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table of CONTENTS page 04-05 06
aug-sept 2017 volume 05 issue 05 Toronto House Market's Downturn May Have An Upside Buyer Who Walked Away From Real Estate Deal Ordered To Pay $360K
07-08
Toronto's Real Estate Market Sees Shift Away From Earlier Frenzy
09-10
Bad News, Bears: Canada's Economy Is Actually Doing Better Than You Think
11
What You Should Know About Real Estate That You Don't - Upcoming TanTeam Seminar
12
Canada's Residential Real Estate Market Makes The Move To Moderation In The Second Quarter of 2017
13
Zen King West - Exclusive Offer Opportunity By The TanTeam Direct From Builders
14-25
2017 Summer - August-September TanTeam Listings
20-21
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22-23
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26
July 2017 GTA REALTORS® Release Monthly Resale Housing Figure
27
August 2017 GTA REALTORS® Release Mid-Month Resale Housing Figures
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Toronto Housing Market's Downtu GTA
home
may
be
sales more
than
are
down,
but
“A significant negative outcome on trade
Provincial Liberal government policy,
bump
wouldn’t have immediate impact on our
along with tighter lending restrictions and
correction.
economy, but it would have immediate
rising interest rates makes consumers
impact on consumer confidence.”
more anxious in the short-term, but are all
short-term
long-term
Royal LePage CEO Phil Soper says that,
designed to ease affordability challenges
like a lot of chief executives, he is prone
Nor does Soper suggest that the recent
to optimism.
Vancouver correction wasn’t serious.
longer term, says Han.
But that didn’t stop him from calling
“People say it wasn’t that bad (in
costs for borrowing, but the house price is
Toronto the least healthy housing market
Vancouver) because prices were only
going to be reduced in the longer run as a
in the country when prices were galloping
down by a couple of percentage points,”
consequence of these policies. So, in that
ahead in the double digits in the first
he said. “But they were going up by 30 per
sense, it is going to make housing more
quarter of the year, peaking at 33 per cent
cent, so the trend reversed itself by some
affordable in the future,” she said.
year over year in March.
30 to 35 per cent in weeks.
“The rising interest rate will increase the
While some sellers and buyers may have Soper says it’s not self-interest as a
“It was a very significant change in the
been caught in the sudden turnaround of
realtor that leads him to believe that
direction of that market and a significant
the market this spring, the pause in the
Toronto’s slumped market will recover in
downturn.”
market frenzy is welcome, says James
the same way as Vancouver’s has. That
McKellar, a professor at the Schulich
market has lately rebounded after the B.C.
Royal
government imposed a foreign buyers tax
Vancouver
LePage
calculates
last summer, paving the way for Ontario
about $750 million out of the economy
“When I say this downturn is good news,
to introduce a similar levy on non-resident
in ancillary spending such as home
I mean it begins to challenge some
transactions.
renovations, furnishings and lawyers
assumptions we’ve made that the house
fees.
price will go up — that we can always
housing
that
correction
the
But does the situation today resemble the
afford more, that we can consume more,”
last big Canadian housing correction in
In Ontario, the slowdown will continue
2009? Is it a crash rather than a bump?
for a while, says Lu Han at the Rotman
Soper doesn’t think so.
School of Management at the University
In the 1950s, Canadians consumed about
of Toronto.
300 sq. ft. of space per person. Today it is
The last major national housing correction
he said.
about 1,000 sq.ft.
followed the global economic crisis in
“The (Toronto area) market still needs
2008. The conditions simply aren’t there
time to absorb how the buyers and sellers
The correction also gives governments
this time for a major market meltdown in
are going to react to the policy,” said Han,
some breathing room to reconsider the
Canada, says Soper.
who’s the academic director for the Centre
supply part of the equation, said McKellar.
for Real Estate and Urban Economics.
More people, including the growing
“It’s
4
School of Business at York University.
took
very
rare
to
see
employment
number of tech and creative sector
improving, the economy expanding — to
Toronto Real Estate Board’s mid-month
workers,
see inflation under control and to see
numbers for July show sales down 39.3
Governments need to re-think what living
a significant collapse of the housing
per cent year over year in the first 14 days
there looks like apart from condo towers.
market,” he said.
of the month. On Monday, the Canadian
want
to
live
in
cities.
