J a n u a r y I s s u e
0 5
-
F e b r u a r y V o l u m e
0 1
service a word
The TanTeam can provide you with an unparalleled level of service and attention when it comes to an important decision such as buying and selling your home.
Our passion and knowledge of the area and commitment to making a difference has helped us build a name for offering the highest level of customer service possible. Call The TAN Team now if you are planning to buy or sell your next home.
your trusted
real estate advisors
PENG HOCK TAN REAL ESTATE BROKER & ADVISOR DIRECT: 416-6 669-1748
KAI MIN TAN
REAL ESTATE SALES REPRESENTATIVE DIRECT: 416--720-1738
TABLE OF
C O N T E N T S P A G E
JAN-FEB 2017 Volume 05 Issue 01
04
Housing Market Will See Fewer Wild Swings In 2017, Royal LePage Says
04
Now Is The Best Time To Go “EHS” - Find Out If It’s Right For You!
05
CMHC To Hike Mortgage Insurance Premiums Starting March 17
07-08
Real estate up, down or flat? 5 factors that could....
08-09
Growth Plan Fuelling GTA
09
TanTeam Seminar Thursday, February 23, 2017
10-21
2017 Winter January - February TanTeam Listings
22-23
December 2016 GTA REALTORS® Release Monthly Resale Housing Figure
23
January 2017 GTA REALTORS® Release Mid-Month Resale Housing Figures
Designer: Kai Min • Cover: Winter Scene • Source: Google Images • Advertising: Kai Min | admin@tanteam.com Designer: Kai Min • Cover: Lake Serenity • Source: Google Images • Advertising: Kai Min | admin@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.
Housing Market Will See Fewer Wild Swings In 2017, Royal LePage Says Hot zones like Toronto and Vancouver may cool, with prices going
On the whole, however, the company is forecasting much more
up in Alberta and Quebec..Royal LePage says the extreme regional
moderate swings in various housing markets, unlike what
disparities that characterized Canada’s real estate markets last
happened in 2016.
year will narrow in 2017 as overheated areas cool and slower
“The disparity in home price appreciation between Canadian
markets begin to gather steam.
regions has never been greater than that seen in 2016, with rates ranging from double-digit extremes in some cities to negative
In its latest report, the real estate company says this trend will
growth in others,” Soper said.
be driven by lower prices in Greater Vancouver and strong but moderating price growth in the Greater Toronto Area.
“In 2017, we anticipate a movement away from the regional extremes of real estate feast and famine — and that is a very good
“Unlike Vancouver where a price correction is underway, there is
thing.”
no relief in sight for the GTA — forward momentum and supporting fundamentals in the region are that strong,” Royal LePage’s chief
Royal LePage’s national composite index of prices increased 13 per
executive officer Phil Soper said in a release.
cent year-over-year to $558,153 in the fourth quarter of last year.
“And it is worth noting, Toronto area home prices are much lower
The company says that’s the highest year-over-year increase
that those on the West Coast”
recorded by the index in more than a decade
Meanwhile, prices in Quebec, Atlantic Canada and Alberta will
Two-storey homes led the gains, with the aggregate price rising
move higher, according to the report.
14.3 per cent to $661,730, while the price of a condo was up a more moderate 7.4 per cent to $356,307. CBC News January 12, 2017
now is the perfect time to go “ehs”
to find out more
Speak To The TanTeam To See If It’s Right For You
416-669-1748 • support@TanTeam.com THE PREFERRED WAY TO DO REAL ESTATE
4
CMHC To Hike Mortgage Insurance Premiums Starting March 17 Housing agency says new rules will mean an extra $5 a month for
The fee changes are outlined as follows:
the average insured mortage holder The Canada Mortgage and Housing Corporation will charge borrowers a few dollars more every month to insure their mortgages, starting in March.
