Good morning everyone;
The market has literally been going nuts! I have been involved in 4 offer presentations in the last 2 weeks and in each case the homes have sold for 120k-350k more than what I considered to be market value based on recent comparable sales. Each sale attracted at least 20 competing offers! This is uncharted territory.
Listings are down 14% from same time last year and prices are increasing double digits (almost 20%) from the same time last year.
*Exclusive Pocket Listings*
530 Indian Grv TH6 -– Check out this beauty townhome in the Heart of the Junction.
No compromise and ultimate flexibility! Live, work or Live/work where you want to be! Fabulous opportunity at Duke In the heart of The Junction! Do Not Miss This rare, brand new and Beautiful 1175 Sqft 2 Story Town home! (With an additional 95 Sqft Patio). This space is perfect to setup an office/service based business and still have a large residential living area above. Clients or guests can enter from either a private street level entrance or lobby entrance from main building. Elegant and clean Modern design and décor throughout this development. Built with quality and passion by TAS Developments. Features include: Green Roof, Engineered Hardwood Flooring Throughout, 9 Foot Ceilings, Scavolini Modern Kitchen With Caesarstone Quartz Counter Top, Great community and neighbourhood with access to transit, shopping, schools and so much more. 1 Underground Parking Included
Located in coveted neighbourhood on a premium 50X147Ft Lot. This 3 bedroom bungalow is surrounded by custom luxury million dollar homes,
Open Concept Living Room, Separate Side Entrance. Take notice – 1st Time Buyers, Retirees, Renovators, Contractors And Builders. .High Demand Location, Close To All Amenities.
Many multi-million dollar custom homes in the neighbourhood being developed. Large 50′ x 147′ lot. Existing charming bungalow has been leased out but vacant possession is available.
I can share more details, just give me a shout. 416-570-2435
The GTA Real Estate Market (See Full Report + Year in Review!) GTA REALTORS® RELEASE MONTHLY RESALE HOUSING MARKET FIGURES
TORONTO, ONTARIO, February 3, 2017 – Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 5,188 residential transactions through TREB’s MLS® System in January 2017. This result was up by 11.8 per cent compared to 4,640 sales reported in January 2016. Annual rates of sales growth were higher for condominium apartments than for low-rise home types.
January 2017 picked up where 2016 left off: sales were up on a year-over-year basis while the number of new listings was down by double-digit annual rates for most major home types.
“Home ownership continues to be a great investment and remains very important to the majority of GTA households. As we move through 2017, we expect the demand for ownership housing to remain strong, including demand from first-time buyers who, according to a recent Ipsos survey, could account for more than half of transactions this year. However, many of these would-be buyers will have problems finding a home that meets their needs in a market with very little inventory,” said Cerqua.
The MLS® Home Price Index (HPI) Composite Benchmark price was up by 21.8 per cent on a year-over-year basis in January. Similarly, over the same period, the average selling price was up by 22.3 per cent to $770,745, with double-digit gains in the average prices for all major home types.
“The number of active listings on TREB’s MLS® System at the end of January was essentially half of what was reported as available at the same time last year. That statistic, on its own, tells us that there is a serious supply problem in the GTA – a problem that will continue to play itself out in 2017. The result will be very strong price growth for all home types again this year,” said Jason Mercer, TREB’s Director of Market Analysis.
Why the Bank of Canada is so cloak-and-dagger about the loonie’s strength
Canada’s currency was on a roll. On January 18, Bloomberg News observed the loonie’s 3% gain in 2017 represented the best start to a year since Canada adopted a floating exchange rate in 1970. And then the Bank of Canada came along.
Hours after Bloomberg published its story, the central bank completed its latest round of policy deliberations. The Governing Council left the benchmark interest rate unchanged at its ultra-low setting of 0.5%, but policy makers were less than enthusiastic about the Canada’s prospects. In the policy statement, policy makers noted that, “in contrast to the United States, Canada’s economy continues to operate with material excess capacity,” and that, “the Canadian dollar has strengthened along with the US dollar against other currencies, exacerbating ongoing competitiveness challenges and muting the outlook for exports.”
2nd Last Construction Blog – The countdown is on with 2 weeks to move in!
Holy moly we are almost able to move back! Mid March will make 2 years since we moved out of our old beautiful, yet dilapidated farm house.
All we need now is for the stair railings to be installed and a major clean up. In these past few weeks our appliances, counters, back splashes and sinks were all installed (see pic attached). There are still tonnes of minor items to take care of but many will be tackled after move in.
Of course we under estimated both the time, the money and stress involved in creating our home. Has it been worth it? Yes!
Happy to share more pics and details with any who are interested.
Have a fabulous week! Anthony.