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TABLE OF
C O N T E N T S P A G E
Mar-apr 2017 Volume 05 Issue 02
04-05
Toronto’s Home Prices In Line With Other World Cities
06-07
For Chinese Home Buyers Seattle Is The New Vancouver
08-09
Ottawa Keeps Wary Eye, On Home Prices In Toronto, Vancouver
10
Toronto Faces Serious Housing Crunch As Prices Soar 22% And Supply Drops By Half
11
An Evening With Johnnie Walker - Exclusive Tanteam Event
12-13
From Luxury Lodging To Starter Home: What $1 Million Can Buy Across Canada
14-15
M-City TanTeam VIP Registration
16-23
2017 Winter January - February TanTeam Listings
24
February 2017 GTA REALTORS® Release Monthly Resale Housing Figure
25
March 2017 GTA REALTORS® Release Mid-Month Resale Housing Figures
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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.
Toronto’s Home Prices In Line With Other World Cities Bubble. What bubble?
market and interest rates are low,” said
global cities, said Renzoni.
Renzoni, who suggested that concerns Toronto’s soaring home prices are in line
about foreign speculation in the Toronto
“Even in a Canadian context, condominium
with the reality of other world cities such
housing market are overblown.
pricing in Toronto is significantly lower
as New York, Hong Kong and London,
than in Vancouver, significantly lower
says Mark Renzoni, president of global
“In Toronto, I would say the majority of
— discount lower — than New York or
commercial real estate giant CBRE.
foreign interest on residential, especially
London. It’s still balanced and it still
high rise. . . It’s families. They’ve got
creates a great opportunity for people
“The market is fairly balanced. It’s not
students in university here, they’ve got
to create wealth and expand their
being driven by foreign capital. It’s
other relatives here, they’ve got one
horizons with investment. But also they’re
being driven by Canadians, moving up,
spouse here. They’re buying additional
buying for themselves. You have to live
buying for the first time,” he told the Star,
residential real estate because they
somewhere,” he said.
following a speech at CBRE’s annual
believe in the investment grade quality of
market forecast event.
the product,” he said.
“There’s great jobs, there’s a sense of
On the high-rise side, Toronto condos are
optimism, there’s confidence in the job
very fairly priced when compared to other
“The marketplace here is really driven on fundamentals, which is supply and demand,” he said.
Foreign buyers behind only 5 per cent of
ubiquitous,” he said citing geo-political
Industrial: The line between industrial and
Toronto home purchases in 2016
uncertainty and technological innovation
retail space is blurring as e-commerce
as the over-riding trends in tenant and
grows and customers demand faster
investor demand for commercial real
delivery. In some cases, warehouse
estate.
or industrial space — already a stable
Housing
conditions
problematic
in
several Canadian cities including Toronto, CMHC says
segment of the Canadian market — has Morassutti cited the lack of coherent
effectively replaced bricks and mortar in
Newly built GTA home passes $1 million
trade and policy positions emerging from
retail. Online retailers need about 3 times
average price
the presidency of Donald Trump. Europe
the distribution space of brick-and-mortar
remains a question mark. Seventy-one per
retailers. Every $1 million in online sales
Some bank economists have recently
cent of foreign investment is Chinese and
comes with a corresponding requirement
suggested that the Toronto area housing
it’s not clear whether that country will find
for 1 million sq. ft. of distribution space.
market is dangerously overheated.
“a policy tourniquet” to stem the flow of capital leaving the country. Some reports
Residential: Affordability and lifestyle
The Toronto Real Estate Board has
are predicting that 47 per cent of jobs —
considerations are prompting younger
reported that re-sale home prices rose
700 occupations — will be automated as
Canadians to forgo home ownership just
20 per cent last year over 2015. January
artificial intelligence changes the face of
as the baby boomers are getting ready
prices were up 22 per cent year over
work, he said.
to cash in the equity in their homes and
year in the re-sale market. The average
downsize. A recent uptick in purpose-built
cost of a newly built single-family home
But there’s no indication that the appeal
rental development will increase. “Condos
surpassed $1 million in the region last
of Canadian commercial real estate will
have been the de facto rental in most
month, according to the building industry.
decline in the near future, said Morassutti.
cities. But there is a growing cohort who would prefer to live in a professionally
Renzoni said Toronto has attractive
“Skittish capital is being driven to
managed building rather than deal with
investment opportunities in the office,
Canada,” he said, noting that investment
a condo owner in another country where
industrial,
activity was at record levels in 2016 with
you have no security and you’re in a
every asset class outperforming its 10-
building that quite often resembles a frat
year average.
house,” said Morassutti.
