Good morning all;
The market supply for resale free hold homes is still quite low. In addition we are starting to see the condo market move higher as well.
Some Highlights in the last 2 weeks.
In my business I get to meet and work with some remarkable people. Most recently I have helped two wonderful families purchase their dream homes.
- A super nice family which I met several months ago were successful in upsizing to a large 4 bedroom home as they have 3 growing boys. It is a beautiful home with a very large yard. The home was a tremendous value. I think I fell in love with the home before they did! It was a pleasure to be part of their quest as I know they will enjoy their home for years and that we will have a lasting friendship.
- The second highlight was a dream property for a lovely couple who are looking down the road at retirement. I consider them close friends as we have known each other for over 10 years. We have been searching for the right property for 1.5 years. They have always wanted romantic views and natural surroundings.
o I have attached a panoramic pic of their new property. It is a 4.5 acre property complete with a spring fed pond with fish. It freezes over in the winter for a great game of shinny. It is one of the most scenic properties I have ever seen. Take a look! “Rolling Hills”
- Once again our brokerage is sponsoring Pumpkinfest in The Junction (See Attached Flyer). On October 26th between 2-4pm feel free to drop by with the kiddies and get a free pumpkin and get the chance to carve them!
- Last year, although the weather was cold and wet, we still had an amazing turn out. It really was lots of fun for all.
- Live clowns will also be present entertaining the crowd. I hope you are able to join us.
GTA REALTORS® RELEASE CONDO REPORT (Download)
TORONTO, October 16, 2013 – Greater Toronto Area REALTORS® reported 5,307 condominium apartment transactions through the TorontoMLS system in the third quarter of 2013. This result was up by 18 per cent in comparison to 4,498 condominium apartment sales reported for the third quarter of 2012. In the City of Toronto, which accounted for 72 per cent of condominium apartment transactions, sales were up by 19.5 per cent.
“The Echo Generation wants to live close to where they work and play. It makes sense that they have turned to condominium apartments as they have moved into home ownership. Many condominium apartments in the GTA are characterized by their proximity to a diversity of employment, transportation and leisure alternatives,” said Toronto Real Estate Board President Dianne Usher.
“A growing number of buyers have restarted their search for a condominium apartment since the summer. Despite the onset of stricter lending guidelines, buyers have found that home ownership remains affordable,” continued Ms. Usher.
The average selling price for condominium apartments in the third quarter of 2013 was $340,069 – up almost two per cent in comparison to the average of $333,846 in the third quarter of 2012.
“We experienced a moderate annual rate of increase in the average condo price. However, while condo sales were up, listings were down in the third quarter. If this trend continues, it could point to increased competition between condo buyers and an uptick in the pace of price growth moving forward,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
GTA REALTORS® RELEASE RENTAL MARKET REPORT (Download)
TORONTO, October 16, 2013 – Greater Toronto Area REALTORS® reported 6,541 condominium apartments rented through the TorontoMLS system in the third quarter of 2013. This result was up by 25 per cent in comparison to the third quarter of 2012. The number of condominium apartments listed for rent on the TorontoMLS system during the third quarter was up by 21 per cent year-over-year to 10,719.
Approximately 80 per cent of condominium apartment rental transactions took place in the City of Toronto. In addition, there was a substantial number of rentals reported in parts of Peel Region and York Region.
“Almost one-third of GTA households rent the home in which they live. Given that we have experienced sustained population growth in the region, it makes sense that rental transactions have been increasing as well. Investor-owned condominium apartments are popular because of the modern finishes and amenities offered by many of these properties,” said Toronto Real Estate Board President Dianne Usher.
Third quarter average rents were up for one-bedroom and two-bedroom condominium apartments by 1.8 per cent and 3.6 per cent respectively on an annual basis.
“Competition between renters for available units increased in the third quarter. This is why we continued to see year-over-year growth in average rents for the popular one-bedroom and two-bedroom unit types,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.
Have a wonderful weekend and a fantastic week, Anthony