2020 Home Sales - the 3rd Best result on Record, Avg. Selling Price Reached a New Record Despite COVID-19 with its restrictions and uncertainties, Greater Toronto Area REALTORS® reported over 95,000 home sales in 2020 – the third-best result on record. The average selling price reached a new record of almost $930,000.   Highlights from 2020 include: 95,151 sales were reported through TRREB’s MLS® System – up by 8.4% compared to 2019. Record Sales... [read more]

Thursday, Sept. 3rd, 2020 Toronto Regional Real Estate Board (TRREB) President Lisa Patel announced that the strong rebound in Greater Toronto Area (GTA) home sales continued with a record result for the month of August. GTA REALTORS® reported 10,775 residential sales through TRREB’s MLS® System in August 2020 – up by 40.3% compared to August 2019. Sales were up (on a year-over-year basis) for all major home types, both in the City of Toronto and surrounding GTA regions.... [read more]

. July 2020 Record Sales Sales were up by 49.5% when compared to the previous month of June 2020.   On Thursday, August 6, 2020 Toronto Regional Real Estate Board President Lisa Patel announced that Greater Toronto Area REALTORS® reported 11,081 sales through TRREB’s MLS® System in July 2020 – a 29.5% increase over July 2019 and a new record for the month of July.   . Average Selling Price The overall average selling price was up by 16.9%... [read more]

Home Sales and Listings: Greater Toronto Area REALTORS® reported 4,606 sales through TRREB’s MLS® System in May 2020. This result was down by 53.7% compared to May 2019. On a month-over-month basis, May sales were up substantially compared to April. Actual May 2020 sales increased by 55.2% compared to April 2020.   New Listings The number of new listings in May was down by a similar annual rate to that of sales, dipping by 53.1% to 9,104. On a... [read more]

Home Sales and Listings: Greater Toronto Area REALTORS® reported 2,975 residential transactions through TRREB’s MLS® System. This result was down by 67 per cent compared to April 2019. New listings amounted to 6,174 in April 2020 – down on a year-over-year basis by a similar rate compared to sales (-64.1 per cent). Home Prices: The average selling price for April 2020 transactions was $821,392 – up by 0.1%  compared to the average price of $820,373... [read more]

There's lots of potential buyers out there with lots of money available to invest.   I just sold a property in Toronto West where the seller saw over 100 showings in 5 days and received 19 offers. A couple of days later, I inquired about a detached home that had 30 registered offers.   On March 4th, 2020, due to Coronavirus social & economic impact, the Bank of Canada decided to cut Interest Rates (Lower Overnight Rate) from 1.50% to 1.25% (and... [read more]

Toronto Regional Real Estate Board's (TRREB’s) baseline forecast is calling for strong growth in home sales and selling prices, while the supply of listings is expected to be flat-to-down. “Robust regional economic conditions, strong population growth and low borrowing costs will support increased home sales in 2020. Market conditions will become tighter, as transactions will continue to outpace the growth in available listings. The resulting increase in competition... [read more]

In late November, the Ontario government introduced Bill 145: the Trust in Real Estate Services Act, 2019, which proposes changes to the Real Estate and Business Brokers Act, 2002 (REBBA). If passed, the changes would support and strengthen consumer protection, which is good news for Ontarians. Below is an overview of the new legislation that you can share on your social feeds or send to your clients. By sharing important information like this, you can ensure that your... [read more]

On October 3rd, 2019 Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 7,825 sales through TREB’s MLS® System in September 2019. This result represented strong year-over-year sales growth of 22% compared to 6,414 sales reported in September 2018. It is important to note, however, that sales remain well-below the record September 2016 peak of more than 9,800 sales. On a preliminary seasonally adjusted basis, the September... [read more]

Interest rates change primarily by the forces of Supply and Demand, which are also affected by Inflation and Monetary Policy.    Lenders and Borrowers An Interest rate is the cost of borrowing money. ...  it is the compensation for the service and risk of lending money. It keeps the economy moving by encouraging people to borrow, to lend, and to spend. The money lender takes a risk that the borrower may not pay back the loan. Coupled with the risk of default... [read more]

. GTA Realtors reported 7,187 Sales last March. In 2018 almost the same: 7,188. . Last year (2018) the Average Selling price in the GTA for March was $784,514.00. In 2019 it was $788,335.00. An increase of less than 0.5%. . March New Listings were down by 5.1% . Sales in the First Quarter of 2019 were down by 1% compared to 2018 Q1 TREB is still arguing stress test and mortgage lending guidelines should be reviewed   For the Full Article & Market Watch Report, please... [read more]

