RSS

Category Archives: vaughan’s new hospital

Real Estate Forecast for 2018: What to Expect!

Real Estate Forecast for 2018: What to Expect!

<!– –> <!– –>

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/

Advertisements
 

Tags: , , , , , , , , , , , , , ,

83 Sorauren Condos

QR formVIP Registration

383 Sorauren Condos is a new, modern, stunning, and well-designed condominium project by Gairloch and Centrestone Urban Developments Inc. located at 383 Sorauren Avenue. This 11-storey boutique condo is coming to Roncesvalles. It’s a fresh approach to the traditional warehouse-style, with many unique private outdoor spaces. It’s a short walk to the best retail, restaurants and parks including Sorauren and High Park. And with easy access to the Gardiner, Bloor subway, and downtown core, 383 Sorauren Condos is sure to fit your urban lifestyle.

From The Mid $200,000s

This slideshow requires JavaScript.

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 83 Sorauren 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:

 

Tags: , , , , , , , , , , , , ,

Kleinburg Crown Estates

                                

42′, 50′, 60′ & 70′ lots 

Kleinburg Crown Estates is a new housing community currently in preconstruction at Nashville Rd & Stevenson Ave in Vaughan.
The natural beauty of the surrounding vistas is further complimented by an extensive landscaping package available with your new home. Kleinburg Crown Estates is where you can enjoy outdoor living at its best. With backyards large enough to accommodate a pool, hot tub, BBQ area, trampoline, jungle gym and kids just running  around – theres room enough for your family to grow indoors & out.

Builders SkyHomes Corporation, Caliber Homes, Mosaik Homes and Monarch

 
Comments Off on Kleinburg Crown Estates

Posted by on November 8, 2012 in Kleinburg Crown Estates, Vaughan, vaughan condos, vaughan mills mall, vaughan's new hospital, Woodbridge

 

Tags: , , , , , , , , , , ,

Centro Square Condos

Centro Square Condos, Liberty Development’s newest condominium development. Centro Square Condos Ideally situated in the heart of Vaughan, at the corner of Highway 7 and Weston Road. Centro Square will add a thriving residential community to one of the 905’s most dynamic commercial/retail corridors. Located at the former site of the iconic Al Palladini car dealership, Centro Square Condos will give purchasers unequalled access to the hundreds of stores, restaurants, cafes and offices that sit adjacent to the site (along both Highway 7 and Weston Road).

This slideshow requires JavaScript.

Well served by public transit (with a planned subway extension coming soon), the location is centrally located between Highways 407,401 and 400, which, makes getting anywhere in the GTA by car, VIVA or TTC a dream.

Set on a prime site, the mixed-use Centro Square development will consist of two residential towers joined by a podium, over 100,000 sq. ft. of office space, and approximately 162,000 Sq.Ft. of retail.

Designed by the award-winning teams at Kirkor Architects, and Hefele Makowka Design Associates, Centro Square Condos will, in itself, become of one of Vaughan’s newest destination developments.

Priced from the mid-$200’s, the first residential tower will stand 33 storeys and have 445 suites. Each unit will boast a range of contemporary features and finishes, including nine-foot ceiling heights, balconies and walk out patios (on “garden level” suites).

Featuring modern, functional kitchens, each offers granite countertops, European-style cabinetry, ceramic tile backsplashes and a stainless steel appliance package. Bathrooms will boast marble countertops, ceramic tile floors and tub surrounds, recessed cabinetry in the master bath, and a white acrylic soaker tub.

Rich with amenities, Centro Square Condos will offer residents access to a media room, yoga studio, party room, swimming pool with whirlpool, exercise room, golf simulator and multi-purpose room.