Real Estate Association said a 15 per cent
“On the one hand the province is saying
But he doesn’t deny there are unknowns
drop in sales in June in the Toronto region
40 per cent of all growth must be directed
— NAFTA, for example.
led to the largest decline in national sales
into inner cities and, on the other hand, the
“The most obvious external downside risk
in seven years.
city is saying we have to protect existing
is the trade negotiations between Canada
neighbourhoods. There’s a conflict at
and the U.S.,” he said.
the policy level. We’re protecting these
urn May Have An Upside
old neighbourhoods but we’re not re-
as timely and everyone relied on what
“If listings increase more than buyers
generating them with new people,” he
friends were saying, it prolonged the run-
increase you’re still going to have a soft
said.
up,” he said.
market,” said Pasalis. Whatever happens the rest of the year, Toronto housing is
McKellar contends that the current
Pasalis was among the first Toronto-
scenario has come as a shock because
area realtors to raise concerns about
most Canadians don’t remember or have
the sustainability of the double-digit
“Toronto is a very attractive destination.
never seen it before. (He calls the 2008
increases in the Toronto market. But he’s
It offers great consumption amenities but
housing market “a slight downturn.”)
adamant that the doomsayers suggesting
also great job opportunities,” she said.
that values will decline severely are
“When people try to buy a house here
wrong.
they’re not just buying a physical house,
“We haven’t had a downturn really since 1991. It took from 1991 until 2004 for
probably a safe bet, said Han.
they’re buying this location — they’re
house prices to recover. The problem is
“We’d have to have a massive depression,”
buying the whole package including the
that most of us have thought the good
he said.
infrastructure in the city, the transportation
times go forever. This is a good signal that gravity still exists,” he said.
here, all the culture, the amenities here. He thinks the market will remain soft through the fall, but says there are signs
“That itself is a very strong fundamental
Toronto realtor John Pasalis doesn’t
that buyers are starting to look again and
that would sustain the house price growth
discount the role of the press and social
get ready to dip back into the market.
here.”
media in the almost overnight drop in home sales. Headlines about crashes and
“The big unknown is what the listings are
bubbles make consumers anxious.
going to be like in the fall. I think we’re going to see a lot of new listings in the
“It probably pulled many buyers out of the
fall. A lot of the people who can’t sell now
market. In the past, when news wasn’t
are going to re-list,” he said.
Tess Kalinowski Friday, July 21, 2017
05
Buyer Who Walked Away From Real Estate Deal Ordered To Pay $360K Would-be buyer ordered to pay the difference after house ultimately sells for 28% less The B.C. Supreme Court has ordered a
won't comment on his client's reasons.
buyer who walked away from a Surrey,
Despite months of showings, professional photos, and several price drops, it took
B.C., real estate deal last summer to pay
But that summer a key factor changed
another five months to sell, for the much-
the sellers more than $360,000, or six
in
reduced price of $910,000.
times his original deposit.
market: the B.C. government brought
Metro
Vancouver's
real
estate
in a 15 per cent property transfer tax
"Although this offer was less than I had
The ruling puts the would-be buyer on
on foreign nationals buying real estate
expected when I listed the property for
the hook for the difference between the
in the region, and the seller's realtor
sale, the market remained soft," said
contract he signed — for $1,260,000 —
blames that for the lower sale price.
Massullo in an affidavit.
and what it eventually sold for after the homeowners failed to find another buyer
The precise impact of the foreign buyers' Market 'changed significantly'
to match the initial high offer.
tax remains unclear. Sales did slow after the tax's introduction in August 2016, but
On Sept. 2, the day after the deal wasn't
benchmark prices never saw anything
The original deal was struck in May 2016,
done, the sellers filed a lawsuit against
approaching the 28 per cent price drop on
a month that saw record-breaking frenzy
the would-be buyer, and soon listed their
this property.
in the Vancouver-area real estate market.
property again. Nevertheless,
the
default
judgment
The sellers, who were downsizing to
But their new agent, John Massullo, told
awards the sellers the $350,000 price
a condo, accepted a no-subjects offer
them it wasn't likely they'd get a price
difference, plus about $10,000 in carrying
with a $60,000 deposit to buy their
anything like the May deal, according to
costs for the property over the five
single-storey rancher in Surrey's Newton
court records.
months, including utilities, property taxes
neighbourhood, according to the court ruling.
and hot tub chemicals. "The real estate market in the Lower Mainland had changed significantly since
The buyer didn't respond in time for the
But by the closing date, Sept. 1, 2016, the
[the seller] entered into the contract with
court to hear his side of the case, and
buyer walked away.
