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

NEWS

December 2019 Market Review

The Toronto real estate market had a decent December to close out 2019. There were 4,399 sales, up 17.4% over December 2018. It’s worth noting, though, that 2018 was a very slow year and December of that year saw only 3,781 sales. For reference, December 2017 saw 4,876 sales, and 2016 saw 5,305 sales, so 2019 was more in line with those years, and did not represent significant net growth. So, a relatively busy December rounded out a year that saw total sales for the calendar year hit 87,825 – up 12.6% over the decade-low 78,015 sales that were reported in 2018. All good!

At the same time, the increase in prices *was* rather significant: up 11.9%, to $837,788, over $749,014 at the end of 2018. Again, I attribute this mostly to the supply issue. New listings were down 18.1%, to 3,531, and total listings at the end of the month were down 35.2% to just 7,406. At a time when sales activity was up over the previous year, reduced availability of homes to buy (down 2.4% for the whole year) caused prices to surge.

I also like to reference the MLS® Home Price Index Composite Benchmark from time to time. It weights sale prices by home type (e.g. detached, semi-detached, townhouse, etc.), so it helps to smooth out the impact of, for example, super-high-end sales. That measure was up by 7.3% year-over-year basis in December 2019. TRREB* has pointed out, though, that from June 2019 onward, the annual growth rate in the MLS® HPI Composite Benchmark accelerated.

Note also that there will be price fluctuations throughout any given year, so the end-of-year price could be higher than the average price for a whole year, which may seem confusing at first, but it makes sense. 😉 So, as noted above, the average selling price in December 2019 was up almost 12% year-over-year, but for the entire calendar year 2019, the average selling price was $819,319, up a much more modest 4% over $787,856 in 2018. The ‘affordability’ issue is often exaggerated, but I think that a 4% annual increase is manageable for most potential buyers.

So, what to expect in 2020?! The economy is still pretty good (especially in Toronto), interest rates remain low, and I think there’s still a lot of pent-up demand for owned housing in the GTA. It’s still relatively quiet out there now but, based on the sale prices being reported this month, I think that we are in for another busy year in the Toronto real estate market!

*TRREB is not a type-o! The Toronto Board is now called the Toronto Regional Real Estate Board, which better reflects the territory covered by the Board.

November 2019 Market Review

The Toronto real estate market had a pretty hot November. Sales volume was up 14.2% over November 2018, at 7,090 units, over 6,206 last November. A fairly sharp decline in both new listings (8,650, down 17.9%) and total active listings (11,958, down 27.2%) put pressure on prices, driving up the average sale price by 7.1%, to $843,637.

All housing types experienced at least a small increase in average price:

Detached +4.9%

Semi-detached +0.3%

Row/townhouse +3.2%

Condo +10.9%

Condos once again lead the way! 😉

There could be a few reasons for the increase in activity, but it likely boils down to buyers having adjusted to the so-called ‘demand side’ policies of recent years, primarily the ‘stress-test’ that obliges new buyers to meet stricter mortgage requirements. Maybe they’ve saved a bit more over the past year or so, and more of them are ready to jump in, or they’ve switched their attention to condos (as I have suggested before), or looked to different neighbourhoods, having been ‘priced out’ of their top choices…. Whatever it is, it should come as no surprise that the market has adapted to the changing conditions – after all, that’s what markets do!

December is usually a very slow month in real estate, but coming off a busy November we may see continued activity and price increases. But, eventually, the market will quiet down for the holidays/New Year. Then, we should probably get ready for a busy 2020! 😉

29 Unity Rd – fully renovated 3 bed, 3 bath semi – **SOLD!!**

Unity Rd is in a small development off Greenwood Ave, just a few blocks south of Danforth. Built in 1981, number 29 Unity Rd has been extensively renovated by the current owners since they bought it about 7 years ago. Improvements include new hardwood floors, an all-new kitchen, three bathrooms, windows, doors, a new roof and a fully landscaped back yard (with carport).

The home is located just three short blocks from beautiful Monarch Park, which features a playground, a dog park, a swimming pool, and a skating rink – not to mention mature trees and quiet places to sit and relax. And, at the east end of the park is Monarch Park Stadium (fully covered in winter). The park is a true gem of the East End!

It’s just about a 10 minute walk to Danforth Ave, and all the shops, restaurants, pubs and services it has to offer – and Greenwood Station. If you need the highway, just pop down Greenwood/Leslie St to the Lakeshore, or head up Greenwood towards the DVP – your escape routes are close by! 😉

The local public school is Earl Haig, with high school options being Monarch Park CI and Danforth Collegiate & Technical Institute.

 

 

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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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

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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

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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

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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.