Tan•gazine April - May 2017 Vol 05 Issue 03 by HG KM

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TABLE OF

C O N T E N T S P A G E

APR-MAY 2017 Volume 05 Issue 03

04-05

Reiming In Toronto Housing Market Will Need Delicate Pas de Trois

06-08

Canada's Two Largest Real Estate Markets Head In Opposite Directions In First Quarter Of 2017

Royal LePage By The Numbers 2017 Infograph

Ontario to Start Collecting Citizenship Data on Real Estate Buyers

An Evening With Johnnie Walker - Event Picture Montage

11-12 13

Ontario's Rent and Housing Reform: 16 Big Changes Explained In Charts What You Should Know About Real Estate That You Don't - Upcoming TanTeam Seminar

14-27

2017 Spring - April~May TanTeam Listings

18-19

New Featured Listing - 3351 Cawthra Rd - Applewood Mississauga @ Applewood Terrace

March 2017 GTA REALTORS® Release Monthly Resale Housing Figure

April 2017 GTA REALTORS® Release Mid-Month Resale Housing Figures

Designer: Kai Min • Cover: Spring Garden • Source: Google Images • Advertising: Kai Min | support@tanteam.com

Royal LePage Meadowtowne Realty™ is a licensed franchise to Royal LePage and is Independently Owned and Operated. Whilst every care has been taken in preparing this magazine, Tan•gazine and all vendors, corporations, business’ and affilliates give no warranty for the information contained herein. Potential purchasers shall satisfy themselves as to all matters and seek independent advice, if necessary. The views expressed in the article(s) throughout Tan•gazine are those of the author and do not necessarily represent the views of The TAN Team and its affiliates. The information contained herein does not form any part of any contract, offer or representation. Additionally, this magazine is not intended to solicit properties currently contracted and/or already listed for sale.

Reining In Toronto Housing Market

-Will N

Economist Derek Holt has a word of

The warning, issued in advance of

options being tossed around, perhaps a

advice for the three levels of government

Tuesday’s meeting in Toronto involving

cocktail of cures – has the potential of

that are looking for policy solutions

federal Finance Minister Bill Morneau, his

being worse than the disease.

to cool Toronto’s overheated housing

Ontario counterpart, Charles Sousa, and

market: Be careful what you wish for.

Toronto Mayor John Tory, is an important

Let’s remember that while the current

one. Despite the push on all levels to

housing-market extremes are a Toronto-

“Rich housing valuations already permeate

address the housing frenzy gripping

and-area phenomenon, they colour an

much of the economy and behaviour, and

pretty much everything within commuting

economy and a financial system that

taking steps against it at such elevated

distance of the Greater Toronto Area, this

belong to the whole country. The region

levels [in the housing market] risks

has become a very delicate task – to let

accounts for roughly one-fifth of Canada’s

seriously damaging the economy,” Mr.

sufficient air out of an increasingly taut

entire economy and the housing market

Holt, head of capital-markets economics

balloon without accidentally popping the

has been a key component of the region’s

at Bank of Nova Scotia, said in a note to

whole thing in a loud, reverberating bang.

– and the country’s – economic growth.

clients on Tuesday morning.

A heavy-handed cure – or, given the many

On the other hand, it has also been the

Need Delicate Pas de Trois primary driver of the country’s record

household consumption, while the rest of

“Today’s environment of heavily indebted

levels of household debt, relative to

the economy struggled through a difficult

households … cannot afford anything

disposable incomes.

postfinancial-crisis recovery. The result

more than a soft landing in home prices,”

is the household sector, and especially

they said.

