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Real Estate Forecast for 2018: What to Expect!

Real Estate Forecast for 2018: What to Expect!

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Real Estate Forecast for 2018: What to Expect

As we head into a new year, the most common question we receive is, “What’s the outlook for GTA’s real estate in 2018?”

 

It’s not just potential buyers and sellers who care; current homeowners also want reassurance about the value of their investment. No one knows exactly what 2018 will bring, but we’ve outlined expert predictions on where the market is headed and how government interventions are expected to impact the Canadian housing market in the year ahead.

HOUSING PRICES WILL REMAIN HIGH IN URBAN CENTRES

Although the Toronto real estate market did experience a slowdown in 2017, housing affordability will remain a major issue in both Toronto and Vancouver in 2018. According to the Royal Bank of Canada’s most recent Housing Trends and Affordability Report, as of Q2 2017 it cost more than 75 percent (Toronto) and 80 percent (Vancouver) of median household income to cover the average cost of owning a home.1

In an effort to stabilize prices, both the Ontario and British Columbia governments enacted a 15 percent tax on foreign investments in housing. However, according to the PricewaterhouseCoopers report on Emerging Trends in Real Estate: Canada and the United States 2018, “Industry players are skeptical that recent tax moves … to curtail foreign investment will have a long term cooling impact on housing affordability in Toronto and Vancouver.”2

In its Canadian Regional Housing Outlook, TD Economics predicts ”The decline in sales activity in both Vancouver and Toronto has helped to redistribute the balance of power from a pure seller’s market, back towards buyers, as evidenced by the sales-to-listing ratios. But, first-time homebuyers sitting on the sidelines waiting for higher interest rates to trigger a market crash may be holding their breath for a while. Prices are likely to only reset back to levels that existed prior to a year of exorbitant gains.”3

The high cost of living has forced a growing number of millennials to seek alternatives to traditional housing. The 2016 census found 47.4 percent of young adults in Toronto and 38.6 percent in Vancouver live with a parent. PricewaterhouseCoopers predicts a rise in multi-generational and multi-family homes, a move towards larger condominiums to suit growing families, and a flight from urban cores as new public transit projects make commuting more feasible.2

What does it mean for you? If you’re a current homeowner, you can expect your investment to hold its value and continue to appreciate over the long term. And if you’re considering selling this year, contact us to request a free Comparative Market Analysis to find out how much you can expect your home to sell for under current market conditions.

If you’re a potential buyer who has been waiting for real estate prices to drop, don’t expect a fallout any time soon. Governmental bodies have taken steps to slow down skyrocketing prices, which has helped to balance the market. Now is a great time to buy. And if traditional housing options don’t fit your budget, we can help you find alternatives to meet your needs.

GOVERNMENT INTERVENTIONS WILL HELP TO STABILIZE THE MARKET

Skyrocketing real estate prices have caused Canadians to take on a growing amount of debt. The federal Parliamentary Budget Office (PBO) reports that the average household indebtedness is up to 174 percent of disposable income, and they predict it will reach 180 percent by the end of 2018. Coupled with rising interest rates, the share of income that will go towards debt payments is expected to reach historic proportions.4

Regulators at the Office of the Superintendent of Financial Institutions (OSFI) have attempted to curb the potential fallout with interventions, the latest of which went into effect on January 1. These new regulations raise the requirements for mortgage borrowers with down payments of 20 percent or more. They are now required to qualify for a mortgage at an interest rate two percentage points higher than their current rate to ensure they can manage payments when interest rates do inevitably rise.

A similar “stress test” was enacted in 2016 for borrowers who put down less than 20 percent, but that regulation impacted a much smaller percentage of buyers.

According to Jeremy Rudin, the head of OSFI, “We clearly see the potential risks caused by high household indebtedness across Canada, and by high real estate prices in some markets. We are not waiting to see those risks crystallize in rising arrears and defaults before we act.”5

All federally regulated financial institutions will be obligated to utilize these requirements for both new mortgages and mortgage renewal applications of borrowers applying to switch lenders. It is not mandatory to apply the test at mortgage renewal for existing borrowers. Since credit unions are regulated provincially, they are not required to follow the new OSFI rules, although some may choose to out of prudency.

What does it mean for you? With new rules in effect, if you’re a buyer, your purchasing power may be impacted. If you’re concerned you may not be able to meet these requirements, securing your mortgage through a credit union may be an option. We are following this issue closely. Give us a call so we can discuss how these new rules will affect your home search.

If you’re considering selling your home this year, these regulations could alter the type of buyer who will be willing and able to purchase your home. We have expertise in this area and know how to market your home to a changing demographic.