[the buyer], in particular because the B.C.
retained his current legal counsel just
government had passed the foreign buyers'
days before the judgment.
Court documents don't say why the deal
tax," the lawyer told his client, according
wasn't completed, and the buyer's lawyer
to Master Leslie J. Muir's judgment.
He can apply to overturn the judgment,
Lisa Johnson - CBC August 03, 2017
06
which he plans to do, his lawyer said.
for his clients who are an elderly couple.
He hopes other buyers learn from this case that as soon as a real estate contract
"Our client is applying to set aside the
He says the husband only chose to sell
is signed, they are liable for the deposit
default judgment, and he wants his day
the family home after his wife suffered
regardless of whether the seller can get
in court to be heard on the merits," said
health complications and needed more
more or less than the agreed upon price
Jasdeep Aujla.
care.
at a later date.
Aujla declined to speak on the substance
They are, however, prepared to go back to
If they get less, much like this case, they
of the case before it is heard in court.
court if needed.
could be on the hook for the difference and any damages incurred.
'Difficult' experience
Even if the the legal case is settled, Morrison says collecting a payment as
The sellers' lawyer, Andrew Morrison,
large as $300,000 could drag on for years.
says the experience has been "difficult"
Toronto’s Real Estate Market Sees Shift Away From Earlier Frenzy Some calm seems to be returning to the
In the Toronto area, the main factor in
Toronto area’s real estate market after a
the reversal of fortunes seems to come
Mr. Bibby says offers with conditions
turbulent few weeks.
down to price: a condo purchase is still
attached have become common again.
significantly less expensive than a house
During the wildest part of the spring
Housing sales in the Greater Toronto Area
with a yard – especially for people who
market, bidders were sending in offers
plummeted by 50 per cent in the first two
want to live in the core.
with jaw-dropping amounts above the
weeks of June compared with the same
asking price and no conditions.
period last year, according to numbers
As of mid-month, according to TREB, the
from the Toronto Real Estate Board. TREB
average price for a detached house in the
Mr. Bibby says he is more comfortable
says new listings jumped by 22 per cent in
GTA stands at $808,847, or 6.7 per cent
working in the current environment – with
the first half of the month compared with
higher than at the same time last year.
a better balance of supply and demand –
the same period in June, 2016.
than he was in the mania of early 2017. In the 416 area code, the average price for
So far in June, the increase in new listings
a semi-detached house rose 4.3 per cent
But he says some agents still try to
is more of a swell than the surge that it
to $949,546 and for a detached house, 9.9
secure a listing by promising the seller an
was in May.
per cent to $1,416,908 for the first half of
unrealistic amount. In other cases, sellers
June compared with the same period last
and their agents aren’t willing to negotiate
Many industry watchers have been taken
year. By contrast, the average price of a
with buyers to reach a deal. Those are the
aback by the energetic pace of sales in
condo unit in the 416 soared 23.7 per cent
properties that often sit on the market.
the condo market compared with the
to $558,691 over the same period.
slump in low-rise homes. For the past few
“Agents who are new to the business are
years, prices for single-family dwellings
Christopher Bibby of Re/Max Hallmark
defending the prices or thinking it’s still
were charging ahead at a much faster clip
Bibby Group Realty Ltd. focuses mainly on
April.”
than condo prices.
the condo market in central Toronto. He
Toronto-Dominion
Bank
says that segment of the market seems
When representing the seller, his strategy
economist
to have a more healthy balance than it did
is to allow buyers to make offers at any
Diana Petramala points out that last
earlier in the year, when desperate buyers
time. He advises sellers to go with an
month marked the first time since 2010
were bidding fiercely for limited inventory.