Trends on the real estate horizon
Office: Will the demand for office
retail
and
multi-family
development sectors. He spoke to the Star following CBRE’s annual Canadian Market Outlook attended by about 1,400 brokers, developers and
space dwindle as white collar jobs
landlords at the Toronto Convention
Retail: Online shopping isn’t killing retail,
become increasingly redundant due to
Centre on Tuesday.
but it is separating the weak from the
automation? Morassutti suggests that
strong. Virtually every flagship mall in
the tech sector, which has driven demand
At the same event, CBRE’s executive vice-
Canada has been expanded or renovated
for office space, could respond the way
president Paul Morassutti outlined the
and experiential shopping is on the rise
banks reacted when automation reduced
unprecedented technological change and
as retailers try and keep shoppers in
their need for tellers. ATMs meant banks
unpredictable political landscape that will
their stores longer with attractions such
moved to smaller, cheaper branches and
shape the market in the coming months
as “foodie food halls” and high-tech
many bank teller jobs morphed into sales
and years.
golf driving ranges. Many retailers are
type positions introducing customers to
reducing the number and size of their
banking products.
“Change in every aspect of the market
stores and focusing on the best locations.
is inevitable, it is accelerated and it is
Tess Kalinowski - The Toronto Star Tuesday, February 28th, 2017
05
For Chinese Home Buyers Seattle Is The New Vancouver Canadian city’s tax-policy changes appear
Canadian province of British Columbia
Kyle Moss, a real-estate agent at Redfin,
to be driving overseas investors south.
imposed a 15% tax on foreign investment
said he received a call from a Chinese
in the city, which until recently was a
man within 72 hours of the tax passing
When Anna Riley, a Seattle-area real-
popular destination for Chinese. The
who said he represented 20 families
estate agent, held an open house for a
tax applies to anyone who isn’t a citizen
interested in buying real estate in
new $2.3 million listing in the tony city
or permanent resident of Canada and
Seattle. Mr. Moss said for some, the
of Bellevue late last month, the pool of
buys a home in metro Vancouver.
appeal is being near family and friends
prospective buyers was different from
who own in Vancouver, 120 miles away.
the usual assortment of tech magnates,
The provincial government says the
sports stars and chief executives.
tax policy is aimed at making homes
It is too early to quantify the effect of
visited
in the city more affordable for local
Chinese interest on Seattle’s home sales,
metro
residents, who have seen prices soar
and no one tracks the ethnicities of buyers
area—and all of them were Chinese.
by nearly 50% over the past three years.
in particular markets. But the sudden
The city of Vancouver also introduced
surge in interest in Seattle comes at a time
“Every single one,” said Ms. Riley, an
a separate vacancy tax of 1% on the
when it already ranks among the nation’s
agent at Windermere Real Estate, noting
assessed value of an empty property.
hottest real-estate markets. It led the
Twenty the
groups
property
in
of the
buyers Seattle
that Asian investors had typically, before
U.S. in home-price growth in November,
last year, accounted for about a quarter of
The moves have had a chilling effect.
according to a report released Tuesday by
the firm’s prospective buyers.
Web searches in China for Vancouver
S&P CoreLogic Case-Shiller Indices, which
Chinese real-estate buyers are suddenly
properties dropped 37% in December
found prices there increased by more
descending
than 10% over the same month in 2015.
region.
compared with a year ago, according to
Some are lured by perceptions the
on
the
Seattle
Juwai.com, an online real-estate portal
coastal city is a bargain, others by
that targets Chinese home seekers.
warm memories of the 2013 Chinese
Some places that have been favorites for Chinese in recent years—including
film “Finding Mr. Right,” which put
Seattle, by contrast, is red hot. Searches
London, Australia and, most recently,
Seattle on the pop-culture radar there.
for Seattle properties in China jumped
New York—are rolling out policies that
125% year-over-year in November, after
discourage foreign purchasers.
The biggest draw, though, might be the
increasing 71% in October, according to
fact that it isn’t Vancouver. In August, the
Juwai. They rose 1.8% in December.
