Toronto's Real Estate Team
Toronto Real Estate Market Analysis
For April 2017


The month of April turned out to be a little rocky after the April 20th announcement from the provincial government laying out new non-resident taxes and rent control rules.
 
The 15% tax applies to non-residents who purchase here but are just buying to park their money in a safe location.
 
The other rule change makes rent control rules apply to all rentals, condo or otherwise, and it doesn’t matter when they were built.  There was a previous exemption for rental units that were built after 1991.
 
You can read the full CBC article on the provincial government’s announcement here.
 
On the face of it, these changes really shouldn’t affect anything… the non-resident buyers are only a small part of the GTA market and if a new condo is purchased today, you can still set the rent initially at whatever the market will bear right now.  
 
However there’s been a psychological impact to the market causing the multiple offer situation to moderate somewhat although for sure it hasn’t made them completely disappear.
 
My new book designed to help Toronto condominium sellers get their suites sold has just been printed on Amazon.  You can go online and get your own free copy of the ‘Insider Tips For Getting The Best Price’.
 
This book is free as a downloadable PDF or you can request the paper-back version to be sent to you if that’s the way you like to read and learn.  You can get either version here.
 
Please enjoy this month’s newsletter and keep us in mind when any of your friends are talking real estate in Toronto.
 
Thomas


Toronto’s market did a hiccup mid-month [VIDEO]

Sales were down slightly for April compared to last year with 11,630 houses and condominiums changing hands in all the districts.

Condo townhouse and high-rise suites took a 32.4% share of the market with 3,768 units being sold… a highest-ever number for any April.

The April average sale price for all GTA homes came in at a record breaking $920,791 – a significant 24.5% higher than last year.

Interestingly, sales and competition for condo suites has now brought the high-rise market into extremely high demand.

The active listing inventory is one of the strongest indicators of how smooth or outrageous the market has been.  We had a 29% decline in inventory for the month of March compared to historical numbers and up 3% from last year at this time.

The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of market we’re actually in.  24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market.  

In April that ratio finished at 90% - compared to 96% last year and down dramatically from March’s 154%.  We’re still in ‘extreme’ seller market territory and there’s nothing really to slow that down going forward!

The days-on-market average for Toronto homes was at a record low of just 9 days.

Watch the video to get the complete April 2017 Market Report details.



If you'd prefer to read the full market report details, click here.


From Our Mortgage University Series...

How To Avoid A Bad Credit Rating

It may not be great now, but with a little effort—and admittedly, a lot of time—you can give your credit score a big boost.
 
Once a collection item hits your credit score, the damage is done. With your FICO score, the only thing that can heal your score is time.

Click Here To Read More


Avoid Costly Mistakes When Getting
Pre-Approved For A Mortgage 

In today’s busy Toronto market, buyers often have to go in with either a firm, no conditions offer or occasionally with just a very short financing condition.  Otherwise the seller will choose to accept someone else’s offer.

Once you sign that firm offer, you’re irrevocably committed to buying that home!

You can’t risk doing that without understanding how mortgage financing works and getting a FULL mortgage pre-approval ahead of time.

Reading the Toronto Home Buyer’s Financing Guide will give you clear, easy to understand guidance on how to approach the mortgage pre-approval process.


From Our Seller University Series...

Beware Of Awkward Sensory Experiences Destroying Your Sale

How do you think your condominium suite, or building for that matter, will stand up to an examination by every buyer’s senses… sight, smell, hearing, feel and taste?  Well, maybe not taste so much but certainly by the other four.

Click Here To Read More


Learn How To Sell Your Toronto Condo For Top Dollar Fast

Download your own copy of the Insider Tips For Getting The Best Price book.

By reading this book you’re on your way to helping yourself have a successful sale and getting the highest price possible.  As the saying goes ‘Knowledge Is Power’.
 
Become a smart, educated seller, download your guide here to help you confidently sell your condo for the best price.


Take A Look At This New Listing...

Scarborough Detached 5 Bedroom Home

Estate sale - impeccably maintained by the owner for many years. Rare 5-bedroom detached on a quiet tree-lined street in a well-established Bridlewood neighbourhood near Pharmacy & Huntingwood. 

Super easy to get anywhere… public transit to the subway & 5-minute access to either the Don Valley / 404 or to Highway 401. Fully fenced, private back yard - perfect for kids or pets.

Click Here For Photos, Floor Plans, Virtual Tour, and More Details


 


From Our Buyer University Series...

15 Steps To Mastering The Home Buying Process

The home buying process can take as little as a few weeks or stretch out to several months or longer.  When buying brand new construction, it can even take up to three or four years to go thru all the steps.

Click Here To Read More


Avoid Making Serious Home Buying Mistakes

Download your own copy of the Ultimate Toronto Home Buyer's Guide book.

Whether you’re a first time buyer or you’re ready to move to your next home, you need to find out how to avoid the pitfalls of buying a house or condo in today’s busy Toronto / GTA real estate market.
 
Jump start your real estate search by understanding how the complete home buying process works. Learn about what a buyer agent does to protect you throughout the buying process.
 
Become a smart, educated buyer, download your guide here to help you get confidently prepared for your home search.


For Those Of You Who Like Trivia...

Every month we post our latest World’s Most Interesting Postcard in our Team newsletter.  You might be amazed at what you’ll learn from these interesting tidbits!!

Click to see larger image


Featured Neighbourhood:
The Fort York Community in Toronto

Fort York is actually one of the most historic areas in the city of Toronto while also being one of the newest residential areas. Beautiful views of the Toronto waterfront are enjoyed by many of the condos here, and Lake Shore Boulevard is close by.

Click here to see the listings for this community...


May 2017...

Report On Downtown Toronto Condo Prices

Curious about what your downtown Toronto condo may be worth?

Here’s an easy, online way to find out what suites like yours are selling for in today’s market.

Get this free report with up-to-the-minute statistics based on all the recent listings and sales of condos in your building.

Get your free May 2017 condo valuation here
 


Keep Your Ears Open For Real Estate Conversations...

People always feel good about recommending a person or a business where they've received terrific service. They want their friends to enjoy the same great experience they had. 

Please keep us in mind throughout 2017 whenever you hear friends talk about real estate at any time... we're here to advise, consult and help.

Thomas


Can I Buy You A Coffee Next Week?

When you're buying a house or condo for the first time there are just so many questions... What do I need to do first? Why are multiple offers happening? How can I beat the odds and get that dream home when there's competition. How can I avoid picking the wrong house or condo building?

Your head is probably buzzing with those and many more questions.

The best way to get the process started is to sit down for a casual 20-30 minute chat with someone who knows many of the answers that you need... no cost or obligation... just with the intention of giving you some solid advice and counsel to help you put a home buying plan together.

Pick a time and date to have a coffee (or tea) at LetsMeetForACoffee.com


Toronto's Real Estate Team
Thomas Cook @ RE/MAX

Expect Amazing

Real Estate Sales Representative @ RE/MAX Hallmark Realty Ltd Brokerage

785 Queen Street East in Leslieville

Thomas@LivingInToronto.com  

Direct => 647-962-1650

Author || Ultimate Home Buyer’s Guide
Author || Home Buyer's Financing Guide
Author || Insider Tips For Getting The Best Price
Author || Get Free Money From The Federal Government

Experience || Thousands of homes sold since 1980

Professional Designations || ABR, SRES

Awards || RE/MAX'S 2ND highest award - Circle Of Legends

Charity Support || Over $115,000 contributed to the Toronto Sick Kids Hospital