RE/MAX Hallmark Realty Ltd., Brokerage | Direct: 416.508.9513 | Office 416.699.9292

NEWS

June 2016 Market Review

June was a typically busy month in the Toronto real estate market. TREB’s Market Watch reported 12,794 sales for the month, up 7.5% from the 11,905 sales reported last June. I could copy and paste this from my last couple of market reviews: once again, new listings were down. There were only 16,980 last month, down 3.8% from the 17,659 new listings posted in June, 2015. The total number of active listings was down a whopping 31.4%, from 17,972 to just 12,327. Again, that’s a major source of frustration (and escalating prices) in the Toronto market: not enough listings!

The average sale price (for all types, not just the much-reported detached house) was $746,546, up 16.8% over last June’s $639,309. That’s a pretty steep hike, but not shocking given the lack of inventory.

The condo segment had a great month. Sales were up 15%, and prices edged up 6.9%, showing some strength, but again keeping condos as a great option for would-be house buyers who want to get into the market before they fall too far behind the price increases. Think about it: the sooner you buy something, the sooner you start building equity!

By the way, short supply of new listings isn’t the only reason prices continue to rise. There are other factors that affect housing prices in Toronto. Everybody knows that low interest rates (i.e. ‘cheap money’) are helping buyers; that’s a big deal, certainly. Our fantastic city’s rising population contributes a constant level of demand, too. Rarely reported is the non-stop improvements we see going into properties all across the city. Renovations and additions add value, and one doesn’t have to look far to see them happening. That house that just sold for way more than it did last year has been gutted and modernized. It makes sense that it would sell for much more, doesn’t it’?

July and August are usually a slower period – the ‘summer market’. If you are a buyer, keep your eyes open, as we may see some opportunities while other buyers are at the beach/patio/cottage! 😉

May 2016 Market Review

May was another blistering month in the Toronto real estate market. TREB reported 12,870 sales, up 10.6% over May 2015, and setting the record for that month. Once again, new listings declined, from 18,611 in May 2015 to 17,412, a drop of 6.4%. Hot sales and fewer new listings cut the total number of active listings from 18,585 last year to just 12,931, a huge drop of 30.4%.

That combination is the primary cause of the intense competition among buyers, and contributed to further price increases. The average sale price last month was $751,908, up 15.7% over $649,648 recorded last May. TREB’s HPI was up by roughly the same amount, 15%.

The 416 condo market also had a booming month. Sales increased by 21.7% year-over-year, while the average price was up a more modest 5%. There’s more selection in the condo segment, and although prices keep increasing, it’s at a much more manageable rate for first-time buyers. If you have your heart set on a house for your first purchase, you might want to consider a condo as a way to get your foot in to the real estate market….

Traditionally, the spring market goes ’til some time in June, and things definitely slow down after the July long weekend. In recent years, however, with the on-going supply shortage and teeming buyers, the summer months have remained competitive. It remains to be seen what exactly will happen this year, but I’m expecting stronger than usual activity in July, due to pent-up buying demand. I think that the key to success this summer will be to stay active!

April 2016 Market Review

April 2016 was another record setting month in Toronto real estate. TREB reported 12,085 sales for the month, up 7.4% over April 2015. Once again, new listings were down, from 18,038 last April to 16,252 this year, a drop of 9.9%. The decline in new listings, combined with the high pace of sales so far this year, caused the total number of available listings to drop from 17,182 last April to just 12,554 this year.

Obviously, competition among buyers is fierce, which drove up the average sale price by 16.2%. TREB’s HPI was up a slightly lower 12.6%, indicating that high-priced houses (e.g. large detached homes) are dragging up the average. Still, 12.6% is a significant increase.

I’m still tracking the condo segment – although the condo naysayers are much quieter these days. Condo sales in the 416 increased 17.4% last month, while the average price was up 7%. That’s much less than in the house market, which I say makes condos a decent alternative for first-time buyers. You don’t have to give up the dream of owning a house, but you may be wise to plan for a delay. Get into the market with a condo, start to build some equity, and leverage that into a house down the road. 😉

It’s a super-competitive market out there these days. You don’t need to be scared of it, but you certainly will benefit from professional help. Call me any time to talk about your real estate wants and needs, and how to go about fulfilling them.

SIMON MILBERRY

About

Buying and selling a home can be tough, especially in today’s challenging market.  But, it can also be fun – an exhilarating adventure. I understand both the joys and heartaches of finding (and getting) that perfect home. As a homeowner with a young family, I’ve been there and done that. I also have the professional know-how that years of working in the Toronto real estate market has developed.

Over the years (since 2001), I have represented clients in the purchase and sale of condos, starter homes, move-up houses, luxury homes and small businesses. (Although Commercial real estate is not my core business, I am usually working with one or two Commercial clients.) My knowledge and experience make the difference for my clients.

My clients are my focus, but a Realtor can’t get much done if he doesn’t develop strong professional and personal relationships within the industry. In today’s market, characterized as it is by very tight supply, I find that one of the most important aspects of my business is networking with other Realtors. I am constantly digging for opportunities for my clients. This results in off-MLS transactions that serve the needs of both the buyer and seller.

As a father of 3 boys and 1 little girl, I take a family-friendly approach to my business dealings. That means flexible appointments and easy scheduling; feel free to bring the kids! I endeavor to make the whole process as smooth and stress-free as possible.

Ultimately, the objective is to enhance your life by finding you a new home that suits your needs of today and into the future; and selling your existing asset for the most money and with the best terms possible. Together, we’ll develop and execute the right strategy for you and your specific needs.

Much of my business comes to me by referral, so I’m not limited to any geographical area.  My focus is on meeting the needs of my clients, wherever they may be. Call me today, and let’s get to work on your real estate goals.

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Community

RE/MAX Hallmark is a big believer in giving back to the communities we serve, and I am happy to participate in three of our most important programs.

Every time I do a transaction – buy, sell or lease – I make a direct donation to theChildren’s Miracle Network. RE/MAX agents are leading donors to the CMN, having raised $52 million dollars in Canada alone since 1992. When you do your real estate business with me, we contribute to that growing total.

We do the same for the Canadian Breast Cancer Foundation. Again, RE/MAX is a major sponsor of the CBCF, and makes it easy for us to contribute directly to the important work they do. A portion of every commission I make goes directly to the CBCF.

I also make a monthly donation to the breakfast program operated by the Toronto Foundation for Student Success. We all know how important a good brekky is – and how many kids wouldn’t get one if it weren’t for programs like the TFSS. With four kids of my own, this one is close to my heart.

You need an experienced, full-time professional Realtor – that’s key to a successful real estate transaction. However, I want you to know that, not only am I going to take care ofyou, but together we’ll help take care of others!

SIMON-MILBERRY-LOGO

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Simon Milberry, Sales Representative at RE/MAX Hallmark Realty Ltd., Brokerage

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2237 QUEEN STREET EAST
TORONTO, Ontario M4E1G1

Phone

Business: 416.699.9292
Fax: 416.699.8576
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