The average selling price, which combines all housing sectors including condos, hit $635,932.

By: Susan Pigg Business Reporter, Published on Tue May 05 2015 in Toronto Star.

The spring house-buying spree hit record levels in April, with sales up a stunning 17 per cent year over year across the GTA and house prices up 10 per cent, according to figures released by the Toronto Real Estate Board Tuesday, see full report.

That sales surge resulted in the strongest April for sales ever recorded by Toronto realtors. Some 11,303 homes changed hands across the GTA.

The fact that demand remains so high in the face of limited supply – new listings were up five percent in April, but active (total) listings down more than 10 per cent over a year ago – means strong price gains are likely for the remainder of 2015, said TREB’s director of market analysis, Jason Mercer.

The average selling price, which combines all housing sectors including condos, hit $635,932, up 10 per cent in April as first-time and move-up buyers flooded open houses.

But the MLS composite benchmark price, which factors out sales at the extreme ends, was only up 8.4 per cent, signalling that the sales numbers were skewed by a higher number of high-end sales, the board noted.

Even condo buyers couldn’t get a break in April, despite the fact new units are coming on the market monthly.

The average sale price of a Toronto condo surpassed $400,000 for the first time in April, hitting an average of $407,612, up 5.8 per cent from April of 2014. House prices were growing even stronger in the 905 suburbs where condo prices averaged $318,471, a 7.4 per cent increase from a year ago and far outpacing inflation and income gains.

Condo sales weren’t that far behind those of low-rise houses across the GTA, with a 16.1 per cent spike in sales. The biggest surge (up 21.5 per cent) was in the 905 region, compared to almost 14 per cent sales growth in the 416 region, according to TREB’s monthly figures.

The fact that townhouses have become the new go-to housing for those priced out of the detached market, but not keen on high-rise condo living, was reflected in the April sales figures. Sales in that sector climbed above 20 per cent, with an almost 29 per cent increase in sales in the highly sought after 416 region.

The average sale price of a townhouse was up about 10 per cent, with average prices at $551,231 in Toronto (up 10.3 per cent year over year) and $448,236 (up 9.5 per cent) in the 905 regions.

Detached home sales saw a 17 per cent spike across the GTA, with sales gains stronger (18.2 per cent) in the 905 regions than the City of Toronto (up 13.8 per cent.) The average price of a detached remained above $1 million in the 416 region, up 9.2 per cent year over year in April to $1,056,114. The average detached price was up 13.1 per cent in the 905 regions to $729,961.

Sales of semi-detached homes climbed by almost 15 per cent across the GTA and house prices hit a new high of $727,875 (up 3.5 per cent) in the City of Toronto and $489,796 (up 10.5 per cent) in the 905 regions.

TORONTO, November 25, 2014 — Greater Toronto, November 25, 2015 – Demand for home ownership remains strong in the GTA, and dynamics around housing supply are impacting prices and redefining the market, said the Building Industry and Land Development Association (BILD) and the Toronto Real Estate Board (TREB) at their first ever joint briefing on the state of the GTA housing market.

Through the first 10 months of 2015, there were 124,123 new and resale homes sold in the GTA. A record number of sales were reported through TREB’s MLS(R) system. New home sales reported by RealNet Canada Inc. (an Altus Group Company) were consistent with the 10-year average, but the mix and type of new homes being sold as well as their prices have changed. Total new home inventory levels have remained within the normal range at 26,388 homes, but more than 81 per cent of those homes are high-rise condominiums, according to RealNet Canada Inc. (an Altus Group Company).

Builder inventory of new low-rise homes, including detached, semi-detached and townhomes, was at 4,980 homes at the end of October, a near record low. As of October 31, there were 10,014 low-rise properties available for sale on TREB’s MLS(R) system. There were 16,079 new and 12,773 existing low-rise homes available for sale at the end of October 2005. While the supply of low-rise homes has trended lower over the last decade, demand has remained strong, pointing to more competition between buyers and very strong price growth.

