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ontents July - August 2016 Volume 04 Issue 10
Cooling of Canada’s Hottest Real Estate Market Delayed Again
Ontarian’s See Real Estate Market Getting Stronger
06
%DQN RI &DQDGD +ROGV 7UHQG 6HWWLQJ
How Brexit Could Add More Sizzle To Hot Real Estate Markets In Tor. & Vanc.
08
Real Estate Wealth Creation & Management Information Session
09
TanTeam Listings July - August 2016
Featured Listing: Welcome Home To The Treetops!
14-15
June 2016 GTA Realtors Release Monthly Resale Housing Figures
Your Online Bridge To Canadian Real Estate Is Coming Soon! - ROYALLEPAGECANADA.CA
18
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Cooling of Canada’s Hottest Real Estate Markets Delayed Again Canada’s residential real estate market posts
forecasted for the second half of 2016.
5R\DO /H3DJH ̸(FRQRPLF DQG VRFLDO disruptions have rocked the world once
VWURQJHVW JURZWK LQ ͤYH \HDUV LQ WKH VHFRQG quarter of 2016
7KH 5R\DO /H3DJH 1DWLRQDO +RXVH 3ULFH
again, introducing new risks and making
Composite, compiled from proprietary
it very likely that the Bank of Canada will
&HQWUDO EDQNHUV H[SHFWHG WR NHHS LQWHUHVW
property data in 53 of the nation’s
leave interest rates as-is for now. Few
rates lower for longer in light of Brexit and
largest real estate markets, shows that
industries are as rate sensitive as real
JOREDO XQFHUWDLQW\
the price of a home in Canada increased
estate. We don’t
9.2 per cent year-over-year to $520,223
correction for either the Toronto or
Canada’s residential real estate market
in the second quarter of 2016. During
pistol-hot Vancouver markets in 2016.�
continued to show strong appreciation
the same period, the price of a
in the second quarter of 2016, posting
two-storey home rose 10.7 per cent
“Our call for 12.4 per cent national price
the highest national year-over-year gain
year-over-year to $619,671, the price of
DSSUHFLDWLRQ LQ WKH ͤQDO TXDUWHU RI WKLV
VHHQ LQ ͤYH \HDUV DFFRUGLQJ WR WKH 5R\DO
a bungalow increased 7.9 per cent to
FDOHQGDU \HDU DV FRPSDUHG WR WKH ͤQDO
LePage House Price Survey and Market
$437,121,
a
quarter of last year, is a landmark in
Survey Forecast released today. Amid
condominium increased 4.2 per cent to
Canada. I believe it is the highest value
continued world economic uncertainty,
$348,189.
Looking ahead to the
put forward by any serious forecasting
the
historically
price
of
rate
UHPDLQGHU RI 5R\DO /H3DJH
agency since the turn of the century,�
forecasts that the aggregate price of a
added Soper.
real estate market growth in recent
home in Canada will increase 12.4 per
years
cent when compared to year end 2015.
most
interest
the
environment that has fueled Canada’s –
low
and
see even a mild
notably
in
Greater
Vancouver and the Greater Toronto Area
On June 23, 2016, Britons voted to leave WKH (XURSHDQ 8QLRQ VXUSULVLQJ ͤQDQFLDO
(GTA) – is expected to continue longer
“Our forecasting models, which pointed
markets
than anticipated. This extended period
to a slowing housing market as the year
currency plummeted and the value of
of low-cost borrowing will in turn further
progressed, included a modest increase
equities around the world swung wildly.
delay the cyclical cooling of Canada’s
in the cost of borrowing,� said Phil Soper,
Adding to economic uncertainty is an
hottest real estate markets, originally
SUHVLGHQW DQG FKLHI H[HFXWLYH RIͤFHU
uncharted road ahead for decoupling
November/December 2015 Volume 04 Issue 06
worldwide.
