Tan•gazine March - April 2016 Vol 04 Issue 08

Page 1

March - April 2016 Volume 04 Issue 08

CHECK OUT PAGE 15: TANTEAM Featured Listing 3BDRM Town House In High Demand Newtonbrook West!

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ontents March - April 2016 Volume 04 Issue 08

Pace of House Inflation - Toronto and Vacouver to Return To Earth in 2016

Should You Sell Your Home? Royal Lepage Asks The Million Dolar Question

06

Your Essenstial Home Project Toolkit. Tackling Those Home Improvement...

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TanTeam Listings March - April 2016

10-11

February 2016 GTA Realtors Release Monthly Resale Housing Figures

12-13

Greetings From The TanTeam!

14

Listing Highlight: 3Bdrm Townhouse In High Demand Newtonbrook West - North York

15

Your Online Bridge To Canadian Real Estate Is Coming Soon! - ROYALLEPAGECANADA.CA

16

This Magazine Is Brought To You By:

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Designer: Kai Min • Cover: “Sakuraâ€? - Source: Google • Advertising: Kai Min | admin@tanteam.com

Royal LePage Meadowtowne Realty™ is a licensed franchise to Royal LePage and is Independently Owned and Operated. :KLOVW HYHU\ FDUH KDV EHHQ WDNHQ LQ SUHSDULQJ WKLV PDJD]LQH 7DQĚ˝JD]LQH DQG DOO YHQGRUV FRUSRUDWLRQV EXVLQHVVĚľ DQG DIͤOOLDWHV JLYH QR ZDUUDQW\ IRU WKH LQIRUPDWLRQ FRQWDLQHG KHUHLQ 3RWHQWLDO SXUFKDVHUV VKDOO VDWLVI\ WKHPVHOYHV DV WR DOO PDWWHUV DQG VHHN LQGHSHQGHQW DGYLFH LI QHFHVVDU\ 7KH YLHZV H[SUHVVHG LQ WKH DUWLFOH V WKURXJKRXW 7DQĚ˝JD]LQH DUH WKRVH RI WKH DXWKRU DQG GR QRW QHFHVVDULO\ UHSUHVHQW WKH YLHZV RI 7KH 7$1 7HDP DQG LWV DIͤOLDWHV 7KH LQIRUPDWLRQ FRQWDLQHG KHUHLQ GRHV QRW IRUP DQ\ SDUW RI DQ\ FRQWUDFW RIIHU RU UHSUHVHQWDWLRQ $GGLWLRQDOO\ WKLV PDJD]LQH LV QRW LQWHQGHG WR VROLFLW SURSHUWLHV FXUUHQWO\ FRQWUDFWHG DQG RU DOUHDG\ OLVWHG IRU VDOH

Pace of House Price Inflation

In Toronto and Vancouver to Return to Earth in 2016 Canada’s residential real estate market showed strong growth

“The frenetic pace of our country’s largest housing markets

in the fourth quarter of 2015, led by hot Vancouver and Toronto

should moderate throughout the year ahead,� said Phil Soper,

markets according to the Royal LePage House Price Survey[1]

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and Market Survey Forecast[2] released today. Looking forward

most of the country will continue to see house value

to 2016, Royal LePage expects continued price increases in

appreciation in 2016, we expect that the pace of price increases

most markets, but not at the pace that has been the recent

in Greater Vancouver and the Greater Toronto Area – where real

norm. Instead, the national real estate market is expected to

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slow later this year, principally due to the effects of a dampened

growth – will settle to a more sustainable, single-digit price

economy in Western Canada and eroding affordability in

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Toronto and Vancouver. “Through the recent period of depressed oil prices, property According to the Royal LePage National House Price

prices in Canada’s energy-centric regions, particularly Alberta

Composite, compiled from proprietary property value data in 53

and Newfoundland and Labrador, were more resilient than most

of the nation’s largest real estate markets, the price[3] of a

onlookers had expected,� continued Soper. “Consumers,

home in Canada increased 6.5 per cent year-over-year to

reluctant to sell their homes at what they perceived to be a

$500,688 in the fourth quarter. The price of a two-storey home

discount to their true value, simply withdrew from the market,

rose 7.7 per cent year-over-year to $610,134, and the price of a

resulting in steady house prices and a drop in unit sales

bungalow increased 5.4 per cent to $420,082. During the same

volume. In the coming year we expect to see the delayed

period, the price of a condominium increased 3.1 per cent to

impacts of the slowing economy and rising unemployment on

$341,448. Looking ahead to 2016, Royal LePage forecasts that

the regions’ housing stock, with moderate declines in home

the aggregate price of a home in Canada will increase 4.1 per

values. In cities like Calgary, it is critical that homeowners seek

cent for the full year when compared to 2015.

