News

The GTA market has been on fire! In the last 2 months we have seen both record sale prices and record low inventory ratios. This combination has meant super speedy sales in all sectors. As free hold properties become even more elusive, buyers are starting to turn to larger apartments as an alternate. Developers are also beginning to shift their focus somewhat by designing a larger number of 2 bedroom and even 3 bedroom units. Over the last 20 years the trend has been to design and squeeze out as many apartments as possible to maximize profit.

To all the moms, soon to be moms and mothers who are with us from above; May you be surrounded and blessed by the love of your children, partners and loved ones – today and everyday!

Toronto Real Estate Board President Mark McLean announced record TREB MLS® home sales for the first quarter of 2016 following a strong result for March transactions. There were 10,326 sales in March and 22,575 sales in the first quarter. The year-over-year growth rate for sales was 15.8 per cent for Q1 2016 and 16.2 per cent for March 2016. For the TREB market area as a whole, double-digit year over-year rates of sales growth were experienced for all major home types during the first quarter.

I hope all of enjoyed the Holiday weekend last week! This time of year the weather is pretty quirky and with BBQ weather just around the corner I thought I’d share a simple recipe for making great BBQ ribs.

I would like to take a moment and share a professional accomplishment with all of you. I have recently been awarded the Century 21 Masters Hall of Fame Award (pictured below). I typically keep these types of things to myself but I am proud of this distinction and would like to acknowledge and thank all of you for allowing me into your lives and giving me the opportunities to achieve this success. Truly without you it does not happen.

Things are warming up and market pricing and sales volumes are increasing. The Toronto market has seen luxury home sales surge as a result of lack of inventory and demand from both local and foreign buyers. I am working with an increasing number of buyers but finding difficult to get good quality homes to satisfy them. Many agents are in the same situation.

Good morning everyone; I hope your faces still have heart shaped eyes from Valentine’s day and big smiles from the family day weekend.    Spring seems to be just around the corner and with that the real estate market will take full flight. I notice that my own pace to be picking up as I meet…

The Thursday before last a large Victorian home for sale on Markham St. (“Little Italy” – College and Bathurst St Area) had an ask price of $1.499.000. I showed the property to my clients and we were overrun with other buyers during our appointment time. Offers were to be submitted on Feb 4^th. My clients and I were fans of the home but it needed a complete top to bottom overhaul. We decided to sit out of the bidding process. I had forecasted during our walk through that the home would fetch over $1.7 million (for a home with great potential but needed at least $500k in renos.) The home drew over 16 offers and the final sale price was… wait for it… $2,110,000!

The federal government DID NOT drop the prime overnight lending rate and the Canadian dollar responded with a rise. This also allows room for the government to make a cut(s) in future if need be. In essence this means, for the time being, that the banks will make larger margins on their lending products as they stopped discounting at the same levels. Mortgage rates are still VERY, VERY low as a 5 year fixed rate can be had for approx. 2.8%.

This groundbreaking report is packed with useful information, including: Never before seen results from a TREB-commissioned Ipsos Reid survey of recent and intending home buyers. Imagine knowing how much buyers put down on their house or what types of homes respondents plan to purchase in 2016. Now you can!