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North York, Toronto Real Estate Market Analysis July 2019

August 20, 2019 By Lorie Brodie Leave a Comment

July 2019 Toronto and North York Real Estate Market Report Lorie Brodie

In July 2019, there were 8,595 home sales reported through the Toronto Real Estate Board MLS. This result continues the trend of improved year-over-year sales with a 24.3% jump from the same month a year earlier.

The average selling price for all home types combined was up by just over 3% over the same period and continues to be driven by higher density home types (for example, condominiums).

On average, single detached home prices remained lower than last year’s levels in the 416 area, but had a modest increase of 2.5 per cent in the 905 region.

When comparing North York prices to the rest of Toronto, Toronto average condo price is $627,927 and North York is $578,000.

For freehold property sales, the average sales price for Toronto is $1,227,301 vs. $1,1700,000 in North York.

It should also be noted that in North York, freehold prices have gone down 4.43% compared to the same time last year, but the condo prices have increased by 4.88%.

As we get to the end of summer I suspect that prices and sales will remain fairly flat as families get ready for their kids to return to school. Going into the Fall season, I suspect that we won't see any major changes to the market and prices will stay fairly flat.

If you would like to have more information about the sales activity in North York, or Toronto and surrounding areas, please feel free to contact me.

Lorie Brodie, Sales Representative

647-209-7786 | lorie@brodiehomes.com

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Townhomes for Sale in Toronto and the GTA (September 2018 Market Update)

October 14, 2018 By Lorie Brodie Leave a Comment

Townhomes for Sale in Toronto and the GTA (September 2018 Market Update)

Sale prices are up yet again for the month of September. But what does it really mean for you?

Today I’d like to talk to you about different home prices across the Greater Toronto Area (GTA).

Currently, the average prices for a detached home in Toronto will cost you $1.3 Million. If that price is a little out of your reach, there are other options.

For a buyer looking for their first home, or a seller looking to downsize, I would look at the option of freehold townhomes across the GTA.

Detached
Toronto = $1.3 Million

Freehold townhomes
Toronto = $920,000
York Region = $756,000
Peel Region = $623,000
Durham = $521,000

If you have any questions about your options or price points across the city, please free to leave a comment below.

Toronto Real Estate Market Not All Doom and Gloom (April 2018)

April 14, 2018 By Lorie Brodie Leave a Comment

I want to address the March housing statistics that were released last week. I received a message from a friend asking what was happening in the market as all of the numbers were down.

“Is the real estate market going to get worst? and will it ever pick up again?” I soon realized that this was a common concern among my clients.

So I ’m going to give you my quick take on the 2 main numbers that were released last week.

Sales Transactions for March 2018

The first number I’m going to talk about is sales transactions. Home sales are down 39.5% which means there almost 40% fewer people buying and selling in March compared to the same time last year.

There are various reasons for the decline in sales, such as the government’s intervention with the Ontario Fair Housing Plan, the increase in interest rates and the new mortgage rules.

You can expect to see the sales numbers continue to be down for the most part of the year as it will take time for transactions to pick back up.

Average Sales Price for March 2018

The second number that I’ll discuss is the average sale price, which is down 14% from $915,126 to $784,558.

Now I find this number to be a little misleading because it is being compared to last year when there was a huge spike in sales.

Detached Home Sales Had Biggest Impact

Detached homes sales, which generally represents the highest price points in a given area, declined much more than other home types.

Additionally, the share of high-end detached homes selling over $2 million in March 2018 was half of what was reported in March 2017, which would have a big impact on the average selling price.

Condo Sales Continue to Increase

Condos are continuing to see an increase month-over-month and are up 10% this month. And this upward trend is really linked to the affordability of condos.

Multiple offers still do happen

Because of the lack of inventory, we are still seeing desirable homes get multiple offers situations and bidding wars, so it is not all doom and gloom.

So if you are thinking about buying or selling now would be an optimal time because it is expected that the latter part of the year things will pick and you will be faced with more competition.

If you have any comments, please leave them below. And until next time, happy buying and selling.

2017 Annual Real Estate Market Statistics for the GTA

January 8, 2018 By Lorie Brodie Leave a Comment

Picture of Nathan Philips Square and the Toronto Sign

Now that we have a firm foot in 2018, I wanted us to take a look back at the annual sales for 2017.
Overall for the year, 92,394 home sales were reported through the TREB MLS.

Compared to the record-setting year in 2016, the number of home sales in 2017 was down 18.3%, but the average price of a home climbed up 12.7%.

While sales had fallen for seven months since May 2017, the GTA market showed signs of recovery in the past few months with sales in December having the smallest monthly decline since the introduction of the 15% foreign home-buyer tax and the Ontario Fair Housing Plan in April.

The upward swing in the number of sales could also be a result of buyers securing a home before the new mortgage rules started on January 1, 2018.

On January 30, 2018, TREB will be releasing 2017 year-end review which will also include an outlook for 2018 home sales and prices, new research on the housing supply and a report on the “missing middle.”

New Mortgage Rules Got You Stressed? Here’s a Simple Explanation

January 8, 2018 By Lorie Brodie Leave a Comment

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Picture of a stressed man holding his head

A quick summary of what you need to know about the new mortgage rules: B20 and the Stress Test.

If you’re planning to buy a home and will be applying for a mortgage with an A Lender you will be subject to a Stress Test.

All that means is that the lender will qualify you at 2% higher than the current mortgage rate or at the Bank of Canada's five-year benchmark rate (currently 4.89 %) to find out your ability to pay off the loan in if rates were to increase.

Stress tests were done for borrowers applying for an uninsured mortgage (down payment is less than 20% of purchase price).

But with the new rules, borrowers applying for insured mortgages (down payment 20% or more of the purchase price) will also be subject to the Stress Test.

Stress Test for refinances too

If you’re refinancing your mortgage, you too will have to qualify according to the higher stress test rates rather than your existing contractual mortgage rate.

However, if you are just renewing an existing mortgage the Stress Test would not apply.

B20 is the other new mortgage rule

What does B20 mean? It's the underwriting guidelines for residential mortgages that the Office of the Superintendent of Financial Institutions (OSFI) has imposed on all regulated lenders and the Canadian Mortgage and Housing Corporation (CMHC).

To comply with the new rules, lenders:

Must have a policy outlining their own risk appetite, governance and oversight mechanisms
Must carry out a higher level of due diligence on higher risk deals
Do not write mortgage deals without doing the appropriate risk assessments
Confirm the borrower’s identity and background, and their ability to pay their debt obligations in a timely manner
Validate that the value of the property being financed has been confirmed by an independent third party

In general, the rules are designed to make sure that lenders are determining a homeowner’s ability manage higher mortgage interest if they were to rise and thus prevent a mortgage collapse situation, similar to what took place in the United States.

That being said, there are other options for buyers as Credit Unions and "B" Lenders are unaffected by the new rules.

What are your thoughts on the new mortgage rules?