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Real Estate News

Why Buy Real Estate in Canada’s Two Costliest Cities?

September 15, 2017


Toronto and Vancouver are pricey, and getting pricier. So what’s the upside?

Money now costs every Canadian just a little bit more after the country’s big banks hiked their prime rates in response to the Bank of Canada’s increase earlier this week – and it could affect real estate markets in the country’s two costliest cities: Toronto and Vancouver.

The good news is the higher interest rates reflect the strength of the Canadian economy, which the Bank of Canada notes, “is becoming more broadly-based and self-sustaining”, and a strong economy tends to boost consumer confidence. But the reality is that it will now cost more to buy and pay off a home, and home prices in both Toronto and Vancouver are still trending upward, rising last month over August 2016.

The Toronto Real Estate Board reported the GTA’s average selling price for all home types was up three per cent to $732,292 compared to August 2016. Meanwhile, the Real Estate Board of Greater Vancouver reported the composite benchmark price for all of Metro Vancouver’s residential properties was $1,029,700, a 9.4% increase over the previous August.

So why consider buying a home in Toronto or Vancouver? Simply put, if you can afford it, they are both incredibly livable cities, respectively ranked third and fourth in the Economist Intelligence Unit’s Global Liveability Report 2017 behind Melbourne, Australia in the top spot and Vienna, Austria, a close second.

“We expect Toronto will provide the city lifestyle we love on a much more manageable scale with better access to more outdoor activities and space than London and the UK,” says Tracey Wells, who is relocating to Toronto from the UK with her husband this month. “The UK is a lovely place to live but it’s becoming overcrowded and while we love London, it is very large, hard to navigate, the pace is relentless and housing is very expensive in and around London.”

Top-ranked cities for livability, including Toronto and Vancouver, tend to be mid-sized cities in wealthier countries with a relatively low population density, recreation and culture without the high crime levels and overburdened infrastructure associated with high-density cities. While Toronto and Vancouver are both world-class cities in a variety of ways, they are nothing like London, New York, Paris and Tokyo, all global business centres and extraordinary cities with “big city buzz” – as well as crime levels and congestion above what is typically considered comfortable.

As seen in the chart above, livability looks at lifestyle in the various locations and makes it easier to directly compare cities. Stability is key and the report notes city scores have been more volatile due to the perceived threat of terrorism in the US, the UK and many European cities. The US is also seen as less stable due to President Donald Trump’s policies and executive orders, and certain Americans are protesting both Trump and civil rights.

“Our political stability, multiculturalism and the perception that Toronto is a fun, dynamic city as well as its livability appeals to foreigners and expats that are coming home,” says Lizanne Dobson, representative of Keller Williams Neighbourhood Realty in Toronto.

Notably, in the Economist’s rankings, quality housing availability is just one of seven characteristics included in infrastructure, with no mention of affordability. In the 13th Annual Demographia International Housing Affordability Survey: 2017, Vancouver was third behind only Hong Kong and Sydney, Australia for unaffordability, when comparing home prices and local household incomes. Vancouver has a median multiple (median house price divided by median household income) of 11.8, and Toronto at 7.7, which makes them both “severely unaffordable”.

“Yet, Toronto is still a very affordable city compared with New York, San Francisco, Los Angeles and London,” says Sandra Pate, a broker with 30-plus years of experience, Johnston & Daniel, a division of Royal Lepage. “We’re finally truly world-class with so many cultures, cuisines, fabulous health care, safe neighbourhoods, good schools, strong and secure banking – and a tenth of the murders you see in certain US cities.” — Kara Kuryllowicz

Filed Under: Real Estate News

Detached duplex seals the deal for $311,000 over asking!

August 23, 2017

135 COTTINGHAM ST., TORONTO

ASKING PRICE: $1,699,000
SELLING PRICE: $2,010,000
TAXES: $7,430 (2016)
DAYS ON THE MARKET: Seven
LISTING AGENT: Sandra Pate, Royal LePage Real Estate Services Ltd., Johnston and Daniel Division

THE ACTION: Agent Sandra Pate set the price of this detached duplex under $1.7-million with hopes of fetching $2-million mid-May. She surpassed her goal with the best of three bids at $2.01-million.

“There was nothing directly comparable, there were some renovated homes that sold for $3-million or $3-million plus,” Ms. Pate said.

“It’s one of those houses that’s very livable, but someone might tart up the main floor and kept it as an investment or do a major reno and convert it back to single family or have an in-law suite … so it had many opportunities and options.”

WHAT THEY GOT: This 114-year-old house is currently set up with two self-contained suites, plus an unfinished basement with a separate entrance and front-pad parking.