Some experts argue our governments are

the housing market, have assumed an

arriving at this party a couple of years too

oversized role in keeping the economy

They suggested any moves should

late. The runaway-train phase of Toronto’s

growing.

be “countercyclical” – in other words,

housing market has only been here for a

put in place during times of economic

year or so, but this market was booming

And as much as the Bank of Canada has

strength, so they don’t risk triggering or

long before it tipped over the edge. At this

become increasingly concerned about

exacerbating an economic downturn.

stage, policy makers look as if they’re

the economic risks posed by the Toronto

Policy makers would then risk imposing

cops arriving at an out-of-control frat-

housing market, it also recognizes the

a substantial drag on household demand

house party at 2 a.m.; herding the drunken

economy’s recovery is still heavily reliant

only once other segments of the economy

revellers out the door could prove awfully

on strong residential activity. The housing

were capable of picking up the slack.

messy.

sector was almost entirely responsible for the central bank’s substantial upgrade

On Tuesday, the officials from the three

Mr. Holt argues a housing market that is

of its economic-growth forecast in last

levels of government talked about greater

stretched to its extremes – of debt loads,

week’s quarterly Monetary Policy Report.

sharing of information and, essentially, an

of ownership levels, of affordability – is

“You risk removing the one pillar of

agreement to avoid taking any dramatic

particularly sensitive to any change in

the economy [housing and household

measures that could exacerbate the

conditions that could undermine demand

consumption] that has been responsible

problem. In terms of managing the

and the response can be dramatic. No one

for 80 per cent of growth since 2010,

economic impact, that sort of slow and

needs reminding about what happened

absent any traction in other areas of the

incremental approach may be the best

when fragile housing markets in the

economy,” Mr. Holt said.

option. But in the meantime, every day

United States collapsed under their own

the Toronto housing market gets more

weight in 2008; it didn’t take long for the

In a recent report, Toronto-Dominion

bubbly, the potential ramifications of a

entire global economy to pay the price.

Bank’s economics team argued any

policy misstep grow. They have entered a

government policy moves to rein in the

delicate dance, indeed.

Adding to the problem is that to no small

Toronto market will need to be much

degree, those extremes were by design.

more limited than rate hikes – and

Canada has pursued years of ultralow-

not just because of the very broad

interest-rate policies expressly to buoy

nationwide ramifications of raising rates.

David Parkinson - The Globe & Mail Tuesday, April 18th, 2017

Canada’s Two Largest Royal LePage Canada April 18, 2017 According to the Royal LePage House

to $681,728, and the price of a bungalow

continued Soper. “For weeks now, we

Price Survey released today, Canada’s

increased 10.9 per cent to $490,018.

have witnessed a steady fall in real estate

residential

saw

During the same period, the price of a

values in the Lower Mainland, with sales

substantial price growth in the first

condominium increased 8.9 per cent to

activity down some 40 per cent compared

quarter of 2017. While the majority

$373,768.

to recent norms.”

modest gains, price appreciation across

“For the first time in several years, real

“There is now reason to believe that the

much of Ontario significantly outpaced

estate markets in Vancouver and Toronto

market correction underway in Vancouver

the rest of the country, with similar

are headed in opposite directions,” said

may be short-lived,” said Soper. “The

market dynamics to those that have

Phil Soper, President and CEO, Royal

principal victims of the B.C. government’s

driven housing activity in the Greater

LePage. “The Vancouver market stalled,

foreign buyer tax were Canadians who

Toronto Area (GTA) beginning to impact

as confused consumers took to the

had planned to sell or buy a home and

the entire “Golden Horseshoe” region of

sidelines after a series of uncoordinated

were frightened away by unsubstantiated

south-central Ontario, and as far away

moves by all three levels of government.

rhetoric in which the Chinese were

as Windsor and London in southwestern

With the housing shortage becoming

entirely to blame for Vancouver’s housing

Ontario. Meanwhile, the pace of year-

more acute, Toronto easily stepped

shortage. The reality is that as much

over-year home price appreciation in

forward to assume the title of Canada’s

as 90 per cent of the housing activity

Greater Vancouver was noticeably lower

most overheated real estate market.”

that disappeared overnight in the Lower

real

estate

market

of Canadian housing markets posted

than the historic highs witnessed in 2016,

Mainland after the tax was introduced

and for the first time since 2013, home

A price reset is underway in British

was from Canadian residents, not foreign

values for the region as a whole declined

Columbia’s

where

investors. Homebuyers are waking up to

on a quarterly basis.

eroding affordability coupled with recent

this reality and may be ready to rush back

public policy intervention abruptly slowed

into the market.”

