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RE/MAX Hallmark keeps expanding!

March 8th, 2019 Posted by In the media No Comment yet

Check out this big news that came out yesterday! RE/MAX Hallmark just keeps growing and growing!

— News Release —

Breaking News from Barrie and Simcoe County!

Today is an exciting day for RE/MAX Hallmark in Barrie and Simcoe region.

We are thrilled to announce effective immediately RE/MAX Hallmark Realty has partnered with the Number One real estate company in Barrie and Simcoe region – RE/MAX Chay to form RE/MAX Hallmark Chay Realty.

RE/MAX Chay has over 210 realtors and 7 real estate offices in Barrie, Angus, Innisfil, Alliston, Tottenham and Bradford. Under the leadership of Mark, Corrie and Christie – Chay has consistently provided an exceptional growing environment for its many realtors and outstanding client service.

This partnership is important for Hallmark realtors and their clients – now we will have a direct connection to an outstanding growing market!

Hallmark clients are now represented directly in the Barrie region, Aurora, Durham, Ottawa, Boston and Toronto.

Please join me in welcoming the outstanding realtors at RE/MAX Hallmark Chay to our Hallmark family.

Continued success,
Ken McLachlan
CEO, RE/MAX Hallmark Group of Companies

New listing – 80 Glenshephard Dr, offered at $688,800

February 25th, 2019 Posted by Blog No Comment yet

Glenshephard Dr is a great little street that makes a ‘U’ shape off Danforth Rd near Brimley Ave in Scarborough. Lined with well-maintained bungalows on wide lots with private drives, it makes for a quiet little pocket that’s close to public transit, shopping and lots of local amenities.

My new listing at #80 is a renovated three bedroom (one currently used as a dining room) home with hardwood floors, a walkout to the new back deck, parking for four and a large workshop at the back of the property. The large, south-facing back yard is open and sunny – a great place for a vegetable garden!

The basement is finished, and has a fully separate unit. It’s not retrofitted and wasn’t built with a permit, so it’s not considered an ‘apartment’. However, it wouldn’t be hard to get the proper paperwork to make it legal.

The local elementary public school is Walter Perry PS, the intermediate is Robert Service Sr PS and the high school is the highly regarded R.H King Academy, with the option to apply to David and Mary Thomson CI. All in all, this is a great area.

We won’t be hosting any open houses, but the house is easy to see. Visit Realtor.ca for more information and pictures, and call me if you’d like to book an appointment to see this great property.

 

 

January 2019 Market Review

February 11th, 2019 Posted by Blog, Market Review No Comment yet

As expected, January was a slow month in the Toronto real estate market. Just 4,009 sales were reported, up a wee bit from 3,987 last January. (For reference, there were 5,188 in January 2017; 4,640 in January 2016; and 4,318 in January 2015, so the last couple of Januarys have been on the slower side.) The average sale price was $748,328, up just 1.7% from $735,874 this time last year. Basically, the market has been flat since then.

New listings increased 10.5%, to 9,456, and total active listings edged up 0.6% to 11,962. Remember, back in early 2017 when we saw the beginnings of that crazy price spike, there were just 5,034 active listings at the end of that January – down from 9,966 in 2016. That really highlights how super-tight the supply was in early 2017 – and it shows how important supply is and what it can do to the market.

The townhouse segment was the only one to see an increase in the number of sales year-over-year (+4.4% in the 416), and it also had the highest average price increase (+12.3%). At the other end of things, fully detached houses saw the biggest drop is number of sales (-8.6%) and the only decline in average sale price (-8.8%). Taking into account the various types and weighting the averages, the MLS® HPI Composite Benchmark price was up by 2.7% – still basically in line with inflation.

We are still in a time of year when the market is less busy – and the weather can have a real impact. (Think of the last few weeks: cold, snowy, warmer and now cold and snowy again!) Even one or two bad days can slow down sales and make it look like market activity has dipped. February will probably be similar to January. However, for my part, talking to my buyer clients and to other agents, it seems like there’s a lot of demand out there, and lots of folks impatiently waiting for the spring market to get going so that they can buy something. Some of the sale prices I’ve seen reported in the MLS (well over asking) seem to support that. We’ll have to wait and see what happens over the next few weeks and months, but I think we’re in for a busier year and higher prices in the Toronto market.

 

 

December 2018 Market Review

January 11th, 2019 Posted by Blog, Market Review No Comment yet

December was a quiet month in the Toronto real estate market. TREB reports just 3,781 sales for the month, down 22.5% from the 4,876 reported in December, 2017. For reference, there were 5,338 sales in December, 2016, and 4,917 in December, 2015, so sales last month were well below what we have seen in recent years. The average sale price for the month was $750,180, up 2.1% from $734,847 in December, 2017.