The average price of a new low-rise home as of October 31, 2015 was $802,376 – more than double the average price in 2005, which was $387,369.

A similar trend has been noted for TREB MLS(R) transactions. The MLS(R) HPI Single-Family Benchmark Price increased to $669,400 in October 2015 from $363,100 in October 2005.

The new high-rise market saw an increase in supply in the last 10 years. There were 21,408 new high-rise homes available for sale across the GTA at the end of October 2015 compared to 13,006 a decade ago. The average price of a new high-rise unit was $440,382, up from $288,587 in 2005.

Price growth for TREB MLS(R) transactions was similar over the same time period with the MLS(R) HPI Apartment Benchmark Price in October at $331,400 compared to $207,800 in October 2005. It is important to note that while we have seen strong new condominium apartment completions and subsequent new listings on TREB’s MLS(R) system, these newly listed units have been largely absorbed. Far from seeing a glut in supply, the months of inventory trend has declined and growth in the MLS(R) HPI Apartment Benchmark Price has accelerated compared to last year.

The size of new condominiums brought to market has decreased over the last 10 years. The average new high-rise home in October 2015 was 767 square feet, compared to 908 square feet in 2005. “As an industry we continue to find innovative ways to provide a range of housing choices,” said BILD Chair Steve Deveaux, vice-president of Tribute Communities. “But it is becoming increasingly challenging to design, build and sell the homes that many people, especially first-time buyers, want to and can afford to purchase.

For new homes, single-detached homes saw the largest year-over-year price increase in October. The average price of a new detached home in the GTA was $962,312.

“To comfortably afford that home with a 20 per cent down payment, the buyer would need an annual income of $174,854,” Deveaux said. “With a smaller down payment, the required income would be even higher. According to Statistics Canada, the average total family income in the Toronto area in 2013 was $107,200.”

The development industry is building more condominiums than it did a decade ago, but as the GTA continues to grow by up to 100,000 people every year, demand for low-rise homes has not decreased. Deveaux said that demand for detached, semi-detached and townhomes is outpacing supply, which is limited due to a lack of serviced land designated for development.

TREB president Mark McLean said the industry is concerned about the disconnect between some current government policy initiatives and home ownership affordability. TREB cites the Ontario government’s plan to allow municipalities to charge their own municipal land transfer tax as the most recent example.

“Homebuyers in the GTA presently benefit from a diversity of new and existing home options that are affordable at different income levels,” McLean said. “Sadly, the provincial government seems bent on hampering home ownership affordability. Studies have shown that municipal land transfer taxes will have a negative impact across Ontario, not only from an affordability perspective, but also by undermining our economy and costing thousands of jobs.”

Government fees and taxes amount to an average of one-fifth the cost of a new home in the GTA, according to a BILD-commissioned study in 2013. Home ownership and the resale market is affected due to the increasing cost of new homes.

The organizations stated that it’s important for governments to educate residents about the effects public policy changes will have on the state of the housing market and home ownership in the GTA.

“This industry is extremely important to the economic growth and prosperity of our cities and it’s important for GTA residents to understand what drives and impacts it,” Deveaux said.

About BILD

With more than 1,450 members, BILD, formed through the merger of the Greater Toronto Home Builders’ Association and Urban Development Institute/Ontario, is the voice of the land development, home building and professional renovation industry in the Greater Toronto Area. BILD is proudly affiliated with the Ontario and Canadian Home Builders’ Associations.
www.bildgta.ca

About TREB

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 42,000 residential and commercial TREB Members serve consumers in the Greater Toronto Area. TREB is Canada’s largest real estate board.
www.TREBHome.com

January 27, 2016 — Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported 5,595 condominium apartment sales through TREB’s MLS® System during the fourth quarter of 2015. This result was up by 12.6 per cent compared to the same period in 2014 meaning the condo market is growing.

