Monday, 21 April 2014

Toronto Home and Condo Prices Increase for March

FIVE Condo - Under Construction
Toronto Home and Condo Prices Have Increased further since the past month. with the real estate board saying the number of homes sold last month was up 4.9% compared with the same month last year, but remained below the 10-year average.


The Toronto Real Estate Board Group also says sales in March were up 1 % compared with February, but below a recent peak set last August. Toronto lead local markets in March for price increases, as the supply of real estate continued to remain low and below historic levels. This has caused multiple offers per listing resulting in feverish bidding wards.


The total number of  sales in the Toronto Market are being constrained by a lack of supply despite strong demand in some markets, since Greater Toronto  accounts for a one-fifth of national activity.”

Across the board for Toronto there were 6.3 months of unsold listings at the end of March — down from 6.4 months at the end of March and 6.5 months at the end of January.


Average prices for homes sold in the Toronto Area for  March was $502,819, up 6% from the same month last year.




Friday, 18 April 2014

Boutique Condo Coming to Toronto Downtown Core

Another crane will soon be rising on Toronto's skyline with the addition of Massey Tower, a new boutique condo projected being developed in Downtown Tornoto's Retail and Commercial Core at Yonge and Dundas The project is a joint venture partnership between MOD Developments and Hairi Pontanari Developments. The 60-story boutique-style building is located at the intersection of Queen Street and Yonge Street, right across from the Eaton Centre Mall.

The Massey Tower Condo site, which is currently home to a century old bank building recenlty closed it's presentation center . Massey Tower will deliver a one-of-a-kind living experience that you won't find anywhere else in Toronto which the projects backers and joint venture development group believe fully. The unique location offers residents the best of both worlds - the convenience of being connected to the energy of Yonge Street, with the privacy that comes with living in a quiet neighborhood away from the congestion.

Massey Tower residences will include one-, two-, and three-bedroom units, as well as studios and exclusive two-story townhomes. Units will feature private terraces with panoramic views of Financial District, the Toronto skyline and Yonge and Dundas Square. The building's common area interior designs and furnishings will be inspired by the world-renowned designers. Preconstruction pricing has officially ended, though the remaining units start at about $700,000.

 

Thursday, 17 April 2014

New Mortgage Rules Will Have Little Impact on Toronto Housing Market

The Toronto real estate commuity is happy with the results of the new rules for mortgage insurers that Canada's finacial regulator put into place to dampen activity in the Toronto Market. Local Real Estate Agents were extremely happy the new regulations will do little to slow the rising condo and home market in the Toronto Area.

The new regulations, came out earlier this week, have been under development for almost two years. At that time  the financial regulator, the Office of the Superintendent of Financial Institutions, was extremely concerned about the over heated Toronto Condo Market and what impact any correction would have on the national real estate market as well as the economy.

After the condo market slowed the regulations, which are referred to as B-20, had over-reaching goals that indicated exactly what banks need to do for the OSFI to see that they were properly scanning potential homebuyers before issuing loans ad mortgages.

The new regulation called  B-20 also set a limit on exactly what homeowners could fianance on a home equity line of credit at 65 per cent of the assessed home value.


OSFI deputy superintendent Mark Zelmer has indicated that the new guidelines should ave a limited cooling effect on the Toronto Housing Market. The new rules were actually writte more for the mortgage insurance companies, than the Chartered Banks.

The new regulations spell out what all Canadian mortgage insurance providers need to ensure as  they do not want to take on too much risk. So as such the mortgage insurance companies will now be responsible for ensuring the good faith of the loans made by the Chartered Banks.

The concept is for the mortgage insurance backers to adhere to practices which will minimize bad loans through the banks that they ensure. In so doing the full set of rules could have a tightening effect, but industry players say any such impact will be small.


Wednesday, 16 April 2014

Hot Neighborhoods in Demand For Toronto Condos

Overall March turned out to be a pretty good month for Toronto Condo Sales, even as condo sales recover from 2013, which is one of the worst years in the past decade for Toronto condo sales.  The median prices have inched up about 2% in the year over year period and product supply has improved as developers have launched more than 40% new product this year than they did in the previous year which was forecast as being a down year for property sales from the get go. 

Condo sales and property sales will continue to be hottest for in demand neighbourhoods such as Yorkville, Southcore, St. Lawrence Market, Carlton-College-Yonge, and the Entertainment District. 

Average prices for condos in the core are now averaging around $400,000 dollars for medium sized units although deals can be had on smaller suites at pre-construction pricing. On the other hand developments in the outer ring of suburbs such as Scarborough, and North York can be had for less depending on factors such as neighbourhood and amenities such as nearby transit.



Condo sales for 2014 are already showing a massive rebound from 2013 which was the first major decline in the Toronto condo market seen since the boom began on the Toronto scene in 2001- 2002 year. 




Tuesday, 15 April 2014

With Massive Sales Sucess at Wellesley on the Park, and Yonge and College Condos the Toronto Downtown Real Estate Market is Back!


If you were hoping to purchase a downtown condo in Toronto in the near future you are in luck. There has been a flury of new development releases this year in comparison to the same time period last year, when condo sales were in a funk and developers were holding back product. Now the condo market looks to be in comeback mode and new condo releases have been testament to this new fact. 





Wellesley on the Park is currently in pre-sales and the word is that sales have gone very well before the official launch which is expected sometime later this month, or next. And that follows the blowout  success of the Yonge and College Condo which actually was 85% sold within the first week.


Those looking to own their own home face a far more difficult scenario, as the detached market moves further and further out of reach for prospective Toronto homebuyers with prices now over 1 million dollars plus for homes in the downtown core. Condos remain an affordable option with prices starting from the mid-$350 000’s and even less depending on where you are looking to purchase, and what kind of unit you desire to own.  Average listing prices for new condos in the Toronto area are now in the 350-400k market for new units in good buildings in desirable parts of town.



People tend to look at the track record of the developer in unloading new units to determine the sales success of the building. How fast, how many and for how much do the units go for? Before the massive recession of 2008-2009 when developers had to deal with higher interest rates this curtailed the ability to charge very high prices due to high interest rates, then when the market crisis forced rates downward, it made condo units more affordable, and prices went up as did the sales of Toronto condos. Now after three years of year over year sales improvement the condo market came back to earth in 2013, but look set to rebound for 2014.