asking price that is around the level they
that growth in condo prices in Canada
believe is fair value. Some agents hoping
outpaced the rise in single-family home
“Over all, prices are still up – it’s just the
to spark a bidding war are still setting
prices.
expectations that need to be managed,”
asking prices far below the amount they
he says.
hope the unit will sell for, but Mr. Bibby
07
believes buyers are not in the mood for
Meanwhile, the practice of submitting an
“People need to remember that it’s a
that tactic.
offer conditional on securing a mortgage
home first.”
or scrutinizing the building’s financial “It’s almost like they’re getting the power
health has returned.
back, and I can appreciate it,” he says.
Looking ahead to the fall, he still expects to see listings arrive on the market
Today, most people trying to buy a condo
because people have to move for all of the
Mr. Bibby recently sold two condo units
unit want to review the building’s status
usual reasons: new children arrive, jobs
on the same night. One was a townhouse
certificate, he says. In the past, it was
shift, couples get married or divorced. He
and the other a unit in a “soft loft” building.
normal practice to have a lawyer review
thinks the fall market could be similar to
the status certificate because it lays
that of last year’s – properties will change
Both were on the market for about
out important financial details, such
hands but not at the frantic pace of the
three weeks. During that time, Mr. Bibby
as which way maintenance fees are
early spring 2017 market.
phoned the agents of buyers who had lost
going and whether there are any special
out on previous units where he was the
assessments or lawsuits pending against
“There will always be people who need
listing agent. He knew that at the height
the condo corporation.
to sell,” he says. At the same time, others
of the market euphoria in April, the same
may stay put if they don’t think they will
units would have fetched about $100,000
“We’re ordering ours well in advance.” Mr.
more.
Bibby says of the units he sells. “Now,
“I knew what they were selling for six
reap enough profit from a sale.
they’re looking at it even before they get
“If the upside’s not there, people won’t
into the unit.”
want to do it.”
weeks ago,” he says. “I was shopping around the value to different agents.”
As for the mindset amongst sellers, some are regretting they did not sell earlier, he
Still, Mr. Bibby says, some agents told him
says.
their clients were sitting on the sidelines. Mr. Bibby counsels those people that Mr. Bibby says he does not understand
they have likely seen a large rise in value
the mentality of buyers who were willing
during the time they’ve owned a property.
to engage in a bidding war with no
And most people can’t sell at a moment’s
conditions earlier in the spring but now
notice because it would cause too much
find themselves wondering if they should
disruption to their lives – especially if
wait before buying.
they’re selling a principal residence.
08
Caroylyn Ireland - The Globe & Mail June 22,2017
Peter Armstrong - CBC News Thursday, June 1st, 2017
Bad News, Bears: Canada's Economy Is Actually Doing Better Than You Think It takes a special kind of cynic to look at
positive report.
"We remain convinced that risks to the
the latest GDP numbers and find them wanting.
Canadian economy are tilting toward the First, the GDP numbers fell short of
downside," he says, referring to the same
expectations. A consensus of economists
lack of balance in the economy.
Canada posted impressive gains in the
predicted a whopping 4.2 per cent growth
first quarter, Statistics Canada revealed
rate for the first quarter. Some even called
Add in concerns over trade with the U.S.,
on
4.7 per cent growth.
wage growth and a bad run for both
Wednesday,
with
the
economy
expanding at an annual pace of 3.7 per
Canadian stocks and the loonie, and
cent — the best in the developed world
Secondly, there are legitimate questions
you have the case for not popping the
right now.
about sustainability and the long-term
champagne.
ability of the Canadian consumer to Not too long ago, a report like that
shoulder the weight of economic growth.
would have had us doing cartwheels and popping bottles of Veuve.
Frances Donald, senior economist with Manulife
Asset
Management,
says
"Overall, the latest quarterly expenditure
Canadian stocks have fared poorly so
data show that economic growth is still
far this year, as has the Canadian dollar,
And yet disappointment has seeped into
uneven, heavily supported by household-
which has been the worst performing G10
most reactions.
related spending," says David Madani,
currency against the U.S. dollar.
senior Canada economist at market In fact, disappointment has become
research firm Capital Economics.
