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GTA Real Estate Source

GTA Real Estate Source
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GTA REALTORS® release November resale housing market data
2011-12-08 19:04:00
Toronto, December 6, 2011 – Greater Toronto REALTORS® reported 7,092 residential transactions through the TorontoMLS® system in November – up 11 per cent in comparison to November 2010. At the same time, the number of new listings was up by 14 per cent in comparison to last year.“We have seen strong annual sales growth through the 2011 fall market. The increase in transactions has been broad-based, with strong growth across low-rise and high-rise home types throughout the Greater Toronto Area,” said Toronto Real Estate Board (TREB) President Richard Silver. “The market has also become better supplied, with annual new listings growth outstripping that of sales. As this trend continues into 2012, we will see more balanced market conditions.”The average price for November transactions was $480,421, representing an increase of almost 10 per cent in comparison to $437,494 in November 2010.“Despite strong price growth this year, the housing market remains affordable in the...
More About: Market , Data , Housing , Release

State Mortgage Market in Canada: Self Denial?
2011-11-20 23:23:00
Canadians are increasingly concerned about the increasing debt of their fellow citizens, according to a new survey.The Canadian Association of Accredited Mortgage Professionals (CAAMP) produced the findings in its annual State of the Residential Mortgage Market in Canada report after surveying 2,000 online respondents. About half the respondents were homeowners.Respondents were asked to rank their agreement on a scale of 10 on various issues relating to housing and mortgages, and the highest score, 7.98, was for the statement “as a whole, Canadians have too much debt.” Almost one-half, 46%, gave a rating of nine or 10, showing very strong agreement with the statement. (I talked about rising consumer debt levels in a recent post)The response to those surveyed was more mixed when asked if the Canadian market was in a bubble currently. The average score was 6.07 out of 10, with 46% of responses being closer to a neutral score of 5 or 6.But while there might be some concern about ...

A History of the Woodbridge Memorial Tower
2011-11-11 08:12:00
Constructed in honour of the men of the community who laid down their lives for King and Country in the great War 1914-1918. “Lest we Forget” In commemoration of the great courage demonstrated by the twenty-six men from the Woodbridge area killed in the First World War. The Village of Woodbridge Council on June 9, 1924, passed a by-law granting the sum of $1,500.00 for the purpose of erecting a memorial in their honour.Construction of the Woodbridge War Memorial Tower began in 1924 and was completed that same year with the assistance of volunteer members of the community: John Johnston of Woodbridge donated the fieldstone for the tower’s construction; Fred Baret, a stone mason from Humbervale, near Weaton (south of Woodbridge), built the tower.The tower measures 11′ x 60′ on a 14′ x 34′ base. It is constructed of native field stone with a glass dome. At the apex of the tower, there is a domed beacon light decorated with crenellated...
More About: History

“Forget the stock market, the place to find real value is the Canadian Ho
2011-11-10 17:55:00
Such is the recommendation of Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada in a video release that accompanies the Company’s latest research effort. The report examines the reasons for the 100%+ gains in average Canadian home prices during the first decade of the millenium and ultimately concludes that ‘housing evolution’ has been the primary ...
More About: Stock Market , Market , Stock , Find

“Forget the stock market, the place to find real value is the Canadia
2011-11-10 17:55:00
Such is the recommendation of Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada in a video release that accompanies the Company’s latest research effort. The report examines the reasons for the 100%+ gains in average Canadian home prices during the first decade of the millenium and ultimately concludes that ‘housing evolution’ has been the primary ...
More About: Stock Market , Market , Stock , Find , Real

Toronto Real Estate Board Economic Commentaries
2011-11-09 19:00:00
Here are selected economic commentaries from the Toronto Real Estate Board , based on recent Statistics Canada and Bank of Canada economic data releases.Please click on any of the commentaries to enlarge Canadian Consumer Price IndexOvernight Target Rate and GDPCanadian Labour Force and Unemployment Rate
More About: Real Estate