The housing agency made the announcement
in a release Tuesday. Starting March 17, CMHC will charge mortgage holders slightly more every month to insure their loans By law, anyone putting down less than 20 per cent of the purchase price of a home in Canada must pay mortgage insurance, even though the homeowners themselves don’t benefit from that coverage. Rather, it’s a fee borrowers pay so if they default on loans, their lenders aren’t on the hook. Instead, an insurance payout would cover any defaulted loans. CMHC says the average loan on its books is for about $245,000. It Premiums are calculated based on the amount borrowers are
expects the changes announced Tuesday to work out to an extra $5
getting versus the size of the down payments.
a month, on average, per borrower.
Typically, CMHC fees are as little as 0.6 per cent of each loan’s
“We do not expect the higher premiums to have a significant impact
value. But on smaller down payments and larger loans, the fees
on the ability of Canadians to buy a home,” said Steven Mennill,
can mount to 3.6 per cent — more than six times as much as the
CMHC’s senior vice-president of insurance. “Overall, the changes
lowest rate.
will preserve competition in the mortgage loan insurance industry and contribute to financial stability.”
In an expensive market such as Toronto, for example, where the latest figures show the average house price is $730,472, a borrower
The changes will only affect mortgage applications received as of
with a small down payment of less than 10 per cent would have to
March 17. Anyone who already has a mortgage or has applied for
borrow $682,425 to buy the average house in that city, mortgage
one will be grandfathered into the old rates.
comparison website RateHub.ca calculates. As of Jan. 1 of this year, Canada’s top banking regulator the Office Under current rules, the CMHC charges 3.6 per cent to insure that
of the Superintendent of Financial Institutions (OSFI) requires
mortgage, or $24,567 over the life of the loan.
banks and insurers to hold more capital against the mortgages on their books. One of the easiest ways to do that is to pass those
Under new rules starting March 17, the CMHC will charge four
costs on to borrowers by charging them more to insure loans.
per cent of that loan’s value to insure the loan. That pushes the premium to $27,297, an increase of $2,730 or $12 a month.
The last time the housing agency hiked premiums was in 2015, when it hiked premiums by as much as 15 per cent for some
Different borrowers will pay different amounts depending on how
borrowers.
much they are borrowing, and how much equity they have.
Pete Evans - CBC News January 17, 2017
5
Real Estate Up, Down or Flat? 5 Factors That Could Affect Home Prices In 2017 Outside forces like U.S. interest rate hikes and foreign buyers play
2. Canadian economy
important role Whether you are looking to buy or deciding if this is the year to sell, the question on many minds both at home and abroad is, “Will Canadian real estate keep booming?” For years now, predictions that house prices would stop climbing, or even crash, have repeatedly proven false. Could 2017 be the year? Here’s a look at five factors that could affect Canadian real estate in 2017. 1. U.S. Federal Reserve’s interest rates The real estate market tends to slow down as winter strikes. The health of the overall Canadian economy can have a major impact on house prices. (Mack Duffy)
If Canadians feel real estate prices are going to stay strong, a small rise in interest rates won’t necessarily put them off buying a family home. But rising rates plus a weakening Canadian economy could conspire to reduce the total number of domestic buyers and put downward pressure on the market. Predictions for the Canadian economy have been all over the map as analysts balance a resurgence in oil and gas, rising manufacturing Federal Reserve Chair Janet Yellen has indicated she could raise interest rates three times in 2017, increasing some mortgage rates by a full percentage point. (Gary Cameron/Reuters)
and a weaker loonie against fears for trade in a Donald Trumpdominated North America. Last week, a British think-tank, the Centre for Economics and Business Research, predicted Canadian growth would stall at two per cent as the economy slips from 10th
Although the Canadian and American central banks set their
place to 12th, behind Indonesia and South Korea.
interest rates independently, the rate set by U.S. Federal Reserve Chair Janet Yellen has a huge impact on Canadian mortgage rates. That’s because mortgage lenders take their cue from global bond rates set in New York. Why lend to homebuyers at less than you could get on the same money in safe bonds? When she increased rates by a quarter of a percentage point in December, Yellen implied there would be three more rate rises in 2017. That means prospective Canadian homebuyers should expect mortgage rates to get more expensive in the
coming
year,
though
many
market
commentators
have expressed doubts that Yellen will move that fast.