Over the same period of time, the number of new condominium apartment listings entered into TREB’s MLS® System was also up, but by a substantially lower annual rate compared to sales, at 3.3 per cent. The result was tighter market conditions compared to an year earlier and a more competitive condo market.

“The condominium apartment segment is integral to the overall housing market in the Greater Toronto Area. Over the past decade, the trend has been to increasingly build up due to provincial land use policies. As new projects have completed, a number of investor-held units have been listed for sale on TREB’s MLS® System. These units have been absorbed quite rapidly, with enough demand relative to supply to prompt continued price growth,” said Mr. McLean.

The average selling price for condominium apartments in the fourth quarter was up by 4.1 per cent year over year to $382,070. Throughout the fourth quarter, the MLS® Home Price Index (HPI) Apartment Benchmark Price was up by between four and six per cent on an annual basis.

“First-time buyers account for approximately half of all buyers in the GTA and even more so in the City of Toronto. Condominium apartments represent an important entry point into home ownership for a lot of households. This is a key reason why we experienced continued growth in sales for this home type over the past year,” said Jason Mercer, TREB’s Director of Market Analysis.

Condominiums are becoming an increasingly important part of the GTA’s housing market mix and condo sales are up as the development in the region grows more intense.

For those seeking affordable home ownership, a condo is likely the only viable option, given the skyrocketing prices of detached houses.

That is if they can find a condo to buy.

New condo sales in the first four months of 2016 significantly outpaced supply, with 6,229 sales but only 3,892 new units added, according to Altus Group. This has resulted in a decline in the already limited number of new-condo options. As of the end of April, there were only 17,698 new condos available for sale across all GTA condo projects.

That may sound like a lot of units, but bear in mind only 1,622 of them were actually built and unsold. The bulk of the condos, 9,801 to be precise, were in pre-construction status, meaning three to five years away from delivery. The remaining 6,275 units were unsold and under construction, representing just 12 per cent of the 51,392 units being built in the GTA and slated for delivery in the next three years.

Prices for ground-oriented homes have been increasing at double-digit year-over-year rates, up 11.4 per cent to a record $864,181 in the first four months of 2016, according to Altus Group. Meanwhile, GTA condo prices were up 2.8 per cent year-over-year, to $461,281. On the resale side, detached home prices increased 18.9 per cent, to $986,691, compared to a 5.9 per cent jump in condo prices, to $413,925, according to the Toronto Real Estate Board’s May figures.

And prices will only keep going up, as record land costs and the introduction of new development charges create unprecedented cost pressures for those developing the future supply of new condos, units that won’t be available to consumers for another two years.

For those who do manage to secure a condo, more potential complications loom. Purchasers of units in larger projects can find themselves in interim occupancy for a full year, resulting in the payment of interim occupancy fees (paying rent to stay in their own unit until the building’s registration) that could total more than $10,000 before they’re able to obtain ownership title and begin paying off their mortgages.

And, with projects being designed to minimize capital costs in order to stay competitive on selling prices, building systems will likely require maintenance, repair and replacement earlier than in the past. So condominium fees after the first year of operation are likely to rapidly escalate.

Condos can offer a carefree lifestyle. But that doesn’t mean home-hunters should be carefree when making their condo purchase decisions.

WHY BUY A CONDO: ADVICE FOR HOMEBUYERS

Buying your first home is a big milestone and something nearly everyone dreams about. But getting your foot in the door of the real estate market can be a little scary. It’s important to be aware of affordability and getting the most out of your investment. This is why condos have become a great choice for many first-time homeowners. Beyond finances, condo living has a lot of other advantages for social, active, young adults. Read on to find out some of the key reasons more and more people are choosing condos.

