Archive for the 'Economy' Category
Teranet-National Bank National Composite House Price Index™.
August 25th, 2010 categories: Around TORONTO, Buying in Toronto, Economy, Real Estate, Selling in Toronto, Toronto
Teranet and the National Bank of Canada joined together about one year ago to produce this House Price Index of major centres across Canada. Please remember that it only reflects the large centres and is comprehensive for those living in those centres but would not reflect a vision of Canada as a whole. I get these newsletters monthly and you can subscribe to them at www.housepriceindex.ca.
Teranet’s data is from Land Registry systems across Canada so also reflects all transactions, not just those on MLS…
NEWSLETTER – AUGUST 25, 2010
Monthly price rise of 1.5% in June
Canadian home prices in June were up 13.6% from a year earlier, according to the Teranet-National Bank National Composite House Price Index™. The 12-month gain, identical to that of May, was strongly influenced by Vancouver, up 16.3%, and Toronto, up 16.2%. In the other four markets surveyed, the 12-month rise ranged from 7.1% in Halifax to 12.0% in Ottawa. In Calgary it was 8.3% and in Montreal 8.7%.
June was the third consecutive month in which prices were up from the month before in all six metropolitan areas surveyed. The monthly rise of the composite index, 1.5%, was the largest since last August. The monthly rise was 2.7% in Ottawa, 2.4% in Toronto, 1.4% in Montreal, 1.3% in Halifax, 0.8% in Vancouver and 0.2% in Calgary. For the composite index it was the 14th straight monthly increase, the longest such run since October 2006. Read the rest of this entry »
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What is Really Up or Down in the Toronto Real Estate Market…
August 24th, 2010 categories: Around TORONTO, Buying in Toronto, Economy, Real Estate, Selling in Toronto, Toronto
Recently I was interviewed on CBC when the Toronto Real Estate Board released its’ figures for July and early August…As usually happens, the Media had decided the story that they wanted to tell and then they looked for me to back them up. There is no doubt that the market is slower in Summer, and there is also no doubt that this August is slower than last August.
However, I have a tendency to look at the year as a whole, and put it in context with not just one year but the three or four past years. So here are the Housing Market Charts for the past fews years comparing 10 different factors. Don’t get caught up in the Media Hype one way or the other…get the full picture before you make your decisions.
Know that there are two major factors that I feel will really have a chilling effect on the market in Toronto. One being a decrease in the immigration to the City and the other being a major increase in the Mortgage Interest rates, however, expect a lot of activity as they move up as consumers will rush to get the lower rates first.
These charts are my Real Estate Bible and I will post them here monthly. Here is July’s which were released August 5th…Remember that you are not able to live in Stocks and Bonds and the Real Estate market is often more motivated by the need to move into new School Districts, closer to work, or upsizing/downsizing, or taxes than it is the vaugeries of pricing.
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Canadian Real Estate Association Revises Resale Housing Forecast
June 3rd, 2010 categories: Buying in Toronto, Economy, Real Estate, Selling in Toronto
OTTAWA – June 2, 2010 – The Canadian Real Estate Association (CREA) has lowered its forecast for home sales via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards and Associations. The revision reflects a weaker than expected start to the year in British Columbia, and recent developments that pulled forward the timing as to when sales are expected to ease in other provinces.
CREA’s previous national forecast was heavily influenced by British Columbia and Ontario forecast trends, and this remains the case in the revised forecast. While sales activity is unfolding as expected in Ontario, the decline in affordability in British Columbia impacted sales in the province during the first quarter.
Additionally, changes to mortgage regulations announced in February are expected to marginally impact activity. The changes prompted some homebuyers to finance their home purchase before the new regulations took effect in April, which pulled forward a number of sales that would have otherwise taken place at a later date. Read the rest of this entry »
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Real Estate: What is Included in the HST?
May 2nd, 2010 categories: Business, Buying in Toronto, Economy, Food, Lifestyle, Real Estate, Technology
It seems almost daily that I am reminded how little we know about the upcoming Harmonized Sales Tax. There is so much confusion in the Public’s mind about what is to be taxed and what is not to be.
The biggest misconception that I hear because of my business is that there seems to be a concern out there that resale housing draws HST. It does not. HST is only on New Constuction. However, HST is payable on any of the services that are used in the Buying or Selling of property. But again: RESALE HOUSING AT ANY PRICE DOES NOT DRAW “HST”, only the services that are involved.
For a full view of what is taxed, I’d like to thank Lori Nichol of Forest Hill Realty Inc. who forwarded me this great summary. To make it easy to view you can easily make it “Full Screen”.
If you would like it in .pdf format jusr click here.