Lower

Mainland,

The Royal LePage National House Price

activity. The number of homes trading

Composite, compiled from proprietary

hands has fallen steeply, and home

Soper explained, “An unfortunate side

property data in 53 of the nation’s largest

values have begun to adjust downward as

effect

real estate markets, showed that the price

demand falls.

intervention is that we risk market

of a home in Canada increased 12.6 per

heavy-handed

regulatory

whiplash. In the coming weeks, it is

cent year-over-year to $574,575 in the

“Vancouver

possible that six months of pent-up

first quarter. The price of a two-storey

compared to the first quarter of 2016,

demand will be unleashed on the market,

home rose 13.9 per cent year-over-year

yet this doesn’t tell the complete story,”

sending prices sharply upward again; this

house

prices

are

Real Estate Markets Head in Opposite Directions in the First Quarter of 2017 when the pre-intervention 2016 trend was

of Canada appreciating by a healthy, but

analysis to support these policy moves,

a natural market slowdown based on

much lower, 6.4 per cent year-over-year

could lead to a sharp price correction,

eroding affordability.”

when excluding all regions within Ontario.

impacting not only household wealth,

Meanwhile, price appreciation in the

For this reason, dialogue concerning the

economy as well,” said Soper. “We

Greater

but damaging the broader Canadian new

health of the GTA housing market has

applaud

heights in the first quarter, rising by an

Toronto

Area

reached

moved to the forefront of real estate

federal budget commitment to partner

unprecedented 20 per cent year-over-

commentary in recent weeks, amid

with the provinces and municipalities to

year across all housing types studied.

growing apprehension over the region’s

create a coordinated national housing

As Toronto home prices continued to

steep price gains and declining housing

strategy.”

significantly rise over the past year, so too

affordability – prompting some analysts

did values in suburban regions outside

of the city’s core, as more and more

adjustments, while others call for public

markets are in balance. Fairly priced

homebuyers looked farther afield for

policy responses.

homes are selling within a reasonable

forecast

major

downward

price

affordable housing. Elsewhere in Ontario,

Elsewhere

the

Canadian

the

government’s

country,

housing

amount of time. Bidding wars are rare

expanding economies and improving

“Canada is now the fastest growing

and buyers have an opportunity to make

employment have lifted what were listless

advanced economy in the world, and most

conditional offers.

housing markets into the strong growth

new Canadians are building their new

category, particularly those within a two-

lives in Ontario,” Phil Soper said. “With

Soper stated, “The mood in Alberta is

hour drive radius of the province’s capital.

high household formation levels driven

brightening, as the region adjusts to a

by expanding employment opportunities,

world of $50 a barrel oil. Signs of renewed

Significant

the

optimism can be seen all around the

has also extended much further into

home

supply of housing. In a low interest rate

province, from a spate of recent deals and

other

southwestern

price

appreciation

Ontario

are

playing

catch-up

with

markets

environment, many of these people will

pipeline approvals in the oil patch to major

like London and Windsor, due to strong

want to purchase a home, which is going

business investments such as a recently

demand, supportive economic factors

to put further upward pressure on home

announced five-storey, 95,000 square

and the quest for affordability. In fact, the

prices.”

foot Simons’ retail department store in

torrid pace of home price appreciation in

Calgary’s historic Lancaster building.

much of Ontario contributed almost half

“The hasty introduction of new real

This sense of stability is reflected in our

of the national aggregate home price

estate-related regulations or taxes in

House Price Composite which is showing

increase in the first quarter, with the rest

Ontario, in the absence of data and

slight year-over-year upticks in prices in

-continued from page 07 the province’s largest cities, where

market is seeing strong house price

“The overall Canadian market is

home values remained unexpectedly

vitality that is likely to grow over the

healthier in 2017 than it has been

resilient throughout the oil price

coming year. The region is now one

in years, yet the downside risks are

collapse driven downturn.”

of the healthiest real estate markets

greater too,” concluded Soper. “Our

in the country, currently sitting at mid-

economy,

On the other side of the country,

single-digit appreciation – which is

nicely from the 2014 oil crisis, is

continued

economic

well within the historical range that

sadly dependent on moves by an

improvement is also underway in

we would hope to see in the GTA and

unpredictable U.S. federal government

Quebec, against the backdrop of a

Lower Mainland of British Columbia,”

and can be swayed by unforeseen

provincial government surplus and a

concluded Soper.

global events, such as fallout from

refreshed focus on attracting business

has

recovered

Europe’s restructuring. Still, housing

investment in the region.