Planning is already underway...
ANOTHER TANTEAM EVENT COMING SOON saturday March 18 2017 You Want In On The Fun? You Know What To Do:
416-669-1748 • support@TanTeam.com THE PREFERRED WAY TO DO REAL ESTATE
Are You Ready? 6
3. Foreign buyers
in
Canada’s
priciest
cities.
Nor
has
there
been
any
shortage of buyers to snap up newly constructed flats. The government’s
Canada
Mortgage
and
Housing
Corporation
and real estate analysts will be watching carefully to see whether construction and potential buyers stay in balance.
China has been trying to crack down on techniques to get money out of the country as the currency falls, but millions of Chinese continue to look for good foreign investments, including Canadian real estate. (Reuters) The Canadian Press news agency declared the “foreign investor” Canada’s business newsmaker of the year. And while many have scoffed at the impact of foreign buyers on the domestic real estate
B.C. Premier Christy Clark raised taxes on foreign homebuyers, but critics say a new provincial loan to help first-time homebuyers will increase demand. (CBC)
market, there is little question that a sudden decline of outside
5. Government regulation
buyers, especially from China, could have a slowing effect on
A wild card in the housing market is how governments react to
Canadian house prices.
changes in real estate prices. No matter how strong their stated commitment to market forces, as we’ve seen at both the federal
The importance of the investment from China is its absolute size.
and provincial levels, governments are willing to meddle when they
Not only the wealthy, but millions of middle-class investors are
get blamed for prices that are unaffordable.
looking for places to stash money as the Chinese currency falls. So far the Chinese government has failed to stop the flood of money
The trouble is a sudden change in rules, such as the tax on foreign
out of the country, but that could change.
buyers in Vancouver, can cause equally sudden distortions in the expected path of house prices. If prices were to begin to fall,
4. Construction
inevitably governments could become worried about the impact on the wider economy, in which real estate has become a reliable driver of jobs and growth.
Don Pittis · The Business Unit · CBC News December 29, 2016
Construction workers are making more real estate, but the CMHC is watching carefully to see if new construction is keeping pace with demand. (Ben Nelms/Bloomberg)
It used to be said that land prices could never fall because “they ain’t makin’ any more of it.” Now that a major part of the real estate market is not just suburban building lots but highrise condos, that is no longer strictly true. So far, there has been no shortage of real estate developments
7
Growth Plan Fuelling GTA Housing Prices, Developers Told CIBC economist says the province’s
But the likelihood of Queen’s Park
policy is driving up home prices.
It is restricting the supply of land,
changing the growth plan “is zero,” Tal
“making things very difficult when it
added.
A leading Canadian economist is adding
comes to housing,” he told a meeting
his voice to those who argue that the
of the Building Industry and Land
He also cited development charges
Ontario government’s growth plan is
Development Association (BILD) in
and slow municipal approvals for
largely to blame for pricing homes
Vaughan.
contributing to the affordability problem
beyond the reach of many buyers.
in the Toronto region housing market, “Affordability and Places to Grow cannot
particularly in the development of high-
co-exist,” Tal said on Thursday.
demand, low-rise homes.
number one reason GTA house prices are
If the government increases its
His comments come as the province
rising,” said Benjamin Tal, deputy chief
intensification targets —something that
faces increased pressure from
economist for CIBC World Markets.
the province is considering in its update
competing interests in its growth plan
to the growth plan expected next year —
review.
Land supply restrictions resulting from the plan called, Places to Grow, is “the
According to Building Industry and Land Development Association, it’s the lack of serviced land with the necessary water and wastewater infrastructure that is limiting housing supply in the GTA (MARK BLINCH / REUTERS FILE PHOTO)
it is going to present major difficulties to municipalities.