5 YEAR MORTGAGES WILL MAKE A COMEBACK

Expect interest rates to rise in 2018. Bank of Canada has indicated that borrowers should expect to see rate increases this year … and notably, nearly half of Canadian mortgage holders are set to renew their mortgages in the next 12 months. Combined with the new, more stringent “stress test” requirements, a greater number of homeowners will be opting for five-year-fixed rate mortgages over the historically popular variable rate mortgages.6

According to LowerRates.ca, “Since January 2014, 56% of Canadian borrowers who applied for a mortgage through LowestRates.ca have gone variable, compared with 43% of those who got a five-year fixed. But this past August, there was a shift, where the five-year-fixed rate mortgage saw a sharp increase in applicants, with 59% of users on the LowestRates.ca site opting for this option versus only 39% opting for the variable mortgage.”7

What does it mean for you? If you’re in the market to buy, act now. Rising interest rates will decrease your purchasing power, so act quickly before interest rates go up. Give us a call today to get your home search started.

And if you’re a current homeowner who is set to renew your mortgage, you may want to consider locking in a five-year-fixed rate. Contact us if you would like assistance navigating your options.

 

 

2018 ACTION PLAN

If you plan to BUY this year:

 

1.    Get pre-approved for a mortgage. If you plan to finance part of your home purchase, getting pre-approved for a mortgage will give you a jump-start on the paperwork and provide an advantage over other buyers in a competitive market. The added bonus: you will find out how much you can afford to borrow and budget accordingly.

2.    Create your wish list. How many bedrooms and bathrooms do you need? How far are you willing to commute to work? What’s most important to you in a home? We can set up a customized search that meets your criteria to help you find the perfect home for you.

3.    Come to our office. The buying process can be tricky. We’d love to guide you through it. We can help you find a home that fits your needs and budget, all at no cost to you. Give us a call to schedule an appointment today!

 

If you plan to SELL this year:

 

1.    Call us for a FREE Comparative Market Analysis. A CMA not only gives you the current market value of your home, it’ll also show how your home compares to others in the area. This will help us determine which repairs and upgrades may be required to get top dollar for your property … and it will help us price your home correctly once you’re ready to list.

2.    Prep your home for the market. Most buyers want a home they can move into right away, without having to make extensive repairs and upgrades. We can help you determine which ones are worth the time and expense to deliver maximum results.

3.    Start decluttering. Help your buyers see themselves in your home by packing up personal items and things you don’t use regularly and storing them in an attic or storage locker. This will make your home appear larger, make it easier to stage … and get you one step closer to moving when the time comes!

 

WE’RE HERE TO HELP

 

While national real estate numbers and predictions can provide a “big-picture” outlook for the year, real estate is local. And as local market experts, we can guide you through the ins and outs of our market, and the local issues that are likely to drive home values in your particular neighbourhood. If you have specific questions, or would like more information about where we see real estate headed in our area, please give us a call! We’d love to discuss how issues here at home are likely to impact your desire to buy or a sell a home this year. Please visit our website SnapHomes.ca for latest MLS listing and pre-construction Homes & Condos.

Can’t find what you are looking for? Contact us for Exclusive list of Pre construction Homes and Condos and our pocket listings for Land!
Sources:

1.     Royal Bank of Canada’s Housing Trends and Affordability Report –
http://www.rbc.com/newsroom/_assets-custom/pdf/20170929-ha.pdf

2.     PricewaterhouseCoopers Emerging Trends in Real Estate 2018  –
https://www.pwc.com/ca/en/real-estate/assets/Real_Estate_ETRE_2018_PDF.pdf

3.     TD Economics Canadian Regional Housing Outlook –
https://economics.td.com/canadian-regional-housing-outlook-aug-2017

4.     Office of the Parliamentary Budget Officer –
http://www.pbo-dpb.gc.ca/en/blog/news/HH_Vulnerability

5.     Financial Post
http://business.financialpost.com/personal-finance/stricter-osfi-rules-on-mortgage-lending-will-do-more-harm-than-good-fraser-institute

6.     Bank of Canada Financial System Review November 2018  –
https://www.bankofcanada.ca/wp-content/uploads/2017/11/fsr-november2017.pdf

7.     Maclean’s  –
http://www.macleans.ca/economy/money-economy/canadians-rushing-to-lock-down-five-year-fixed-rate-mortgages/

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Pickering New Homes

New master plan community of 25,000 homes in high demand area of Pickering. Mixed of Freehold Townhomes and Detached Homes. Starts from $700’s upto 3500 sqft. Occupancy date between 2019-2020. For limited time receive up to $15,000 in upgrades. Please contact for detail.

