Real Estate Trends

12/14/2016

Buying a Home: 7 Hidden Benefits of Home Ownership

1) Buying A Home is Generally a Good Investment.

Paying a mortgage over time means that equity is being built every month. This is an asset that homeowners can sell or borrow against in the future.

2) Home Ownership Gets Easier Over Time.

Purchasing a home often involves financial strain as buyers need to have a down payment and manage the unexpected costs of home ownership.

However, this gradually gets easier for homeowners. Remember, mortgage payments do not increase with a fixed mortgage. As homeowners establish their careers, the mortgage payments become more affordable. On the other hand, tenants have to be prepared to deal with rent increases.

3) Tax Breaks

Mortgage interest and some costs associated with closing a home are generally tax deductible depending on an individual's financial situation. Mortgage insurance and property taxes may also be deductible.

4) Suit Your Tastes, Not Your Landlord's

Owning a home provides owners with freedom. They can have as many pets as they like, they can paint the walls in any colour they like. There is no landlord to tell them what can be done and what cannot be done.

5) Improve The Credit Score

Purchasing a home can help improve the credit score particularly if an individual do not have a long credit history or many installment accounts.

The mortgage helps increase the credit score because:

*Consistent mortgage payments show that an individual is a responsible borrower
*Generally Credit Bureaus give more weight to a mortgage payment history than to credit card accounts.

6) Forced Savings: Wealth Accumulation

Homeowners can see the equity they build in their home as they make payments each month as a type of saving. Home owners have no choice but to increase their net worth.

7) Better Mental and Physical Health

The National Association of Realtors (NAR) has some studies and reports on their website. These reports have some remarkable claims for the benefits of home ownership including improved community engagement, better mental and physical health, higher education attainments for the children of homeowners.

Reference:

The Mortgage Reports

http://themortgagereports.com/23130/buying-a-house-benefits

Buying a house delivers many more benefits than the roof over your head. Here are 7 more reasons to consider homeownership today.

12/03/2016

Sales & Average Price By Major Home Type - November 2016

The following data is from the Toronto Real Estate Board:

1. Detached Homes

(a) 416 Area
Sales: 1,009
Average Price: $1,345,962

(b) 905 Area
Sales: 2,881
Average Price: $957,517

2. Semi-Detached Homes

(a) 416 Area
Sales: 283
Average Price: $906,353

(b) 905 Area
Sales: 515
Average Price: $618,860

3. Townhouses

(a) 416 Area
Sales: 343
Average Price: $674,761

(b) 905 Area
Sales: 975
Average Price: $571,581

4. Condo Units

(a) 416 Area
Sales: 1,718
Average Price: $471,256

(b) 905 Area
Sales: 691
Average Price: $3574,792

Reference:

Toronto Real Estate Board

12/03/2016

Monthly Resale Housing Market Figures - November 2016

There were 8,547 home sales reported through Toronto Real Estate Board's MLS system by Greater Toronto Area Realtors during the month of November. This figure represents a 16.5 per cent increase from November 2015. In November 2015, there were 7,337 home sales.

Sales increased on a year-over-year basis for the TREB market area as a whole for all major home types. The strongest annual rates of sales growth was seen for townhouses and condominium units.

Toronto Real Estate Board President Larry Cerqua stated that home buying activity stayed strong for all market segments last month. He also mentioned that annual sales growth exceeded growth in new listings which left many potential home buyers frustrated by the lack of listings once again. Seller's market conditions influenced rates of price growth for homes.

The average selling price of all home types in November was $776,684. This number represents a 22.7 per cent increase from November 2015. In November 2015, the average selling price was $623,774. The MLS Home Price Index (HPI) Composite Benchmark price increased last month by 20.3 per cent in comparison to an year ago.

TREB's Director of Market Analysis, Jason Mercer stated that more emphasis needs to be put on the lack of listings available for all home types particularly in the low-rise market segments. He also said that recent policy initiatives to address strong home price growth focused on demand more.

Reference:

Toronto Real Estate Board

11/18/2016

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11/18/2016

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11/15/2016

Finance minister Charles Sousa is giving first-time home buyers a $4,000 land transfer tax rebate.

11/09/2016

Real estate agents have a great depth of knowledge about your neighbourhood and the many issues you may face in buying or selling a home. Find a realtor to help you buy or sell a home.

11/06/2016

TREB] GTA condo sales climb 22.1% while supply plummets in Q3 2016
Toronto Condo Market Report Q3 2016

The condo market, often the housing of choice for first time buyers in Toronto, saw sales fly through the roof in Q3 2016 – which spans the months of July, August and September.

According to the Toronto Real Estate Board (TREB), the number of GTA high rise apartments changing hands jumped a whopping 22.1 per cent year-over-year, while in Toronto’s downtown core*, transactions climbed a peg higher by 30.8 per cent.

Prices also saw a significant bump with high rises selling for a GTA-wide average of $415,643, up 9.6 per cent from the same time last year.

“The annual rate of condominium apartment price growth has accelerated over the past year as the supply of units available for sale became more constrained while demand remained strong,” said Jason Mercer, TREB’s Director of Market Analysis.

To find out how condo prices fared in your neighbourhood, type out your area in the comments section below and we’ll provide you with the numbers.

In a sign that Toronto’s high rise market is beginning to mimic the city’s ultra competitive low-rise sector, active listings of condo apartments drastically plummeted. The number of condo apartments listed for sale on MLS dropped to 3,965 in Q3 2016 from 6,659 the same time last year.

“While the low-rise market has been top-of-mind in the supply discussion, it is very important to note that supply pressures have also been experienced in the condominium apartment market segment over the past year,” said TREB president Larry Cerqua.

Likely in response to tighter supply, average days on market also dipped by 21.9 per cent. It now takes roughly 25 days for a condo apartment in the GTA to get snatched up by a buyer.

As expected, Toronto was home to the largest share of condo transactions in the region, with 70 per cent of GTA sales. Units within the City of Toronto’s bounds sold for an average of $487,963.

Mississauga, the GTA’s second largest condo market, saw average prices hover around $321,107.

Two bedroom condos were the most popular layouts among buyers, accounting for 32 per cent of the GTA condo market, followed by one and one-plus-den floor plans with 24 and 20 per cent of sales respectively.

Want to get started on your home buying and selling journey? Give us a call at 416.301.7829 and check out my website at www.GtaCondoExpert.com.

Comprehensive buyer and seller real estate services, including finding homes, listing homes for sale, market analysis, property evaluation, and more for the Greater Toronto Area

11/01/2016

Toronto Dominion Bank has become the first major lender to hike its mortgage rates after Ottawa's move last month to change some of the rules that govern insured mortages.

Toronto Dominion Bank has become the first major lender to hike its mortgage rates after Ottawa's move last month to change some of the rules that govern insured mortgages.

10/30/2016

Most main water shut-off valves are located outside the home. If you need to work on the MAIN WATER SHUT-OFF inside your home or the plastic line connecting ...