The Canadian economy was boosted

activity is strong and prices are rising

by strong export performance to an

at a healthy mid-single-digit rate across

“Quebec has emerged as an economic

expanding

market,

the land. The trend in Alberta, Quebec

shining star in Canada, showcasing

infrastructure spending at home, and

and Atlantic Canada is particularly

the lowest unemployment rates in

stabilizing global commodity prices.

encouraging. Our concerns with the

over 40 years and a promising year

The country’s unemployment rate

state of Canadian real estate begin

ahead for GDP growth. As a result,

dropped to 6.7 per cent in March,

and end with Toronto and Vancouver.”

Montreal’s

close to its lowest level in two years.

residential

real

estate

United

States

2017

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Ontario To Start Collecting Citizenship Data On Real Estate Buyers Home buyers in Ontario will have to start

to reveal whether they or their family

Columbia government last year. Many

providing details about their citizenship

members intend to live in a home as

provincial officials and private-sector

and residency when they complete land

their principal residence, and whether the

economists have said there is no data

registration documents, according to new

property will be leased out in whole or in

on the proportion of properties being

Ontario government regulations aimed

part.

purchased by foreign buyers in the

at gathering data on foreign buyers and speculators in the real estate sector.

Toronto region, making it difficult to The

information

must

provided

assess the potential impact of a new tax.

through the online Teranet system, which

Toronto Mayor John Tory has also said

The new reporting requirements will take

is used to submit land title documents

the city is assessing a tax on vacant

effect Monday, and will apply to anyone

for registration. The province said it will

properties, which Vancouver is currently

who buys land that contains up to six

allow a transition period of two weeks

implementing, but first want to collect

single-family residences, or when they

from April 24 to May 5 where it will not

data on how many homes are being

purchase agricultural land, according to

assess penalties for any â&#x20AC;&#x153;deficienciesâ&#x20AC;? in

purchased and then left vacant in the city

new Ontario Finance Ministry guidelines.

providing the new information.

by speculators.

about their residency, citizenship and

The new data is intended to provide the

The

permanent residency status. If property

province with more information on trends

purchase property for a mutual fund trust,

is bought by a corporation, it will have

in the housing market as it ponders

real estate investment trust or specified

to provide information about who owns

potential reforms to cool rapid price

investment flow-through trust will not

or controls the corporation. The rules

growth in the Greater Toronto Area.

have to complete the form.

Buyers will have to provide information province

said

institutions

that

also require people acting as trustees or nominees for other buyers to disclose

One

information about the beneficial owners.

a foreign buyerâ&#x20AC;&#x2122;s tax, similar to the

option

under

consideration

The province will also require buyers

15-per-cent tax introduced by the British

Janet McFarland - The Globe & Mail April 19, 2017

An Exclusive TanTeam Event

An Evening With

Thank You To Those Who Attended This Magnificent Evening!

Brought To You By

Ontario’s Rent and Housing Reform: 16 Big Changes, Explained In Charts On Thursday, Ontario announced it would widen rent-control rules and take pages from B.C.’s playbook to bring skyrocketing housing prices down. Here’s what you need to know Rental Housing What Ontario is doing: • Expanding rent control to all private rental units • Introduce legislation to standardize language in rental leases and make other changes to the Residential Tenancies Act

The

Tom Cardoso and Evan Annett - The Globe & Maile Friday, April 21, 2017

backstory: To crack down on real-estate speculation, Ontario is taking a page from British Columbia’s playbook. Last August, B.C. introduced a 15-per-cent tax on residential properties bought by

• Making sure multiresidential apartment buildings are charged

owners who aren’t Canadian citizens or permanent residents,

property taxes at similar rates to other residential properties

which sent property sales plunging almost immediately. But

• A $125-million program over five years “to further encourage the construction of new rental apartment buildings”

another side effect has been a dip in property transfer tax revenue, one of the province’s key sources of income.

