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

NEWS

2016 Market Review – and a look ahead at 2017

2016 was a big year in Toronto real estate. For the second year in a row, TREB reported a record number of sales. Despite the volume of available listings shrinking, the number of sales hit 113,133 units, an 11.8% increase over 2015. The natural consequence of that is higher prices.

December was a prime example. Available listings were down 48.1%, to just 4,746 (from 9,137 in December, 2015), which TREB noted was the lowest inventory in 15 years. The number of sales reported to TREB in December was up 8.6% to 5,338 (from 4,917). Those tight market conditions drove up the average sale price 20% year-over-year, to $730,472 (from $608,714).

The average increase for the whole year was slightly lower, at 17.3%. However, the average sale price was basically the same, $729,922.

Note that the condo market, which not so long ago was reputed to be ‘over-built’ and primed to ‘crash’, has become the alternative of choice for an increasing number of buyers. Condo sales in the 416 were up 19.5% last month, with the average sale price up 16.6%. With an average sale price of $466,592 for a condo apartment, it’s easy to see why. (Condo townhouses are somewhat more expensive, at $569,864.) In fact, if anything, we may run into an ever-tightening condo market this year….

There’s no reason to expect anything different in 2017. Toronto is still a destination city, and the population keeps growing. CMHC is raising its premium on March 17th, so it will cost a bit more to buy if you can’t put 20% down (which means most first-time buyers), but that’s not likely to change overall market conditions. Mortgage rates may edge up a tiny bit, but they are super low these days and not expected to rise significantly in the next couple of years. That probably won’t be a factor in the Toronto market this year. The feds have tightened general mortgage qualification rules several times in recent years, and that does make it harder for first-time buyers, but I doubt that will affect the rate of sales and/or price increases. The bottom line is that the market is strong, and there’s no point waiting for a ‘correction’: get out there and buy.

And, yes, it’s easy to sell in this market, and harder than ever to buy. Still, more people are buying than in past years, so it’s not impossible! One has to get active, get out there and get shopping to find the right place. Don’t be put off by all the hoopla. Whatever you need, we’ll find it! 😉

‘Tis the Season

It’s funny how as the year ‘winds down’, the season winds up at the same time, eh? December is ridiculously busy – especially in my house, where we have two birthdays to squeeze in amongst all the other action. At work, it’s staff parties; at school, it’s various performances; and then it’s the fun with family and friends!

Usually, real estate slows down a bit – yes, even in Toronto! – and that seems to be happening. It manifests as an even more acute shortage of listings, and will probably get worse during the last half of December, when some listings get taken off the market (many are likely to be re-listed in the New Year). Of course, while we may not see many new listings, a lot of existing listings will remain available (although sometimes with limited hours). If you are looking to make a purchase, don’t stop now: this might be your chance to negotiate a good deal….

29 Kintyre Ave – excellent income property **SOLD**

exterior2-modThere’s an old joke in the real estate business: Nobody gets rich selling real estate (i.e. being a Realtor); people get rich by buying real estate. Now, of course that’s not literally true; lots of Realtors are super successful. The point is that the better play in real estate is as a buyer and long term investor.

Income properties can be a fantastic investment, one I encourage all of my clients to consider. Whether you are a first time buyer looking for extra income to help cover a mortgage, or strictly an investor (i.e. you won’t ever live in the property), you should think about it. Besides the obvious benefit of the income (especially after you retire), in the Toronto market every property owner gets significant capital appreciation, year after year.

Here’s a great opportunity for you: 29 Kintyre Ave, near Broadview Ave and Queen St E, is a large, detached property with three income-generating units. There’s a great 2nd/3rd floor apartment that could be one or two bedrooms, depending upon configuration, with an absolutely fabulous rooftop deck that faces south and gives a sunny view of the area and all the way to the downtown skyline. It really is top notch. The main floor flat is a cozy one bedroom with an eat-in kitchen and a sunny, south-facing walk-out to a porch. The basement unit is a super cute one bedroom, really one of the nicer ones I’ve seen.

You can’t beat the location. Riverside is exploding with new shops, restaurants and condo developments (which means plenty of local foot traffic, which is great for any neighbourhood). Both the Queen St 501 and King St 504 streetcars are a block away. Plus, one could walk up to Dundas to catch the 505 downtown; it goes all the way to Dundas West subway station.

Access to the DVP is right around the corner, and the Gardiner isn’t much further. You can pop down into the Don Valley for a nature walk/run/ride; stroll the local strip; or hike over to Leslieville. It’s no surprise that the walk score is 94, and the transit score is 95 – both “paradise”-like scores!

UPDATE – After one week on the market we generated multiple offers and sold the property to some very happy buyers! 🙂

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.

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!

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FOR BUYERS

Financing

Homes come in every size, style and price range. Knowing what you can afford at the beginning of your search saves you time and disappointment later on… Read More

The Offer

You’ve found that perfect house! What do you do now? Your Sales Representative will prepare an Agreement of Purchase and Sale, including any custom clauses you may require. Most Buyers will make an offer provided certain conditions are met… Read More

Pre-Approval

It is important to be qualified or pre-approved for financing before you start looking for a home. This lets you and your agent know what you can afford as well as providing a written confirmation or certificate for a fixed interest rate good for a specific period of time… Read More

Home Inspection

This condition provides an opportunity to have the property inspected by a qualified person who will look for any major defects in the building prior to your entering into a firm agreement. Many Buyers choose to have a termite inspection done as well… Read More

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FOR SELLERS

Experience

One of the most important decisions you will make when selling it is who will assist you. You should put the sale in the hands of an experienced agent who will produce results for you and provide a premier customer experience… Read More

Advice

RE/MAX agents are trusted advisors who are committed to you and possess the knowledge and experience to help you navigate today’s complex real estate market… Read More

Marketing

RE/MAX is the most recognized name in real estate in Canada. From the RE/MAX for sale sign to remax.ca, brokerage websites and personal agent websites, the RE/MAX brand attracts attention to your home. When homebuyers see that sign on your lawn, they understand that you’re working with a market leader… Read More

Results

Purchase offers on your home may be complicated and might contain special clauses. Price is not the only consideration. Your RE/MAX agent will help you understand and evaluate offers and work hard to get you the best terms possible… Read More

CLIENT TESTIMONIALS

CONTACT

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

Address

2237 QUEEN STREET EAST
TORONTO, Ontario M4E1G1

Phone

Business: 416.699.9292
Fax: 416.699.8576
Mobile: 416.508.9513

 

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Information is deemed to be reliable but not guaranteed. Not intended to solicit sellers or buyers currently under contract with a Brokerage.