“Home sales reported through TREB’s MLS® System have a substantial impact on the Canadian economy. A study conducted by Altus for TREB found that, on average, each home sale reported through TREB resulted in $68,000 in spin-off expenditures accruing to the economy. With sales substantially lower than the 2016 record peak over the last two years, we have experienced a hit to the economy in the billions of dollars, in the GTA alone. This hit has also translated into lower... [read more]

January 4, 2019 --Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported a total of 77,426 residential transactions through TREB's MLS® System in 2018.  This result represented a 16.1% decline compared to 92,263 sales reported in 2017.  Total new listings entered into TREB's MLS® System were down by 12.7% over the same period to 155,823. The overall average selling price for 2018 transactions, at $787,300, was... [read more]

Today, December 5, 2018, Toronto Real Estate Board President Garry Bhaura announced the continuation of moderate price growth in November 2018 compared to November 2017. The average selling price was up by 3.5% year-over-year to $788,345. Greater Toronto Area REALTORS® reported 6,251 residential transactions through TREB's MLS® System in November 2018. This result was down by 14.7% compared to November 2017, when we saw a temporary upward shift in demand as the market was... [read more]

Bylaw amendments that will permit the construction of laneway suites in residential neighbourhoods in Toronto and East York were approved by city council in late June 2018. Laneway suites will help address a shortage in rental units while making home ownership more affordable due to their income-generating potential. Homeowners wanting extra income can build on top of their garages to rent, or accommodate family members. Property owners will be able to apply for permits for the... [read more]

Toronto Real Estate Board President Garry Bhaura announced today, November 5, 2018 that year-over-year increases in home sales and average sale prices were reported through TREB's MLS® System in October 2018. Greater Toronto Area REALTORS® reported 7,492 sales through TREB's MLS® System in October 2018 – a 6% increase compared to October 2017.  On a preliminary seasonally adjusted basis, sales were down by 1% compared to September... [read more]

Toronto Real Estate Board President Garry Bhaura announced last September 6th, 2018 sales and price increases on a year-over-year basis in August.  Greater Toronto Area REALTORS® reported 6,839 sales through TREB's MLS® System in August 2018 – an 8.5% increase compared to August 2017. Average selling price, at $765,270 was up by 4.7% when compared to the same month in 2017. "It is encouraging to see a continued resurgence in the demand for ownership... [read more]

Last Friday, August 3, 2018 – Toronto Real Estate Board President Garry Bhaura announced strong growth in the number of home sales and the average selling price reported by Greater Toronto Area REALTORS® in July 2018. “Home sales result in substantial spin-off benefits to the economy, so the positive results over the last two months are encouraging. However, no one will argue that housing supply remains an issue. The new provincial government and candidates for the... [read more]

According to "The Globe & Mail" today, Mortgage Professionals Canada reports that Stress Tests disqualified 18% of buyers despite being able to afford their preferred home: Primary cause of the 12.5% drop in home sales in Canada in the first half of 2018. More on this here: https://www.theglobeandmail.com/business/article-stress-tests-disqualifying-18-per-cent-of-canadian-home-buyers-report/   [read more]

TORONTO, ONTARIO, July 5, 2018 – Toronto Real Estate Board President Garry Bhaura, in his first market release as TREB President, is pleased to announce some positive signs with respect to the housing market. Greater Toronto Area REALTORS® reported 8,082 home sales through TREB’s MLS® System in June 2018 – up 2.4% compared to the low June 2017 result. After preliminary seasonal adjustment, sales were also up 17.6% on a monthly basis between May 2018 and June 2018,... [read more]

Last Thursday May 3rd, 2018, Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 7,792 sales through TREB's MLS® System in April.  The average selling price was $804,584.  On a year-over-year basis, sales were down by 32.1% and the average selling price was down by 12.4%. The year-over-year change in the overall average selling price has been impacted by both changes in market conditions as well as changes in the type... [read more]

The New Mortgage Rules introduced by the Federal Government at the beginning of 2018, pushed a lot of potential buyers out of the market. Consequence, Rents go up because there’s now a greater demand. According to CBC today, the average cost to rent has risen almost 11%, meaning $214 more per month. The monthly rent of a condo in Toronto is as high as $2,432. http://www.cbc.ca/news/business/urbanation-toronto-condos-1.4614198 [read more]

Toronto Real Estate Board President Tim Syrianos announced today that Greater Toronto Area REALTORS® reported 7,228 residential transactions through TREB’s MLS® System in March 2018. This result was down by 39.5% compared to a record 11,954 sales reported in March 2017 and down 17.6% relative to average March sales for the previous 10 years. The number of new listings entered into TREB’s MLS® System totaled 14,866 – a 12.4% decrease compared to March 2017 and a... [read more]