The backstory: Ontario’s current two-tiered system for rent control is a loophole left over from the Mike Harris era. In the 1990s, the Progressive Conservative government removed rent control on new rental properties but left them intact for properties built before 1991. The result has been a development boom for condos, which are exempt from rent control, and whose residents can see rent hikes of 30 per cent or more.

‘Property scalpers’ beware What Ontario is doing: • Working to understand and tackle real-estate practices that allow “paper flipping” and other speculation • Reviewing rules for real-estate agents to “ensure that consumers are fairly represented” The backstory: Mr. Sousa has spent the past few weeks promising a crackdown on “property scalping” in Ontario, which he described as “those who go into new developments, buy up a slew of properties, and then flip them, while avoiding paying their fair share of taxes.” That phrase didn’t make it into Thursday’s Foreign buyers and speculation

announcement, which instead referred to “paper flipping.”

What Ontario is doing:

Ontario’s crackdown is focused on people who buy pre-

• Introducing a 15-per-cent “Non-Resident Speculation Tax” in the

construction homes and sell the contracts on assignment before

Greater Golden Horseshoe region

they’re built. This differs somewhat from what came to be known

• Partnering with the Canada Revenue Agency to strengthen reporting requirements and make sure taxes are paid on realestate purchases and sales

in B.C. as “shadow flipping,” which involved purchase contracts being used for real-estate speculation existing homes. A a Globe investigation of the practice in B.C. led to legislative changes cracking down on it. Here’s how that practice worked in B.C.

-continued from page 11 • Educating consumers on their rights in real-estate transactions • Giving municipalities “flexibility” to use property taxes to fuel development • Overhauling standards for elevator repair • An updated Growth Plan with municipalities to address density and “an appropriate range of unit sizes”

Vacancy Tax What Ontario is doing: • Introducing legislation to let Toronto “and potentially other municipalities” introduce vacancy taxes The backstory: Last year, Vancouver – where 6.5 per cent of the housing stock is vacant, according to a recent study, the city’s highest proportion in 35 years – became Canada’s first city to impose a vacant housing tax. (The city is still implementing the 1-per-cent tax, with the first payments due in 2018.) Toronto Mayor John Tory has actively sought to follow Vancouver’s lead.

Other Changes What Ontario is doing: • Create new market housing and affordable-housing units with surplus provincial land • Creating a “Housing Supply Team” to identify obstacles to housing developments and work with developers and municipalities to address them • Establishing a group to advise the government on the housing market and the effects of the newly announced changes

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ENTERTAINERS HAVEN 2 STORY DETACH IN CREDIT VALLEY Brampton - Credit Valley 37 Kirkhaven Way Move Into Sought After Credit Valley Area Just Right Across From The Mt. Pleasant GO Station! Located On A Premium Pie Shaped Lot, Has Ample Space For 4 Car Parking On The Driveway & 2 Car In Double Car Garage. This Well Upgraded Home Features 9ft Ceilings and Slate Tiles, Chocolate Hardwood Floors Throughout The Main Level, Kitchen Comes With Black Granite Countertops, Chocolate Cabinets, Island, Over and Under Cabinet Valence Lighting, Stainless Steel Appliances & Gas Stove (Built In Convection Oven) With Stainless Steel Exhaust! Upper Level Features 4 Bedrooms With Bourbon Flooring Throughout Complete With Upper Level Laundry! Fully Finished Basement Comes Complete With 1 Bedroom, 4Pc Bathroom & Spacious Windowed Recreation Area. Backyard Features An Extravagant Landscape With Multi-level Tired Decks! There Were Original Plans To Put In A Custom 10ft Wet Bar (Comes With Custom Wooden Arbor Stretching Throughout The Width Of The Deck!) Privacy Interior Lattice Around Perimeter Of The Deck Allows Complete Total Privacy At All Levels! Gas Line For Endless Hours Of BBQâ&#x20AC;&#x2122;ing And A Gravel Area For An Above Ground Fire Pit! Spend More Time Enjoying The Things That You Enjoy And The Time Spent That Means A Lot To You.