06
In the U.K. in late 2014, the cost of
buying homes valued at more than
Ms. Guo, who attends college in Arizona,
agency, said she is seeing many Chinese
£937,000, or $1.17 million at current
said she doesn’t plan to live in Seattle full-
families and investors looking to sell
exchange rates, went up on a sliding
time but wanted a place for her and her
property in Vancouver and move their
scale, rising to a 12% tax on the portion
family to relax on vacation and was drawn
money to Seattle because of the tax. “I
of a sale over £1.5 million. In April, an
to Seattle’s temperate climate, according
think people realize that Vancouver is no
additional 3% was tacked on to the sale
to answers to emailed questions provided
more a fun place to do investments,” she
price of homes for foreign buyers or
by her real-estate agent, Robert Pong,
said.
for those renting out their properties.
senior
global
real-estate
adviser
at
Realogics Sotheby’s International Realty. Australia bars foreigners from purchasing
Lili Shang, an agent at the Seattle-area
resale properties, and some states also have imposed taxes on foreign purchasers. In New York, the mayor last week proposed a 2.5% tax on properties of $2 million or more, a favorite category of foreigners. Mike O’Brien, a Seattle City Council member, said he is exploring measures, including a vacancy tax, to combat another trend that has irked Vancouver residents: foreign investors who leave homes vacant and untended. “It baffles me that people would buy real estate here and not fill it up,” he said. Stella Guo, a third-year university student from China, and her family recently purchased two waterfront properties in Seattle for more than $5 million each. The family owns a Chinese development company and is looking at building projects in the northwestern U.S.
ByLaura Kusisto and Kim Mackrael - WSJ February 7th, 2017
07
Ottawa Keeps Wary Eye On Home Prices In Toronto, Vancouver Finance Minister Bill Morneau says rising
adopting a tax on foreign buyers along
home prices in Toronto and Vancouver
the lines of the one now in effect in
“We continue to be very focused on
are supported by low unemployment and
Vancouver. Meanwhile, Bank of Montreal
thinking about how we can manage what
higher incomes, but acknowledged the
chief economist Doug Porter has said
is peoples’ most significant investment.
government remains “very focused” on
that it is time to acknowledge the Greater
And we do watch the level of indebtedness,
monitoring the Canadian housing market.
Toronto Area is in the midst of a housing
in particular around housing,” said Mr.
bubble. Other financial-sector executives
Morneau. “We have strong underlying
The minister’s comments come as some
said this week that Ottawa should take
markets in the places where the housing
Bay Street leaders are expressing growing
more time to monitor the situation.
markets have been strong. So in Toronto
concern over the Toronto housing market in particular.
and Vancouver, unemployment is lower in Speaking to Columbia University students
those two places than it is in some other
during a visit to New York Tuesday ahead
places.
Royal Bank of Canada CEO Dave McKay
of a Wednesday stop in Washington, Mr.
said last week that he is increasingly
Morneau weighed in with his thoughts on
Incomes are higher. The economy is
concerned about the Toronto market
the two housing markets that continue to
doing better. So there are underlying
and that the city may need to consider
attract concern.
reasons for the housing markets to do
08
better and we’ll continue to monitor, to
Mr. Morneau’s first intervention in the
work with provinces and municipalities
Ottawa
restrict
Canadian housing market occurred in
who have an important role to play here
government-backed mortgage insurance
December, 2015, when he announced a
to manage what we see [as] a challenge,
to situations where the amortization
doubling of the minimum down payment
but not one that isn’t manageable.”
period is 25 years or less, the purchase
for insured mortgages to 10 per cent from
price is less than $1-million, the buyer has
5 per cent for the portion of a home’s
a credit score of 600 and the property is
value from $500,000 to $1-million.
The
minister’s
comments
represent
a continuation of the government’s
also
moved
to
owner-occupied.
wait-and-see message as it monitors
In a conference call Tuesday with
the housing market to see how recent
Another change requires tax filers to
analysts, Bank of Nova Scotia CEO Brian
tightening measures over the past year
disclose the sale of a primary residence.
Porter said market activity in the coming
have affected the sector.
