January 4, 2018 1:53 pmPublished by Stephen PryceComments Off on Bang at the beginning, a whimper towards the end!
Active listings are up 172.4% year over year! Last year started off with a roar! short supply, high demand. That was the first quarter of last year. Then the government brought in measures to settle the housing market, which it did. At the end of the day, the foreign buyers tax may have had more of a psychological impact than one in realty. The second and third quarter were quieter and the fourth quarter saw a jump before the new stress test came into effect (Jan 01, 2018) for buyers paying 20% or more. Maybe there is a ceiling to this market and we are seeing it with detached homes. The average price of detached homes year over year are down 2.5% and sales were down 13.6% year over year. But, keep in mind 2016 was a record year. My guess... View Article
December 5, 2017 9:54 amPublished by Stephen PryceComments Off on Hot off the Press! November numbers are in!
Year over Year listings are up! The market has seen an upward movement this fall. Some leading professionals believe the impact of the Ontario Fair Housing Plan and the foreign buyers tax is starting to fade from peoples memories as a reason for this upward tick. A contributing factor may also be the upcoming mortgage changes taking place in January where new stress tests will apply to all mortgages even with a healthy 20% plus down. On another note TREB (Toronto Real Estate Board) lost another court decision. At the end of the day the more information a buyer or seller has regarding recent sold data the more informed the buyer or seller will be. No matter how much data is shared, choosing a realtor will always be based on trust and the value of a realtors abilities!
November 3, 2017 8:33 amPublished by Stephen PryceComments Off on Market Watch – Prices are climbing!
Semi-detached and townhouses are selling over 5% on average compared to last year at this time. Example: $600,000 townhouse last year is today $644,400 on average. Condos are the big performer at 21.8% on average to last year at this time. Example: $500,000 condo last year is today $609,000 on average. If you are actively looking for a condo, townhouse or semi-detached it is worth getting an action plan together. I can help! The longer you wait the more you will pay!
October 21, 2017 12:04 pmPublished by Stephen PryceComments Off on Are you ready for the ‘Stress’ test!
How Your Buying Power Changes with Stress Test Stricter mortgage regulations are coming January 1, 2018. It’s time to think about what that means for you. Back in October of 2016, the federal government implemented new mortgage rules, endearingly known as “stress tests”, that required all insured mortgages to be approved at the Bank of Canada’s posted rate of 4.64%. Now, a similar stress test is coming to non-insured mortgages. Key things to know When the new rules kick in, everyone applying for a mortgage will have to prove that they can afford the monthly costs of a 4.89% mortgage – regardless of the rate they are offered and would pay if they are successful. For example, a couple want to lock in a 2.75% variable rate mortgage. They will have to prove they can afford 4.89%. The stress test rate for uninsured mortgages... View Article
October 16, 2017 5:30 pmPublished by Stephen PryceComments Off on Canoe Landing Park in CityPlace!
Canoe Landing Community Recreation Centre Canoe Landing Child Care Centre Bishop Macdonell Catholic Elementary School, serving 550 children from kindergarten to grade eight Jean Lumb Public School, serving 550 children from kindergarten to grade eight Multi-functional event and market space facing the park, to be operated by a non-profit organization This integrated multi-use facility will help ensure that families living in CityPlace and the surrounding high-density neighbourhoods will have access to the amenities and services necessary for a thriving, liveable, equitable community. For families in condos and apartments, the park is your back yard, and the community centre is your living room. Through public meetings and working group meetings in 2015 and 2016, the facility was designed in close collaboration with the community in order to respond to the particular needs and desires in a vertical neighbourhood. For example, to make the best use... View Article
October 16, 2017 4:36 pmPublished by Stephen PryceComments Off on King Street Transit Pilot
Take a look at the attached pdf. I’m not a big fan of this project but who knows, maybe it will work out. Side streets will see a heavier traffic burden, this will be a problem considering delivery trucks use those streets the most to deliver cargo. My other observation is bikes! Cars will have to turn right at every street corner, will this be problem for bicyclists and vehicles at those corners? I hope the city will be monitoring the amount of accidents that happen over this time period in the pilot area. King_Street_Brochure_Oct11_1_
October 5, 2017 8:29 amPublished by Stephen PryceComments Off on Market Watch – Condos are king!
The condo market is outperforming other segments of the housing market! The reason for this is tighter supply and a more focused interest from consumers. The rest of the market is more balanced with semi-detached and townhouses performing quite well! Looking around our great city I’ve noticed vacant lots disappearing and cranes going up. This city will continue to grow for a very long time. There are some very exciting condo projects that will start in the next few years that will change our skyline. The Mirvish/Gehry Project will completely redefine King Street West as will The One at Yonge and Bloor. Move over 1 Bloor East you won’t be the tallest building on the block!
September 6, 2017 3:01 pmPublished by Stephen PryceComments Off on Market Watch – Condo’s are the big performer!
The big performer are condos! 21.4% year over year average price! The average price for a condo in the “416 area code” is $540,169. I have noticed condo leases are more competitive and landlords are not as willing to negotiate since the new rent control rules have come into effect that now covers all rentals units in Ontario. Semi-detached, townhouse/row are holding their own! Semi-detached homes 12.1% year over year and townhouse/row 8.9% year over year! Detached houses have squeaked out a 0.3% year over year average. Maybe detached house prices have hit the ceiling for affordability? Maybe buyers are sitting on the fence waiting to see how much of the detached homes market will cool? Time will tell. No one owns a crystal ball and only you know when the time is right to buy or sell. Always use... View Article
July 26, 2017 10:19 amPublished by Stephen PryceComments Off on Spray-on insulation a highway for termites, experts warn
Spray foam insulations are a popular construction material, but as home renovation season ramps up some exterminators are warning that the puffy stuff lining your walls could be a speedway for hungry termites seeking out wood. The foam insulations create a dense, sponge-like environment that can save energy and lower utility bills, but also allows creepy crawlers to tunnel their way towards wooden beams and frames that could be holding up your house. Margaret Bryce is facing a $20,000 repair job after she had spray foam insulation installed around a wooden beam as well as under her house several years ago. “It’s incredible, isn’t it?” she said, picking up a piece of termite-damaged wood that crumbled in her hand. The block, she said, was once a supporting beam. “I had no idea that termites enjoyed the comfort of spray foam.” GTA termite infestations on the... View Article
July 6, 2017 10:53 amPublished by Stephen PryceComments Off on Toronto-area home sale prices expected to rise 13-18% this year: TREB
The Toronto Real Estate Board (TREB) has issued a new 13- to 18-per-cent forecast for home sale prices this year as the month-to-month average cost of a Toronto-area home fell again in June — down about 8 per cent, or $69,995, to $793,915 from May’s average. The average selling price was still 6.3 per cent higher year over year, said the board. The number of resale home listings continued to increase last month — up 15.9 per cent compared to June 2016. But that was lower than the 49-per cent surge in supply that occurred in May. At the start of this year, TREB had been predicting an annual 10- to 16-per-cent price growth — between $800,000 and $850,000. The new forecast puts the average price between $825,000 and $860,000, in part because of strong gains in the first four... View Article