Earlier this month Neptis Foundation, an independent research agency, published
a report disputing the notion that land
president Ben Myers at Thursday’s BILD
constraints were behind high Toronto
event.
income growth in the region.
region housing prices. There is at least
Toronto region housing
enough land — much of it designated
In the Toronto region, buyers put down
for low-rise homes — to last another 15
about 10 per cent on average compared
12,000 - Number of low-rise homes built
years, said Neptis.
to 9 per cent and 8 per cent, respectively,
in the Toronto area last year, compared
in Vancouver and Calgary.
to 29,000 in 2004
serviced land with the necessary water
But with no sign of relief for the shortage
52.9% - First-time Toronto area buyers
and wastewater infrastructure that is
of low-rise housing in the region, buyers
(Canadian residents) who put down 10%
limiting supply.
are jumping the Greenbelt, the area
or less on their home purchase
But, according to BILD, it’s the lack of
of protected farmland surrounding Municipalities are also complaining that
Toronto, and buying up homes in places
45.5% - Foreign and recent immigrant
proposed increases to the provincial
such as Dufferin and Simcoe counties,
buyers who made a downpayment of
density targets, from 50 residents and
Peterborough and Kawartha Lakes, said
30% or more on a home, compared to
jobs per hectare to 80 residents and jobs
Myers.
14.3% of “domestic investors” who put
per hectare — are too high.
down that much “We’re not reducing (sprawl). We’re
“Some municipalities are clear they
moving it somewhere else,” he said.
13% - Toronto area home price inflation
just cannot support them,” said former
in the second quarter of 2016, compared
Mississauga Mayor Hazel McCallion in
About half of realtors surveyed by
to 36% in Vancouver and -8% in Hong
a press release following a regional land
Fortress this year expect to see more
Kong
use planning summit last month.
families living in downtown condos in the next five to 10 years, said Myers.
87% - Condos sold in all stages of
Despite the ongoing concerns about
development in the Toronto region -- the
high housing prices, Toronto area buyers
Toronto area home prices were up
are making bigger downpayments than
13.6 per cent year-over-year in the third
those in some other major markets, said
quarter, according to a Royal LePage
Fortress Developments senior vice-
report on Thursday. They far exceed
highest market absorption rate in history Source Ben Myers, Fortress Developments
Tess Kalinowski - Real Estate Reporter Toronto Star October 13, 2016
how to manage
real estate in 2017 Thursday, Februar y 23, 2017 Free Seminar By The TanTeam At Royal LePage Meadowtowne Realty 6948 Financial Dr, Mississauga ON L5N 8J4 Learn What’s Changed, How It Impacts You, What’s Expected In The 2017 Real Estate Scene w w w . T a n T e a m . c o m / m a n a g e 2 0 1 7 For Registration More Information
9
OLD FOUR SEASONS ON YORKVILLE PLAZA IN TORONTO ANNEX To r o n t o - A n n e x The New Residences Of Yorkville Plaza. “Four Seasons Hotel” The Paris Model 500sf 1 Bedroom + Den, On Sub-Pent House Level (31) Sold Out Floor Plan! Coveted Full North Unobstructed Exposure. Steps To Yorkville Shops, Avenue Road, U Of T, Subway and the Hazelton Lane Market! FSBO LISTING A P P ROX 6 0 0 S Q F T | 1 + 1 B D R M | 1 BAT H | F U L L V I E W
Asking Price $580,813
10
CUSTOM DESIGNED 2 STORY DETACH IN ERINDALE Mississauga - Erindale 2599 Old Carriage Rd Not to be missed…Start packing and move into this stunning custom built executive 4+1 bedroom detach. Massive open ceiling front entrance foyer with julliet view from upper level, generous sized family, living and dining areas with large eat in kitchen complete with granite counter tops, stainless steel appliances, plenty of hardwood cabinets and pantry. Family and Living area features a double see-through fireplace. Main level includes cozy study/office room.jacuzzi. Just minutes away from amenities, shopping and University of Toronto Mississauga Campus! A P P ROX 5 0 0 0 S Q F T | 5 B D R M | 5 BAT H | 2 - C A R G A R AG E
