May 3, 2012 -- Greater Toronto REALTORS® reported 10,350 transactions through the TorontoMLS system in April 2012. This level of sales was 18 per cent higher than the 8,778 firm deals reported in April 2011. The strongest sales growth was reported in the single-detached market segment, with transactions of this home type up by 22 per cent compared to a year ago.
“Interest in single-detached homes has been very high, both in the City of Toronto and surrounding regions. Growth in single-detached listings has not kept up with demand, which means competition between buyers in this market segment increased. With this in mind, it was no surprise that the strongest annual price increase was also experienced in the single-detached segment,” said Toronto Real Estate Board President, Richard Silver.
The average price for April 2012 transactions was $517,556 – up 8.5 per cent compared to April 2011. While price growth was strongest for single-detached homes, the better-supplied condominium apartment segment experienced a more moderate annual rate of price growth, at four per cent.
“Monthly mortgage payments remain affordable for home buyers in the Greater Toronto Area. While interest rates are generally expected to increase over the next two years, the extent and timing of rate hikes has been thrown into question by slower than expected economic growth in the first quarter of this year. On net, borrowing costs are expected to remain a positive factor influencing home sales through 2012,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Toronto’s gravity defying house prices should continue their upward climb over the next three years with gains of about 4 per cent both this year and next, predicts a new housing report by Central 1 Credit Union.
That means the average Toronto home could cost $523,000 by the beginning of 2014, up from about $500,000 right now, despite interest rates that could climb to an average of almost 4 per cent for a one-year term and 5.7 per cent for a five-year rate by 2013, says the report released Friday.
The average house price across the rest of Ontario should hit $378,700 this year, up about 3.4 per cent, and register further gains of 4 per cent next year before slowing to about 2.6 per cent in 2014, says the Ontario Housing Outlook 2012-2014 report.
While interest rates are expected to climb further in 2014, they are likely to remain at near historic lows, says the report by Central 1 chief economist Helmut Pastrick.
“My view is that the market is not overvalued, that we’re not in a housing bubble. What we’re seeing is high prices that are just due to supply and demand fundamentals, for the most part,” says Pastrick.
“I don’t expect a price correction any time in the next couple of years.”
Pastrick remains similarly bullish on the condo market, which has raised concerns even in Ottawa that the record pace of condo construction in Toronto, in particular, is out of whack with reality.
Not so, says Pastrick.
“It looks like that market will perform reasonably well. There may be some oversupply coming but I think the market will generally handle that. It won’t have a widespread effect on the housing market in the rest of the GTA.”
In fact, with the GTA’s population expected to increase by about 45 per cent over the next 25 years, the need to go up, rather than out, is likely to keep demand for condos steady, he predicts.
“My 25-year projection for prices would be upwards.”
Housing sales should slow in 2014, however, as interest rate hikes start to dampen demand, Pastrick predicts.
Strong economic growth and low interest rates should boost home sales to 204,400 units this year, higher than the 198,900 Central 1 had previously forecast, the report notes. And while this year has started out stronger than usual for sales — thanks in part to an early spring and fears rates are set to rise — that demand should ease by the second half of the year, says Pastrick.
The one region expected to see weaker demand for housing, and price increases of less than 2 per cent this year, is Ottawa where the federal government has announced it plans to cut 19,200 jobs, about 5,000 of them in the capital, over three years.
Ontario’s planned 1,500 staff cuts by 2014 will also be felt.
“Not surprisingly, the public sector will be a drag on growth and employment. Fiscal austerity is the catchphrase of the day as provincial and federal governments tighten spending growth to return to balanced budgets through spending cuts.”
Stunning, Updated & Well Maintained Backsplit 5 ! 3 Cars Parking ! Child Safe Cul De Sac ! In Demand Location Of Credit View ! Priced Well & Shows Well ! Minutes To Square One ! Close To Schools, Bus, Parks ! New Kitchen Counter Top & Ceramic Backsplash ! New Storm Door !
3 Bedroom Condo Walk to Square One, Over 1400 sq ft
Largest Suite In The Building 1403 Sq Ft, Bright Corner Unit, Great Layout. Den Was Converted Into A 3rd Bedroom.Floor To Ceiling Wndws. Open Concept Liv/Din. 2 Parking Spots. $$$ Upgraded Kitchen, Upgraded Bathrooms, Completely Renovated Suite. Walking Distance To Square One.Hydro And Basic Cable Tv Include In Maintenance. !
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. Clean house at the old place. Even before you make an offer on a new place, get ahead of the game by starting this process. 2. Start with the bedroom. It's where you'll be spending almost a third of your time when you're at home, after all. If you're on a tight budget, opt for new bedding first, but don't skimp on thread count! 3. Don't buy everything all at once. Live in your new house for at least two months before you make any significant purchases. How you think you're going to use the house and how you actually live in the house are commonly two different things. 4. Fight the urge to match. Retail stores love to perpetuate the fallacy that everything has to match. They would love for you to buy everything in sets, but don't do it! A few pieces with the same styling are fine, but any more than that and your home has the lifeless, generic look of a furniture showroom. 5. Tie everything together with color. If you've moved into your first place with furniture that spans the 1960s to now, don't worry. The easiest, most economical way to overcome this seemingly insurmountable problem is unifying through color. 6. Solve practical problems inexpensively. If your kitchen cabinets are drab, for instance, freshen them with paint and change out the hardware.
Rosemary Goat Cheese Mashed Potatoes
2 1/2 pounds Yukon Gold potatoes
* 4 tablespoons butter at room temperature
4 ounces soft goat cheese, crumbled and at room temperature
1/3 cup heavy cream
2 tablespoons chopped fresh rosemary leaves
Coarse salt and fresh ground pepper to taste
1. Peel potatoes and cut into chunks. Place in a large pot of water and bring to a boil. Boil until potatoes are soft when you insert a knife into one of the chunks, about 10 15 minutes.
2. Drain and return to the pot. Put the heat on very low and mash with a potato masher until they are fully mashed.
3. Add butter and stir until melted. Add in goat cheese and stir until cheese is melted. Now pour in cream in small increments until the potatoes are the consistency you like.
4. Stir in chopped rosemary, and season to taste with salt and pepper. Serve at once.