"The market focus remains squarely
something of a reflex in the Canadian
on energy prices and the large and
economy as we've waited nine long years
Housing correction would hurt Canada's
powerful downside risks to growth that
to fully emerge from the financial crisis of
economy: Moody's
include domestic housing markets and
2008.
Karl Schamotta, director at Cambridge
international trade risks emanating from
Global
NAFTA renegotiations," Donald said in a
Consumers carrying the economy
Payments,
says
the
first
quarter numbers may show Canada
note to clients.
outperforming many other countries but There
are
several
commonly
cited
reasons for the glum outlook after such a
things look less cheerful beneath the
And all that is fair.
headlines.
09
primed to lead economic growth in
- continued from page 9
Canada this year. Business investment, which has lagged
Now, the good news
Toronto and Vancouver have cooled
for years, was up 12.2 per cent in the first
after
quarter on a seasonally adjusted basis.
governments
introduced
a
But despite those concerns, there is an
series of measures aimed at slowing
Doug Porter, chief economist at BMO
awful lot of good economic news to focus
almost
Financial Group, called this week's GDP
absurd
levels
of
activity.
on.
report an "impressive power display." Manufacturing is picking up and finally
Consider the following:
performing as many expected it would
Sure, he says, the headline figure missed
in those early days of the collapse in the
expectations, but monthly GDP for March
We've added jobs in droves over the
price of oil and drop in the value of the
alone surpassed expectations (0.5 per
past
loonie.
cent over the consensus of 0.3 per
year,
and
the
unemployment
rate has dropped to 6.5 per cent, its lowest point since the fall of 2008. Those
red-hot
housing
markets
in
cent). And Statistics Canada revised its Oil has stabilized at around $50 a barrel,
readings for the previous two quarters,
which has prompted expectations that
bumping them up slightly.
Alberta and Saskatchewan are now
WHAT YOU SHOULD KNOW ABOUT REAL ESTATE
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Canada’s Residential Real estate Market Makes The Move To Moderation In The Second Quarter Of 2017 According to the Royal LePage House
in the first quarter, saw moderating sales
to very warm; the depressed markets
Price
Survey
activity, as the combination of eroding
are beginning to grow again. Canadian
Forecast, Canada’s residential real estate
affordability and government legislation
housing is in great shape - a statement
market posted strong home price gains
has pushed many buyers to the sidelines
that I certainly did not make last quarter.”
in the second quarter of 2017, with the
- at least temporarily bringing balance to
majority of metropolitan markets across
the country’s largest market and slowing
“The
Canada displaying expansionary trends.
home price appreciation within the region.
appreciation that we experienced in
Survey*
and
Market
rate
of
national
house
price
the second quarter continues to be The
Vancouver
In the second quarter, the aggregate
above what we would consider a normal
housing correction that began in August
significant
Greater
price1 of a home in Canada rose by 13.8
range, driven primarily by very strong
2016 turned a corner in the second
per cent year-over-year to $609,144.
year-over-year
quarter of 2017. Home prices in B.C.’s
When broken out by housing type, the
much of Ontario,” continued Soper.
Lower Mainland are now poised to
price of a two-storey home rose 14.6
resume an upward trajectory nearly a year
per cent year-over-year to $725,391,
Looking ahead to the remainder of the
after provincial regulatory intervention
while the price of a bungalow increased
year, Royal LePage forecasts that the
bruised
and
by 10.7 per cent to $511,965. During the
national aggregate price of a home
the
same period, the price of a condominium
will increase by 9.5 per cent in 2017 to
other side of the mountains, Alberta’s
climbed 13.4 per cent to $397,826.
$617,773 when compared to year-end,
consumer
depressed
sales
confidence activity.