Any capital gain would remain tax-free
months will need to be watched closely.
but the disclosure is meant to discourage The government made several changes
people from falsely claiming the primary
“We’ve been supportive of the changes
to the housing market in October. The
residence
that the government has made to the
changes included an expanded mortgage
investment properties.
exemption
when
flipping
mortgage market. I think we’re going to
stress test that requires home buyers
need some time to see those take hold,
with mortgages insured by the Canada
Finally,
launched
and we’ll see that through the spring
Mortgage and Housing Corp. to qualify
consultations on lender risk sharing. The
mortgage season,” he said. “This is a
not just for the negotiated mortgage rate,
proposal would require mortgage lenders
complicated issue. We’re concerned from
but also for the Bank of Canada’s five-
to take on more of the risk in the event of
the perspective that trees don’t grow
year fixed posted mortgage rate, which is
a insured mortgage default.
through the sky and markets will correct
usually higher.
the
government
at some stage here.”
By Bill Curry - The Globe and Mail February 28th, 2017
09
Toronto Faces ‘Serious’ Housing Crunch As Prices Soar 22% And Supply Drops By Half There are not enough houses to go
demand for ownership housing to remain
GTA — a problem that will continue to
around in Canada’s largest city, the latest
strong, including demand from first-
play itself out in 2017. The result will be
statistics from the Toronto Real Estate
time buyers who, according to a recent
very strong price growth for all home
Board seem to indicate.
Ipsos survey, could account for more
types again this year,” said Jason Mercer,
than half of transactions this year, said
director of market analysis, of TREB.
The new year kicked off with as much
Larry Cerqua, president of the board, in a
demand as 2016 as 5,188 transactions
release. “However, many of these would-
Prices increases were broad-based. The
were reported through the Multiple
be buyers will have problems finding a
average detached home in the city of
Listing Service in January, according to
home that meets their needs in a market
Toronto sold for $1,336,640, a 26.8 per
a report out Friday. That was an 11.8 per
with very little inventory.”
cent jump from a year ago. The average
increase compared to a year ago with
detached home in the 905 region is now
annual rates of sales growth higher for
The board’s MLS Home Price Index
close to $1 million, rising 27.8 per cent
condominium apartments than for low-
Composite Benchmark, which is
from a year ago to $999,102.
rise homes.
supposed to smooth out massive swings in price in some categories,
New listings just couldn’t keep up.
was up 21.8 per cent on
There were 7.338 new listings across
a year-over-year basis in
the Greater Toronto Area in January,
January.
compared to 8,906 a year ago. That supply imbalance drove the average
“The number of active
price of a home sold last month, across
listings on TREB’s MLS
all categories, to $770,745, a 22.3 per
system at the end of
cent increase from the $630,193 a year
January was essentially
ago.
half of what was reported as available at the same
“Home ownership continues to be a great
time last year. That
investment and remains very important
statistic, on its own, tells
to the majority of GTA households. As
us that there is a serious
we move through 2017, we expect the
supply problem in the
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)
Don Pittis · The Business Unit · CBC News December 29, 2016
now is the perfect time to go “ehs”
to find out more
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An Evening With
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Brought To You By
FROM LUXURY LODGING TO STARTER HOME: WHAT $1 MILLION CAN BUY ACROSS CANADA
Bang for your buck varies significantly, as the location, size, home finishes and condition of a $1 million home range widely by region
According to Royal LePage, Canada’s
A $1 million home’s location, size,
of bedrooms and bathrooms typically
leading real estate services provider,
proximity
current
found in a $1 million dollar home did
extreme
recent
and
home
condition ranked as the top four factors
not differ by region as materially as
that influenced its pricing, not unlike
the aforementioned four factors, there
have contributed to vast differences in
homes in other price ranges. However,
were noticeable differences between
the types of properties a prospective
together, these four characteristics varied
certain regions. In January, 2017, a $1
homeowner can expect to buy with a $1
considerably from region to region, with
million home in the City of Vancouver
million budget. While the once-exclusive
Canada’s two hottest markets – Toronto
had an average of 2.6 bedrooms and
$1 million home has become the norm in
and Vancouver – offering smaller, more
2.1 bathrooms, while on Canada’s other
certain markets, in others, it can purchase
dated two-storey “starter” homes when
coast, a $1 million home in Halifax had
anything from an ultra-luxury abode to an
compared to larger, luxurious mansions
an average of 3.1 bedrooms and 3.8
y entry-level residence.
