Wednesday, April 27, 2016

Toronto West Condo For Rent!

Have any friends looking for a great condo apartment to rent in the West end! Check this one out. Great building in a great location!

Monday, April 25, 2016

Excellent Toronto East Commercial Retail User or Investment Opportunity

Just Listed this Excellent Commercial Retail Investment Opportunity on Busy Kingston Rd. Former TD Bank Building. Solid Building with Large Lot and lots of parking in the rear. Great For Retail Business User or Investor. Across the street from a High School and in a busy Retail area. Call or msg me for more info. Wont last long!

Condos surge in the GTA

Condo sales in the Greater Toronto Area surged 21.2 per cent in the first quarter of 2016 compared to a year earlier. The Toronto Real Estate Board says that there were 5,974 sales through the MLS during the first three months of this year with around 70 per cent taking place in the city of Toronto.

The pace of demand was reflective of the important entry point to the market that condo apartments offer: “Recent polling undertaken for TREB by Ipsos suggested that approximately half of home purchases made in the GTA this year would be accounted for by first-time buyers.”

With the annual increase in listings down 1.7 per cent, there was an average selling price increase of 8.1 per cent to $393,589.

“While the condominium apartment market segment remains the best supplied in the GTA, market conditions have tightened considerably since the first quarter of 2015. Not surprisingly, the pace of year-over-year price growth has accelerated over the same period of time,” said Jason Mercer, TREB’s Director of Market Analysis. 

Friday, April 22, 2016

New detached homes in GTA break $1 million milestone

The average price of a newly-built single-family detached home in the Greater Toronto Area has exceeded $1 million for the first time. Figures from the Building Industry and Land Development Association reveal that the milestone was reached as of the end of March with prices up from $861,848 a year earlier.

The 21 per cent year-over-year surge has been driven by strong demand in the GTA which has not been met by supply. This, BILD CEO Bryan Tuckey says, is due to government intensification policies and a lack of suitable land.

"The demand for detached homes is far outpacing supply as the GTA's population continues to grow," said Tuckey. "Our region has record-low levels of new detached homes available for sale, which drives up prices and reduces housing choice for consumers."

In March, 905 new detached homes sold and inventory was at just 1,634. The building industry is meeting provincial requirements for townhouses and condos but Tuckey says there is strong demand for detached homes.

"New low-rise homes are being purchased faster than they can be brought to market," Tuckey said. "As long as demand for low-rise homes continues to outpace supply, we will continue to see rapid price growth."

Prices for all low-rise homes, including townhouses, semi-detached and detached, also set a new record in March - $849,312. High-rise homes averaged $459,231. 

Thursday, April 21, 2016

Improving affordability in 60 per cent of housing markets

Housing affordability improved in the first quarter of 2016 in 6 out of 10 markets analyzed for a report from National Bank. Calgary, Montreal and Ottawa-Gatineau saw the greatest improvements but the national figure, showing the proportion of income needed for mortgage payments on a median-priced home, edged 0.1 per cent higher. Nationally homeowners would need to spend 31 per cent of their income on mortgage payments.

The rise was driven by the increasing prices in Vancouver and Toronto while Calgary saw affordability increase as prices fell. Homeowners in the city would require 28.2 per cent of their income for a mortgage on a median-priced home; a year earlier the figure was above 30 per cent. Montreal also saw increased affordability as prices were broadly flat while mortgage costs declined. 

Monday, April 18, 2016

BC sales boom to new record for March

Sales of homes in British Columbia were up 38 per cent in March compared to a year earlier to hit a record 12,500 units sold through the MLS and it’s not just Vancouver that’s booming.

"Housing demand has never been stronger in the province," said Cameron Muir, BCREA Chief Economist. "Most large population centres of the province are now experiencing record levels of housing demand."

However, listings are well behind demand with many parts of the province reporting their lowest inventory in a decade.

Year-to-date figures show a 70.1 per cent rise in sales in dollar terms to $21.59 billion with the average MLS price up 22.2 per cent to $770,408. Sales are up 39.2 per cent to 28,028 units. 

Friday, April 8, 2016

Condo investment sector remains stable – CMHC

The latest study by the Canada Mortgage and Housing Corp. uncovered that the condo investment sector remained stable in the first quarter of 2016, amid record-breaking transaction volumes in the country’s most active markets during the same period.

According to the CMHC, a main driver of the phenomenon is the growing number of condo investors that purchase multiple properties to eventually profit from the leading markets’ high-end prices and rental income. The proportion of investors in Toronto and Vancouver who have purchased at least two additional units apart from their own condos shot up by almost 13 per cent from 2014.

As reported by The Globe and Mail, the CMHC survey—which looked into more than 42,000 owners in Toronto and Vancouver—found that fully 25 per cent of condo investors own at least two units, and nearly 10 per cent said that they have ownership of three or more units.

Meanwhile, around 50 per cent of condo investors in the two cities said that their investment units were for rental income purposes. Over half of condo investors carry mortgages on their investment units, the survey added.

These developments came in the wake of the massively increased number of housing starts in both metropolitan areas, which the CMHC report attributed to an intensified demand for condos and apartments. Vancouver starts grew on a year-over-year basis from 13,400 to 37,000; Toronto starts doubled to 43,000 during the same period.

Building permits up 15.5 per cent in February

Statistics Canada says that municipalities issued building permits worth $7.4 billion in February, a rise of 15.5 per cent from January.

Residential permits were up 5 per cent to $4.2 billion with single-family dwellings up 9.6 per cent to $2.4 billion. Non-residential permits were up by a third to $3.2 billion.

Alberta led the gains with commercial sector permits. For residential it was Ontario that saw the largest gains, for single-family homes. 


Friday, April 1, 2016

Scarborough Town Centre Condo Just Listed!

Hot new listing! 1+1 bedroom Scarborough Town centre condo! Great location just steps from town centre, subway,401 and all amenities. Great for first time buyer. Excellent facilities in building. Offered at $258,000. Call or msg me for info.