TREB also released the annual stats, which deserve some comment. In comparing 2018 to 2017, it appears that the market is ‘down’ year-over-year. But, while the average sale price for the whole year declined 4.3% (for the whole of the GTA), that’s not because the market is trending downwards. Rather, it is because of the massive price spike that occurred in the first quarter of 2017, when prices surged roughly 30%, only to drop right back down to almost exactly the pre-spike level by mid-year. When those super-high sales are averaged over the whole year, they obviously draw up the average.

A more helpful approach is to look at what happened *within* 2018. The average sale price in January, 2018 was $736,783. By June it was up to $807,871, and then down to $750,180 by the end of the year. (That pattern is fairly normal: in January, 2017 the average sale price was $768,351; by June it was up to $791,929 and then down to $734,847 by December. This is generally due to the seasonal cycles of the real estate market.) So, while the market was definitely flat (which has its pros and cons…), it was not ‘down’.

By the way, if we back a little further, we see that while the market was at $730,472 in December, 2016, meaning we are up just about 2.7% in the last two years, the average price a year earlier was just $608,714, meaning we are still up 20% over the last three years. Clearly, 2017 and 2018 were unusual, but the longer-term trend is still strongly positive.

Part of the reason for the on-going strength of the Toronto (i.e. 416, excluding the 905) market is demand for condos. Although sales volume in that segment was down 23.9% from December 2017, the average sale price was up 11.4%, which is a significant amount. In fact, the only segment that saw a decline last month was fully detached homes, which has been a recurring theme this year. It looks like buyers have easily made the shift away from the most expensive home type, and found options among semi-detached, townhouses and condos.

There were just 4,308 new listings last month, a decline of 31.5% year-over-year, and just 11,431 listing on the market at the end of the month, down 11.6%. I think that we’ll continue to struggle with that kind of low supply in 2019. We can certainly expect that this month we’ll see a fair few listings that were taken off MLS in December come back onto the market, but it’s too soon to tell if we’ll get the kind of supply that we used to get. Either way, it’s usually a couple of months into the New Year before the listings start to tick up for the spring market.

Also, the Bank of Canada decided this week to keep rates steady for now, and that’s probably a good thing for the economy (which has some issues) and the real estate market. Unless (and/or until…) something external happens, the Toronto real estate market should keep humming along this year. With price increases at the low end of what we have seen in the last 15 years or so, buyers should be able to meet their needs; and with continuing demand, sellers will be able to sell. Overall, that’s what a balanced market looks like. 🙂

 

 

November 2018 Market Review

December 11th, 2018 Posted by Market Review No Comment yet

The Toronto real estate market had a slow-ish November, with sales volume dropping 14.7%, from 7,326 in November 2017 to 6,251 last month. At the same time, the number of new listings dropped 26.1%, from 14,260 to just 10,534, and the total number of listings dropped 9.8%, from 18,197 to 16,420. This dynamic (fewer sales, but with fewer homes available to buyers) resulted in a slight increase in the average sale price. The November 2017 average was $761,410, and that edged up 3.5% to $788,345 – a little above the Consumer Price Index (AKA ‘inflation’), which was 2.4% in October, 2018 (the most recent available number).

Sales volume for all types was down, but average price was up for all types except townhomes. The average sale price for semi-detached houses increased the most (17.2%), which could be an indicator that buyers continue to adjust to the high price of detached homes by choosing less expensive semis (which would increase demand in that segment and drive up prices). Condos had the second-highest increase (7%), which I think bolsters that argument, and suggests that the market can adjust to price spikes all by itself – no government intervention required! 😉

Regarding the number of available listing, it was down about 2500 from the previous month, which is typical for the last few months of any given year – things sort of peter out as we head into the Christmas/New Year season. Following that, the chill of winter can keep a lid on things for another month or two – it’s amazing how much bad weather can impact the Toronto market – but keep in mind that, although the market slows down, it never stops. If you really want to, you can certainly put out a listing now; and if you find something to buy, you have the choice of listing your current home immediately, or waiting ’til the New Year.

Check out TREB’s handy chart: MarketWatch_infographic_November

October 2018 Market Review

November 5th, 2018 Posted by Market Review No Comment yet

October was another solid month in the Toronto real estate market. TREB reported 7,492 sales, up 6% from October 2017. The average sale price (across all home types) edged up 3%, to $807,340. As I mentioned last month, prices have been relatively stable over the last six months or so, making now a good time to buy.

That said, it’s clearly not a ‘buyers market’. The number of listings just hasn’t increased enough to put us into that territory. New listings actually declined 2.7% to 14,431, while total available listings at the end of the month was up just barely (0.4%), to 18,926. Jason Mercer, TREB’s Director of Market Analysis, put it this way in the monthly Market Watch report (my source for all these numbers I quote in my monthly Market Review): “Annual sales growth has outstripped annual growth in new listings for the last five months, underpinning the fact that listings supply remains an issue in the Greater Toronto Area.” So, regardless of other, outside, influences like the OFSI stress test or rising mortgage rates, the Toronto real estate market has it’s own internal supply and demand pressures that keep driving prices up, a point I have stressed many times.