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It’s also a central component of a landmark vision that will transform north Pickering. When Seaton is completed, it’s estimated that there will be 35,000 jobs created right in the community, as well as 70,000 total residents.
Not to mention all the parks, schools, hiking trails, shopping and dining amenities you’ll need to make this an amazing place to call home.

So when you choose to live in Pickering, you’re also choosing to live at the heart of the GTA’s most visionary new lifestyle community.

Click Here To Register To Get Pricing & Floor Plans

 

All information, prices, terms and conditions subject to change without notice. E. and O.E.

 

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Limelight Condominiums

QrLime

at Mississauga City Centre

The radiance of Limelight Condos is shining on Daniels’ multi award-winning City Centre Community in the heart of Mississauga. A beacon of enlightened architecture and environmentally responsible building, Limelight Condos will soon take its place as the 5th landmark residence within this magnificent park-inspired, master-planned community.

Offering an innovative new take on condominium living, Limelight Condos will have a personality all its own. Young, fresh and vibrant, these gleaming glass towers will stand 22 storeys  and 32-storeys in height, illuminating the Mississauga Skyline with its shining beacon of light.

As the fifth landmark residence within Daniels’ award-winning City Centre Community, Limelight Condominiums will offer you more than just a home but a sense of community and belonging. Designed to fit seamlessly within Daniels’ master-planned, park-inspired neighbourhood, Limelight will dazzle with its distinctive modern architecture, forward-thinking, environmentally-friendly design, interactive amenities, superior location and unsurpassed Daniels’ quality craftsmanship.

Live in the Limelight

Features & Finishes

SPECTACULAR BUILDING FEATURES

Limelight is the most environmentally friendly condominium residence within Daniels’ award-winning City Centre Community.

An impressive 22-storey glass-clad modern tower featuring a uniquely patterned six-storey podium complete with an illuminating beacon of light at the top.

Seamlessly embedded within Daniels’ pedestrian friendly City Centre Community with easy access to Mississauga’s most anticipated three-acre community park.

Situated in the heart of the Mississauga City Centre, steps to Square One Shopping Centre, the Living Arts Centre, City Hall, YMCA, the new Sheridan College Campus, the Central Library, Mississauga and GO Transit as well as highways 403, 401 and 407.

Beautifully landscaped entrance courtyard with seating areas and walking paths.

Impressive two-storey interactive Lobby designed and furnished by an internationally renowned design team.

Tastefully decorated elevators to deliver residents to their destination.

Convenient locker and bike storage.

A convenient car share program located in the underground parking garage.

Executive Concierge welcomes residents and their guests while overseeing the sophisticated building security measures.

Resident Services Director provides onsite customer service for residents.

Building Automation Systems designed to improve resident comfort and properly manage energy use.

Twin garbage chute system for ease of refuse and recycling.

Carbon Monoxide monitoring system in parking garage.

CLUB RADIANCE

Club Radiance is a three-floor, 12,000 sq. ft. indoor/outdoor amenity space including:

Outdoor Gardening Plots, Work Stations and Potting Lounge located on the 6th floor podium.

The Spotlight Gym – a full court gym with the ability to accommodate everything from yoga classes to basketball games and much more.

The Fitness Centre that overlooks the Spotlight Gym – offering residents a full range of state-of the-art cardio and weight-training equipment.

The Starlight Party Room – complete with catering kitchen and bar, this space connects to the Starlight Terrace, including an outdoor billiards table and double-sided fireplace.

An expansive Outdoor Terrace – complete with two BBQ areas and an outdoor living room, including an outdoor TV and plenty of seating.

The Home Theatre – with comfortable theatre style seating and video game capabilities.

The Media Lounge – overlooking the full court gym.

GLOWING SUITE FEATURES

Floors 3 to 6 and 22 will have approximately 10 ft. ceiling heights in principal rooms.

Floors 7 to 21 will have approximately 9 ft. ceiling heights in principal rooms.

Solid core entry door with stained finish and brushed chrome lever hardware.

Contemporary 3 7/8” baseboards in all areas except bathroom(s) and laundry area which have a tile baseboard.

Contemporary 2 1/4” casings throughout.

Flat interior doors with brushed chrome lever hardware.

Framed mirrored sliding closet doors in foyer and bedroom(s), as per plan.

Designer white Decora-style switches and receptacles throughout.