the guidance of a real estate professional to price homes

November/December 2015 Volume 04 Issue 06

accurately to local market conditions, or the property will not

The global economic picture continues to be uneven. For the

sell.�

most part, forecasters such as the International Monetary Fund expect worldwide growth in 2016 to be close to the modest

In Quebec, home prices were relatively flat during 2015. A lower

levels attained in 2015. Asia remains a wildcard as evidenced

Canadian dollar and U.S. economic growth should fuel service

by the recent gyrations in China’s stock markets. If China’s

and manufacturing sector dynamism in 2016, improving

economy, the world’s second largest, continues to sputter,

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Canada’s second largest export market could reduce the

lift to home prices.

quantity of goods and services that they are willing to purchase, creating drag on our economy.

“Montreal’s slow-growing real estate market is expected to be much more vigorous in 2016,� said Soper. “A recent economic

Offsetting the dampening effects of a troubled global economy

opportunity study[4] pointed to Montreal as Canada’s third ‘city

and oil price declines, the economic rebound and hiring surge in

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America presents a meaningful opportunity for Canadian

potential.�

export growth. For Canada, export volumes to the U.S. are twenty-times larger than export volumes to China. Combined

In 2016, Royal LePage expects the price of residential real

with the relatively weak Canadian dollar which makes the

estate in Canada to be more heavily influenced by

country’s goods and services more attractive to foreign buyers,

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Royal LePage expects to see expanding export activity in

such as tighter regulation in the mortgage industry. The Bank of

Ontario, British Columbia, Quebec and Manitoba.

Canada is expected to keep its overnight rate steady through the all-important spring market, extending the prolonged

In the manufacturing sector, a recent report from Export

period of exceptionally low borrowing rates. While the new

Development Canada[5] noted that exporters will ride the wave

Federal Minister of Finance kicked off his appointment with a

of surging demand in the U.S., as evidenced by vehicle sales

hike to 10 per cent in the minimum down payment required for

climbing above pre-recession levels.

the portion of mortgage insurance over $500,000, Royal LePage expects this change to have a marginal effect on the overall

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market.

from the ‘made in America’ recovery underway south of the ERUGHU ,W WRRN VHYHQ ORQJ \HDUV EXW WKH LQFUHGLEOH 8 6 MREV

“The new federal government moved quickly with a policy

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change in the minimum down payment required to secure

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mortgage insurance,� said Soper. “The clever public policy

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argument here is that the government-backed program,

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rates, the country’s housing market is in a solid position to

should be more expensive for people insuring very large

weather the impact of low commodity prices and a choppy

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domestic economy,� concluded Soper.

slight tap on the brake for our two most costly cities. On a nationwide basis, we expect the number of transactions that WKLV ZLOO LPSDFW WR EH PLQLPDO Ě° VLJQLͤFDQWO\ OHVV WKDQ WKH LQLWLDO industry reaction would lead consumers to believe.â€?

Royal LePage Media Room

January 13, 2016

5

Should You Sell Your Home?

Royal LePage Asks The Million Dollar Question For many, you’ll know it’s time, when posed with the question to

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consider if those reasons are still valid.

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one of great deliberation.

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“Few decisions will have bigger impact on your life than selling

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your home,� says Craig Blanchard, broker-owner with Royal LePage Atlantic Homestead in St. John’s, Newfoundland.

Answering these questions will sharpen your perspective and

“Often, the decision requires landing on priorities to ensure you

help your decision to stay or sell your home.

are doing the right thing and you are clear about what you will gain if you chose to sell.� Blanchard suggests pondering these

Make

the

right

move,

Talk

to

The

three crucial questions to help shape your decision:

416-669-1748 • support@tanteam.com

TanTeam

today!

