Good morning everyone!!! (Yes I’m shouting)
GTA REALTORS® Report Resale Housing Market Figures –TORONTO, June 4, 2014 (FULL REPORT)
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Toronto Real Estate Board President Dianne Usher announced that both the number of home sales through the TorontoMLS system and the average selling price were up strongly in May compared to a year ago. Total TorontoMLS sales for May 2014 amounted to 11,079 – a new high for the month of May. This result was up by 11.4 per cent compared to 9,946 sales reported in May 2013. The average selling price for these sales was $585,204, representing an 8.3 per cent year-over-year increase compared to the average price of $540,544 in May 2013. “We are now at the peak of the spring market when we generally see the greatest number of sales and the highest average selling prices.
Based on the May statistics, buyers have been more active this spring compared to last year. Despite strong price growth so far in 2014, many households remain comfortable with the monthly mortgage payments associated with the purchase of a home, as borrowing costs have remained at or near record lows over the past few months,” said Ms. Usher. Average selling prices varied across the Greater Toronto Area, depending on geography and home type. A detached home in the City of Toronto sold, on average, for $943,055. In the surrounding GTA regions, the average detached price was $648,439.
The average price for condominium apartments was $401,809 in the City of Toronto and $307, 307 in the surrounding regions. “The listings situation in the GTA did not improve this past May. With listings down and sales up compared to last year, competition between buyers increased. The result was price growth well-above the rate of inflation, especially for singles, semis and townhomes,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “It is also important to point out that even though the condo apartment market segment remains comparatively well-supplied, as new project completions have generally led to an uptick in listings, we have seen enough buyer interest to prompt strong condo price growth as well,” continued Mercer.
GTA Commercial REALTORS® Report Latest Commercial Market Figures
COMMERCIAL REALTORS REPORT LATEST COMMERCIAL MARKET FIGURES TORONTO, June 4, 2014
– Toronto Real Estate Board Commercial Network Members reported 639,878 square feet of combined industrial, commercial/retail and office space leased through the TorontoMLS system in May 2014, on a per square foot net basis where pricing was disclosed. This result was up from 436,433 square feet leased in May 2013 and represented a 47 per cent increase on a year-over-year basis, which was driven by all major market segments. The industrial leasing market segment accounted for approximately 72 per cent of space leased. The average lease rate for these transactions was up by 1.5 per cent to $5.30 per square foot net.
The commercial/retail and office segments experienced stronger average rates of growth, but a lot of this growth was compositional in nature, including a different mix of unit sizes and geography of transactions compared to May 2013. “Despite slower than expected economic growth to start 2014, we experienced a considerable uptick in the amount of space leased. The consensus view is that the slow first quarter GDP growth in Canada and south of the border was mainly due to extreme weather. The expectation is for an acceleration in US economic growth moving forward, which should have a positive effect on the Canadian economy, particularly where exports are concerned.
Many GTA businesses arguably subscribe to this view and were taking on space in May in anticipation of stronger demand for their goods and services,” said Commercial Committee Chair Cynthia Lai. There were 50 combined industrial, commercial/retail and office property sales reported in May 2014 – down by approximately 30 per cent in comparison to May 2013. The average selling price per square foot, for transactions where pricing was disclosed, was up on a year-over-year basis for the industrial and commercial/retail segments of the market and down for the office segment.
The key reason for the strong increases in the average industrial and commercial/retail selling prices was the lack of deals for larger sized properties this year. Generally speaking, larger properties sell for less on a per square foot basis compared to smaller properties. “Looking forward, low borrowing costs coupled with the anticipated increase in the demand for Canadian exports should fuel commercial real estate purchases in the GTA. It will be important to watch second quarter economic data, especially as it relates to business confidence and willingness to invest in the second half of 2014,” continued Ms. Lai.
Top 10 Reasons to have Life Insurance – See attachment for more info.
1. Income replacement
Proceeds from a life insurance policy can step in to pay the bills when income from the insured is lost due to death.
2. Burial and other final expenses
The death of a loved one is hard enough without having to worry about your funeral costs, which can be well over $10,000.2
3. Mortgage protection
A family may lose their home if a life insurance death benefit is not available to help pay the mortgage.
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Over time, as people age, premiums increase. The best time for you to buy life insurance is today.
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You can realize tax advantages by utilizing policies that build cash value.
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College is expensive. Life insurance proceeds can help ensure that college loans are paid even if you aren’t there to help.
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Needs change over a lifetime. You may want to look for a different type of policy or lower premiums to suit new life circumstances.
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Employer-provided life insurance alone may not be adequate to cover your family’s financial needs.
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When an estate is inherited, certain taxes must be paid. Life insurance may step in to cover these expenses.
Insurance is never a “fun” conversation to have. But when you sit down with an expert who has your best interests in mind, you may find that life insurance is something you not only need, but truly want, as well — to protect your family, dependents, business and legacy. No amount of money can ever replace a person. But more than anything, life insurance can help provide protection for the uncertainties in life.
I, as an Estate Advisor with a professional team of tax and financial planning experts, can help you chart your ways and can assure you that you will be surprised. My tool is life insurance and yet the outcome, beyond belief.
Unlike Real Estate, insurance is not an investment. Although it could indeed be an attractive one but foremost is a peace of mind, plain and simple.
I do look forward to your questions. Michael F. Rakhsha, B. Sc., CSA
Have a tremendously wonderful weekend!!! (Yes, I’m shouting again)