A s k i n g P r i c e $ 1 ,1 4 5 , 8 1 3 -SOLD-
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 BBQ’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 $799,997
12
FEATURED PROPERTY Live In Mississauga Next To Oakville Border Mississauga - Erin Mills Area 2995 Valcour t Dr Conveniently Located At The Edge Of Erin Mills Bordering Oakville, Near Shopping, Dining, HWY 403, Public Transit, and Amenities. Situated On A Premium Pie Shape Lot, Property Features A Generous Large Vanilla Backyard, Attached Double Door Garage With 4 Car Driveway, 4+1 Bdrm 2 4pc Bathroom On Upper Level, Finished Basement With Wet Bar Large Recreational Space, 1 Bedroom and 3 Pc Bath. Don’t Miss This Opportunity To Move In While You Can! Contact The TanTeam today To Book A Showing! E XC L U S I V E L I ST I N G A P P ROX 2 2 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 $829,813
BUILDER FLOOR PLANS AVAILABLE CO N TAC T U S F O R M O R E I N F O R M AT I O N
AT A G L A N C E • • • • • • •
Easy Access To Public Transit Near Shopping, Restaurants & Amenities Large Vanilla Premium Pie Shape Backyard Next to border of Oakville Finished basement w/bdrm, bath and wet bar 2 Door garage with 4 car driveway parking Mature, Quiet Neighbourhood
15
Welcome Home To The Treetops! Mississauga - Meadowvale Area 6855 Glen Erin Drive A Unique Condo Townhouse Complex Located Just Off Derry Rd and Glen Erin Dr. Well Maintained Property Features New Bamboo Hardwood Flooring Throughout, Renovated Kitchen With Stone Backsplash, Granite Countertops, Potlights, B/I S/S Microwave, and Valence Lightning. Main Level Features Brick Fireplace Including Another In The Fully Finished Basement With Separate Entrance (To Car Port) and 4Pc Bath. Upper Level Features A Renovated 4 Pc Bath And Generous Sized Bedrooms. Take A Swim In The Complex Private Outdoor Pool This Summer or Take A Walk Through Maplewood Park And The Variety of Nearby Paths/Trail Systems or Visit Lake Aquitaine. Conveniently Nearby Schools and Shopping Amenities, Meadowvale Town Centre & Library. Won’t Last Long, Move In Today! -SOLDA P P ROX 1 4 5 0 S Q F T |
3 + 1 B D R M | 2 . 5 BAT H | 1 - C A R P O RT
Asking Price $359,813 Sold For: $365,000 AT A G L A N C E • • • • • • •
Easy Access To Public Transit Variety Of Surrounding Trail/Path Systems Near Shopping (Meadowvale Town Centre) Near Retail & Amenities Separate Entrance W/Finished Basement Private Outdoor Pool In Complex Near Places Of Worship & Schools
17
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
19
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
21
December 2016 GTA REALTORS® Release Monthly Resale Housing Figures Toronto Real Estate Board President Larry Cerqua announced
Total new listings for 2016 were down by almost four per cent.
that 2016 was a second consecutive record year for home
In 2016, we saw policy changes and policy debates pointed at
sales.
Greater Toronto Area REALTORS® reported 113,133
the demand side of the market. If we want to see a sustained
home sales through TREB’s MLS® System – up by 11.8 per
moderation in the pace of price growth, what we really need is
cent compared to 2015. The calendar year 2016 result included
more policy focus on issues impacting the lack of homes available
5,338 sales in December – an annual increase of 8.6 per cent.
for sale,” said Jason Mercer, TREB’s Director of Market Analysis.
The strongest annual rate of sales growth in 2016 was experienced
TREB’s Market Year in Review and Outlook Report and media event will
for condominium apartments followed by detached homes.
include an expert panel and related submissions on the foundations of the housing supply issue in the GTA and possible solutions.