The Seller might think he's getting a great Deal until the Lender's Appraiser Shows Up. Recently, in February, we Listed a one bedroom condo apartment for sale. The asking price was $399,900.00. A few days later, unexpectedly, we receive 4 offers. The best conditional (on Mortgage Financing) offer wins and everybody was happy. We were happy and the seller was happy. Next day, the buyer's lender sends its appraiser to evaluate the condo and decides that the buyer overpaid... [read more]

On Tuesday February 6, 2018 – Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 4,019 residential transactions through TREB’s MLS® System in January 2018. This result was down by 22% compared to a record 5,155 sales reported in January 2017. The number of new listings entered into TREB’s MLS® System amounted to 8,585 – a 17.4% increase compared to 7,314 new listings entered in January 2017. However, it is... [read more]

  . BNN - Business News Network: https://www.bnn.ca/ . Financial Post: http://business.financialpost.com/news/economy/bank-of-canada-raises-interest-rate-to-1-25-highest-in-almost-a-decade [read more]

On January 4, 2018, Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 92,394 sales through TREB’s MLS® System in 2017. This total was down 18.3% compared to the record set in 2016. Record sales in Q1 were followed by a decline in Q2 and Q3 after the Ontario Fair Housing Plan (FHP) was announced. The pace of sales picked up in Q4, as the impact of the FHP started to wane, and some buyers arguably brought forward their home... [read more]

The Canadian Real Estate Association (CREA) previous forecast published in September identified changes to mortgage rules as a key downside risk. Indeed, this risk materialized in October when tighter mortgage regulations that take effect next year were announced. Among other things, the new rules make it tougher for would-be homebuyers with more than a 20% down payment to qualify for a mortgage. Recent research by the Bank of Canada suggests that once they come into effect, tightened... [read more]

Yesterday, December 5, 2017, Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 7,374 transactions through TREB’s MLS® System in November. This result was up compared to October 2017, bucking the regular seasonal trend.  On a year-over-year basis, sales were down by 13.3% compared to November 2016. New listings entered into TREB’s MLS® System in November 2017 amounted to 14,349 – up by... [read more]

On November 2nd, Toronto Real Estate Board President Tim Syrianos reported 7,118 residential sales through TREB’s MLS® System in October 2017.  This result represented an above-average increase between September and October of almost 12%, pointing to stronger fall market conditions. On a year-over-year basis, October sales were down compared to 9,715 transactions in October 2016.  Total sales reported through the first 10 months of 2017 amounted to 80,198 –... [read more]

Toronto Real Estate Board President Tim Syrianos announced today, October 4, 2017 that Greater Toronto Area REALTORS® reported 6,379 sales through TREB’s MLS® System in September 2017.  This result was down by 35% compared to September 2016. The number of new listings entered into TREB’s MLS® System amounted to 16,469 in September – up by 9.4% year-over-year. “The improvement in listings in September compared to a year earlier suggests that home owners... [read more]

Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 6,357 home sales through TREB’s MLS® System in August 2017. This result was down by 34.8 per cent compared to August 2016. The number of new listings entered into TREB’s MLS® System, at 11,523, was down by 6.7% year-over-year and was at the lowest level for August since 2010.  “Recent reports suggest that economic conditions remain strong in the GTA.... [read more]

  According to BNN (Business News Network), Canada's performance in the first six months of the year was the strongest since 2002 on a non-annualized basis and has made the country a growth leader among its industrialized peers. The Real GDP rose 4.5% in the second quarter because of increased Household Spending (Vehicles, Clothing & Foot Wear...) and Exports, particularly Energy Products (Crude Oil and Natural Gas).   For more details click the link... [read more]

According to "Financial Post" yesterday, August 29, 2017, “Volumes decreased largely as a result of the new regulations,” said CMHC, referring to new income tests that have forced consumers with less than a 20 per cent down payment to qualify based on the Bank of Canada five-year posted rate, now 4.84 per cent, as opposed to the lower rate on their contract. To Read the Full Article, please click the link... [read more]

In the unfortunate circumstance that a homeowner is past-due on their monthly mortgage payments, they pave the way for a “foreclosure” on their property. In today’s market, banks and other lenders do not turn to foreclosure to take away the homes of homeowners who are in arrears. Instead, they perform a "Power of Sale" which is wholly different from a Foreclosure. What is a Foreclosure? Foreclosures are laborious, grueling, and costly to both the... [read more]