The
British
WKH 8 . IURP WKH ( 8 D SURFHVV ZKLFK
that year-over-year home purchases by
SROLF\ LQ DQ HIIRUW WR DUWLͤFLDOO\ LQIOXHQFH
some have predicted could take two
international buyers have increased in
asset
years.
of
the second quarter in the GTA and
economy like ours is fraught with peril,
This
uncertainty
added will
dimension
encourage
values
in
an
open-market
central
Greater Vancouver, respectively. Still, 35
particularly in a cyclical industry like
bankers in Canada and abroad to keep
and 37 per cent of respondents believe
housing,� concluded Soper
rates lower for longer.
that foreign ownership accounts for less than 10 per cent of the GTA and Greater
“Some have suggested that Britain’s exit
Vancouver
IURP WKH ( 8 ZLOO GULYH PRUH IRUHLJQ
respectively.
housing
markets,
money into the relative safety of Canada’s real estate markets,� said
̸$W 5R\DO /H3DJH ZH VHH UHVLGHQWLDO UHDO
Soper. “We anticipate the impact, if any,
estate
will be seen in the commercial property
supporting family life. A home is
sector and not in housing markets.
ill-suited as a buy-and-flip investment.
%H\RQG (XURSH RXU UHVHDUFK GRHV SRLQW
People that engage in this kind of
to increasing Vancouver and Toronto
activity are inevitably burned when a
region
in
market slows and the time it takes to sell
residential markets this quarter. Canada
the property increases substantially. We
remains a favoured nation for the
applaud the efforts of all levels of
world’s real estate investors.�
government
foreign
buyer[3]
activity
as
a
long-term
to
better
investment
understand
Canada’s housing market, through a $FFRUGLQJ WR D VXUYH RI 5R\DO /H3DJH
coordinated effort to gather and analyze
real estate advisors working within
real
these regions, 71 and 74 per cent said
convinced that heavy-handed use of tax
estate
data.
Still,
we
remain
Royal LePage News Room
July 13, 2016
5
Ontarians See Real Estate Market Getting Stronger good, compared to 66 per cent last year.
0RUH UHVLGHQWV VD\ WKHLU ORFDO UHDO HVWDWH
&RQͤGHQFH LV KLJKHVW LQ WKH VFRUFKLQJ
PDUNHW LV VWURQJHU WKDQ LW ZDV D \HDU DJR DQG
Toronto-area market, where 59 per cent
H[SHFW LW ZLOO FRQWLQXH WR JHW EHWWHU
of those polled described the residential
Optimism about the residential real
market as stronger than a year ago — a
estate market was highest among older
Ontario residents are feeling more
10 per cent gain over the last poll in
residents. About 59 per cent of those 55
optimistic about the economy in general
1RYHPEHU
and older said the market was stronger, compared with only 43 per cent of those
DQG WKH UHDO HVWDWH PDUNHW VSHFLͤFDOO\ with a fundamental shift in how they
7KDW JURZLQJ FRQͤGHQFH FRXOG EH
in the 35 to 54 age range. Only 37 per
view the market, according to an Ipsos
inspiring more activity on the housing
cent of those 18 to 34 saw it as stronger
poll released Wednesday by the Ontario
market, said Simpson. The latest poll
than it was a year ago.
5HDO (VWDWH $VVRFLDWLRQ 25($
shows 13 per cent plan to buy in the next
,W VKRZHG WKDW FRQͤGHQFH KDV JDLQHG D
two years, compared to 9 per cent in
It’s no wonder the older residents are the
May 2015.
happiest. They’ve got the most equity in their home.
UHFRUG SRLQWV VLQFH 1RYHPEHU RQ WKH Ontario Homeownership Index. That’s
The number who said they plan to sell
WKH ELJJHVW JDLQ VLQFH WKH 25($ EHJDQ
also rose, to 15 per cent from 8 per cent
“They’re sitting on a gold mine because
tracking attitudes in 2013.
year over year.
prices
are
going
up.
Their
next
transaction might only be to sell, not to “It is by far the biggest change that we
The gains follow an ebb in economic
have
FRQͤGHQFH ODVW IDOO DQG ZLQWHU 6LPSVRQ
seen
in
people’s
sentiment
towards real estate was in the last six
said.
buy,� said Simpson. The online Ipsos survey of 1,006
months. That was quite remarkable to
residents was conducted May 31 and
me,� said Sean Simpson, vice-president
“You had to go back to 1993 to see
June 2. The results are considered
of Ipsos Public Affairs.
HFRQRPLF FRQͤGHQFH DV ORZ ̚
accurate within 3.5 per cent 19 times out
The index, which measures market
Despite
perceptions, is set to a benchmark of
signals this spring, he said, “Canadians
100. It has gone up to 108, back down to
think things are headed on the right
102 and is now 129
track, largely on account of Prime
of 20.