g number elsewhere. While the average
bathrooms. Looking to Central Canada,
appreciation
in
amenities
Canada
price
variances
to
across
$1 million secured an average of 3.4 bedrooms and 2.5 bathrooms in the City of Toronto, while purchasing a $1 million home in Winnipeg delivered the biggest bang for your buck, with an average of 4.1 bedrooms and 4.0 bathrooms. In fact, of the seven cities studied across Canada – including Vancouver, Calgary, Saskatoon, Winnipeg, Toronto, Montreal and Halifax – Winnipeg provided the most living space overall, with $1 million fetching on average, a 3,505 sq. ft. luxury home in a desirable neighbourhood. During the same period, $1 million in Saskatoon secured the largest lot size of all regions, with an average of 65,838 sq. ft. In contrast, Vancouver offered prospective homebuyers the least amount of home for $1 million, with an average of 1,229 sq. ft. on a 3,134 sq. ft. lot. “There are striking differences in the
12
options available for those who are
bedroom, two bathroom property in
The profile of a $1 million buyer was also
looking to purchase a $1 million two-
need of renovation in a less sought-after
found to vary by region, with developers
storey home in Canada,” said Dianne
location.”
and first-time buyers dominating the $1
Usher, senior vice president of Johnston
million two-storey property segment in
and Daniel, a division of Royal LePage.
“However, significant value can still be
Canada’s largest metropolitan areas,
“From an older starter home in Vancouver
found in the suburbs or city-centres
while wealthy young to middle-aged
to a waterfront property with all of the
like Saskatoon and Montreal, where
professional
bells and whistles in Halifax, the amount
homes are more affordable, landing you
acted as the predominant purchasers
of value and space that prospective
substantially more home with better
elsewhere.
buyers receive is largely dependent on
features as a result.”
couples
with
children
the characteristics of the market in which they are located.” When looking at inventory levels and sales activity, $1 million properties and transactions have been more prevalent in highly sought-after markets where greater demand has pushed home values higher. As a result, this has led these regions to experience a weakening in the overall value received for $1 million when compared to other areas across the nation that are less constrained by supply and demand. While smaller, regional markets have continued to maintain their value over the last decade, 10 years ago prospective homeowners
in
Canada’s
largest
metropolitan areas were able to purchase fully-renovated
homes
in
desirable
neighbourhoods with considerably more space for $1 million. “What used to be considered a luxury price point is now the status quo in Canada’s two hottest markets,” added Usher. “Once carrying significant purchasing power, $1 million is now either below or on par with the price of an average two-storey home in Toronto and Greater Vancouver. Now, instead of a fully upgraded three bedroom, three bathroom two-storey property in prestigious neighbourhoods like Rosedale or West Vancouver, you’re getting a much smaller two or three
Royal LePage Media Room March 06, 2017
13
2
3
A vibrant community that blends high-design, green spaces and outdoor living for every season. It brings accessible transit, culture, shopping, friends and family together into one dazzling new neighbourhood.
The overall M City community
Illustration is artist’s impression.
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M City is a 9 tower, 15-acre, 4.3 million sq. ft. master-planned community. The site features fresh, expansive green space including over 2 acres of new parkland and a dedicated connection to the Mary Fix multi-use trail and John “Bud” Cleary Park. The new community is designed for pedestrians, with a generous tree-lined promenade and a range of retail shops and cafes at street level, and only minutes from transit options including the proposed LRT. The master plan was designed by internationally renowned urban planners Cooper Robertson from New York.
floor plans and special pricing avail.
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Phase 1
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Future Residential
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M Park
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M City from above
G Illustration is artist’s impression.
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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
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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
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February 2017 GTA REALTORS® Release Monthly Resale Housing Figures Toronto Real Estate Board President
both in the media and among
“The listing supply crunch we are
Larry Cerqua announced that Greater
government policymakers, about the
experiencing in the GTA has undoubtedly
Toronto Area REALTORS® reported 8,014
amount of foreign buying activity in the
led to the double-digit home price
residential sales through TREB’s MLS®
GTA. A recent Ipsos survey of the TREB
increases we are now experiencing on
System in February 2017. Despite the
membership on foreign buying activity
a sustained basis, both in the low-rise
fact that February 2016 had one more
suggests that the impact of foreign
and high-rise market segments. Until we
day due to the leap year day, this result
buyers in the GTA marketplace has
see a marked increase in the number
was up on a year-over-year basis by
been somewhat overblown. GTA-wide,
of homes available for sale, expect very
5.7 per cent compared to 7,583 sales
the number of transactions accounted
strong annual rates of price growth to
reported last year.
for by foreign buyers was less than
continue,” said Jason Mercer, TREB’s
five per cent. Furthermore, the great
Director of Market Analysis.
