November 5, 2015 -- Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported 8,804 home sales through TREB's MLS® System in October 2015. This is the best result on record for the month of October.
"It is clear that many GTA households remain upbeat about home ownership because owning a home represents a high quality, long-term investment. We will see a big, new record this year for home sales reported through TREB's MLS® System," said Mr. McLean.
"Despite the record October result, I must point out that the Government of Ontario could hamper home sales in the near future. The Wynne government is seriously considering allowing municipalities throughout Ontario to institute a second land transfer tax on top of the existing provincial tax. Recent polling has shown that the great majority of Ontarians oppose this tax and would consider delaying a move if they were forced to bear the additional upfront cost," added Mr. McLean.
The MLS® Home Price Index (HPI) Composite Benchmark was up by 10.3 per cent year over year in October. Over the same period, the average selling price for all home types combined was up by 7.3 per cent to $630,876. Price growth continued to be driven by the low-rise market segments.
"Record sales coupled with a constrained supply of listings in many GTA neighbourhoods has underpinned very strong price growth throughout 2015. Even if we do see a greater supply of low-rise listings in the marketplace over the next year, market conditions will remain tight enough to see continued price growth well-above the rate of inflation," said Jason Mercer, TREB's Director of Market Analysis.
Basement renos are going to be big business across the Ontario housing market over the next few years, as will be the remaking of the province’s aging rental buildings, more than 85 per cent of which are creeping up on 40 years old.
Those two things alone could contribute to an explosion of work for contractors and craftsmen in what’s already a $25 billion construction sector in Ontario alone, according to analysts with the Canada Mortgage and Housing Corporation.
Bankrolling all those new bathrooms, kitchens and subterranean sleeping quarters will be two extremes of homeowners, said CMHC Ontario regional economist Ted Tsiakopoulos at the housing corporation’s annual Toronto Housing Outlook Conference Tuesday.
The biggest spenders are expected to be 55- to 64-year-old baby boomers, flush from “the wealth effect” — the astounding growth of house values over the last decade.
At the other end of the renovation spending spectrum will be first-time house buyers in the 24- to 44-year range, looking to add a basement apartment so the rent will help pay their hefty mortgages.
Both affordability and the shortage of resale listings will also be big contributors to the renovation boom, said Tsiakopoulos. Boomers may opt to stay put because it’s too expensive or difficult to find another home, while young buyers may have little choice but to add on or renovate their first home so it can double as their home for life.
The 55 to 64-year-old age group is the fastest growing demographic in the province right now, said Tsiakopoulos. By 2017 it is expected to make up 1.1 million of the 3.7 million households in Ontario.
Just 20 per cent of that age group is likely to downsize, said Tsiakopoulos.
But about 40 per cent are expected to do renovations aimed at turning the old family home into a great entertaining space — in many cases with a basement apartment to help grown children get on their feet or save for a house — and, later, into a place where they can age out as long as possible.
Aging is also a major issue for the province’s so-called purpose-built rental apartment stock, just four per cent of which has been built since 2000.
While granite and glass-clad condos, owned largely by mom-and-pop investors, have sprung up as an alternative rental housing form over the last decade, their popularity has also helped spur on a significant remaking of older apartment buildings that is now really picking up steam across the GTA.
Part of that is driven by the simple fact that condo rents can be significantly higher than that of older apartment buildings, according to CMHC research.
But vacancy rates in older buildings have been climbing, as well, as millennials opt for shiny downtown condos — the newer, the better — even if they find themselves in bidding wars from time to time that drive up the listed rent, given that condo vacancy rates in the GTA remain less than two per cent.
Welcome To This Beautiful Detached 4 Bedroom, 2 Car Garage Home On A Great Street. This Home Has Many Fantastic Improvements! Newer Windows (97), Roof (07), Cac (07), Electrical Panel (05) & A High Efficiency Gas Furnace(13). This Is A Home You Are Going To Be Able To Move Into & Enjoy! Fully Renovated 4Pc & 2Pc Bthrms, Newer Laminate Flrs Throughout The Main & 2nd Flr. With Its List Of Features & Proximity To Shopping, 401/407, Walk To Go
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1. Check heating systems “Plan to change the furnace filter every month during the winter to reduce energy costs. It is also beneficial to switch thermostats out for programmable options.” 2. Check air ducts Remove the register covers and vacuum inside if the duct has been cleaned regularly. Check ducts for any air leakage that needs to be sealed to improve the airflow throughout the house 3. Prevent pipe freezingEnsure sprinkler systems are blown out and winterized, and exterior faucets and water lines are insulated. Drain the air conditioner pipes and shut off the water on air conditioners 4. Check windows and doors Weather stripping around doors and caulking around the windows will help prevent cold air from entering the home. Also make sure to switch out summer screens with glass replacements from storage. 5. Check roof for damage or missing shingles Replace worn roof shingles and check for missing ones to ensure water cannot enter the home. 6.Prepare winter essentialsLocate snow removal tools, such a snow shovel, plows, and snow blowers. Make sure they are ready to go.
1.Preheat oven to 375. Season chicken all over with salt and pepper.
2.Melt butter over medium high heat in a heavy oven-proof pot that will fit the chicken (a dutch oven works wonderfully). Put chicken in the pot and cook for about 4 minutes on each side or until golden.
3.Remove chicken from pot and pour out the butter.
4.Using a lemon zester, peel the rind off the lemons in long strips. Put the lemons inside the chicken Return chicken to the pot, breast side up, and add milk.
5.Place garlic, lemon zest strips, cinnamon stick and sage in the pot, around and on top of the chicken. Put the pot lid on the chicken leaving it slightly ajar and bake for 90 minutes or until an instant read thermometer measures 165.
6.Let the chicken rest for about 5 minutes, then slice into large pieces.
7.Scoop out the sauce, leaving the solids in the pot but getting as many of the milk curds as you can. Ladle the sauce over the chicken and serve.
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