Tyler Tim Realtor

2017 was a strong year for Toronto’s real estate market, and many industry watchers have been predicting a cooler start to 2018. But what other trends does the year have in store for us?  According to Altus Group senior director Matthew Boukall, "the number one trend we're seeing heading into 2018 is a decline of new single family home sales, and a corresponding increase in new condo sales," which means that sales are steady, tread water, but there is a new shift in what people are buying Other than the construction of new homes, Boukall believes that there are plenty of other trends that are in store for the Toronto housing market this 2018. New Condo Sales to Remain Strong While sales will remain strong in 2018, it will be difficult for them to surpass 2017's strong and firm numbers, as prices continue to rise. Boukall says that, "new condominium apartment sales are expected to remain elevated in 2018,". There have been 36,400 new constructio...

With the new mortgage rule at hand, Canada’s Real Estate Market will bring new challenges and opportunities for the year 2018. Here are 5 Key Facts that you need to know. 1) More local than ever To begin with, there's no such thing as a Canadian real estate market. What happens in Toronto and Vancouver’s booming housing market is quite different from that in, say, recovering areas such as Calgary and Edmonton. The momentum for each month in national home sales activity gained strength late last year, and further expected economic and job growth will boost sales activity this year despite the rising interest rate.  According to  Canadian Real Estate Association  President Andrew Peck said, "Even so, momentum for home sales differs depending on location and type." "While activity remained below year-ago levels in the GTA, the decline there was more than offset by some sizable year-over-year gains in the Lower Mainland of British Columbia, Vancouver Is...

A booming Canadian economy has driven the Bank of Canada to increase its lending rate a quarter of a point for the third time since last summer.  However, the demand for housing in the Toronto area remains solid that the higher mortgage rates won’t have a big impact on home sales.  The Bank of Canada’s move to increase the benchmark rate to 1.25 per cent will drive up variable mortgages and consumer loans was widely anticipated since the introduction of stress testing  Royal Bank of Canada’s moved in increasing their benchmark rate was followed by other major Canadian Banks such as Bank of Montreal, CIBC, Scotiabank and TD Canada Trust.  According to Pasalis “The mood overall is relatively positive. A lot of buyers need to buy a house,” he said, speculating that many of those are jumping back into the market, after putting their home search on hold last year.  But Pasalis doesn’t discount the financial stress that is mounting on homebuyers an...

2017 has been a year of rocketing high and plunging low prices for the Toronto real estate market. This new year looks like it will be much more balanced - but for how long? Bullpen Research and Consulting president Ben Myers says that, "This time last year prices were in the $900,000s. We're going to see comparisons year-over-year that are that are going to look really terrible, and people will think the market is tanking." But according to Myers, prices will balance in the first few months of the year as the market is adjusting to the new mortgage rules. The new mortgage rules which have came into effect on January 1st, consist of a new stress test for uninsured mortgage borrowers. Myers says that "The resale market is going to be fairly flat overall, and will likely stay within the $700,000 to $750,000 range on average." and "The new mortgage rules will impact how much people can buy, and will push them down the property ladder." As for th...

The final quarter of 2017 saw a boost in Ontario’ house market as price continue to grow to a double-digit year-over-year According to Royal LePage House Price Survey, the largest price growth was in the Kitchener, Waterloo and Cambridge region, where the aggregate value of a home rose 24.6 per cent year-over-year to $490,271 in December. In a statement by Keith Church a Royal LePage Grand Valley Realty broker, he wrote that “The seller’s market in Kitchener, Waterloo and Cambridge continued to be strong through the final months of 2017, which is a trend we fully expect to carry over into the new year.” Prices continue to rise across different types of housing, with the price of a detached home rising by 25.1 per cent year-over-year to $519,970 and the price of a condo rising 12.6 per cent year-over-year to $286,868. “The migration of buyers from the Greater Toronto Area has stemmed somewhat but most of our buyers are now coming from the ever-growing local population,” writes ...

This year is dubbed "the year of the condo" by real estate agents across Canada, because of the strong performance in the country's major housing markets. The condo phenomenon is something that is happening all over North America. The performance of the GTA's top-tier condominium market eclipsed that of other major Canadian markets in both sales volume and percentage gains in 2017. Sales of $1-million-plus condominiums were up 59 per cent year-over-year within the region, with luxury sales over $4 million up 91 per cent over the previous year. In the City of Toronto, condo sales volumes in the $4 million-plus range rose 82 per cent and those in the $1-million-plus category were up 35 per cent year over year. Certainly in Toronto, Vancouver and Montreal, condos are becoming a choice in terms of where people want to live. If you’re a professional and want to live close to where you work, living in the downtown region has become a lifestyle choice now ...

In April 2016 Canada’s Competition Tribunal had ruled that the Toronto Real Estate Board was preventing competition and stifled digital innovation by prohibiting its Realtor members from posting their sales data online. Now Toronto home owners and house-hunters are one step closer to finding out how much a house in their area is sold for online, which eliminates the need to meet personally with a real estate agent. The court ruled that the Toronto Real Estate Board cannot stop its members from publishing details about how much proprieties are sold for and that there are no privacy concerns that should even restrict its publication. “It paves the way for much needed innovation in the real estate industry” Commissioner of Competition ,John Pecman, says that this ruling is not only an important win for competition but also very important for consumers. Information taken from: https://www.thestar.com/business/real_estate/2017/12/01/top-court-to-rule-on-whether-toro...