6 03, 2018

Toronto home prices continue to climb

Average home prices in the Toronto region climbed more than 4 per cent last month as buyers began to absorb the impact of tougher new mortgage qualification rules introduced in January.

Toronto home prices climb

Data from the Toronto Real Estate Board showed home prices rose 4.2 per cent in February compared to January to an average of $767,818, marking the strongest month-over-month price gain since September.

Detached home prices rose 3.1 per cent across the Greater Toronto Area in February compared to the prior month, averaging $1,000,736, while condo prices climbed 4.4 per cent over January to an average of $529,782.

Despite the increases, average prices were down 12.4 per cent in February compared to the same month last year, when sales were booming prior to a price correction that began in May last year, TREB said.

TREB said 5,175 homes sold in February across the GTA , a 35-per-cent drop compared to the record 7,955 sales in February last year, but an increase of almost 29 per cent compared to 4,019 homes sold in January this year.

There were 10,520 new listings of homes for sale in February, an increase of 7.3 per cent from the same month last year, and a jump of 23 per cent from January. Despite the increase, however, TREB said the level of new listings still remained below the February average for the previous 10 years.

Jason Mercer, TREB’s director of market analysis, said he expects sales to pick up further as the year progresses.

“As we move further into the spring and summer months, growth in sales and selling prices is expected to pick up relative to last year,” he said in a statement, predicting price growth will come in the comparatively more affordable townhouse and condominium markets.

“That being said, listings supply will likely remain below average in many neighbourhoods in the GTA, which, over the long-term, could further hamper affordability,” Mr. Mercer said.

TREB president Tim Syrianos said his association anticipated sales would be slow in the opening months of 2018 compared to historic highs in early 2017.

He said prospective buyers “are still coming to terms with the psychological impact” of housing reforms introduced last April by the Ontario government, which included a new foreign buyer’s tax, as well as new mortgage qualification rules introduced Jan. 1 that require buyers to prove they can still afford their mortgages even if interest rates rise.

While sale prices are lower than they were at their peak a year ago, TREB said they are still up 12 per cent compared to the average sale price in February, 2016, “which represents an annualized increase well above the rate of inflation for the past two years.”

Scott Ingram, a Century 21 real estate agent in Toronto, said most home owners in Toronto have made money on their property despite last year’s downturn, calculating fewer than 9,500 buyers who purchased homes in the City of Toronto last year may still be unhappy because the benchmark price in January was at least $10,000 below the price they paid last year. He said they represent about 1.3 per cent of all homeowners in Toronto.

In a new analysis for his blog, Mr. Ingram said the benchmark prices for detached houses, semi-detached houses and townhouses in the City of Toronto in January were still below the peak levels they hit last year, but said prices for all housing types are higher than they were two years ago. The benchmark condominium price has increased compared to all months last year, so buyers in that category are not under water.

Even buyers who may feel “burned” by purchasing at the peak last year will be fine in the long run, Mr. Ingram said, as long as they do not plan to flip their home quickly.

For those who bought at the peak and planned to flip quickly, Mr. Ingram said the experience is a lesson that “real estate isn’t a guaranteed investment vehicle.”

Source: toronto home prices climb
Photo: Thurston Olsen Real Estate Team

4 01, 2018

Toronto average home price up in 2017

The Toronto Real Estate Board says home sales in the Greater Toronto Area fell 18.3 per cent last year compared with a record pace set in 2016.

There were 92,394 sales through its MLS system in 2017, down from 113,040 in the previous year.

The board says there were record sales in the first quarter of last year, followed by a decline in the middle two quarters before sales picked up in the last three months of the year.

The average selling price for 2017 was $822,681, up 12.7 per cent compared with 2016.

The board says sales in December totaled 4,930, down from 5,305 in the final month of 2016.

The average price for the last month of 2017 was $735,021, up from $730,125 a year earlier.

source: average home price up

31 07, 2017

JUST SOLD! 70 Roseheath Avenue – East Danforth


This large semi detached home has been lovingly cared for and meticulously maintained. The covered front porch is a wonderful space to enjoy a morning coffee and enhances the curb appeal of this wonderful residence.

The open concept living and dining rooms boast hardwood floors throughout and large windows allowing for plenty of natural light. The spacious eat in kitchen has plenty of cabinetry and enough room for a large centre island or a second dining area if desired. There is also a walk out to the fenced in backyard. Perfect for barbeque season in the summer months!

The second level features 3 large bedrooms and a 4 piece washroom. The master bedroom includes a beautiful Bay window to let in the morning sun, hardwood floors and ample space for a sitting area as well.

This home also features a full basement with plenty or room for storage and laundry and there’s even a detached garage!

Perfectly situated on a lovely street in a great family neighbourhood, 70 Roseheath Avenue is just minutes from so many great shops and restaurants along The Danforth. Move in and enjoy everything that this home has to offer!

31 07, 2017

SOLD OVER ASKING! 100 Western Battery Road #1708 – Liberty Village


Welcome to Suite 1708. This spacious condo features an open concept floor plan with lovely flooring and floor to ceiling windows in the living room and kitchen. The kitchen is absolutely stunning with tons of upgrades including premium Chocolate Pear Tree cabinetry, stainless steel appliances, Arctic Cream granite counters and a large centre island. The living room is bright and airy with plenty of room to relax and is open to the kitchen making the space ideal for entertaining. It also features a walk out to the large north facing balcony.

The separate den is perfect for a home office and features the same flooring as the living room and kitchen as well as a sliding door for added privacy.

The master bedroom is a fantastic space with wall to wall closets, enough room to fit a king size bed and floor to ceiling windows. It also has another walk out to the balcony.

The 4 piece washroom is modern and generous in size with a sleek vanity and a linen closet for extra storage.

The impressive balcony spans 30 feet across and offers enough room to have separate sitting and dining areas. The unobstructed north views are so impressive and a rare find living in the downtown core.

Suite 1708 also includes ensuite laundry for added convenience as well as parking and a locker! Move in and enjoy everything that this vibrant neighbourhood has to offer!

31 07, 2017

SOLD OVER ASKING! 173 Seaton Street – Cabbagetown South


This charming Victorian in Cabbagetown provides an abundance of original character mixed in with modern finishes. Soaring ceilings and massive principal rooms provide an open and airy environment. 2 meticulously finished units with amazing Income potential!

The spectacular 2 bedroom, 2 bathroom Upper unit has ample natural light and plenty of space to live and entertain. The functional master bedroom is located on the 3rd floor and has a skylight, powder room, and vaulted ceilings. Step out on the 3rd floor deck to enjoy your morning coffee and enjoy the sunshine. The stunning kitchen has a ton of cabinet space, granite counters, a skylight, and a Juliette balcony. Perfect for the home chef.

The charming 3 bedroom, 2 bathroom Lower unit features soaring ceilings with original mouldings and stained glass on the first floor. The beautiful, large eat-in kitchen features stainless steel appliances, wood floors, and original high baseboards. The first floor also features a modern powder room with beautiful finishes, and a walk out to a lovely private garden space to enjoy all season long. The lowered basement has high ceilings with an airy feel and a gorgeous modern staircase that leads to 2 bedrooms, a stunning renovated 4 piece bathroom, and a laundry room.

This functional turn-key property is perfect for any investor or for anyone looking to supplement their mortgage payments. Live in one unit and rent out the other or rent them both out to maximize your cash flow.

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