Minister “Most
people
still
believe
home
approval
some
Justin ratings.
negative
Trudeau Where
economic
and
high
economic
ownership is a good investment and
sentiment has risen, so too has people’s
most people still see home ownership as
perceptions of the real estate market.
a dream that they want to pursue,� he
Job anxiety is down, so it’s a rising tide.
said. “It’s not that things are great, it’s that More than half — about 57 per cent — of
things are better than they were back in
the residents surveyed viewed the
the fall,� said Simpson.
residential
real
estate
market
as
favourable in the province, in their own
In Ontario the economic outlook is most
town or city and in their neighbourhood.
positive in the GTA, where 70 per cent of those polled said the city’s economy is
6
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July 13, 2016
Bank of Canada Holds Trend Setting Rate At 0.5% Pressures from global volatility and slow growth in the wake of
announced in the March budget will also contribute to growth.�
the Brexit haven’t deterred the Bank of Canada from its current
The BoC adds that consumer spending will also get a boost
monetary policy; the central bank has opted to maintain the
IURP WKH &DQDGD &KLOG %HQHͤW
RYHUQLJKW OHQGLQJ UDWH DW 7KH %DQN 5DWH LV FRUUHVSRQGLQJO\ DQG WKH 'HSRVLW 5DWH LV
While the market volatility following the Brexit has led other nations’ central banks to loosen monetary policy, Poloz has
While it was widely expected that the BoC would hold status
stated that Canada’s lenders are resilient enough to withstand
quo on rates, there was some speculation that a rate cut was in
any fall out. However, it emphasizes hot housing markets are a
RUGHU GXH WR $OEHUWD̾V PDVVLYH IRUHVW ͤUHV DQG WKH UHVXOWLQJ
main contributor to downside risks facing the economy.
impact on oil production. Flames forced many oil sands projects to shutter, cutting production by an estimated 40% - a
̸2YHUDOO WKH ULVNV WR WKH SURͤOH IRU LQIODWLRQ DUH URXJKO\
gap of 1 – 2 million barrels per day – and costing GDP and
balanced, although the implications of the Brexit vote are highly
estimated $985 million.
XQFHUWDLQ DQG GLIͤFXOW WR IRUHFDVW $W WKH VDPH WLPH ͤQDQFLDO vulnerabilities are elevated and rising, particularly in the greater
“In Canada, the quarterly pattern of growth has been uneven.
Vancouver and Toronto areas. The Bank’s Governing Council
5HDO *'3 JUHZ E\ LQ WKH ͤUVW TXDUWHU EXW LV HVWLPDWHG WR
judges that the overall balance of risks remains within the zone
have contracted by 1% in the second quarter, pulled down by
for which the current stance of monetary policy is appropriate,
volatile trade flows, uneven consumer spending, and the
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$OEHUWD ZLOGͤUHV ̚ VWDWHV WKH %R&̾V UHOHDVH ̸$ SLFN XS WR is expected in the third quarter as oil production resumes and rebuilding begins in Fort McMurray.� While the BoC’s projections remain close to those presented in $SULO̾V 0RQHWDU\ 3ROLF\ 5HSRUW LW LV UHSRUWLQJ D UHYLVHG IRUHFDVW GXH WR ZHDNHU EXVLQHVV LQYHVWPHQW RXWORRN DQG D ORZHU SURͤOH IRU H[SRUWV DV D UHVXOW RI ZHDNHU 86 LQYHVWPHQW VSHQGLQJ
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July 13, 2016
2.1% in 2018, as the Liberals make good on their promise to amp up infrastructure spending and investment. “The Bank projects above-potential growth from the second KDOI RI OLIWHG E\ ULVLQJ 86 GHPDQG DQG VXSSRUWHG E\ DFFRPPRGDWLYH PRQHWDU\ DQG ͤQDQFLDO FRQGLWLRQV Ěš LW VWDWHV ̸)HGHUDO LQIUDVWUXFWXUH VSHQGLQJ DQG RWKHU ͤVFDO PHDVXUHV
7
How Brexit Could Add More Sizzle To Hot Real Estate Markets in Tor. & Vanc. ,Q WKH GD\V VLQFH .ULWHU KDV PHW ZLWK RQH $VLDQ FRPPHUFLDO real estate lender who decided to freeze plans for a multimilOLRQ GROODU ͤQDQFLQJ GHDO LQ /RQGRQ DQG LV FRQVLGHULQJ FKDQQHOLQJ WKDW PRQH\ WR 1RUWK $PHULFD LQVWHDG &XVKPDQ :DNHͤHOG LV RUJDQL]LQJ D FOLHQW GD\ LQ -XO\ SRWHQWLDOO\ LQ 1HZ York, to discuss the early implications of Brexit’s fallout. “You have this phenomenal amount of capital that’s looking to be placed in commercial real estate, and it’s very fluid,â€? said .ULWHU ̸)RUHLJQ LQYHVWRUV YLHZ &DQDGD DV DQ LVODQG RI certainty.â€? In the last decade, central London saw the biggest increase in residential property prices of any major city as the favored 5HDOWRUV LQ 7RURQWR DQG 9DQFRXYHU DUH SLWFKLQJ &DQDGLDQ
destination for global capital seeking a stable sanctuary.