“A relatively strong regional economy, low unemployment and very low borrowing costs kept the demand for ownership housing
With continued strong rates of price growth, housing affordability
strong in the GTA, as the region’s population continued to grow in
is a growing concern. Unfortunately, the City of Toronto’s Budget
2016,” said Mr. Cerqua.
Committee is considering an increase to the Land Transfer Tax that could see buyers of average-priced homes pay another $750
“It is important to point out that the strong demand that we
to the City, which would represent a seven per cent increase to
experienced in 2016 was very much domestic in nature. TREB
the $11,000 that they already pay City Hall as an upfront Land
recently commissioned Ipsos to survey its Members with regard
Transfer Tax closing cost. This would be on top of the $12,000
to the level and type of foreign buying activity within the Greater
that is also paid to the province. First-time buyers could end
Toronto Area. The results of the Ipsos survey suggest that the
up paying $475 more, or, at best, be no better off, even though
level of foreign buying activity is low in the GTA. Only an estimated
the province recently doubled their first time buyer LTT rebate.
4.9 per cent of GTA transactions, in which TREB Members acted on behalf of a buyer, involved a foreign purchaser. In the City of
“The last thing people need is to dish out another $750, on top of
Toronto, the share of foreign buyers was five per cent,” continued
the $11,000 that they already pay City Hall. The City should be
Mr. Cerqua.
looking for ways to make housing affordability better, not worse, especially for first-time buyers who could go backwards, or at best,
The methodology of the Ipsos research involved an online survey
be no better off,” said Mr. Cerqua. “The Budget Committee should
of the TREB Membership hosted on the Ipsos platform. A total of
stop this proposal in its tracks and instead enhance the rebate for
3,518 surveys were completed between October 6 and October 21,
first-time buyers.”
2016. The margin of error is ±2 percentage points 19 times out of 20. TREB will be releasing the full results of the Ipsos survey dealing with foreign buyers on January 31, 2017, in conjunction with its Market Year in Review and Outlook Report and related media event. The annual rate of growth for the MLS® Home Price Index (HPI) in the TREB market area accelerated throughout 2016 – from 10.7 per cent in January 2016 to 21 per cent in December 2016. The overall average selling price for calendar year 2016 was $729,922 – up 17.3 per cent compared to 2015. The pace of the annual rate of growth for the average selling price also picked up throughout the year, including a climb of 20 per cent in December. “Price growth accelerated throughout 2016 as the supply of listings remained very constrained.
Active listings at the end
of December were at their lowest point in a decade-and-a-half.
22
Toronto Real Estate Board January 10, 2017
January 2017 GTA REALTORS® Release Mid-Month Resale Housing Figures Greater Toronto Area REALTORS® reported 1,540 home sales through TREB’s MLS® System during the first 14 days of January 2017. This result represented a slight decrease of 1.5 per cent compared to the first two weeks of January 2016, when 1,564 home sales were reported. Sales were down on a year-overyear basis for detached and semidetached houses, both in the City of Toronto, and the surrounding regions making up the balance of TREB’s market area. This ebb in sales likely had more to do with a lack of listings than a lack of demand. Sales
for
condominium
apartments and townhouses were up on an annual basis.
The average selling price for all home types combined was $692,234 during the first two weeks of January 2017, representing
New listings reported by REALTORS® during the first half of
a 16.3 per cent increase compared to a year earlier. Average annual
January were down by 24 per cent compared to the same period
rates of price growth were driven by the low-rise market segments,
in 2016. Even with sales down slightly, the much stronger dip in
but price appreciation for condominium apartments remained
new listings meant that market conditions tightened over the
above 10 per cent for the TREB market area as a whole
past year. Tighter market conditions translated into average lowrise home price growth above 20 per cent on an annual basis. Toronto Real Estate Board January 21, 2017
23
FIND US ONLINE! WE ARE EVERYWHERE
Official Website - www.TanTeam.com Google Maps - “The TAN Team, Mississauga” Twitter - @PengHockTan Facebook - www.facebook.com/TalkToTan Google+ - www.google.com/+tanteam