Centro Square Condos Tower A VIP Price List & Floor Plan Available Upon Request

Deposit Structure:

  • $5,000 with Offer
  • 5% less $5,000 in 30 Days
  • 5% in 90 Days
  • 2.5% in 270 Days
  • 2.5% in 360 Days
  • 2.5% in 600 Days
  • 2.5% in 720 Days
  • 5% Due on Occupancy

Parking:

$28,000 per spot (HST inclusive)

Monthly Maintenance Fees2:

$0.49/Sq. Ft., plus Hydro (metered separately) for each individual unit consumption)

Estimated Taxes4:

1% of purchase price per year

Tentative Occupancy4:

September 30, 2015

Floor Premiums: Floor Price Increments vary. Please consult the sales consultants for details.

Suite Features3:

  • Granite kitchen countertops
  • Marble or granite bathroom countertops
  • European-style kitchen cabinets with 36″ uppers
  • Ceramic tile backsplash
  • 4 stainless steel appliances plus washer and dryer (white)
  • Laminate flooring in foyer, kitchen, living/dining room, den & bedrooms (if applicable)
  • 9′ Ceilings

Building Amenities3:

Party Room and private membership in Club Liberty, which includes, exercise room, Multi-Purpose Room, Media Room, Yoga Room, indoor pool, whirlpool, sauna and change rooms, card room, golf simulator, and outdoor green rooftop terrace

Number of Suites: 652

Number of Levels: 33

1Prices and availability subject to change without notice. All areas and stated dimensions are approximate. Actual living area, usable floor space and square footage may vary from stated floor plans. All prices, figures, sizes, specifications, information and choices of vendor’s samples are subject to change without notice.
2Maintenance fees and taxes are approximations/estimations only and are finalized on condominium registration.
3Per Condominium Disclosure and subject to feature and finishes sheet Notes, vendor’s plans and vendor’s samples.
4As per respective Agreement of Purchase and Sale.
©Liberty Development Corporation, 2012. All rights reserved. Brokers Protected. E. & O. E. August 02, 2012.
 

Tags: , , , , , , , , , , , , ,

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

 

Tags: , , , , , , , , , , , , ,

Bloom Park Towns

 

An inspired masterplanned all townhome community takes root.

Welcome to where a vibrant, masterplanned community is growing into a collection of wonderful townhomes, next to the verdant parklands ofG. Ross Lord Park off Bathurst, north of Finch. Situated in the centre of an established neighbourhood in North York, Bloom Park Towns is the perfect setting for life’s milestones to be celebrated, and new memories to be created. The future is bright, and abloom with possibility. Come see.

Bloom Park Towns community features a private outdoor swimming pool and landscaped patio with covered loggia for lounging, reading a book, enjoying the warm weather and watching your children play in the water. The best part is, it’s all just steps from your home.

Located at Antibes Dr. just North of Finch and West of Bathurst, Bloom is a mix of only 64 Condo Townhomes, priced from $289,990 for a 2 bedroom townhomes to just $349,990 for a 2 bedroom + den, 3 level townhomes.

Bloom Finishing Touches
Woodland Towns

EXTERIOR FINISHES

  • Architecturally controlled and selected exterior elevations and colour packages.
  • Unique and innovative elevations utilizing genuine clay brick with coordinating coloured mortar, stone and precast surrounds, stucco and various exterior accent features.
  • Self-sealing roof shingles with a 20-year warranty from Vendor’s pre-determined colour schemes.
  • Low maintenance aluminum soffit, fascia, eavestrough, and downspouts, as per elevation.
  • Vinyl sliding patio doors with screen, as per plan.
  • Energy Star rated low maintenance vinyl casement or thermo-fixed glass windows throughout, as per plan. Muntin bars as per elevation and per applicable plan. Colours as per Vendor’s pre-determined colour schemes.
  • Transom windows, as per plan.
  • Screens on all operational windows.
  • Front entries to have walkways and steps as required due to grade.
  • Exterior front door with brushed nickel package including grip set and dead bolt.
  • Distinctively modern exterior lighting at front entry door, as per plan.