“The February statistics tell me that
majority – 80 per cent, to be exact – of
many Greater Toronto Area households
foreign buyers were purchasing a home
The MLS® HPI Composite Benchmark
continue to view home ownership as a
as a primary residence, a home for
Price was up by 23.8 per cent compared
great long-term investment. The high
another family member to live in, or as
to February 2016. Similarly, the average
demand for ownership housing we’re
an investment to rent out to a tenant,
selling price was up by 27.7 per cent
seeing is broad-based, with strong sales
which is helpful in a tight rental market,”
year-over-year to $875,983. Annual rates
growth for most low-rise home types and
continued Cerqua.
of price growth continued to be strongest
condominium apartments. This makes
for low-rise home types, particularly
sense given the results of a recent
“To date, the provincial government and
detached houses. Growth rates for
consumer survey undertaken for TREB by
municipal governments have resisted the
condominium apartment prices were
Ipsos, which found an even split between
implementation of a foreign buyer tax in
also in the double digits, likely a result of
intending first-time buyers and existing
the absence of empirical evidence. The
strong demand from first-time buyers.
homeowners who indicated that they
Ipsos survey of TREB Members should
were planning on purchasing a home in
further solidify the argument that the
“Over the past year, we have reached a
2017,” said Cerqua.
solution to strong rates of price growth
point where government policies that
and related affordability concerns lies
target only the demand side of the
According to the recent Ipsos survey of
not with taxing foreign buyers more,
market, whether we’re talking about
intending GTA home buyers, first-time
but rather with addressing the supply of
foreign buyers or further changes to
buyers will continue to account for much
homes available for sale, or lack thereof,”
mortgage lending guidelines, will not be
of the demand for ownership housing
added Cerqua.
enough to balance market conditions
in Toronto and the surrounding regions.
While the demand for ownership
and moderate the pace of price growth,”
For the GTA as a whole, 53 per cent of
housing grew over the past year, new
continued Mercer.
likely buyers indicated that they would
listings entered into TREB’s MLS®
be first-timers – up from 49 per cent a
System in February were down on a
“In 2017, policymakers at all three levels
year earlier. First-time buying intentions
year-over-year basis by 12.5 per cent
of government must turn their attention
were highest in the City of Toronto, where
to 9,834. This continues a pattern we
to the supply of homes available for sale.
64 per cent of likely home purchasers
saw throughout much of 2016, with
They should consider revisiting land-use
indicated they would be first-timers –
the sales trend pointing up while the
designations in built-up areas to allow
up from 56 per cent a year earlier. The
listings trend has been down, which has
for a greater diversity of home types,
higher percentage of first-time buyers in
resulted in a contraction of the inventory
streamlining development approvals
the City of Toronto likely relates to the
of homes available for sale. TREB’s
and permitting processes, and looking
prevalence of condominium apartments,
average months of inventory trend for
at ways to incentivize landowners to
which are a popular entry point into
February was at one month, while in
develop their land,” suggested Cerqua.
home ownership.
many neighbourhoods across the GTA, inventory can now be measured in weeks
“There has also been much speculation,
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rather than months.
Toronto Real Estate Board March 03, 2017
March 2017 GTA REALTORS® Release Mid-Month Resale Housing Figures Greater Toronto Area REALTORS® reported 5,238 home sales through TREB’s MLS® System during the first 14 days of March 2017. This result was up by 16.4 per cent in comparison to the first two weeks of March 2016, when 4,500 home sales were reported. The strongest annual rate of sales growth was experienced for the condominium
apartment
market
segment. However, double-digit annual rates of growth were also reported for detached houses and townhouses. New listings reported by REALTORS® during the first half of March were down by more than four per cent compared to the same period in 2016. As the trend of declining listings and increasing sales continued, market conditions tightened further with the end result being further acceleration in the annual average rate of price growth.
a 35.1 per cent increase compared to March 2016. While the detached market segment experienced the highest annual average rate of price growth, at 37 per cent for the TREB market area as a whole, it is important to note that growth rates were above 30 per cent for all major home types including condominium apartments.
The average selling price for all home types combined was $935,296 during the first two weeks of March 2017, representing Toronto Real Estate Board March 18, 2017
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