FSBO LISTING A P P ROX 2 5 0 0 S Q F T | 4 + 1 B D R M | 3 . 5 BAT H | 2 - C A R G A R AG E

Asking Price $949,949

Executive Detach Backing Onto Greenspace Mississauga - East Credit Area 1549 Portsmouth Pl Don't Miss This Chance To Move Into This Executive Detach Home Backing Onto Green Space In East Credit, Mississauga. Situated Near Intersection Of Eglinton Ave and Creditview Rd. This Property Features 5 Bdrms Each With Access To A Bathroom, Hardwood Throughout, Granite Counter Tops and Backsplash, Stainless Steel, Undermounted Kitchen Sinks, Custom Kitchen Cabinets With Additional Pantry Spaces, Gas Fireplace In Family Room, Pot Lights In Kitchen and Family Room, Generous Sized Bedrooms, Enclosed Patio, Custom Landscaping, Complete With Paved Driveway, Paved and Stone Arbor Backyard With Utility Shed. Conveniently Near Public Transit, Shopping and HWY 403. Book a Private With The TanTeam Today! 416-669-1748 • support@tanteam.com -SOLDMLS W3637818 A P P ROX < 3 , 0 0 0 S Q F T |

5 B D R M | 5 BAT H | 2 C A R G A R .

Asking Price $1,249,813

AT A G L A N C E • • • • • • • •

Easy Access To Schools and Public Transit Easy Access To HWY 403 Strategically Near Square One Shopping Centre Finished Basement 5 Bedrooms Each With Access To Bathrooms High Demand East Credit Area Near Shopping, Retail & Amenities Stone throw away from Down Town Streetsville

NEWLY RENOVATED UPDATED DETACH 2 STOREY Brampton - Central Park 25 Holmcrest Crt 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 ďŹ&#x201A;oor concept, new laminate ďŹ&#x201A;oor 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).

A P P ROX 1 4 9 9 S Q F T | 4 B D R M | 1 . 5 BAT H | L a r ge B a c k y a rd

Asking Price $539,935 E XC L U S I V E L I ST I N G

FAMILY FRIENDLY, WELL MAINTAINED DETACH Brampton - North West Sandalwood Pkwy Family oriented 3bdrm detach in quiet and mature neighbourhood. Move-in ready, fairly open ﬂoor plan. Property features 2 door garage, vanilla full unﬁnished basement. Call The TanTeam for more information! FSBO LISTING A P P ROX 2 4 0 0 S Q F T | 3 B D R M | 2 . 5 BAT H | O P E N CO N C E PT

Asking Price $799,997

March 2017 GTA REALTORS® Release Monthly Resale Housing Figures Toronto Real Estate Board President

both in the media and among

Larry Cerqua announced that Greater

government policymakers, about the

Toronto Area REALTORS® reported 8,014

amount of foreign buying activity in the

“The listing supply crunch we are

residential sales through TREB’s MLS®

GTA. A recent Ipsos survey of the TREB

experiencing in the GTA has undoubtedly

System in February 2017. Despite the

membership on foreign buying activity

led to the double-digit home price

fact that February 2016 had one more

suggests that the impact of foreign

increases we are now experiencing on

day due to the leap year day, this result

buyers in the GTA marketplace has

a sustained basis, both in the low-rise

was up on a year-over-year basis by

been somewhat overblown. GTA-wide,

and high-rise market segments. Until we

5.7 per cent compared to 7,583 sales

the number of transactions accounted

see a marked increase in the number

reported last year.

for by foreign buyers was less than

of homes available for sale, expect very

five per cent. Furthermore, the great

strong annual rates of price growth to

“The February statistics tell me that

majority – 80 per cent, to be exact – of

continue,” said Jason Mercer, TREB’s

many Greater Toronto Area households

foreign buyers were purchasing a home

Director of Market Analysis.

