worth? Give us call at 416.465.7850 and we will be happy to provide you with an opinion of value.

Toronto real estate update 2018 Thurston Olsen Real Estate Team
  • 29,863 homes sold throughout Toronto in 2018
    • 26.5% were detached homes
    • 8.6% were semi-detached homes
    • 54.6% were condos
    • 10.4% were other home types
  • The average price of a detached home decreased 7.1% from 2017 to 2018
  • The average price of a semi-detached home increased 1.0% from 2017 to 2018
  • The average price of a condo increased 8.7% from 2017 to 2018
  • Homes were on the market an average of 20 days in 2018. This increased from 16 in 2017.

Click here to view our Toronto Real Estate Update from Q3 2018.

8 11, 2018

THE HALLMARK REPORT – 2018 Q3 – TORONTO RESIDENTIAL HOUSING MARKET

The housing market in Toronto has been stabilizing over the course of the third quarter, following a sharp drop in the first two quarters after the implementation of various government regulations. Gradual improvements in prices since the second quarter with increased sales activities in suburbs, fall in Toronto and inventory increase in both areas. The housing market is becoming TIGHTER as the number of NEW (not re-list) listings across the GTA dropped in September, while home sale prices climbed compared with a year ago.

The annual rate of sales growth has outpaced the annual rate of NEW listings growth, creating a market that was tighter than the previous year 3rd quarter with less than 3 months of inventory in the GTA and less than 2 months of available supply in Toronto.

The average selling price across all housing types, from detached homes to condos, went up 2.9% to $796,786. The average detached dwelling price is at $1.34 million in the city of Toronto, a decline of 1.4%. Condo prices continued to rise, up 10% in the GTA and an 11% gain in the average selling price inside Toronto’s boundaries.

Overall the City of Toronto maintained a healthy growth of 5.2% in the third quarter while almost every suburb region with the exception of Mississauga, had price declines compared to 4 the same period last year.

11 09, 2018

Toronto house price crash unlikely

If you’ve been waiting to buy a home, hoping for a Toronto house price crash, you could be waiting forever. We’re here to help navigate this tricky market, reach out! Here’s what a recent Huffington Post article has to say:

Toronto house price crash unlikely

A recent poll found that half of Torontonians are hoping for house prices to fall, but a new report from Royal Bank of Canada basically says “don’t hold your breath.”

The modest price gains seen in Toronto and Vancouver in August are a “sign of things to come,” RBC senior economist Robert Hogue wrote in a client note.

After year-on-year declines for much of 2018, home sales in Toronto started rising again this summer. They were up 8.5 per cent in August, compared to the same month a year earlier, according to statistics released last week by the Toronto Real Estate Board.

After some downward pressure, prices appear to have stabilized. The average selling price for all housing types in Greater Toronto sat at $765,270 in August, up 4.7 per cent in a year.

“Area buyers hoping that last year’s Fair Housing Plan and this year’s stress test would bring about big price breaks will be disappointed,” Hogue wrote.

“In fact, several of them came to that realization earlier this summer (in light of steady month-to-month increases over the spring) and jumped back into the market.”

While that may be welcome news to homeowners worrying that the growth in the value of their homes has come to a standstill, it’s a disappointment to the half of Toronto residents who — in a recent Angus Reid poll — said they’d like to see house prices fall.

More than a quarter said they’d like to see an outright price crash, of 30 per cent or more. A majority of renters said they are considering leaving the citybecause of housing costs. That’s a sign of the frustration potential homebuyers are feeling in a market where house prices have long grown faster than incomes.

But though they hope for a correction, few poll respondents hold out hope it will actually happen. Sixty-two per cent agreed that government policy will not be able to make Toronto housing affordable “no matter what.”

Construction slowdown

Canada Mortgage and Housing Corp. reported a surprise decline in the number of new homes starting construction in August. The annualized rate of construction fell to just under 201,000 housing units, down from nearly 206,000 in July, according to data released Tuesday. Economists had been predicting a pick-up to around 210,000.

The largest pull-back was in Ontario, while British Columbia has seen a mild rebound, though construction is still below the frenzied pace of 2016 or 2017.

Economists expressed mixed views on the construction slowdown, with some saying the pace of construction is just returning to more sustainable levels from excessive heights.

“Despite two monthly declines, robust levels of residential construction continue in Canada, with a 27-year high for population growth supporting the strength,” Bank of Montreal senior economist Robert Kavcic wrote in a client note.

“While not all regions of the country have experienced the same price pressures as Toronto and Vancouver, many are seeing heightened building activity.”

But CIBC economist Royce Mendes suggested we can expect to see a somewhat slower housing market ahead.

“A more sluggish pace to homebuilding is in line with our expectation that higher interest rates and tighter lending standards turn this former stalwart of growth into a drag on the economy,” Mendes wrote in a client note Tuesday.

keep reading: toronto housing market has stabilized

 

source: huffington post

7 09, 2018

Toronto housing market has stabilized

The 2018 Toronto housing market has been an exciting one, with ups and downs, we have stabilized through August. Here’s what the London Free Press has to say:

House sign with sold over asking rider. Ford thurston and Chris Olsen Toronto housing market

Toronto’s housing market kept its footing August as sales gained while prices were little changed, continuing to stabilize after a turbulent year.

Sales jumped 8.5 per cent to 6,839 in August from the same period a year ago, the Toronto Real Estate Board reported Thursday and were up 2 per cent on a seasonally adjusted basis from July. Average prices rose 4.7 per cent from a year earlier to $765,270 but benchmark prices, which measure the value of a typical home, fell 0.5 per cent from July to $764,800.

The housing market in Canada’s biggest city has been stabilizing over the past few months, following a sharp plummet earlier in the year after various government regulations were implemented to rein in prices. The market began to crack in April last year after a foreign buyers tax was put in place but has recovered much of the decline over the past few months.

Toronto housing market August price up 4.7% in 2018 from 2017“Many home buyers who had initially moved to the sidelines due to the Ontario Fair Housing Plan and new mortgage lending guidelines have renewed their search for a home and are getting deals done much more so than last year,” Garry Bhaura, president at the housing board, said in a statement.

Detached homes lagged other housing segments in August, with the benchmark price dropping 1.9 per cent from a year ago to $914,900. Meanwhile, condo apartments led the price gains, jumping 9.9 per cent from last August to $505,500.

Toronto housing market GTA sales rise 8.5%

“Despite the fact the sales remain off the record highs from 2016 and 2017, many GTA neighbourhoods continue to suffer from a lack of inventory,” said Jason Mercer, TREB’s director of market analysis. “This could present a problem if demand continues to accelerate over the next year, which is expected.”

New listings were up 6 per cent from a year ago to 12,166. Active listings rose 8.8 per cent to 17,864, from 16,419 last year.

 

source: london free press

lead image: Ford Thurston

Go to Top