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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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155 Redpath Condos

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A tower in a park. Sleek, chic and sexy. A hot new vision in design at Redpath and Roehampton, an interpretation of exciting urbanism in the Yonge and Eglinton neighbourhood.

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155 Redpath Condos will be an extraordinary landmark residence. 36 stories punctuated with large, offset balconies and vivid brush strokes of colour. Modernism in the truest sense of the word, a bookmark in the story that is today’s Toronto.

155 Redpath Condos is at the intersection of this vitality. With a Walk Score of 98/100 and a Transit Convenience Score of 94/100 it is about as close to perfection that any place can be.

At 155 Redpath Condos the Eglinton Subway Station and Yonge Eglinton Centre is a short walk away, as are the myriad of shops, restaurants, bars, cafes and other delights on Yonge, Eglinton and Mount Pleasant. With everything so close, why leave?

Within the next 5 to 10 years, the urban scene at Yonge and Eglinton will transition from fantastic to unbelievably amazing. In the future, you’ll be able to zip out to Pearson on the LRT Transit system. Imagine, from front door to runway in just 25 minutes. The Yonge Eglinton Centre is undergoing a multi-million dollar reno with more shops and a roof-top park.

On the South-West corner of Yonge and Eglinton another multi-million dollar project is proposed for a totally brilliant new development, and just a block or two away from 155 Redpath Condos, Loblaws is planning a 40,000 sq. ft. store. And, hold onto your hats, that’s just for starters.

Features + Finishes

The Building

  • Architectural design by award-winning architect Peter Clewes of architectsAlliance
  • Unique interiors by Johnson Chou Inc.
  • 24/7 concierge
  • Security coded access fob for all residents
  • Underground parking with security monitoring from concierge desk
  • Sustainable rainwater harvesting system used for irrigation
  • Mailroom conveniently located beside the front lobby
  • Individual suite hydro metering

Amenities

  • 9th floor outdoor amenity deck featuring pool and hot tub, outdoor shower, private poolside cabana lounge, sunbathing area, gas fire pit lounge, BBQ, and outdoor dining area 9th floor indoor amenity space complete with pool table, kitchenette area, meeting lounge, indoor washrooms with change area and relaxing sauna
  • Fitness centre complete with cardio, free weight, and outdoor fitness area
  • Separate dedicated indoor/outdoor yoga studio
  • Beautifully landscaped grounds designed for relaxation and outdoor activities; featuring a reflecting pool complete with fountain and fire feature, viewing gardens and lounge areas
  • Party room featuring a kitchen, bar, dining room, lounge area, and outdoor landscaped terrace
  • Library and meeting areas that overlook landscaped grounds

Suites

  • Tower suites have approximately 9’ ceilings (height exclusive of bulkheads, which are required for mechanical purposes such as heating and cooling ducts, as well as dropped ceilings in bathrooms)
  • Floor-to-ceiling, high-performance glazing/window system
  • Exposed concrete ceilings in all principal rooms
  • Choice of pre-finished engineered wood flooring with acoustic underlay throughout (except in bathroom and laundry areas), as per plan, from builder’s samples
  • Nest™ thermostat heating and cooling system with touch control and Wi-Fi capability
  • Contemporary sliding doors to balcony, as per plan
  • Concrete balconies with architect designed glass, and metal handrails
  • Custom-designed solid core entry door with security view-hole
  • Lever door hardware for interior doors in stainless steel finish
  • TV/telephone outlets in principal rooms
  • Front-loading stacked washer/dryer with exterior venting, as per plan
  • Choice of porcelain floor tiles in laundry as per plan, from builder’s samples
  • Built-in smoke/heat detectors and in-suite water sprinkler system
  • In-suite controlled energy-efficient air-conditioning and energy recovery ventilation system

Kitchens

  • Custom designed contemporary kitchen cabinetry by Johnson Chou, in a variety of colours and finishes, from builder’s samples
  • European style integrated refrigerator
  • European style electric cook top
  • European style wall oven
  • 24” integrated dishwasher
  • Stainless steel insert exhaust fan
  • Solid surface countertops as per builder’s samples
  • Stainless laminate kitchen backsplash as per builder’s samples
  • Stainless steel under-mount single bowl sink
  • Polished chrome single lever kitchen faucet
  • Ceiling-mounted track lights as per plan

Bathrooms

  • Custom designed contemporary bathroom vanity designed by Johnson Chou, in a variety of colours and materials, from builder’s samples
  • Glass shower stall with chrome fixtures, as per plan
  • Vessel sink and extended vanity mirror
  • Polished chrome wall-mounted single lever bathroom faucet
  • Solid surface countertops as per builder’s samples
  • Choice of full height porcelain wall tiles in tub and shower enclosures, from builder’s samples
  • Choice of porcelain tile flooring from builder’s samples
  • Pressure-balanced mixing valve for tub and shower
  • White bathroom fixtures
  • Towel bar and toilet paper holder as per plan

Technology + Security

  • Enterphone and security monitoring system at lobby and secondary entrance
  • Underground parking equipped with security monitoring system
  • Personal remote transmitter for parking garage door access provided with each parking space
  • Controlled door access throughout public/common areas
  • Long-life service panel with circuit breakers in each suite
  • Pre-wired multi-media technology with RG6 for cable and television
  • Pre-wired telephone and high speed communication Category 5 wiring in every suite

All suites protected under TARION Warranty Corporation. All interior floors, wall finishes and materials for which the Purchaser is entitled to make a selection are to be chosen from Builder’s standard samples, and as per Builder’s specifications. E. + O.E.