continue to view home ownership as a

as a primary residence, a home for

great long-term investment. The high

another family member to live in, or as

The MLS® HPI Composite Benchmark

demand for ownership housing we’re

an investment to rent out to a tenant,

Price was up by 23.8 per cent compared

seeing is broad-based, with strong sales

which is helpful in a tight rental market,”

to February 2016. Similarly, the average

growth for most low-rise home types and

continued Cerqua.

selling price was up by 27.7 per cent

condominium apartments. This makes

rather than months.

year-over-year to $875,983. Annual rates

sense given the results of a recent

“To date, the provincial government and

of price growth continued to be strongest

consumer survey undertaken for TREB by

municipal governments have resisted the

for low-rise home types, particularly

Ipsos, which found an even split between

implementation of a foreign buyer tax in

detached houses. Growth rates for

intending first-time buyers and existing

the absence of empirical evidence. The

condominium apartment prices were

homeowners who indicated that they

Ipsos survey of TREB Members should

also in the double digits, likely a result of

were planning on purchasing a home in

further solidify the argument that the

strong demand from first-time buyers.

2017,” said Cerqua.

solution to strong rates of price growth and related affordability concerns lies

“Over the past year, we have reached a

According to the recent Ipsos survey of

not with taxing foreign buyers more,

point where government policies that

intending GTA home buyers, first-time

but rather with addressing the supply of

target only the demand side of the

buyers will continue to account for much

homes available for sale, or lack thereof,”

market, whether we’re talking about

of the demand for ownership housing

added Cerqua.

foreign buyers or further changes to

in Toronto and the surrounding regions.

mortgage lending guidelines, will not be

For the GTA as a whole, 53 per cent of

While the demand for ownership

enough to balance market conditions

likely buyers indicated that they would

housing grew over the past year, new

and moderate the pace of price growth,”

be first-timers – up from 49 per cent a

listings entered into TREB’s MLS®

continued Mercer.

year earlier. First-time buying intentions

System in February were down on a

were highest in the City of Toronto, where

year-over-year basis by 12.5 per cent

“In 2017, policymakers at all three levels

64 per cent of likely home purchasers

to 9,834. This continues a pattern we

of government must turn their attention

indicated they would be first-timers –

saw throughout much of 2016, with

to the supply of homes available for sale.

up from 56 per cent a year earlier. The

the sales trend pointing up while the

They should consider revisiting land-use

higher percentage of first-time buyers in

listings trend has been down, which has

designations in built-up areas to allow

the City of Toronto likely relates to the

resulted in a contraction of the inventory

for a greater diversity of home types,

prevalence of condominium apartments,

of homes available for sale. TREB’s

streamlining development approvals

which are a popular entry point into

average months of inventory trend for

and permitting processes, and looking

home ownership.

February was at one month, while in

at ways to incentivize landowners to

many neighbourhoods across the GTA,

develop their land,” suggested Cerqua.

“There has also been much speculation,

inventory can now be measured in weeks

Toronto Real Estate Board April 05, 2017

April 2017 GTA REALTORS® Release Mid-Month Resale Housing Figures Greater Toronto Area REALTORS® reported 6,098 transactions through TREB’s MLS® System during the first 14 days of April 2017. This result was up by 10.8 per cent in comparison to the same time period in March 2016. Sales were up for all major home types on a year-over-year basis – both in the City of Toronto and surrounding regions making up the TREB market area. The number of new listings was also up annually, at 8,978 compared to 7,696 – an increase of 16.7 per cent. It is interesting to note that the annual rate of increase for new listings outstripped the annual rate of increase for sales. This means that market conditions were less tight compared to last year, with sales accounting for a

Looking forward, growth in new listings will have to outstrip growth

smaller share relative to new listings.

in sales for a sustained period of time in order for more balanced market conditions and, by extension, a more moderate pace of

The overall average selling price for transactions reported during

home price growth to emerge.

the first two weeks of April was up by 29.8 per cent compared to the first two weeks of April 2016. Looking at the TREB market area as a whole, the strongest annual average rate of price growth was experienced in the condominium apartment market segment. Toronto Real Estate Board April 19, 2017

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