COMMUNITY AND LANDSCAPE FEATURES

  • One level, secured underground parking garage with visitor parking.
  • Private underground storage/bicycle parking.
  • Ground level visitor bicycle parking.
  • Professionally graded and landscaped grounds.
  • Secured privately controlled access to pool and outdoor amenity area with access for residents.

INTERIOR TRIM & FEATURES

  • 9ft ceilings throughout (not including dropped ceiling areas and sunken floors).
  • Carpeted stairs with elegant solid oak handrails and 1 ¾” spindles on oak nosing, in a natural finish, as per applicable plan. Interior entry stairs, to receive a durable tread finish as per plan.
  • Purchaser’s choice of painted 800 series colonial or classique style interior doors, as per plan.
  • Upgraded painted 2” casing for all windows/doors and 3” baseboards. (Sizing is approximate)
  • All interior door hardware to be levers in a brushed nickel with painted hinges.
  • All archways on main floor to be trimmed, as per plan.
  • Wire shelving in all closets.

KITCHEN

  • Granite countertops with breakfast counter as per plan from Vendor’s standard samples.
  • Ceramic tiled backsplash from Vendor’s standard samples.
  • Stainless steel ledge-back kitchen sink with single lever faucet, as per plan.
  • Stainless steel appliance package includes:
  • Self-clean oven
  • Frost free refrigerator
  • Built-in dishwasher
  • Over the range built-in microwave with integrated exhaust fan
  • Heavy-duty receptacle for stove.
  • Electrical outlets for refrigerator and at counter level for small appliances.
  • Quality cabinetry selected from Vendor’s standard samples with space for dishwasher, and one bank of drawers.
  • Rough-in plumbing and electrical for dishwasher.

BATHROOMS

  • White bathroom fixtures in ensuite, main bath and powder rooms as per plan.
  • Pedestal sink in powder room as per plan.
  • Vanity cabinets include choice of styles and colours from Vendor’s standard samples.
  • Marble countertops in bathrooms with white basin as per plan, purchaser to have a choice of 2 colours, from Vendor’s standard samples.
  • Mirrors in all bathrooms.
  • White ceramic accessories in all bathrooms.
  • Choice of decorator ceramic tiles for walls and ceilings in tub enclosures from Vendor’s standard samples.
  • Full height water resistant backer board in tub enclosures.
  • Single lever faucet in all vanities and tubs, as per plan.
  • Pressure balanced shower controls.
  • Exhaust fans in all bathrooms.
  • Privacy locks on all bathroom doors.

LAUNDRY

  • Laundry area with connections for water and drain.
  • Heavy-duty receptacle with vent to the exterior for the dryer.
  • Stacked white washer and dryer.

ELECTRICAL

  • 100 AMP electrical service with breaker panel and copper wiring throughout.
  • White Decora switches and receptacles throughout.
  • All rooms to have a switch controlled ceiling light fixture except for the living room, which will receive a switch controlled wall outlet.
  • Smoke detectors provided as per Ontario Building Code.
  • Carbon monoxide detector provided as per Ontario Building Code.
  • All bathroom electrical duplex receptacles protected by ground fault interrupter.
  • Arc-Fault receptacles in bedrooms as per Ontario Building Code.
  • Electric door chime at main door entry.
  • Cable T.V. rough-in in any 2 locations as chosen by the Purchaser.
  • Telephone rough-in in any 3 locations as chosen by the Purchaser.
  • Rough-in security system for the S1-Linden & S2-Chestnut includes contacts on all windows and all exterior doors. The S3-Alder & S4-Balsam to receive contacts on all exterior doors only.

ENERGY SAVING FEATURES

  • High efficiency gas forced air high velocity heating system and central air conditioning system.
  • Forced air Hi-Velocity heating system with High Efficient boiler and hot water tank. (Rented as per Schedule “W”).
  • Metal insulated entry door and decorative glass insert and high quality weather stripping as per plan.
  • Upgraded foam insulation above porch ceilings with living areas above.
  • Attic space and exterior wall insulation to meet or exceed 2012 Building Code.