The 416 condo market (i.e. not including the 905 region) saw a slight increase in sales volume of 2.8% and a price jump of 8.6%. I’ve said it many times – condos are a great option!

The ‘fall market’ usually continues through November, so we’ve got plenty of time left in 2018. Of note, I was out showing houses on the weekend and bumped into four other Realtors at one house – a sign that there’s lots of action out there! Exciting times…. 😉

 

September 2018 Market Review

October 12th, 2018 Posted by Blog, Market Review No Comment yet

September was a decent month for real estate in Toronto. TREB reported 6,455 sales, up 1.9% over September 2017. I’d call that basically flat (i.e. stable). The average sale price hit $796,786, which was up 2.9% year-over-year. That basically the same as the inflation rate (the August rate was 2.8%). Note that the average price is basically the same now as it was in the spring: in April it was $804,584, and in May it was $805,320. Put another way, affordability – much talked about these days in the media and among politicians – is not running away from buyers this year.

The number of new listings dipped 3.1% to 15,920, and by the end of the month there was a total of 20,089 listings (of all types) available, up 5.6% over September 2017. We haven’t seen this many listings in the month of September in the GTA since 2013, when we had 20,194. After that year, September supply declined to a low point of just 11,255 listings in September 2016. Low inventory meant rising prices – the average sale price that month was up 20.4% year-over-year. The current level of supply is better suited to a balanced market.

Condo sales volume in the 416 area dipped 5.5%, but the average sale price jumped 11.7%. As I keep saying, condos are a good investment, either for living in or holding/renting out….

Sales volume and average price increased for townhouses and semis, too – but detached houses actually took a bit of a hit, going down 1.4%. Such a small change could be a reflection of the variety of houses sold; take out a few multi-million dollar sales and the average could come down slightly. We’ll see if anything significant happens over the next couple of months.

For now, it looks like a good time to be a buyer: there’s a decent supply of options and prices are stable. That’s not to say that it’s a bad time to be a seller. (It’s not as good as spring ’17 – but so be it.) A balanced market is good for sellers, too, as they can rely on a steady stream of optimistic buyers for their property. One of them will be the right fit. And, since most sellers are also buyers, a balanced market allows those folks to make the move they want/need to make, too.

The fall is usually a great time to ‘do’ real estate. If you’ve been thinking about it, get in touch with me and let’s get it done!

 

Summer 2018 Market Review

September 6th, 2018 Posted by Market Review No Comment yet

The summer months are usually relatively quiet in the Toronto real estate market. There are some obvious reasons for that – people change gears and shift their attention to fun activities, and lots of folks take every opportunity to get out of the city. That said, there are still plenty of sales happening, but at a less hectic pace. The other thing to keep in mind when looking at Summer 2018 is that, by this time last year, the big spike/correction excitement had settled down. As I mentioned in a previous post, we’ll get a better measure of what the market has been doing this year once we start comparing to the post-spike/correction months last year.

Let’s look at July, first: sales volume was up 18.6%, to 6,961 units. That’s probably a reflection of the state of things last July – which was basically shock about what had just happened: there were just 5,869 sales that month. For reference, July 2016 had 9,989 sales; July 2015 had 9,880 sales; and July 2014 had 9,198 sales. So, having just 5,869 in July of 2017 was quite low; the recovery this year looks sharp, but remains well below the previous few years.

The average sale price was $782,129. That’s a bit below the June average ($807,871), but is a normal, seasonal dip. More interestingly, it was up 4.8% from the July 2017 average price ($745,971). There were 13,868 new listings, a dip of 1.8%, but the total number of available listings was up 5.2%, to 19,725. If we get a few thousand more listings in the coming months (i.e. the ‘fall market’), we should have enough listings to make for a more balanced market.

July condo sales in the 416 were up 5.8%; the average price was $582,547, up 9.2%. In fact, the average sale price for all types (detached, semi-detached, townhouses and condos) went up, year-over-year.

August continued with the usual seasonal slowness, but still showed signs of improvement over last year. There were 6,839 sales, an 8.5% increase over August 2017. August of 2017 was similar to last July – in a bit of post spike/correction shock. There were just 6,306 last August. Again, for reference, August 2016 had 9,813 sales; August 2015 had 7,998; and August 2014 had 7,568 sales. Last year, August was well below the previous few years, so an impressive-seeming increase this year must be seen in the right light.

The average sale price was up 4.7% to $765,270. Again, a bit below the previous month but typical for the time of year. (Also, the mix of types of home matters more when the volume is relatively low.) There were 12,166 new listings, a 6% increase, and the total number of available listings was up 8.8%, to 17,864.