1. Community – For social butterflies, the condo community is a hub of like-minded individuals in similar phases of their lives. This dynamic makes condo living a perfect place to develop your support network or even a group of friends. We’re not the only ones who have caught onto the strong potential for community in a condominium—Hollywood’s in on it too. Some of the most famous sitcoms are built on the premise of friends who meet in a condo. Leonard and Sheldon in the Big Bang Theory become friends with Penny because she lives across the hall. Monica from FRIENDS hosts events at her apartment almost every night, given how close she lives to Chandler and Joey. And let’s not forget the hilarious Kramer popping into Jerry’s apartment on Seinfeld for constant comedic relief.
2. Accessibility – Living within or in close proximity to the city gives you access to great jobs, restaurants, shopping, and nightlife. However, the high demand for city housing makes owning a detached home too expensive for most. Condos make the city dream a reality, since they are more affordable than most semi and detached houses. You may sacrifice a little on space, but you’re gaining a prime location.
3. Security – Most homeowners have to rely on neighbours and relatives to watch their place when they go away. Condo owners have built in security, trained and dedicated to protecting their place. This makes vacations and short term work travel a no-brainer. It also makes coming home from a late night a lot more comforting.
4. Less Maintenance – First time buyers are often overwhelmed by maintaining a full house. Condos simplify the number of tasks on your plate by managing outdoor space and utilities servicing for you. As a condo owner, you don’t have to mow the lawn or find time to shovel snow during the winter. You also don’t have to schedule maintenance for electrical or water. So enjoy your weekends, sleep-ins, and the peace of mind that comes from having experts take care of your place.
5. Amenities – Add convenience and space to condo living. Fitness facilities like a gym and pool mean you never have to leave the building to exercise. For those who are serious about their workouts, a three minute commute down the elevator is a blessing. For those who only frequent the gym before beach season, having a place to go in the building makes working out realistic because it is more cost effective than paying for a membership. Entertainment facilities, on the other hand, add an element of luxury to your daily life. Condo residents who want to host guests can book party rooms, lounges, private dining facilities, and rooftop terraces. Pretty suite, right?

If these features sound appealing to you, you’re not alone. According to the 2011 National Housing Survey, 1 in 5 young adults across Canada lives in a Condo. That number includes every province—even the largely rural ones. So, if you’re thinking about joining the condo movement, the time is now. With the convenience of everyday luxuries, you won’t regret it.

Effective January 1, 2017 a First Time Home Buyer in Ontario, Canada to get a rebate of up to $4000.00

The Province of Ontario in Canada has proposed to double the maximum refund better known as rebate for a first time home buyer from $2,000 to $4,000, effective January 1, 2017.

The eligibility of the first-time homebuyers will be restricted to Canadian citizens and permanent residents.

This would mean that a first time home buyer in Ontario in Canada will be exempted from the land transfer tax on the first $368,000 they spend towards the purchase of their new home. In other words for example if you are a first time home buyer in Mississauga, Brampton, Oakville, Milton, Toronto or anywhere within the province of Ontario in Canada and the house you are buying is priced at $400,000.00 – you will not pay any Land Transfer Tax on the first $368,000 and will pay tax only on the remaining $32,000 that will be only $475.00 . While if your closing date is prior to December 31, 2016 it will be $ 2,475.00 . This is just an example.

In order to bridge the gap, the land transfer rates on houses that cost more than $2 million will be increased. For every penny above $2M, the rate will increase from 2 per cent to 2.5 per cent. Still the tax on the part of the purchase price between $400,000 and $2 million will remain at 2 per cent.

If you have any further query on this or if you are thinking of buying your first home in Ontario, Canada in Mississauga, Brampton, Oakville, Milton, Toronto, please feel free to contact us by filling out this Dream Home search form.

RE/MAX Team Paliwal

We suggests it is important to take advantage of every trick in the book to get your home sold as fast as possible and for top dollar. In this case, one of these tricks is called Home Staging that is preparation done to sell your home.

Make your house look bigger, brighter, cleaner

It can make your house look bigger, brighter, cleaner and helps the buyer to visualize themselves living in the house. Staging does not usually make your house more livable for you and your family. For the most part, it’s quite a challenge to live in a staged house during the selling process. Living out of your comfort zone might be hard. Things that make your house your home will most likely be gone. But remind yourself: this is only temporary.