The main-floor unit contains one bedroom and bathroom, as well as a living room, adjacent dining area with plate rails and a kitchen with a walkout to a 25-by-98-foot lot with southern exposures.

On the top two floors is an owner’s suite with entertaining and dining areas, as well as a kitchen and den with a deck and balcony, respectively. The third floor is rounded out with two bedrooms. One has a walk-in closet and the other one of two bathrooms.

THE AGENT’S TAKE: “It’s a special location because it used to be a through street but is no longer a through street. It’s a dead end,” Ms. Pate explained.

“At the end of the street is a school currently rated at 9.8 [out of 10] – and I haven’t seen another rating that high – and a playground and tennis club. And you can walk 10 minutes to Yonge Street through a park.”

Sydnia Yu
Special to The Globe and Mail

Filed Under: Real Estate News

New Protections for Condominium Residents Coming This Fall – Here Are The New Rules in a Nutshell

August 14, 2017

  • New disclosures required for directors – whether they are unit owners/occupiers; if they have interests in contracts involving the corporation
  • Mandatory training for condo directors
  • Clearer rules so that condo owners can easily access records of their corporation
  • Better notices/quorum/voting rules making it easier for owners to participate in meetings
  • Mandatory education requirements for condo managers
  • There will be 2 new administrative authorities:
  1. The Condominium Authority of Ontario (CAO) – to provide education and promote awareness of condo owner rights and responsibilities. Will also manage the Condo Authority Tribunal, designed to resolve disputes
  2. The Condominium Management Regulatory Authority of Ontario (CMRAO) will regulate and license condo managers and providers

Quick Condo Facts – Did You Know…

There are currently 1.6 million people living in condos in Ontario.

More than 50% of new homes being built in the province are condominiums.

There are currently more than 750,000 condo units in Ontario, up from 270,000 units in 2001.

The government received about 200 recommendations for condominium law reforms through its public consultation process.

From the Ministry of Government and Consumer Services

Filed Under: Real Estate News

THE TORONTO MARKET… WHAT’S NEW? WHAT’S HAPPENING? WHAT’S NEXT?

July 6, 2017

WELCOME to my new website. This is a page where I’ll think out loud – think outside the lines – about Toronto homes and neighbourhoods. But I’d like it to be a conversation, so please let me know if I can help with housing questions you’re wondering about or neighbourhood events you’d like to post…

The big question about the Toronto Housing market is still: where is the market going? This question is a challenge even for the experts. Just this past spring, the average price for a detached home in the GTA increased a dizzying 33%, from March 2016 to March 2017, to $1,214,422. Given the shortage of houses for sale, there was an accompanying increase in bidding wars and an increase in buyers who worried that they’d never be able to buy a home again.

The Ontario Government decided to try to calm the waters… On April 20th, they introduced the Fair Housing Plan, “a comprehensive package of measures to help more people find affordable homes, increase supply, protect buyers and renters and bring stability to the real estate market.” If you’d like more details, see https://news.ontario.ca/mof/en/2017/04/ontarios-fair-housing-plan.html.

What’s happened over the past couple of months… in May and June, there was a gradual slowing in the market, most significantly in the suburbs surrounding Toronto. It’s important to note though, that the MLS home price index reports that home prices are still up by more than 25%, June 2017 over last June. (*Toronto Real Estate Board June 2017 stats) I think that this number will continue to recede through the summer, likely leveling off in the fall. Is this just a normal summer slowdown? Is it buyer fatigue? Or is it a result of the Ontario Government’s Fair Housing Plan? More than likely, all of these factors combined are contributing to the change.

Traditionally, summer is a calmer market time, with everyone more focused on vacations and summer fun. However, some of the previous summers were actually ‘hotter’, with higher prices, than some of the previous spring months… another anomaly that makes it difficult to figure out what the market’s doing and where it’s heading.

So, what’s tomorrow looking like…? I think that we’ll see a leveling off in sale prices and in the number of sales – though some AAA properties will still sell at breakneck speeds, for extraordinary values. We may also see a growing ‘hybrid’ market, with some sellers pricing low to create a bidding war, and others pricing their home at a value they’re willing to sell for. In fact, this is already the case in most downtown neighbourhoods, for both houses and condos. A ‘hybrid’ market is very confusing for buyers trying to figure out whether the asking price is deliberately low, to create a bidding war, or it’s set at a price the owners will happily sell for.

Because it’s likely one of the biggest financial decisions that you’ll ever make… the best thing that you can do is to make sure you’re getting sound advice and step-by-step support, from day one. Buying or selling your home is much more than a decision about finances. It’s one of life’s amazing adventures, but it can have its challenges too. If you do it thoughtfully, it’s very exciting and rewarding!

Filed Under: Real Estate News

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