Condo sales volume slipped 5.6% in the 416 last month, but the average sale price actually increase 8.3%, possibly reflecting some extra tightness in that segment. With some luck, September listings will ease that pressure – but, still, condos remain a good buy for downtowners and investors.

Looking ahead to the rest of September, it’s reasonable to expect more new listings and a decent pace of sales. The average sale price in September 2017 was $775,546, which represented a significant bump from $730,969 the month prior. Again, that’s typical of the seasonal nature of the real estate market – things pick up quickly in September. I think that this month will be our first really good measure of what the market has been doing since the price spike/correction of 2017. My bet is that we’ll see strong price appreciation.

By the way, the Bank of Canada left their prime rate unchanged this week, so we might actually have a month or two without any outside interference in the market. That would be nice, as it would allow things to unfold naturally. 😉

New listing: 45 Gainsborough Rd – big 3 + 1 semi **SOLD!!**

August 10th, 2018 Posted by SOLD!! No Comment yet

Located near Gerrard and Coxwell’s Little India (AKA India Bazaar), Gainsborough Rd is a pleasant, tree-lined street of mostly semi-detached homes. Number 45, renovated a few years ago, is near the bottom of the street, just south of Eastwood Ave and just a few doors up from Moncur Park. It has a newer kitchen, two renovated baths (heated floors in the upstairs bathroom) and hardwood throughout. The three bedrooms are larger than average for the area, and the finished basement includes a rec room and an extra bedroom.

There’s a great front porch – perfect for getting to know the neighbours – but it’s the back yard that makes this property so great. Double doors open from the kitchen to a large deck (22′ x 16.5′) with plenty of seating and a hot tub. Way at the back of the relatively deep lot is another seating area with a fire pit. It’s a beautiful spot with a freshly sodded lawn and cute gardens – very relaxing!

Just a block away from the #22 bus route, this location offers quick access to the subway, but there’s plenty of nearby amenities – standard stuff like banks and grocery stores, but also interesting options like Lasiy Daisy’s cafe, Godspeed brew-pub, The Pantry (an artesan cheese shop) and Sanagan’s Meat Locker (a butcher).

Monarch Park, Greenwood Park , Orchard Park and Woodbine park are all walking distance, as is the beach (and The Beach!) and Leslieville. If you have to head downtown you can hop on the 506 Carleton (currently a bus, but usually a streetcar) or walk down to the Queen St 501.

There are great schools nearby, too: Bowmore Rd (Junior and Senior), Roden PS, Equinox Holistic Alternative School (housed inside Roden), Georges-Etienne-Cartier (Catholic French). High schools are Monarch Park, Danforth Tech (although local kids also attend Riverdale CI) and St Patrick.

 

June 2018 Market Review

July 6th, 2018 Posted by Market Review No Comment yet

For most of 2018 so far, it has appeared that the Toronto real estate market has been ‘down’. All along, I’ve been saying that it only looks that way because of the crazy price spike that occurred in the first few months of 2017, and that once this year’s data started to compare to what happened after the spike was over, we would get a better sense of what’s actually happening. (I have also done some longer-term comparisons, and looked at the month-to-month data over the last half-year or so.) Well, it appears that we are getting there!

The June 2018 stats are out, and the average price has finally shown a year-over-year increase. At $807,871, it’s only about a 2% increase over last June’s $791,929, but it’s notable for actually being an increase. The sales volume was also up to 8,082, about 2.4% above the 7,893 reported last June. In fact, the only metric that was down last month was new listings; there were only 15,922 last month, down 18.6% from last June’s 19,561. By the end of the month there were 20,844 active listings on the TorontoMLS, up 5.9% from 19,680 last year. That’s a decent number that should offer reasonable selection for buyers.

Something else that caught my eye is that the average sale price for the last few months has been quite stable. In March it was $784,558, then in April it jumped to $804,584, and was $805,320 in May. The June number is almost the same (see above), making for three months of flat pricing. Naturally, it could have something to do with the product mix, and declining new listings could also play a factor. Still, it’s a bit unusual: imagine that – a stable real estate market in Toronto!

Condos showed a 6% decline in sales volume, but a 9.5% jump in average price. With more luxury condos being built in Toronto, it could just be that the size and value of the typical condo hitting the market is greater, but it could also reflect continuing tightening in that segment. Either way, I think we can safely say that the Toronto condo market is not ‘over built’ or in any kind of trouble.

The summer months are typically a bit slower than spring and fall, so we naturally see a slight dip in sales and prices in July and August – and recent heat wave will probably contribute to that. But, overall I believe that we are past the messiest numbers, and the data over the next few months will show strong increases over last year. Watch for it – and remember that you read it here first! 😉