First serious sign of post Election delay for Vaughan hospital
2011-11-09 04:29:00
A little over one month after the Provincial election and the progress of the ‘officially approved’ Vaughan hospital already faces a major headwind with today’s news of a reduction in Provincial growth forecast stemming from a bleaker global economic outlook.Here are some concerning quotes from Provincial Finance Minister Dwight Duncan, who is set to release his fall economic statement later in the month.“This will be a long period of restraint.”“My view continues to be that there will be a lot of difficult choices.”The Minister was also quick to rule out raising taxes to raise revenue.That of course results in one of two alternatives: Cost cutting or piling on more debt.During the election, Premier McGuinty promised to protect healthcare and education spending (not to mention the massive subsidies in the green energy sector).By the same token, it is public knowledge that under the McGuinty’s government, Ontario’s debt has almost doubled t...
More About: Hospital , Post , Election , Sign

CMHC: October 2011 Housing Starts
2011-11-08 19:57:00
The seasonally adjusted annual rate1 of housing starts was 207,600 units in October, according to Canada Mortgage and Housing Corporation (CMHC). This is down from 208,800 units in September 2011.“Housing starts posted a slight decline in October due to a decrease in single-detached starts in urban centres,” said Mathieu Laberge, Deputy Chief Economist at CMHC’s Market Analysis Centre. “Urban multiple housing starts remained high in October, but overall housing starts are expected to moderate in line with demographic fundamentals.”The seasonally adjusted annual rate of urban starts decreased by 2.1 per cent to 184,500 units in October. Urban single starts decreased by 9.0 per cent in October to 60,900 units, while multiple urban starts were up by 1.7 per cent to 123,600 units.October’s seasonally adjusted annual rate of urban starts decreased by 43.5 per cent in the Atlantic region, and 28.8 per cent in Quebec, while urban starts increased by 1.5 per cent in British Colu...

Dr. Sherry Cooper: Canadian Economic Climate
2011-11-05 18:37:00
The following are summarized comments made at the Real Leasing conference in Toronto by featured speaker, Dr. Sherry Cooper , Executive VP and Chief Economic of the BMO financial group.Her presentations are always insightful, concentrated and focused.Backdrop of global economic and financial market is unnervingWorld is still responding to Crisis of 2008 and Crisis in USWe are experiencing a “Balance Sheet recession” which is one where value of assets drops significantly (in this case US housing market assets)Homeowners in US experienced devasting hit to their net worth where approx 20% are upside down on their mortgage so they can’t refinance, despite record low interest ratesForeclosure pipeline in the US continues to be enormous with 2-4 million in current foreclosure which will leave the number of vacant homes at even higher levelsThis is not the kind of recession that one recovers from easily It does not respond to easing monetary policyThere’s a negati...
More About: Climate , Canadian

TREB Market Watch Videos – October resale and Q3 Condo
2011-11-04 05:09:00
In the first video that follows, Jason Mercer – Senior Manager, Market Analysis, discusses the entire GTA TREB resale Market data results for October 2011. Updated Market Watch summary charts can be found here.In the second video, Mr. Mercer discusses the GTA Condo Report for Q3 2011. Further insight on the Condo market results can be found here
More About: Videos , Market Watch

Toronto Residential Real Estate Market Watch: October 2011
2011-11-04 04:21:00
Greater Toronto REALTORS® reported 7,642 home sales through the TorontoMLS® in October 2011. This represented an increase of 17.5 per cent compared to the 6,504 transactions reported in October 2010.Monthly sales data follow a recurring seasonal trend that should be removed before comparing monthly results within the same year. After adjusting for seasonality, the annualized rate of sales for October was 97,100, which was above the average of 90,700 for the first three quarters of 2011.“The pace of October resale home transactions remained brisk in the GTA. This bodes well for a strong finish to 2011,” said Toronto Real Estate Board President Richard Silver. “Home buyers who found it difficult to make a deal in the spring and summer due to a shortage of listings have benefitted from increased supply in the fall.”The average selling price through the TorontoMLS® in October was $478,137 – up eight per cent compared to October 2010.“Sellers’ market conditions remain in...
More About: Watch , Residential , Real Estate , Real Estate Market

Vaughan velodrome puts civic cart before the horse
2011-11-03 18:53:00
One week ago, the Vaughan Citizen included an article about the proliferation of addendums to Vaughan Council meeting agendas and dissension among Council members over the associated need for greater transparency.The debate among Council focussed on establishing protocol for the inclusion of addendums especially with regard to “time sensitivity” of the item in question. One of the examples cited was a recent addendum relating to the possibility of building a Velodrome in conjunction with the 2015 Pan Am Games.Granted, the Velodrome issue arguably is one of time sensitivity given the sudden turn of events that recently took place in Hamilton.Yet what I question most is not the time sensitivity of the issue and/or whether the public has had sufficient time to weigh in.Rather, what’s deeply concerning is the mere fact that Vaughan Council has consciously bothered to consider such a proposal and devote staff resources to it, let alone give it a sense of urgency...