Having your house listed for sale in Ontario, Canada can make things challenging for you and your family. There will be times, your agent will give you short notice that a “hot Prospect” wants to see your home right away which will impact your and your family’s routine. So things that can shorten the time your house is on the market, like Home Staging, is quite worth it, even if it means a little temporary hardship.

Staging is not just cleaning, painting, and doing minor repairs. Your goal is to present your home in the best possible way to attract the prospective buyers. With Staging, the focus of the buyer is shifted from the furnishing to the home itself, the configuration, the size, the space and the unique features of the property. RE/MAX Team Paliwal says: Staging is an aid to get your house sold faster and for the best possible price.

Home Staging involves de-cluttering and de-personalizing your house

Reducing the furniture to bare minimums and creating Focal Points inside each room. You can make use of some accessories to highlight your home’s best features. Common accessories include:

• Mirrors
• Cut flowers in attractive vases
• Fresh fruit
• Up lights, table lamps and floor lights
• Ottomans
• Pillows and baskets
• Scented soap bars
• Fresh towels
• Ironed crisp Linen

Before you sell your home and move to a new one, you might feel tempted to save the money for your new home rather than invest that more money into your existing property. Please do not make this mistake! If your house lacks that certain appeal and attention to details, real estate professionals will be less inclined to show the property, simply because they know what your competition is offering and they value their time and their buyer’s time-why waste it on a property that lacks the WOW Factor and which most buyers will pass on?

Remember ! You are Not Alone TEAM Paliwal is with you in every step! We will sell your home together!

Let’s Begin Outside 

Check Your House’s Curb Appeal

How does your house look from the street? That is where prospective buyers will be when they first see your home; and, that is where they will form that all-important first impression. Stand at the curb in front of your house and note what you see.

Remove any clutter in your yard.

Repair cracked or uneven driveway or walkway surfaces.

If your lawn has bald spots, apply some top dressing and re-seed. Prune trees and shrubs of dead wood. Weed and mulch flower beds, if you have them. If it is the  right time of year, consider buying some flower-filled planters to enhance the eye appeal of your property. Make sure your lawn is mowed regularly. Ensure that the composter area is tidy.

Are your windows and walls clean?

Does your front door need paint?

Ensure your eaves and downspouts are clear of debris and in good repair.

Are your backyard deck and walkways clean? If not, use a power washer and do any necessary painting, staining or sealing.

If you have a swimming pool, are the deck and pool clean (when in season)?

Do all outside lights work? Replace any burned out bulbs, and clean fixtures of dirt and cobwebs.

Is there a shed? Does it look presentable?

Do windows and exterior doors need recaulking? Even at 6-7 years of age, the caulking may be dried out and in need of replacement.

Do you have decorative wooden poles on the porch? Is the wood at the bottom in good condition and overall does it need a new coat of paint?

If you have a gate, is it well oiled?

When you have completed the curb appeal inspection, carefully check the rest of your home’s exterior.

Will your roof and chimney pass inspection?

If you are uneasy about climbing onto your roof, you can inspect most items from the ground using binoculars. Otherwise, be careful when working or moving about on your roof. Unless roof repair is a simple matter of applying new caulking, you will probably need the services of a professional.

Check the general condition of your roof. Sagging sections, curled shingles, pooled water on flat roofs and corrosion on metal roofing mean it is time for repair or replacement.

Both masonry and metal chimneys need to be straight and structurally sound, have proper capping on top and watertight flashing where they penetrate the roof.

All roofs undergo stress from snow and rain loads so it is possible a truss or rafter may become damaged, resulting in a noticeable small depression. Professionals should do this inexpensive repair

Examine Your Walls

The condition of your exterior walls directly affects the look and curb appeal of your home.

Replace old caulking.You may have to cut or scrape away old caulking to get a good seal. Do not seal drainage or ventilation gaps.

