By: Thomas Cook

The Canadian Real Estate Association Has Updated Their Resale Housing Forecast

The Canadian Real Estate Association Has Updated Their Resale Housing Forecast

According to the Canadian Real Estate Association, Ontario housing market trends are the exception (along with British Columbia) when it comes to national sales activity falling in line with expectations during the second quarter of 2016.   The new property transfer tax on home purchases in Vancouver have abruptly slowed sales there, while the market in Ontario is heating up.   “Year-over-year price gains have continued to mount in Ontario and British Columbia. While having accelerated in the former, price growth showed tentative signs of moderating in the latter,” said the Canadian Real Estate Association in a press release. “As a result, the average home price f...Read More

By: Thomas Cook

August Sales Results Keep The Records Rolling

August Sales Results Keep The Records Rolling

  Sales were up dramatically for August compared to last year with 9,813 houses and condominiums changing hands in all the districts. Sales are actually up 37% above the last 5-year monthly average.   Condo townhouse and high-rise suites took a bigger 36.1% share of the market with 3,543 units being sold.  This percentage of the overall market is a bit above average for August.   The August average sale price for all GTA homes came in at an astounding $710,410– a significant 17.7% higher than last year.   Interestingly, what brought the average this high were lots of higher-end sales in the 905 area.   The active listing inventory is one of the strongest ...Read More

By: Thomas Cook

Should Tenants Have Fewer Rights When They Don’t Pay Their Rent To Condo Owners?

Should Tenants Have Fewer Rights When They Don’t Pay Their Rent To Condo Owners?

Renting out your condo or home to tenants can serve as a great investment and way to provide extra income, and it’s something that many condo owners or home owners choose to do with great results.   However, in the province of Ontario the law can heavily favour tenants when disputes arise, and while these tenant protections offer great protection against unscrupulous landlords – they can make honest landlords vulnerable to dishonest tenants who’ve made it a lifestyle to game the system.   Toronto Real Estate lawyer Bob Aaron has written extensively on the topic, with his most recent column detailing recent proposed changes to the current system to better deal with...Read More

By: Thomas Cook

Greater Toronto Area Condo Sales Increase In Q2 2016

Greater Toronto Area Condo Sales Increase In Q2 2016

According to the Toronto Real Estate Board, Greater Toronto Area condo sales increased by 17.4 per cent in the second quarter of 2016, for a total of 8,965 condominium apartment sales.   “TREB Realtor members are involved in all aspects of the condominium apartment market in the Greater Toronto Area, from working with buyers at the pre-construction stage of development through to the resale or rental of existing units,” said the president of the Toronto Real Estate Board, Larry Cerqua. “While we have certainly seen a lot of condo construction over the last few years, project completions have not resulted in a glut of inventory. Over the past year, we have actually expe...Read More

By: Thomas Cook

Gen Y Intentions To Buy And Sell Homes Increase In Ontario

Gen Y Intentions To Buy And Sell Homes Increase In Ontario

New research from the Ontario Real Estate Association has found that one-quarter of gen Ys are likely to purchase a home within the next 24 months, which is up by 8 points over last year. Meanwhile, 18 per cent of gen Xs have the same intentions, which is up 6 points over last year.   Gen Ys are those born between 1977 and 1994, while gen Xs are those born between 1966 and 1976. “Based on their intentions to buy, and the kind of real estate they’re looking at, it is evident that ‘stage-of-life’ is a motivating factor for gen Y,” said the president of the Ontario Real Estate Association, Ray Ferris. “Also, given the strength of real estate markets lat...Read More

By: Thomas Cook

Explaining The Difference Between Chattels And Fixtures

Explaining The Difference Between Chattels And Fixtures

If you haven’t purchased a home before, you may not know the difference between chattels and fixtures. But when you’re looking at homes, the difference is extremely important – otherwise, you could be very disappointed upon closing.   A chattel is something that can easily move with the current owners – an item that can be removed from the home without causing damage. A fixture is something that is usually assumed to be an item that would be included with the home, and can’t be moved easily.   Where issues can arise, is when prospective buyers fall in love with certain aspects of a home and don’t realize that these items are chattels – mean...Read More

By: Thomas Cook

TREB Suggests Caution Before Enacting A Foreigner Tax Here

TREB Suggests Caution Before Enacting A Foreigner Tax Here

The Toronto Real Estate Board and the Ontario Real Estate Association have jointly sent a letter to the province and to the City of Toronto expressing a wish that all government bodies gather more accurate data as to what level of foreign investment actually exists in the GTA high-rise and low-rise segments of the market.   As of this date, no one has actually been accurately keeping track of who has been buying what.  There are lots of rumours and stories of course but, as is typical, that type of information is usually skewed to the side of exaggeration instead of reality.   If indeed there is a massive influx of foreign capital stressing the market, then by all means enact ...Read More

By: Thomas Cook

More Young Home Buyers Want In

More Young Home Buyers Want In

  Sales were up just 1.7% for July compared to last year with 9,989 houses and condominiums changing hands in all the districts. Sales are actually up 31% above the last 16-year monthly average.   Condo townhouse and high-rise suites took a bigger 34.5% share of the market with 3,444 units being sold.  This percentage of the overall market is a bit above average for July.   The July average sale price for all GTA homes came in at an astounding $709,825– a significant 16.5% higher than last year.   The active listing inventory is one of the strongest indicators of how smooth or outrageous the market has been.  We had a 43% decline in inventory for the mont...Read More

By: Thomas Cook

Ontario Residents Have Favourable View Of Real Estate Market, Economy

Ontario Residents Have Favourable View Of Real Estate Market, Economy

According to a new poll conducted on behalf of the Ontario Real Estate Association for the Ontario Homeownership Index, 60 per cent of Ontario residents view the current real estate market in the province as “favourable”.   “With significantly-improved perceptions across all markets and timeframes, it is clear to see why the index has posted its biggest gain to date,” said the vice president of Ipsos Public Affairs, Sean Simpson. “As home prices and sales figures throughout the province continue to astound, it is encouraging to see the Ontarians are feeling optimistic about economies and real estate markets, both locally and provincially.”   Othe...Read More

By: Thomas Cook

Available Low-Rise Homes See Record Drop

Available Low-Rise Homes See Record Drop

About this time a decade ago, there were approximately 16,400 low-rise homes for sale in Toronto. But at the end of May, there were 1,985.   A news release from BILD, the Building Industry and Land Development Association, available low-rise homes have hit record new lows in Toronto while the sales of high-rise units is on the rise.   According to BILD President and CEO Bryan Tuckey, “The industry is following the Province’s Growth Plan intensification policies which emphasize high-rise development in the GTA. Nine out of 10 of the new homes available for sale in the GTA are high-rise and mid-rise condominiums.”   High-rise homes can offer buyers a more affor...Read More