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Archive for the ‘Recently Sold’ Category

Toronto: Home to World’s Fastest Growth in House Prices

Thursday, May 11th, 2017

 

Toronto is number one for many reasons. The New York Times deems it a first rate travel destination. It’s also pretty good on the scales of diversity and gender equality. And – no surprise here – it earns high marks as one of the best cities in the world to live.

That could be why it also is number one when it comes to having the world’s fastest pace of house price growth.

According to research conducted by analytics firm CoreLogic, Canada’s largest city beat out Sydney, New York, even Tokyo in terms of how quickly its house prices escalated last year.

According to the research which was carried out for The Daily Telegraph in Australia, Toronto’s median house price climbed 19 per cent in 2016, surpassing next-in-line Sydney at 18.4 per cent and third-place Vancouver, where house prices rose by 14 per cent.

According to the Huffington Post, the survey measures median house prices, which is a different measurement than the average figures used by real estate boards in Canada. And average prices show even stronger growth in the GTA with a year over year hike of nearly 28 per cent in February to almost $876,000.

Naturally, these figures are not sustainable. House prices will begin to slow. The Financial Accountability Office of Ontario (FAO) is forecasting slightly lower house prices over the next three years and the strong possibility of a market correction.

The FAO envisions a correction that could see house prices decline by 10 per cent within three years or a worst-case scenario of a 20 per cent drop, says the Huffington Post.

In its report, the FAO expects “a leveling out in residential investment over the next several years, consistent with a modest decline in housing prices,” but “a sharper housing price correction remains a significant risk, both for the economy and the province’s tax revenues.”

Average Toronto house price hits $921,000

Thursday, May 11th, 2017

Here’s a strange anomaly for you: Even though more homes were for sale this April compared to one year ago, home prices were up by as much as 24.5 per cent that month compared to a year earlier.

If you’re still in the market for a house you may have noticed that significantly more homes – 33.6 per cent to be exact — were for sale last month compared to April of 2016. But the greater supply did little to stem the upward flow of the city’s house prices, according to figures released by the Toronto Real Estate Board (TREB).

Based on TREB data, the average cost of a home in Toronto climbed to nearly $921,000 last month, up almost $200,000 from last April’s average house price of $739,762.

April also saw sales nudge down by 3.2 per cent compared to a year ago, a sign, say some, that the Toronto real estate market is finally cooling off.

Any which way you look at it, more listings will inevitably signal a positive note for the Toronto real estate market, says a TREB economist.

“It was encouraging to see a very strong year-over-year increase in new listings,” said Jason Mercer, director of market analysis. “If new listings growth continues to outpace sales growth moving forward, we will start to see more balanced market conditions.”

Still, the board is not expecting any downturns in home prices. In fact, Mercer says the spring and summer months will see the growth of house prices well above the rate of inflation.

A greater housing supply could be a reaction to the market’s big year-over-year price jumps and the province’s newly implemented Fair Housing Plan, though it’s too early to tell.

Another indicator that the market is cooling showed in sales of detached homes, which slipped slightly from March to $1,205,262 from $1,214,422. Semi-detached homes also dipped a bit last month, while condo prices increased by 4.3 per cent.

Be True to Your School

Thursday, June 9th, 2016

A private school may be too costly, a public school too basic and a catholic school, too religious. There are clearly a number of options parents have today when choosing a school for their little ones. But the question we want to address is whether or not the quality of a school should affect your decision to purchase a home.

Believe it or not, this is a growing trend among home buyers. According to the National Association of Realtors in the U.S., proximity to top schools is one of the most influential factors in making a decision to purchase a house. The association found that 29 per cent of buyers listed school quality and 22 per cent cited closeness to schools as deciding factors in purchasing a home.

Often a good school means the neighbourhood in which it resides is also a good one. Look for safety stats and services such as Neighbourhood Watch programs, access to public transportation, and amenities such as parks, restaurants and places of worship.

It’s said a great school district can buoy a neighbourhood’s prices even when the market turns down so there is good reason to choose an area based on its schools.

A good school often means you can ask a higher selling price.  Though resale values and home equity may seem like far-off notions to you now, they are something you should always be thinking about when buying a home. Homes situated in good school districts are not only valued higher, they also take less time to sell.

But perhaps the best reason that should influence you buying in an area known for its schools is your children. It’s natural to want a better life for your kids and school is a defining part of their formative years so choose wisely.

Thanks to the introduction of standardized testing in Ontario schools in 1995 parents have an easy way to evaluate schools, though educators and non-educators alike will tell you that EQAO results shouldn’t be the only determining factor of a school’s quality.

Still, the scores are worth noting when schools are a top consideration for which neighbourhood you will choose to live in. Once a year, the Fraser Institute publishes a national report card on elementary and secondary schools across the country. Thanks to data gleaned from mandatory province-wide literacy and math tests the FI awards public schools a ranking out of 10 with 1 being the lowest.

For the full FI report visit https://www.fraserinstitute.org/sites/default/files/ontario-secondary-school-rankings-2016.pdf

For info about its interactive school website rankings visit  http://ontario.compareschoolrankings.org/secondary/SchoolsByRankLocationName.aspx

Spring Never Looked So Good

Friday, February 28th, 2014

When realtors and business media go on and on about there being a hot real estate market in which bidding wars on homes are the norm do you, as someone who’s been out of the real estate market for some time, think it’s all a bunch of hooey designed to provoke people into a flurry of buying and selling?

We understand your suspicion. But truthfully, the upcoming spring real estate market may simply be the best time to sell your house thanks to the swelling fervour of Toronto buyers.

Recently, one of our listings for a single-family home near the AGO generated 28 offers to purchase. In the end, the home sold for $500,000 over what the owners were asking.

That’s right, we said $500,000 over the asking price.

With that many buyers and so few sellers, prices are being pushed through the roof. Selling your house now may be as good as it’s going to get.

At Freeman, you’re sure to get an intelligent sales strategy for selling your property thanks to our 40-plus years of experience in the Toronto housing market. That know-how permeates everything we do, from offering free evaluations and a plan of action as to how we’ll execute your sale, to getting the greatest value for your house and doing so in a fashion that creates the least amount of worry and hassle for the seller.

Our track record from the number of days it takes to sell a property to the average sales price to how much over asking we typically receive beat the Toronto Real Estate Board’s numbers every time during 2012 and 2013.

“We want it to be easy for you,” says Elden Freeman, “and we want you to feel comfortable especially now when you can get caught up in a frenzy or excitement of the current marketplace.”

According to the Toronto Real Estate Board’s Jason Mercer, the outlook for sales for this year is positive with 89,000 transactions forecasted for the Toronto MLS system.

While house prices will grow by about six per cent with an average price set at $555,000 for 2014, the competition for those houses is expected to heat up even more. That’s because the number of listings on the market will remain limited.

We understand that it’s natural to be doubtful about the real estate market as it is today with record sales figures and multiple bids. Selling your home is a big step, whether you’re planning to downsize, move up or make a lateral move.

As realtors with an outstanding track record, we’re here to help you through the process each step of the way.

 

 

 

 

 

 

 

 

 

 

Sold Listings

Tuesday, July 31st, 2012

Sold listings coming soon!

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