INCENTIVES PROGRAM

  • $2,000 Credit on closing for 1BR and 1BR+Den, $3,000 credit on closing for 2BR
  • Extended Deposit Structure:
  • $5,000 upon signing
  • Balance to 5% in 30 days
  • 5% in 90 days
  • 5% in 300 days
  • 5% in 480 days
  • $0 on occupancy
  • Assignment fee $500
  • Development Charges capped at $5,500 for 1BR & 1BR+DEN, 2BR units CAPPED AT $7,500
  • Smart Meters capped at $875
*Terms and condition apply and are subject to change without prior notice. E & O.E. April 23rd 2013.

*Penthouse Suites are available by appointment only. Suite sizes start from 1082 Sq Ft.

Prices are subject to change without prior notice. E. & O.E. April 23, 2013,Last Updating May 04, 2013

Price List and Floor Plans  are available upon request.

Important Message: In order for an investor to take the most advantage of Buying Pre-construction Condos is to buy before its open to the public. Prior to opening day of a new condo sales office to the general public, prices may have gone up. This will be an opportunity for you to invest in a unit at the lowest price possible before its open to the public. You can be one of the first purchasers to be invited to Platinum VIP Preview Sales Event long before the presentation centre opens to the public. This gives you an opportunity to have the first access to inventory, best pick at unit levels, floor plans, lowest price not available to the public and the ability to take advantage of Platinum VIP Condo Incentives the builder may offer.  This is a perfect opportunity at the Platinum VIP Price.

For more information and to register now for the 155 Redpath Condos Platinum VIP Preview Sales Event please fill out the form below, we can only bring limited customers into the Platinum VIP Sales Event, so pre-register now for priority access:

 

 

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No sharp dive in housing market says CIBC economist

According to a top CIBC economist, suggesting the anticipated housing decline will not be as sharp or as long as earlier projected because of immigration.

“It turns out fears of a long and sharp downturn in the housing market, are highly exaggerated and very premature,” said Benjamin Tal, deputy chief economist at CIBC. “In fact demographic forces will be supportive to real estate markets in the coming decade.”

Tal predicts immigration, which is responsible for most of the population growth, will be a major force impacting housing demand.

“What’s more, there is significant jump in the home ownership rate among immigrants as they pass the three-year mark,” said Tal. “In fact, after 10 years in Canada, the propensity among immigrants to own a house is higher than among native Canadians.”

While there will be a decline in the number of Canadians under the age of 25 and those between 45 and 54, those age groups account for a relatively small portion of home buyers, Tal writes in his latest Consumer Watch report.

By contrast, the number of Canadians between the ages of 25 and 35 – the age group that makes up the vast majority of first-time home buyers – will continue to rise, the report said.

“From a housing market perspective, what counts is not only the change in population of a given age group, but more importantly, the level of housing market activity among these groups,” said Tal. “In other words, the group that is most likely to buy a house will grow faster in the coming decade.” Source: Brokernews.ca

 
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Condo Prices Grow at Moderate Pace in Q2

Condo Prices Grow at Moderate Pace in Q2

July 18, 2012Greater Toronto REALTORS® reported 6,435 condominium apartment transactions during the second quarter of 2012 – down by 2.6 per cent compared to 6,609 transactions reported in the second quarter of 2011. New listings for condominium apartments were up substantially on a year-over-year basis, climbing by 19 per cent in comparison to 2011.

“The condominium apartment market has been the best-supplied market segment in the GTA this year. Many condominium projects have completed over the past year and this has resulted in a substantial increase in listings and ultimately more choice for buyers,” said Toronto Real Estate Board President Ann Hannah. “The greater degree of choice in the condo market translated into a moderate rate of price growth compared to what was experienced in the low-rise market segment.”

The average price for second quarter condominium apartment sales was $342,212, representing a 3.2 per cent increase over the same period in 2011.

“Sellers seemed to be well-aware of condo market conditions in the second quarter. On average, units were priced in line with buyer expectations, with apartments selling for 98 per cent of the asking price in less than a month’s time,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. 6,435 6,609 Second Quarter 2012 Second Quarter 2011

 

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FAD Condos

 

Arrive in style. FAD : Fashion District Condos. Coming to a runway in the Fashion District, where Spadina meets Queen West. Fusing the Garment District along Spadina with the trend setting fashion scene of Queen West. The result is a hip, fashion forward residence FAD : Fashion District Condos, a stunning residence where style is its core.

Introducing FAD Condos, located at 170 Spadina Ave. Presented by Tri-win International, FAD Condos will be a contemporary tower that will add some cool yet respectful architecture to the corner of Spadina and Queen Street West. Designed by Wallman Architects, FAD Condos will do something we love: take a small pocket of underused land and transform it into something of which the city can be proud. FAD will raise 19 storeys on what was once a low-rise commercial building. The project will include 210 units, with just 44 parking spots in an underground garage.

Suites are starting in the $200,000s.

By indicating your interest in FAD Condos at this early stage, you’ll be among the first to be invited to view Price List and Floor Plans and take advantage of coming in to our member circle.

 

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HighPark Residences Condos

HighPark Residences Condos – Where Urban Living Meets Mother Nature! Situated across from High Park and steps to Bloor West Village. HighPark Residences will offer Condominium Suites and Urban Townhomes.

Suites start from mid $300,000s.

Daniels Corporation Proposed to build a staggered 14 storey condominium building at 1844 Bloor St W that would have 364 units. The parts of HighPark Residences Condos adjacent to a street would be 6 storeys high with commercial units on the ground floor along Bloor Street. Higher floors would be stepped up along the back and centre of the building to a maximum of 14 storeys.

By indicating your interest in HighPark Residences Condos at this early stage, you’ll be among the first to be invited to view Price List and Floor Plans and take advantage of coming in to our member circle.

 

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