White textured ceilings in all areas, except kitchen, bathroom(s) and laundry/storage area which have smooth painted ceilings.

Poured concrete finish to all balconies; terraces to receive concrete patio pavers, finished underside to all balconies.

Interior walls primed and painted in latex flat finish off-white paint. Kitchen, bathroom(s) and laundry/storage area painted in latex semi-gloss off-white paint.

All paint is low VOC. Latex semi-gloss off-white paint on all trims.

ILLUMINATING FLOORING FEATURES

Contemporary bamboo flooring in the hallway, living/dining room, den, kitchen, foyer and foyer closet, as per plan.

Green Label Plus textured carpet in the bedroom(s).

Porcelain floor tile in the bathroom(s). Ceramic floor tile in the laundry/storage area.

SPARKLING GOURMET KITCHEN FEATURES

Choice of fl at slab paneled cabinetry from Daniels’ select lines.

Granite countertop with single bowl stainless steel drop in sink.

Single-lever kitchen faucet.

Imported porcelain tile backsplash.

Custom designed dual use kitchen island with granite countertop, under-counter storage and seating, as per plan.

Stainless steel appliances, including 18 c.f. frost free refrigerator, self-cleaning oven, built-in 24” dishwasher and combination microwave/hood fan located above stove and vented to exterior.

GLITTERING BATHROOM FEATURES

Choice of comfort-height cabinetry from Daniels’ select lines.

Marble countertop with porcelain sink.

Single-lever water efficient chrome faucet.

Luxurious acrylic deep soaker tub with ceramic wall tile surround up to ceiling.

Framed, clear tempered glass shower stall in second bathroom, with pre-formed acrylic base and full-height ceramic tile surround, as per plan.

Polished edge vanity mirror with wall sconce located above the mirror.

Chrome bathroom accessories including towel bar and toilet paper holder.

Exhaust fan vented to the exterior.

Low consumption toilets.

TWINKLING LAUNDRY ROOM FEATURES

White full-size, stackable front loading washer/dryer combination vented to exterior.

ULTIMATELY CONVENIENT ELECTRICAL FEATURES

Suite hydro individually metered using ‘Smart Meter’ technology.

Individual service panel with circuit breakers.

Voice data and coaxial cable wiring throughout.

Cable receptacle allowing television connections located in living room, bedroom(s) and den, as per plan.

Pre-wired telephone outlets in living room, bedroom(s) and den as per plan.

Stylish ceiling light fixtures provided in foyer, kitchen, bedroom(s) and den, as per plan. Capped ceiling outlet in dining room.

Decorative style wall mounted light fixture in the bathroom(s).

All appliances connected and ready to use.

Each suite to have an “all off” electrical switch near the entry so residents can turn off all overhead lights easily.

Energy efficient lighting in all suites and common areas designed to last longer and use less electricity.

PEACE OF MIND SECURITY FEATURES

Enter-phone and cameras at all visitor entrances allowing for in-suite viewing through cable television connection direct to suite.

Resident Key Fob access throughout all common areas and parking garage entry.

Convenient underground parking with cameras in the garage at pre-selected locations, along with two-way voice communication to concierge or monitoring station.

Rough-in suite entry door contacts provided for intrusion alarm system.

Tarion Warranty Program Warranty for New Construction.
PLEASE NOTE: Prices and specifications are subject to change without notice.
All areas and stated room dimensions are approximate. Floor area measured in accordance with Tarion bulletin #22. Actual living area will vary from floor plans stated.
Builder may substitute materials for those provided in the plans and specifications provided such materials are of quality equal to or better than the material provided for in the plans and specifications. Decorative and upgraded items displayed in the furnished model suites and sales office are for display purposes only and are not included in the purchase prices. E & O.E. July 2010.

With Only 5% Deposit

and 5% due at occupancy

1 Year Free Maintenance

Limelight Condominiums North Tower Price List

(Subject to availability)

Prices increase approximately $1,000 per floor. Premiums apply to views.

*Prices on certain suites include upgrades and pre-selected finishes – see Sales Rep for details

All prices, figures and materials are preliminary and are subject to change without notice E. & O. E.  November 05, 2012
**Please see a Sales Representative for details**
Last Updating November 30, 2012

Limelight Condominiums South Tower Price List

(Subject to availability)

Prices increase approximately $1,000 per floor. Premiums apply to views.

*Prices on certain suites include upgrades and pre-selected finishes – see Sales Rep for details

All prices, figures and materials are preliminary and are subject to change without notice E. & O. E. November 17, 2012
**Please see a Sales Representative for details**
Last Updating November 30, 2012
 

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