On
economic rebound continued as Calgary posted
strongest
growth
2016.
year-over-year
“Following a period of unprecedented
home price gains since the downturn in
regional disparity in activity and price
the price of oil. Meanwhile, the Greater
appreciation, we are now seeing a return
Toronto Area (GTA), a market that Phil
to healthy growth in the majority of
Soper, President and CEO, Royal LePage
Canadian housing markets,” said Soper.
characterized as “Canada’s least healthy”
“The white-hot markets are moderating
012
its
price
Royal LePage - The News Room July 13, 2017
across
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A s k i n g P r i c e $ 4 7 9 , 9 74 E XC L U S I V E L I ST I N G AVA I L A B L E F O R SA L E
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NEW 3 BEDROOM FREEHOLD TOWNHOUSE IN NEW BUSTLING RESIDENTIAL NEIGHBOURHOOD OF RURAL OAKVILLE! Rural Oakville Area 3075 Neyagawa Blvd Located In New Bustling Residential Community of Rural Oakville Near The Intersection of Dundas St and Neyagawa Blvd, An Executive Freehold Town Home With 3 Bedrooms, 3.5 Bathrooms, a “Million-Dollar*” Kitchen, Sun Lounge, 2 Car Garage, Fully Finished Basement, a Private Fully Fenced Courtyard, and Functional Floor Plan – You Will Find It Hard To Not Love This Property! With Near By Daily Conveniences Such as Fortino’s Supermarket (with Underground Parking!), Banks, Parks, Recreations, Public Transportation and Even Easy Access to Hwy 407 and 403 – You Can Possibly Start Planning Your Move Today! Contact The TanTeam for more information! support(at)tanteam.com A P P R O X 1 7 0 0 s f | 3 B D R M | 2 . 5 B A T H | P R I V A T E C O U R T YA R D | 2 C A R G A R A G E
Asking Price $789,987 MLS W3758942 -JUST SOLD-
SPECTACULAR 1+1 WITH SOUTH VIEW OF MISSISSAUGA FROM HEART OF CITY CENTRE AT SOLSTICE City Centre - Mississauga 225 Webb Drive Luxury living! Move into Solstice in the heart of downtown City Centre. Cozy up in this spectacular fully upgraded sub-penthouse 1+1 unit! Very well maintained with a highly functional floor plan. Discover the building’s amenities such as an indoor swimming pool, sauna, gym, outdoor BBQ area, party and media rooms and guest suites. Just steps from Celebration Square and Square One shopping center. Easy access to public transit, parks, schools and Hwy 403 and QEW. Contact The TanTeam for more information! support(at)tanteam.com
A P P R OX 8 5 6 s f | 1 + 1 B D R M | 2 F U L L B AT H | 1 C A R PA R K I N G | L O C K E R U N I T
Asking Price $419,914 MLS W3755099 -JUST SOLD-
TRENDY 2 BEDROOM 2 STOREY CONDO TOWNHOUSE IN NEW RESIDENTIAL SUBDIVISION IN WESTMINISTER BRANSON Westminister Branson Area 1 7 C o n e f l o w e r A v e , N o r t h Yo r k Conveniently Located In A Prime Area Within The Heart of WestministerBranson Off Bustling Bathurst St and Finch Ave, Nestled Within New Townhouse Subdivision. This 2 Year Old 3 Storey Condo Townhouse, Features A Private Underground Resident and Visitor Parking, Swimming Pool, And No Neighbor Backing Onto Unit. With 9 Ft Ceilings and Wide Plank Laminate Throughout, Ensuite Laundry, Crown Molding, Granite Countertops, Stainless Steel Appliances, Spacious 2 Bedrooms And A Private Upper Level Terrace. Convenient Access To Local Amenities, Parks and Recreation Centres, Shopping, Schools, Public Transit, HWY 407/401 And Minutes Away From York University and University of Toronto Insitute for Aerospace Studies. This Is A Fantastic Alternative To Condo Apartment Living For Those Who Want More Flexibility In Layout As Well As Privacy. Don’t Miss Your Chance To Move Into This Trendy And Cozy Apartment Today! Contact The TanTeam for more information! support(at)tanteam.com A P P ROX 1 3 5 0 s f | 2 B D R M | 1 BAT H | P R I VAT E RO O F TO P T E R R AC E | 1 C A R P K
Asking Price $543,345 MLS XXX AVA I L A B L E F O R SA L E
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UPDATED DETACH IN "H" SECTION WITH NEW HVAC, TANKLESS HOT WATER AND RENOVATED INTERIOR Central Park Area 25 Holmcrest Crt, Brampton Strategically located near the bustling intersection of Dixie Rd and Queen St, nestled in quiet and mature neighbourhood. This property is freshly renovated, featuring a revised main floor concept, new laminate floor throughout property, newly tiled kitchen, tiled kitchen backsplash, newly painted walls throughout, renovated upper level bathroom, new renovated stairway (upper and lower), upgraded electrical throughout, large Master bedroom (combined 2 of 4 rooms). Listed for sale without tenants. Can be purchased with tenants for investment. Don’t miss this opportunity to make your move, contact The TanTeam at support@tanteam.com to book a private showing appointment!