What do you value about your current property and what do you ͤQG ODFNLQJ" 0DNH D OLVW RI SURV DQG FRQV FRQVLGHULQJ DOO IHDWXUHV RI \RXU KRPH DQG KRZ LW ͤWV ZLWK \RXU FXUUHQW OLIHVW\OH If change is needed, see if renovating a viable option.

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6

Royal LePage Media Room

February 16, 2016

Your Essential Home Project Toolkit To Help Tackle Those Home Improvement Projects: Royal LePage (PEDUNLQJ RQ D KRPH LPSURYHPHQW SURMHFW LV D IXQ DQG

Miter box. This tool is used with a handsaw to cut accurate

rewarding way to spend spare time. With a myriad of ideas

45-degree and 90-degree angles. The miter box is most often

available in books and on the Internet, ideas abound for quick

used for cutting trim and molding to length.

makeovers that yield dramatic results and useful solutions. Screwdrivers. Your toolkit should include different sizes in “With the right supplies and a few good tools, you can tackle

both Phillips and Robertson. Or, you can consider at

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four-in-one screwdriver that holds four bits—two standard and

Mark Wolle a broker-owner with Royal LePage Wolle Realty in

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Kitchener, Ontario. Here are his recommendations for the tools PRVW FRPPRQO\ XVHG IRU VPDOO SURMHFWV DURXQG WKH KRPH

Safety gear: Eye and ear protection; dust mask or respirator; NQHH SDGV ZRUN JORYHV ZRUN ERRWV DQG D JRRG ͤUVW DLG NLW

Claw hammer. Ensure you have this old standby for general assembly and demolition.

For best results, look for quality in the tools you select and invest in a tool bag or carry-all to keep your essentials well

Nail sets. You’ll need these in a variety of sizes to sink

organized and easily accessible.

QDLOKHDGV EHORZ WKH ZRUNVXUIDFH SURYLGLQJ IRU D FOHDQ ͤQLVK Need some home improvement ideas that will increae your Coping saw. This saw has a very narrow blade stretched

KRPH YDOXH RYHU WLPH" Talk to The TanTeam today!

across a U-shaped frame. It’s the tool of choice for making

416-669-1748 • support@tanteam.com

curved cuts to wood. Tape measure. <RX̾OO ͤQG LW XVHIXO WR KDYH ERWK D IW DQG D 25-ft. tape measure on hand.

Royal LePage Media Room

March 02, 2016

Cordless drill/driver. This portable power tool makes light work of drilling holes and driving screws. Levels. A 4 foot bubble level is best used on large surfaces – WKH VPDOOHU WRUSHGR OHYHO ZRUNV QLFHO\ LQ FRQͤQHG VSDFHV Combination square. This square is used to position hardware, such as hinges on doors, and to check right and 45-degree angles. Carpenter’s pencil. The pencil’s flat design keeps it from rolling off surfaces and it is used for marking and laying out hardware. Utility knife and putty knife. A utility knife will handle most FXWWLQJ DQG WULPPLQJ MREV <RXĚľOO QHHG D SXWW\ NQLIH IRU ͤOOLQJ holes and patching.

7

5 Reasons Toronto House Prices Won’t Crash In 2016 The naysayers insist the bubble has to burst sometime, but no

2. It’s the economy, stupid

signs indicate it’ll happen this year. ,I WKH HFRQRP\ VKULQNV MREV GLVDSSHDU DQG SHRSOH DUH IRUFHG After the Greater Toronto Area’s record year in 2015 for both

to sell their homes. Supply goes up, demand is down, so prices

the number of homes sold and the average price, the question

drop. This has happened twice in Toronto in the past 30 years:

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a quick dip in the 2008 recession, and a deep collapse in the

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early 1990s recession. There is no recession on the horizon for

Toronto’s housing collapse.

the GTA in 2016.

1. Supply and demand

“The fundamentals facing Toronto’s housing market are generally quite decent,� said Robin Wiebe, a senior economist

It’s the simplest rule of market economics and it applies to

with the Conference Board of Canada think-tank. It forecasts

Toronto’s real-estate market. The population keeps growing,

economic growth of 2.8% for the metropolitan area in the

and people have to live somewhere.

coming year and predicts employment will grow too.