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Greater Toronto REALTORS® report March Resale Market Figures
April 6th, 2010 categories: Buying in Toronto, Economy, Real Estate, Selling in Toronto, Toronto
TORONTO, April 6, 2010 – Greater Toronto REALTORS® reported 10,430 sales through the Multiple Listing Service® (MLS®) in March, pushing total first quarter 2010 sales to 22,418 – the best result on record under the current Toronto Real Estate Board (TREB) boundaries. The average price for March transactions was $434,696. The average price for the first quarter was $427,948.
“The strong rebound in the existing home market was one of the initial drivers of economic recovery,” said TREB President Tom Lebour. “While we don’t expect to see the same rates growth moving forward, GTA households will remain confident in ownership housing as a quality long-term investment, especially as economic recovery expands across all industries.” Read the rest of this entry »
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Why Toll Roads in Toronto are not such a bad idea….
March 18th, 2010 categories: Around TORONTO, Downtown Toronto, Economy, Getting around the City, Toronto
Here me out on this:
First….most of the great large cities in the world have excellent Subways and rail lines. Toronto slowed and almost stopped building Subways and rapid transit years ago and we became more and more dependent on highways for transportation.
Second…Toronto is surrounded by bedroom communities filled with people who use the major thoroughfares to come to the City to make their incomes and head back to their suburban properties where they pay the most of their taxes. Some major cities like New York make suburbanites who get paid in the City, pay a special tax to the City of New York.
Third…and most important…even though it is difficult, cars have made it easier to live in one part of the City, work in another part of the City or Province and recreate in yet another part of the City or Province. We think nothing of doing so because the cost is relatively cheap. Read the rest of this entry »
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GREATER TORONTO AREA REALTORS® REPORTING MARCH MID-MONTH HOUSING STATISTICS
March 18th, 2010 categories: Around TORONTO, Buying in Toronto, Downtown Toronto, Economy, Real Estate, Selling in Toronto, Toronto
TORONTO, MARCH 17, 2010 -
Greater Toronto REALTORS® reported 4,353 sales through the Multiple Listing Service® (MLS®) during the first two weeks of March. This represented a 70 per cent increase compared to the 2,562 sales recorded during the same period in 2009 when resale transactions had dipped markedly due to the recession. The mid-month sales total was also 16 per cent higher than the previous March midmonth high reached in 2006.
“The spring-like weather in the first half of March brought the first green sprouts of the recurring spring market. Every year, monthly sales climb steadily through May,” said Toronto Real Estate Board President Tom Lebour. “People are buying homes because they are confident in the current economic recovery and mortgage payments on the average priced home remain affordable.” Read the rest of this entry »
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GREATER TORONTO REALTORS® REPORT FEBRUARY RESALES
March 3rd, 2010 categories: Downtown Toronto, Economy, Real Estate, Toronto
Here is the most recent update from the Toronto Real Estate Board. We are still having an active market due to the excellent mortgage rates available to the consumer. I’m always interested in your thoughts so feel free to comment below.
TORONTO, March 3, 2010 – Greater Toronto REALTORS® reported 7,291 sales through the Multiple Listing Service® (MLS®) in February, representing a 77 per cent increase over February 2009. The average price for these transactions was up 19 per cent year-over-year to $431,509. Sales and average price increases represent both increased demand for ownership housing and the base year effect, which involves a comparison of economic recovery this year to a period of economic decline last year.
“Increases in existing home sales and average price were noted across the GTA in low-rise and high-rise home types. Similar rates of growth were experienced in the City of Toronto and surrounding 905 regions,” said TREB President Tom Lebour. “This suggests that first time, move-up and down sizing buyers are all active in the existing home marketplace.”
New listings also increased in February, climbing 24 per cent compared to the same month last year.
“Annual growth in new listings is expected to continue. New listings growth will start to outstrip sales growth as we move through 2010,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “As the market becomes better supplied, we will see more sustainable single-digit rates of price growth.”
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Toronto Real Estate Board Launches IDX.
February 2nd, 2010 categories: Around TORONTO, Economy, Real Estate, Technology
IDX or Internet Data Exchange has been launched by the Toronto Real Estate Board this month. This platform allows the participating Brokers to share their listings with other participating Brokers on their web sites. For a consumer it means greater access to one-stop shopping on a Brokerage or Realtor site. Read the rest of this entry »
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The Canadian Real Estate Market: Consumer confidence in Canada ends on a stronger footing in 2009
January 24th, 2010 categories: Business, Buying in Toronto, Economy, Real Estate
Below is a great article from the Canadian Real Estate Association about the levels in Consumer Confidence as one moves across Canada:
National consumer confidence ended the year 2009 on a stronger footing compared to pre-recession levels, despite having edged down slightly the fourth quarter compared to the third quarter. According to the Conference Board of Canada’s index of consumer confidence, confidence eased slightly in the fourth quarter for the first time in three quarterly periods. The decrease in confidence reflects weakening sentiment about making major purchases. Read the rest of this entry »
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