June 5, 2012 -- Greater Toronto REALTORS® reported 10,850 transactions through the TorontoMLS system in May 2012 – an 11 per cent increase over the 9,766 sales in May 2011. Sales growth was strongest in the ‘905’ regions surrounding the City of Toronto.
“Sales growth in the ‘905’ area code was stronger than growth in the City of Toronto across all major home types. While lower average prices are certainly one factor that has contributed to this trend, recent polling also suggests that the City of Toronto’s land transfer tax has also prompted many households to look outside of the City for their ownership housing needs,” said Toronto Real Estate Board (TREB) President Richard Silver.
New listings were up substantially on a year-over-year basis in May – rising by more than 20 per cent to 19,177.
The average price for May 2012 sales was $516,787, representing an annual increase of 6.5 per cent compared to $485,362 in May 2011. Price growth continued to be driven by the low-rise market segment.
“Strong competition between buyers seeking to purchase low-rise home types drove strong price growth in May. However, if new listings continue to grow at the pace they did in May for the remainder of 2012, the annual rate of price growth should begin to moderate on a sustained basis,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
There are signs that the silly winter season of bidding wars has slowed down and maybe on its way out. Anecdotal evidence from GTA real estate agents suggests the number of homes drawing multiple bids is down and in cases where there are more than one offer, there are many fewer offers than before.
Here’s what I’ve been hearing from real estate agents about why things might have changed:
1.Sellers are getting greedy. With prices that have been steadily rising since the beginning of the year, some are jumping in with unrealistic demands.
2.Buyers are more cautious as they consider news coverage of high household debt and what that might mean for house prices.
3.The January to March period was an anomaly with demand created by many buyers entering the market and few properties available.
4.Agents artificially created bidding wars by not permitting any offers until up to seven days after a property came onto the market. Now, sellers are looking at offers right away.
Still, home prices are remaining stable, and in many cases higher than 2011. The Toronto Real Estate Board reported 10,350 deals in April 2012, which was 18 per cent higher than April 2011. The average price was $517,556, up 8.5 per cent over April 2011.
In my opinion, prices will remain stable for the following reasons:
1.Interest rates remain at historic lows.
2.Based on New York prices in general, the GTA is still a bargain. The new development at 66 E. 11th St. in Manhattan will offer the City’s first $1 million dollar parking space, according to MSNBC. The space will go to the owner of the 8,000 square foot townhouse or penthouse in the eight story building. In New York, people will pay more for a parking space than the average American pays for a home.
3.Immigration to the GTA remains strong. Just look at the news from Europe. Where would you want to live?
4.Economists have been predicting doom and gloom in the GTA for the past twelve years. It still hasn’t happened.
This slowdown in bidding wars is still good for buyers and sellers. Buyers can now conduct detailed home inspections before agreeing to buy a home, to avoid surprises after closing. They can also take more time to research the neighbourhood when a home comes up for sale, to make sure that there are no surprises on the street or with any planned future developments. Finally, they can focus more on what they can truly afford, without getting caught up in the hype of bidding wars.
Sellers can take comfort that if they are realistic in their sale price demands, their home should still sell in a reasonable amount of time.
1204 Sq Ft, Immaculate Bright W/ Custom Woodwork Throughout! Freshly Painted In Designer Colours, Backs Onto Park, Totally Fenced Yard, Hardwood Floors, Great Location, Walk To Community Centre, One Bus To Subway In Minutes, Drive To Airport Or Downtown In Minutes, Almost All New Plumbing & Electrical Wiring Throughout, 200 Amp Service, Phenomenal Basement Open High & Dry With Separate Entrance, Roughed In Basement Bathroom, Custom Closets, Wired For Speakers
Beautiful Corner Unit With South/East Views.Hardwood Floors Thru-Foyer & Liv/Din. Walk Out To Balcony From Dining Room - 1 -4Pc Ensuite & 1 -3Pc Bathroom.All Facilities-I.E.-Pool,Theatre Rm,Great Rm,Exercise Rm,Library Etc., Located On Same Floor As Unit.Located In The Heart Of Mississauga Steps To Square One. One Bus To Subway, Don't Need A Car, Walk Everywhere!
Connected to the PATH system, Ice Condominiums at York Centre is just steps from the financial core, Maple Leaf Square - Canada's only fully integrated residential, sports and entertainment complex, Air Canada Centre and Union Station. Residents will also enjoy living adjacent to the waterfront and to the citys most exclusive marinas, Rogers Centre, CN Tower and the Entertainment District. The city surrounds Ice with world-famous restaurants and exceptionsal shopping - it's unquestionably the destination of choice for sophisticates from around the globe.
Address: 16 York Street (Toronto)
Builder Name: Lanterra Developments
1. You Have Outgrown Your Neighbourhood
2. You Constantly Scan the Classified Ads
3. You Are Starting a Family
4. Your Family Has Grown
5. You Have Made A Job Change
6. Home Renovation Is Not Enough
7. Your Neighbourhood Is Going to the Dogs
8. Space Is An Issue
9. Properties In Your Neighbourhood Are Selling High
10. Your Home Is Too Big For You
8 ounces sushi-grade tuna, cut into 1.2 inch cubes *
2 sliced scallions, white and green parts
I large tomato, chopped
1 tablespoon chopped fresh cilantro leaves
1 tablespoon grated, peeled fresh ginger
1 tablespoon soy sauce
1 tablespoon Asian sesame oil
1 seedless cucumber, sliced diagonally into 1/4 inch thick rounds
1. Place the tuna, scallions, cilantro, ginger, soy sauce and sesame oil in a medium bowl and mix gently until well-blended.
2. Arrange the cucumber slices on a large serving tray and pile a generous tablespoon of the tuna mixture on each cucumber slice. Serve immediately.
~ Luminato - Toronto's Festival of Arts and Creativity ~ When: June 8 - 17 Location: All around Toronto Visit Official Site
~ Career, Education & Settlement Fair: An Expo for Newcomers ~ When: June 25 Location: International Centre Visit Official Site
~ Toronto International Dragon Boats Race Festival ~
Head out to Toronto Centre Island for a free weekend of dragon boat races and multicultural performances.
When: June 23 - 24 Location: Toronto Centre Island Visit Official Site