By: Thomas Cook

Sales are up 20% from the average – listings are down 19.7% from the average

Sales are up 20% from the average – listings are down 19.7% from the average

Sales were up 5.6% for August compared to last year with 7,998 houses and condominiums changing hands in all the districts.  This was the third best August on record!  Sales are actually up 20% above the last 15-year average. Condo townhouse and high-rise suites continued to taking a boosted 34.3% share of the market with 2,742 units being sold.  This was the highest number of condo sales ever for the month of August. The August average sale price for all GTA homes came in at $602,607 – up 10.2% from 2014 – and down slightly from July. The active listing inventory is one of the strongest indicators of how smooth or outrageous the market is going to be.  We ...Read More

By: Thomas Cook

Greater Toronto Area Condos Seeing Strong Demand

Greater Toronto Area Condos Seeing Strong Demand

While many "experts" have been voicing their concerns over the number of unsold condos in Toronto while new condos are springing up left and right, it turns out that those condos have been snapped up over the last few months. New Toronto condo research data from Urbanation shows that the number of unsold condos in the city have decreased quite a bit over the second quarter of 2015. Urbanation says that a rush of baby boomers and young professionals over the last few months show people are looking for more affordable options, and demand for move-in units is high. Unsold inventory decreased by 13 per cent over the second quarter of 2015 compared to the second quarter of 2014, to 17...Read More

By: Thomas Cook

Do Your Research On Your Condo's Pet Rules

Do Your Research On Your Condo's Pet Rules

For many people in the city of Toronto who want a piece of home ownership, condos are one of the most affordable options. But while condos are a desireable form of home ownership for many, the rules restricting pets can be a deterrent. One thing that makes apartment buildings different than condos in this respect is that in an apartment building, Ontario laws override and "no pets" clauses in your lease and you cannot be denied an apartment or kicked out of an apartment because you have a pet. However, a common misconception is that this is the case in any situation, such as in a condo. Unfortunately, if you are renting or own a suite in a condo “no pets” rules can be...Read More

By: Thomas Cook

Watch Toronto's Skyline Grow - In Gif Form!

Watch Toronto's Skyline Grow - In Gif Form!

If you're a resident of Toronto or are thinking about moving to Toronto, don't miss checking out these 8 fantastic gifs from the Toronto Star. Featured areas include Regent Park, City Place, the West Don Lands and Liberty Village. The gifs show how the Toronto skyline and certain areas of the city have grown, and the difference that just a few years have made is amazing! Check them out here. ...Read More

By: Thomas Cook

Toronto's Real Estate Market Confidence Grows

Toronto's Real Estate Market Confidence Grows

A new report by the Ontario Real Estate Association is focusing on how residents of the Greater Toronto Area, in both the 416 area code and the 905 area code, are feeling about their local real estate market. For the most part, residents in both areas are more confident in their local real estate markets than they were this time last year. “The Index measures consumer confidence in the economy and real estate markets both provincially and locally,” said the president of the Ontario Real Estate Association, Patricia Verge. “What stood out in this wave of research was the significant increase in positive sentiment among GTA residents.” According to the index, two-thir...Read More

By: Thomas Cook

Influx Of Vertical Duplexes Have Residents Of Toronto's Ossington Neighbourhood Upset

Influx Of Vertical Duplexes Have Residents Of Toronto's Ossington Neighbourhood Upset

Members of the Ossington Community Association and nearby residents held a meeting mid-July to discuss the construction of vertical duplexes in the area, which they feel are causing serious problems for the neighbourhood. A vertical duplex is two homes built on a single lot, split vertically. A recent change to area zoning bylaws means that a duplex can now be vertical as opposed to horizontal only. The main problems with this type of housing, as brought up by residents, are that they encourage overbuilding, remove rental housing and increase home prices while replacing otherwise affordable properties with luxury houses. Many residents are concerned that these homes are a threat to the cha...Read More

By: Thomas Cook

Home Buyers Can Now Use Rental Income When Qualifying through CMHC

Home Buyers Can Now Use Rental Income When Qualifying through CMHC

A recent announcement by the Canada Mortgage and Housing Corporation says that starting in the fall, home buyers who are trying to qualify for a loan can use the projected rental income from a property. For example, a buyer who wants to purchase a home that has an income suite previously rented for $1,200 per month could qualify for up to $72,000 more. The new rules take effect in the Fall of this year, and state that, “CMHC will consider up to 100 per cent of gross rental income from a two-unit owner-occupied property that is the subject of a loan application submitted for insurance.” There are a few requirements that buyers have to meet, however. These include that the income...Read More

By: Thomas Cook

Making Sure Your Toronto Open House Goes Smoothly

Making Sure Your Toronto Open House Goes Smoothly

Open houses are often a valuable asset for people wishing to sell their home to the right buyer for the best price. While your agent is always going to be available to answer any questions and help you through the process of running an open house. However, it's always wise to do your own research and be prepared to ensure the best possible outcome. Be sure to put any small, portable electronics or valuables like jewelry in a safe place, and remove larger valuables from the home the best you can. Prescription medications, bills and other personal items should also be hidden or locked up. Pets can complicate an open house. For example, just because you’re an animal lover, doesn&rs...Read More

By: Thomas Cook

Average Toronto Condo Prices Increase In Second Quarter Of 2015

Average Toronto Condo Prices Increase In Second Quarter Of 2015

The Toronto Real Estate Board's Q2 2015 Condominium Market Statistics show that sales, prices and average rents have all increased in the City of Toronto. Toronto Condo sales alone increased by 17 per cent in the second quarter of 2015 compared to the same time last year, In addition, the average selling price for a condo in Toronto is now $416,728, which is an increase of 6.1 per cent over the same time period in 2014. Jason Mercer, the senior manager of market analysis for the Toronto Real Estate Board, said, “Condominium apartment prices have been appreciating at a moderate pace, on average, over the past year, especially when compared to low-rise home types like detached and s...Read More

By: Thomas Cook

Toronto Real Estate Lingo For The First-Time Home Buyer

Toronto Real Estate Lingo For The First-Time Home Buyer

The Toronto real estate market is a hot topic, and there's a ton of information in the news lately about what's going on. It can be hard to follow if you're not an experienced home buyer and if you're only just starting to think about making the leap and buying a home. Here's a list of some common Toronto real estate terms: Conditional Offer: When someone puts an offer in on a house, they can add any number of conditions. One example of a condition is that they have to sell their current house first, and another example is that their offer is conditional on the results of a home inspection. Buyer’s Market or Seller’s Market: In a buyer’s market, there...Read More