cities as relatively safe property havens now that London, for
1HDUO\ WKUHH RXW RI HYHU\ IRXU QHZO\ EXLOW KRPHV LQ ZHUH
years one of the world’s leading targets of foreign capital,
bought by foreign buyers, half of them from Asia, according to
suddenly looks a lot riskier. Blame it on Brexit.
.QLJKW )UDQN //3 6LPLODUO\ RQ WKH FRPPHUFLDO VLGH SHU cent of central London purchases were by foreigners in 2015.
Foreign investors view Canada as an island of certainty 7KH 8 . ĚľV GHFLVLRQ WR OHDYH WKH (XURSHDQ 8QLRQ PD\ QRW “Brexit’s good for us, not for them,â€? said Anita Springate-
necessarily change that overnight. The pound’s record plunge
5HQDXG RZQHU RI (QJHO 9¸ONHUV̾ EURNHUDJH LQ 7RURQWR ZKR
could attract buyers seeking a bargain, said Brad Henderson,
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FKLHI H[HFXWLYH RIͤFHU RI 6RWKHE\̾V ,QWHUQDWLRQDO 5HDOW\ LQ
investments. “We are a safe bet.�
Canada. The vote may ironically bring more predictability to WKH 8 . EXW H[SRUW XQFHUWDLQW\ WR WKH UHVW RI (XURSH VDLG
,I 6SULQJDWH 5HQDXG LV ULJKW WKHUH PD\ EH KHLJKWHQHG GHPDQG
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IURP PRQH\HG FOLHQWV IRU KRPHV DQG FRQGRV DV ZHOO DV RIͤFH towers in two of Canada’s hottest real estate markets, which
But with China among Asia’s most vulnerable economies to
already have seen prices soar from an influx of foreign money.
Brexit risk, there could be an even greater appetite from
7KHUHĚľV D UHFRUG 86 ELOOLRQ LQ JOREDO FDSLWDO DOORFDWHG WR
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commercial property that wealthy investors haven’t deployed,
Insurance Group Co., which has snapped up multimillion-dol-
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July 4, 2016
Prices For Single-Family Detached
Houses In Greater Vancouver Hit New Highs
Benchmark prices for single-family detached houses in
There were 3,345 sales in Greater Vancouver on the multiple
Greater Vancouver ascended to new highs last month.
listing service last month, up 14.5 per cent from a year earlier.
The Home Price Index (HPI) for detached properties in the
Board president Darcy McLeod said a range of factors is
region hit almost $1.18-million in September, up 18.9 per cent
influencing prices, notably a limited supply of listings. The
from the same period in 2014. On Vancouverâ&#x20AC;&#x2122;s west side, the
total number of listings of all residential property types in the
HPI rose 19.2 per cent over the past year to surpass
area has fallen 27 per cent over the past year.
$2.74-million while surging 22.5 per cent to $1.16-million on the east side.
