Toronto Real Estate Board Condo Commentary Second Quarter 2010
August 24th, 2010 categories: Around TORONTO, Buying in Toronto, Condominium, Downtown Toronto, Real Estate, Selling in Toronto
![treb_condo_commentary_q2_2010[1]](http://torontoism.com/files/2010/08/treb_condo_commentary_q2_201011.jpg)
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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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Condominium Corner: Status Certificates
August 19th, 2010 categories: Around TORONTO, Condominium, Downtown Toronto, Real Estate, Selling in Toronto, Technology, Toronto
Within the process of listing and selling a Condominium recently, I got a bit of a run-around from a management office that I thought I might share with you: Before listing we called to order a Status Certificate and was told that the staff person dealing with Status Certificates was out of town on Holiday. We asked for a request form to fill out and dutifully wrote out a cheque for $100 and mailed both to the management office. Not having heard back from the management office we assumed that all was moving ahead as it should have been.
A week later we had five offers that we were reviewing, almost all of which were conditional on Status Certificate Approval.
I called the Management Office direct for an update and I was told: that the cost for a Status Certificate had been increased to $130 plus HST and that only a certified cheque or Bank draft was acceptable.
I insisted that the Condominium Act mandated Status Certificates at $100 and that no taxes were applicable and was chastised for my being difficult and was almost hung up on. I suggested that someone at their Head Office be called, as this is one of, if not the largest Condominium Property Management in Toronto, Del Property Management and that their information should be corrected otherwise they would be contravening the Condominium Act . A call back a few minutes later was very conciliatory…yes, I was correct that the amount was $100 and yes their were no taxes to be paid, neither GST, PST or HST… Read the rest of this entry »
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Toronto Area REALTORS® Report Mid-Month Resale Housing Figures
August 17th, 2010 categories: Buying in Toronto, Real Estate, Selling in Toronto
TORONTO, August 17, 2010 ‐ Greater Toronto REALTORS® reported 2,732 sales through the Multiple Listing Service® (MLS®) during the first two weeks of August 2010.
This represented a 29 per cent decrease compared to the 3,832 sales recorded during the same period in 2009. New listings, at 4,770 were down eight per cent compared to the first two weeks of August 2009.
“Throughout the better part of the last year, the number of monthly sales was well above the expected long-term trend. Accordingly, it makes sense that the number of transactions has dipped over the past few months in comparison to last year’s record results,” said Toronto Real Estate Board President Bill Johnston. Read the rest of this entry »
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Toronto Realtors Housing Market Watch
August 5th, 2010 categories: Around TORONTO, Buying in Toronto, Downtown Toronto, Real Estate, Selling in Toronto, Toronto
Here is the most recent Toronto Real Estate Board’s Housing Market Watch. Lots of information here depending on the area that you live in. If you have any questions let me know.
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Toronto Area REALTORS® Report Monthly Resale Housing Figures for July 2010
August 5th, 2010 categories: Around TORONTO, Buying in Toronto, Downtown Toronto, Selling in Toronto, Toronto
TORONTO, August 5, 2010 – Greater Toronto REALTORS® reported 6,564 sales in July – a 34 per cent dip from the record 9,967 sales reported in July 2009. New listings, at 10,825, dropped to the lowest level for the month of July since 2002.
“The level of July sales remained below the expected long-term trend. The market has become more balanced following record monthly sales through most of the winter and early spring,” said Toronto Real Estate Board (TREB) President Bill Johnston. Total sales through the first seven months of 2010 were up by 12 per cent compared to the same period in 2009.
Notwithstanding the fact that price trends vary at the neighbourhood level in GTA, the average price for July transactions was $420,482, representing a six per cent increase over July 2009. Over the first seven months of 2010, the average selling price was up 12 per cent annually to $432,253. Read the rest of this entry »
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Toronto Area REALTORS® Report Mid-Month Resale Housing Figures
July 20th, 2010 categories: Buying in Toronto, Downtown Toronto, Real Estate, Toronto
TORONTO, JULY 19, 2010 ‐ Greater Toronto REALTORS® reported 2,790 sales through the Multiple Listing Service® (MLS®) during the first two weeks of July 2010. This represented a 37 per cent decrease compared to the 4,437 sales recorded during the same period in 2009. New listings decreased by eight per cent annually to 5,184.
“Last summer existing home sales spiked well above the expected long-term trend. Sales were also unseasonably high during the first four months of this year,” said Toronto Real Estate Board President Bill Johnston. “Transactions will be down yearover-year in the second half of 2010 as the level of sales balances out.” Read the rest of this entry »
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Toronto Real Estate Board Housing Market Charts for June 2010.
July 7th, 2010 categories: Around TORONTO, Buying in Toronto, Real Estate, Selling in Toronto
Here are the Market Charts for June from the Toronto Real Estate Board. It helps put the market in mperspective as it relates to the past three years.
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Toronto Area REALTORS® Report June Resale Housing Figures
July 6th, 2010 categories: Business, Real Estate, Toronto
TORONTO, JULY 6, 2010 ‐ Greater Toronto REALTORS® reported 8,442 sales through the Multiple Listing Service® (MLS®) in June.
This represented a 23 per cent decrease compared to the record 10,955 sales reported in June 2009. Sales for the second quarter of 2010 amounted to 28,810 – up one per cent annually. Year-to-date sales through June were up 23 per cent to 50,455 compared to the first six months of 2009.
“We experienced a record number of existing home sales during the first half of 2010, but these sales were weighted more towards the beginning of the year,” said newly elected Toronto Real Estate Board President Bill Johnston. “The pace of home sales has moderated from record levels over the past two months with the prospect of higher mortgage rates.” Read the rest of this entry »
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REALTOR Magazine, June 2010
June 24th, 2010 categories: Real Estate, Technology
I was recently interviewed by REALTOR Magazine for their June 2010 issue. I have since received a number of calls about this artricle and especially the “leaf bags”, that I distribute in Cabbagetown each year. If you are interested, contact Primo Promotions, who are my supplier and are great to work with…their email address is primopromos@sympatico.ca. Tell them I sent you!
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