Is your exterior paint looking good? If you see faded colours and cracked or peeling surfaces, you need to repaint. Be sure to get competitive bids if you hire professional painters

You can clean vinyl siding but defects or damage to it and to metal siding usually means replacement.

Stucco can be repaired but some skill is required to blend patches with existing stucco.

Now, Let’s Go Indoors

A prospective buyer will usually enter through your front door; so, that is where you should begin your interior inspection.You want your buyer to see a neat, clean, well-lit interior. Get clutter out of sight; ensure that carpets are clean and floors are scrubbed and polished; and that walls and trim show fresh paint (preferably neutral or light colours).

Take a sniff. Are there any unpleasant odours in your home? If so, track them down and eliminate them. Ensure all your lights work and are free of cobwebs.You want your home to look spacious, bright and fresh.

If you have considerable family memorabilia about, consider thinning it out.Your objective is to help potential buyers feel as if they could live in your home. That mental leap becomes more difficult for them if your house resembles a shrine to you and your family.

Professional realtors and decorators say the most important areas of your home to upgrade and modernize are the kitchen and bathrooms. Buyers also want to see new or recently installed floor coverings throughout.

General Interior

Check stairs for loose boards, ripped carpeting, and missing or loose handrails and guards.

Most problems with interior walls are cosmetic and can be repaired with spackling compound and paint.

Ensure doors open and shut properly. Minor sticking is normal but excessive binding indicates possible structural problems.

Open and close all windows to ensure they work properly. Fogging between the panes of a sealed window indicates the seal is broken and the unit needs to be replaced.

Living Room, Halls, Family Room, Den, Bedrooms

Keep furniture to a minimum so these rooms do not appear smaller than they are. Ensure that traffic can flow in or through these rooms unimpeded. If they contain bookshelves or cabinets overflowing with books, magazines and knick-knacks, remove some of these items. Ensure bedroom closets look spacious, organized and uncluttered. Create space by getting rid of old clothes and junk. Remember to remove or lock away valuables such as jewellery, coins, currency, cameras and compact discs.

Kitchens and Bathrooms

People splash water around in the kitchen and bathrooms so check around sinks, tubs and toilets for rotting countertops and floors. Problems could be due to poor caulking or plumbing leaks. Fogged windows, molds and sweating toilet tanks indicate high humidity levels, which you can remedy with exhaust fans.

In the kitchen, clean all appliances, including your oven. Clean or replace your greasy stove hood filter. Clean your cabinets inside and out, as well as your countertops and backsplashes. Repair dripping faucets.

Remove anything stored on top of your fridge and remove artwork and magnets.

Remove any items stored on countertops.

Remove items stored under the sink.

In bathrooms, scrub sinks, tubs and toilets taking care to remove any rust stains. Remove mildew from showers and bathtubs. Fix dripping faucets or trickling toilets, and vacuum your fan grill.

Clean mirrors, light switch plates and cupboard handles.

Consider installing new 6-litre toilets if you currently have water-guzzlers.

If you have ceramic tile in either your kitchen or bathroom, ensure grouting is intact and clean.

Basement

The condition of the foundation and main structural members in the basement are critical to the fitness of any house. The purpose of your inspection is to make sure these are sound and durable. Look for cracks, water seepage, efflorescence (white powder-like substance), crumbling mortar or concrete and rotting wood. If any of these problems are present, you need to do further research to learn about causes and possible solutions.

In general, if your basement is damp or musty, consider a dehumidifier. Like all other areas of your home, your basement should be organized and clutter-free.

Change the filters in the furnace and have it cleaned–this is the number one item purchasers want done after a home inspection. If you have a pet with a litterbox, ensure the litterbox is clean.

Garage

Get rid of the broken tools, old car parts, discarded bicycles, empty paint cans and the hundreds of other useless items that accumulate in garages. Again, you want a clutter-free zone. Use cleaning solutions to remove oil stains from the floor.