â&#x20AC;&#x153;The number of homes listed for sale hasnâ&#x20AC;&#x2122;t been keeping up with the demand,â&#x20AC;? Mr. McLeod said in a statement Friday. â&#x20AC;&#x153;Itâ&#x20AC;&#x2122;s
7KH 5HDO (VWDWH %RDUG RI *UHDWHU 9DQFRXYHU SUHIHUV WR
this dynamic thatâ&#x20AC;&#x2122;s placing upward pressure on home prices,
REAL ESTATE WEALTH CREATION & M AN AGEMENT concentrate on the HPI, saying that averages skew the picture
particularly in the detached home market.â&#x20AC;?
because the most expensive properties are included. The
W H Abenchmark T â&#x20AC;&#x2122; SHPI isSa representation T O P ofP theI typical N Ghouse inYanO U ? area, providing a better barometer of real estate trends than
G E T
I N
THUSRDAY, JULY 21ST, 2016 @ 6:30PM average resale prices, according to the board.
T H E
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Mississauga ON L5N 8J4
The Greater Vancouver boardâ&#x20AC;&#x2122;s territory covers a large portion Investing â&#x20AC;˘ Wealth Management â&#x20AC;˘ Risk Assessment â&#x20AC;˘ Crucial Housing Market Update â&#x20AC;˘ Local, National, Global Economics â&#x20AC;˘ Mortgage RI 0HWUR 9DQFRXYHU LQFOXGLQJ %XUQDE\ 5LFKPRQG DQG 1HZ Westminster. Metro Vancouver is a broader political entity that &RQWDFW 7KH7DQ7HDP DW VXSSRUW#WDQWHDP FRP WR UHJLVWHU VHDWLQJ LV OLPLWHG has 23 members, including other suburbs such as Surrey,
9 L V:KLWH 5RFN DQG /DQJOH\ ̰ ZKRVH VDOHV IDOO XQGHU WKH )UDVHU L W Z Z Z 7 D Q 7 H D P F R P 7 R 5 H V H U Y H $ 6 H D W 9DOOH\ 5HDO (VWDWH %RDUG The price for detached properties in Greater Vancouver last month averaged nearly $1.41-million, or an 11.5-per-cent LQFUHDVH VLQFH 6HSWHPEHU /DVW PRQWK̾V ͤJXUH IHOO MXVW shy of the record $1.47-million average in August. Industry experts say low interest rates, a healthy economy and population growth have fuelled the housing boom over the past three years. On the high end of the market for detached properties, there has been brisk demand from buyers who are from China, observers say. Dan Scarrow, vice-president of corporate strategy at MacdonDOG 5HDOW\ /WG HVWLPDWHV WKDW SHU FHQW RI KLV ͤUP̾V sales of detached houses, condos and townhouses within the city of Vancouver last year went to buyers from China. Of his ͤUP̾V VDOHV RI GHWDFKHG KRPHV LQ 9DQFRXYHU SURSHU ODVW year, 150 of the purchasers were from China, or 27.5 per cent, his analysis shows.
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October 02, 2015
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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
June 2016 GTA REALTORSÂŽ Release Monthly Resale Housing Figures 7RURQWR 5HDO (VWDWH %RDUG 3UHVLGHQW /DUU\ &HUTXD DQQRXQFHG
proactively adding to the housing policy discussion,â&#x20AC;? added Mr.
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Cerqua.
UHVLGHQWLDO WUDQVDFWLRQV WKURXJK 75(%ĚľV 0/6p 6\VWHP LQ -XQH 2016. This result was 7.5 per cent higher than the 11,905 sales
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reported in June 2015. In line with the prevailing trend so far
16 per cent on a year- over-year basis. The average selling
this year, the number of new listings was down by 3.8 per cent.
price for all home types combined was up by a slightly higher annual rate of 16.8 per cent to $746,546. The single-detached,
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semi- detached and townhouse market segments led the way
interesting environment for ownership housing. There is no
in terms of price growth.
doubt that demand is at a record level, but would-be home buyers continue to face an uphill battle against a constrained
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supply of listings, which has perpetuated strong price growth.
that the majority of GTA households who were likely to
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purchase a home continued to be pointed towards some form
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of ground oriented housing. This is why we continue to see strong competition between buyers in many neighbourhoods
â&#x20AC;&#x153;As the federal, provincial and local levels of government
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discuss housing policy in the coming months, issues affecting
Director of Market Analysis.
the lack of supply in the GTA should be of paramount imporWDQFH 75(% ZLOO EH XQGHUWDNLQJ DQG PDNLQJ SXEOLF UHVXOWV RI additional research in the second half of 2016, with the goal of
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July 06, 2016
17
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