PAINTING

  • Exteriors are architecturally controlled to provide a visually pleasing streetscape with colours pre-selected by Vendor.
  • Purchaser to have choice of 1 paint colour throughout from Vendor’s samples in an environmentally friendly low VOC washable flat finish.
  • All trim and doors to be painted white with semi gloss finish.
  • Smooth ceilings throughout.

FLOOR COVERINGS

  • Laminate flooring for Living and Dining rooms, including hallways and Den as per plan on main floor only, in a natural finish.
  • Choice of quality 36oz. broadloom with 12 mm chip foam under-pad in all non-tiled and non-laminate floor areas, from Vendor’s standard samples.
  • 12” x 12” or 13” x 13” ceramic flooring from Vendor’s standard samples, as per plan.

QUALITY CONSTRUCTION

  • Acoustically engineered demising walls between all units to top of second floor, where applicable.
  • 5/8″ tongue and groove subfloor sheathing screwed and glued to engineered floor joists and 3/8″ roof sheathing.
  • Windows and exterior doors fully sealed with high quality caulking.
  • Quality 2” x 6” exterior wood frame construction.
  • Covered poured concrete porches as per plan.
  • Decorative columns and railings installed subject to grading requirements and as per plan.

VIP PROMOTION FOR BLOOM

  • SPECIAL “CASH BACK”

$5,000 on any single level unit $10,000 on any 2 level unit

  • Window Coverings included
  • Stainless Steel Kitchen Appliances
  • Cap on all Closing costs $2,500 (meters, hook ups, etc.)
  • Cap on Levies & Development charges $2,500
  • Assignment

1 free assignment allowed up to 90 days before occupancy.

  • Free Name Change

1 free name change allowed within the 10 day rescission period.

  • Deposit Structure
5% of purchase price with offer
Further 5% payable in 90 days
Further 5% payable in 210 days
Further 5% payable on Occupancy

The above promotional package is valid for sales done on the 2n and 3r of June, 2012 only.

Bloom Park Towns Price List

End unit premium: $10.000

SPECIAL FEATURES INCLUDE:

  • 9 ft. smooth ceilings throughout
  • Four Stainless Steel Kitchen Appliances
  • Granite Countertop in Kitchen
  • Marble Bathroom Counter
  • Laminate flooring for Living and Dining rooms
  • Vertical Blinds
  • Central Air Conditioning

All prices, figures and materials are preliminary and are subject to change without notice E. & O. E.  May 22, 2012 Including hallways and den as per plan on main floor only, please see a Sales Representative for details.
Admin Last Updating May 24, 2012
 

Tags: , , , , , , , , , , , , ,

Strong Sales and Price Growth in May

 TORONTO, June 5, 2012 – Greater Toronto REALTORS® reported 10,850 transactions through the TorontoMLS system in May 2012 – an 11 per cent increase over the 9,766 sales in May 2011. Sales growth was strongest in the ‘905’ regions surrounding the City of Toronto.

“Sales growth in the ‘905’ area code was stronger than growth in the City of Toronto across all major home types. While lower average prices are certainly one factor that has contributed to this trend, recent polling also suggests that the City of Toronto’s land transfer tax has also prompted many households to look outside of the City for their ownership housing needs,” said Toronto Real Estate Board (TREB) President Richard Silver.

 

New listings were up substantially on a year-over-year basis in May – rising by more than 20 per cent to 19,177.

 

The average price for May 2012 sales was $516,787, representing an annual increase of 6.5 per cent compared to $485,362 in May 2011. Price growth continued to be driven by the low-rise market segment.

 

“Strong competition between buyers seeking to purchase low-rise home types drove strong price growth in May. However, if new listings continue to grow at the pace they did in May for the remainder of 2012, the annual rate of price growth should begin to moderate on a sustained basis,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. Source: TREB

 

Tags: , , , , , , ,

 
%d bloggers like this: