Supply Up, Demand Down In July 2017

August 14th, 2017

Demand and number of sales down, supply up and prices up in July 2017 (compared to July 2016). After a strong Q1 2017, many homeowners are selling to take advantage of high prices. Buyers, however, are taking a break to see if prices will come down. Eventually buyers will re-enter the market to scoop up all the excess listings and the market will finally stabilize.

Proposed Bill Aims To Eliminate Rent Control Exemptions

March 16th, 2017

New proposed bill aims to eliminate rent control exemptions in Ontario (currently buildings built or converted after Nov 1, 1991 are exempt from rent control in Ontario).

http://www.cp24.com/news/bill-calls-for-rent-control-to-be-extended-to-all-rental-units-in-ontario-1.3327687

Janaury 2017 Numbers Are Up…Condo Market Insanity

February 9th, 2017

Toronto 2016 Numbers Are Out…Another Record Year!

January 17th, 2017

No surprise here. The number of sales in Toronto increased from 101,213 (for the year of 2015) to 113,133 (for the year of 2016) which is an annual increase of 11.78%. At the end of 2016, the average sales price in the GTA was $729.922 which is up from $622,121 in 2015.

It’s worth noting that a recent study was done to measure the amount of foreign real estate transactions in the GTA over the past year (from September 2015 to September 2016). Less than 5% of real estate transactions involved a foreign party which shows that FOREIGN BUYERS ARE NOT THE MAIN CAUSE FOR TORONTO’s INCREASING REAL ESTATE MARKET.

November 2016 Toronto Real Estate Up!

December 4th, 2016

Number of real estate sales reported to the Toronto Real Estate Board up from 7,337 (Nov 2015) to 8,547 (Nov 2016) (16.5% increase). Average sales price up from $632,774 to $776,684 (22.7% increase).

Looks like the mortgage rule changes that took effect Oct 17 had little effect…let’s see what effect the Nov 30 rule changes will have (stay tuned for December numbers).

http://www.trebhome.com/market_news/market_watch/2016/mw1611.pdf