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The Kirby Report: Stricter Mortgage Guidelines and Land Transfer Tax Affect Home Sales

Greater Toronto Area (GTA) REALTORS® reported almost 12.5 percent decline over the year compared to August 2011. In August 2012, there were only 6,418 sales that went through the Toronto MLS compared to last year’s 7,330 sales. The number of new listings reported in August was down by 5.5 per cent compared to the same period in 2011.

“Residential transactions were down in August compared to last year. Stricter mortgage lending guidelines, which came into effect in July, arguably played a role. In the City of Toronto, the additional impact of relatively higher home prices coupled with the upfront cost associated with the City’s Land Transfer Tax led to a stronger annual decline in sales compared to the rest of the GTA,” said Toronto Real Estate Board (TREB) President Ann Hannah.

The average selling price for August 2012 transactions was $479,095 – up by almost 6.5 per cent compared to August 2011. The annual rate of price growth was driven by the low-rise home segment in the City of Toronto, including single-detached homes with an average annual price increase of 15 per cent. The MLS® Home Price Index (MLS® HPI)* composite index, which allows for an apples-to-apples comparison of benchmark home prices from one year to the next, was up by 6.3 per cent year-over-year.

“While sales were down year-over-year in the GTA, so too were new listings. As a result, market conditions remained quite tight with substantial competition between buyers in the low-rise market segment,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The trends for sales and new listings are moving somewhat in synch, suggesting that the relationship between sales and listings will continue to promote price growth moving forward.”

Wondering what your home or condo unit is worth? Contact Me, Just Click Here or call me directly at (416) 305-8008.

Kirby Chan | Sales Rep. | Director of Technology & Social Media
Keller Williams Real Estate Service
17 Church Ave., North York
Tel: (416) 222-6188 | Mobile: (416) 305-8008
info@KirbyChan.com | www.KirbyChan.com (Home Buying & Selling Resource Guide)

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Toronto Real Estate Market Watch – October 2011

Greater Toronto REALTORS® reported 7,642 home sales through the TorontoMLS® in October 2011. This represented an increase of 17.5 per cent compared to the 6,504 transactions reported in October 2010.

Monthly sales data follow a recurring seasonal trend that should be removed before comparing monthly results within the same year. After adjusting for seasonality, the annualized rate of sales for October was 97,100, which was above the average of 90,700 for the first three quarters of 2011.

“The pace of October resale home transactions remained brisk in the GTA. This bodes well for a strong finish to 2011,” said Toronto Real Estate Board President Richard Silver. “Home buyers who found it difficult to make a deal in the spring and summer due to a shortage of listings have benefitted from increased supply in the fall.”

The average selling price through the TorontoMLS® in October was $478,137 – up eight per cent compared to October 2010.

“Sellers’ market conditions remain in place in many parts of the GTA. The result has been above-average annual rates of price growth for most home types,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.
“Thanks to low interest rates, strong price growth has not substantially changed the positive affordability picture in the City of Toronto and surrounding regions.”

Kirby Chan Real Estate Blog

October 2011 Toronto Market Watch Stats

Wondering what your home or condo unit is worth? Contact Me, Just Click Here or call me directly at (416) 305-8008.

Kirby Chan Sales Rep., Director of Technology & Social Media
Keller Williams Real Estate Service
17 Church Ave., North York
Tel: (416) 222-6188 | Mobile: (416) 305-8008
info@KirbyChan.com | www.KirbyChan.com (Home Buying & Selling Resource Guide)

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Real Estate Market Watch – October 2011


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3,681 TRANSACTIONS IN FIRST HALF OF APRIL

Greater Toronto REALTORS® reported 3,681 transactions in the first half of April, down seven per cent compared to 3,955 during the same period last year. “In lock-step with the favorable March results, resale housing market conditions in the first half of April were markedly improved compared to the winter time,” said TREB President Maureen O’Neill.

“Households that were on the sidelines at the beginning of the year are now taking advantage of lower interest rates and lower home prices.” The average price for MLS® sales was $383,161, down four per cent from $399,117 last year.

“The average home price in the GTA stabilized as resale market conditions tightened over the past two months,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “Existing home sales increased relative to new listings.”

April Mid-Month Stats

April Mid-Month Stats

Source: Toronto Real Estate Board

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Kirby Chan
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Email : Info@KirbyChan.com

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17 Church Street, North York, On

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10 Bellair Street Condominiums Yorkville Condos in Toronto

10 Bellair Street

10 Bellair Street

Today I will be featuring one of my favourite condominium buildings in Downtown Toronto at Olde Yorkville Village. 10 Bellair Street is an upscale luxury condominium built in 2003 by Tridel and Brookfield. It is conveniently located right in the heart of Yorkville Village at the intersection of Yorkville Avenue and Bellair Street. 10 Bellair presents a most distinguished presence for those who appreciate the value of an extraordinary address. There are 26 stories plus two penthouse units that are two levels each. Units consist of studio, one, two and three bedrooms units up to 4000+ sq.ft. suites. The Bellair Club is a 2-storey 5-star fitness and spa centre which includes a landscaped sky garden terrace. Amenities include a “Bellair Club & Spa”, billiard room, Havan lounge, ballroom, 2 guest suites, golf simulator, glass pavilion, conference room, party room and complete exercise facilities featuring an indoor pool, sauna and gym. Residents and their guests may enjoy the recreational room and rooftop terrace with bbq’s. There is security and concierge services operating 24 hours a day. Executive concierge and valet parking. In my opinion, this is certainly one of the best condominiums in Toronto. It offers lavish suites with superb amenities in a convenient location. 10 Bellair Condo Prices It is selling at approximately $840 / sq.ft. A 1,200 unit is selling for $1,000,000 A 1,400 unit is selling for $1,176,000

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Wondering what your home or condo unit is worth? Contact Me, Just Click Here or call me directly at (416) 305-8008.