Emerging trends in Canadian real estate
2011-11-02 06:07:00
For 2012, the Canadian real estate market recovery could taper off, only sustained by modest and “not stellar” income growth according to PwC (PricewaterhouseCoopers) and the Urban Land Institute’s new forecast Emerging Trends in Real Estate 2012 released today in Canada.Lori-Ann Beausoleil, PwC Canada’s Real Estate Leader says, “Canadian consumers who have been on a spending and home-buying spree, encouraged by low interest rates, could see their self-assurance ebb and job growth has decelerated in response to all the noise about European andU.S. debt woes. Sensing a general slowdown, respondents to our survey are taking a ‘better-to-be-cautious’ investment approach for 2012.”In its 33rd year, Emerging Trends in Real Estate 2012 reflects the views of over 950 of the real estate industry’s experts, including investors, developers, lenders, brokers and consultants in Canada, the U.S. and Latin America.While the report calls for flat to slight growth in 2012, many of...

Highlights of Mark Carney’s Economic outlook
2011-11-01 21:56:00
The following are selected highlights from Bank of Canada Governor, Mark Carney’s opening Statement for Appearance Before the House of Commons Standing Committee on Finance.These comments reflect the October Monetary Policy report issued by the Bank earlier in the week. On the Global Economy…The global economy has slowed markedly as several downside risks to the projection outlined in the Bank’s July MPR have been realized. Volatility has increased and there has been a generalized retrenchment from risk-taking across markets. The combination of ongoing deleveraging by banks and households, increased fiscal austerity and declining confidence is expected to restrain growth across the advanced economies.On the Euro Crisis…The Bank now expects that the euro area—where these dynamics are most acute—will experience a brief recession. The Bank’s base-case scenario nonetheless assumes that the euro-area crisis will be contained, although this assumption is c...
More About: Outlook , Highlights , Economic

Mainstream Media misses mark on Zoopraisal
2011-10-29 08:39:00
Let me start with a primer to this post.I do not deny nor do I fear any of the change that is taking place in the brokerage industry. By my very nature, I enjoy change and I embrace it. The evolution of the internet has, for example, resulted in a lower cost of doing business as well as a greater transparency. It should be no surprise therefore, that some degree of disintermediation is to be expected. Today’s consumers are savvy and they understand and expect this, as they should.On to my post…Earlier this week, mainstream media giants such as the Globe and Mail reported the recent launch of “Zoopraisals” by Zoocasa.com, a real estate listings website owned by Rogers Communications Inc.The spin on the story was that this further represents a signal of change to the real estate brokerage industry, in that it will allow consumers the ability to obtain online home appraisal estimate information, without the help of an agent.According to the Globe and...
More About: Media

Canadian home prices break records in August according to Index
2011-10-27 05:18:00
Canadian home resale prices rose in August, their ninth consecutive monthly gain, taking the index to a record high of 149.46, according to a report on Wednesday.The Teranet-National Bank Composite House Price Index, which measures price changes for repeat sales of single-family homes in six metropolitan areas, showed overall prices were up 0.9 % in August from July.Six of the 11 metropolitan markets surveyed were also at all-time highs. The monthly increase equalled or exceeded the national average in four markets: Toronto (1.6%), Winnipeg (1.3%), Hamilton (1.0%) and Ottawa-Gatineau (0.9%). The rise was 0.7% in Calgary, 0.6% in Vancouver and Edmonton and 0.3% in Montreal.Prices were flat from the month before in Victoria and Quebec City and down 0.2% in Halifax.Vancouver’s August increase extended its string of consecutive gains to 11, currently the longest run of monthly rises among the markets covered. The Halifax decline was the second in a row. Without Toronto, whose Augu...
More About: Home , Break , Canadian

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