A P P R O X 1 4 0 0 s f | 4 B D R M | 2 B A T H | L A R G E B A C K YA R D | B R A M A L E A S H O P P I N G
Asking Price $539,935 MLS W3871705 AVA I L A B L E F O R SA L E
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June 2017 GTA REALTORS® Release Monthly Resale Housing Figures Toronto Real Estate Board President
buyers on the sidelines waiting to see
more so by single-family home types.
Tim Syrianos announced that Greater
how market conditions evolve,” said Mr.
The average selling price for all home
Toronto Area REALTORS® reported
Syrianos.
types combined was up by five per cent
5,921 residential transactions through
year-over-year to $746,218.
TREB’s MLS® System in July 2017. This
“Summer market statistics are often not
result was down by 40.4 per cent on a
the best indicators of housing market
“Home buyers benefitted from more
year-over-year basis, led by the detached
conditions. We generally see an uptick in
choice in the market this July compared
market segment – both in the City of
sales following Labour Day, as a greater
to the same time last year. This was
Toronto and surrounding regions.
cross-section of would-be buyers and
reflected in home prices and home price
sellers start to consider listing and/or
growth. Looking forward, if we do see
While sales were down, the number of
purchasing a home. As we move through
some would-be home buyers move off
new listings reported were only slightly
the fall, we should start to get a better
the sidelines and back into the market
(+5.1 per cent) above last year’s level.
sense of the impacts of the Fair Housing
without a similar increase in new listings,
Plan and higher borrowing costs,” said
we could see some of this newfound
TREB CEO John DiMichele.
choice erode. The recent changes in
“A recent release from the Ontario government confirmed TREB’s own
the sales and price trends have masked
research which found that foreign
The MLS® Home Price Index (HPI)
the fact that housing supply remains an
buyers represented a small proportion
Composite Benchmark price was up by
issue in the GTA,” said Jason Mercer,
of overall home buying activity in the
18 per cent on a year-over-year basis.
TREB’s Director of Market Analysis.
GTA. Clearly, the year-over-year decline
However, the Composite Benchmark was
we experienced in July had more to do
down by 4.6 per cent relative to June.
with psychology, with would-be home
Monthly MLS® HPI declines were driven
26
Toronto Real Estate Board Thursday, August 03, 2017
August 2017 GTA REALTORS® Release Mid-Month Resale Housing Figures Greater Toronto Area REALTORS® reported 2,706 sales through TREB’s MLS® System during the first 14 days of August 2017. This result was down by 35.6 per cent compared to the first 14 days of August 2016. Over the same period of time, the number of new listings entered into TREB’s MLS® System was down by 10 per cent on a year over year basis. New listings were down in the City of Toronto and the surrounding regions making up the GTA. The average selling price during the first two weeks of August, at $731,614, was up three per cent compared to the same period in 2016. Overall average price growth was driven by the condominium apartment and semi-‐detached market segments, which experienced double-‐ digit average annual rates of price growth.
Toronto Real Estate Board Wednesday, August 16, 2017
27
THe Backpage TanTeam Client Notice Section Thursday, September 14th, 2017 Between 6:30PM - 7:30PM
What You Should Know About Real Estate That You Don't Interactive Workshop/Seminar By The TanTeam 6948 F inancial Drive, Missisauga ON L5N 8J4 Royal LePage Meadowtowne Realty Office
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