There’s little room to build more single-family houses to

Mortgage rates are expected to rise in 2016, but not at a pace that will

increase the supply. The demand from families who want to

cause Toronto’s housing market to collapse. (Julie Gordon/Reuters)

live in the city with a patch of grass remains huge. The number of new listings on the market continues to be outstripped by

Ontario’s economic growth has actually been rather sluggish

the number of buyers.

WKH SDVW VL[ \HDUV \HW 7RURQWRĚľV KRXVH SULFHV KDYH MXVW NHSW soaring. The average sale price in 2015 was 64% higher than

As for Toronto’s condo market, it’s a myth that it’s oversup-

in 2008. So even if the economy sputters, house prices are

plied: the inventory of unsold condos is shrinking, and with

unlikely to tank.

ͤUVW WLPH EX\HUV QHDUO\ SULFHG RXW RI WKH KRXVH PDUNHW WKH demand for condos remains steady.

3. Mortgage rates will rise, but gently

“I don’t see the market falling at all in 2016,� said John Pasalis,

It’s telling that the Royal Bank’s announcement that it will

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getting further into this imbalance where demand is exceeding

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the supply of houses coming on the market.â€? ̸,W ZRXOG WDNH TXLWH D VLJQLͤFDQW LQFUHDVH LQ PRUWJDJH UDWHV WR “Usually when the market’s slowing down and prices fall, you

trigger a crash,� said Sherry Cooper, chief economist at

can see signs of that well ahead of time,� Pasalis said in a

Dominion Lending. “I don’t think interest rates are going to rise

phone interview. “When you look at the momentum in

dramatically.�

Toronto’s market, it’s not going in that direction.� “We forecast interest rates will be relatively benign through Sceptics have been predicting for years that Toronto’s real-estate

2016,� said Wiebe. For Toronto’s housing market to crash,

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“you’d have to see a really large spike in interest rates or a

bubble bursts? (CBC News)

really large drop in employment,� he said. “It always could happen but that’s not what us or anybody else frankly is

8

Prices For Single-Family Detached

Houses In Greater Vancouver Hit New Highs

Benchmark prices for single-family detached houses in expecting.�

There wereof3,345 in GreaterinVancouver on the multiple The supply unsoldsales condominiums the Toronto area is shrinking,

Greater Vancouver ascended to new highs last month.

listing service last month, up 14.5 per cent from a year earlier. DFFRUGLQJ WR ͤJXUHV IURP &DQDGD 0RUWJDJH DQG +RXVLQJ &RUSRUDWLRQ

4. There is no ‘bubble’ to burst

(Makda Ghebrelassie/CBC)

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 You’ve heard it before: the bubble has got to burst. Investment

influencing prices, notably a limited supply of listings. The “Most people still want to own their own home,� she added.

from the sameMacbeth period inpredicted 2014. On last Vancouver’s west side, the expert Hilliard spring that Canadian

total number of listings all residential property types in and the “They may have to haveof a much longer commute to work

HPI roseprices 19.2 per over past year to surpass houses willcent crash by the as much as 50%. David Madani,

areainhas fallen 27 perspace cent over past year. live much smaller but I the don’t think the basic psychol-

$2.74-million while surging 22.5 per cent to $1.16-million on WKH &DQDGLDQ FKLHI HFRQRPLVW RI JOREDO IRUHFDVWLQJ ͤUP

ogy is going to change.�

the eastEconomics, side. Capital warned of a housing price slump back in

“The number of homes listed for sale hasn’t been keeping up

2011. He did it again in 2013. And he did it again last spring.

with the demand,� Mr. McLeod said in a statement Friday. “It’s &RRSHU SUHGLFWV 7RURQWR KRXVLQJ SULFHV ZLOO ULVH LQ MXVW

The Real Estate Greater prefers Financial authorBoard Garth of Turner hasVancouver been predicting a to crash

this dynamic that’s pressure on home prices, more slowly than in placing the pastupward few years.

concentrate on2009, the HPI, saying that averages skew the picture steadily since when the market rebounded following the

particularly in the detached home market.�

because the most expensive properties are included. The recession. benchmark HPI is a representation of the typical house in an area, providing a better barometer of real estate trends than ̸7RURQWR̾V QRW D EXEEOH E\ DQ\ GHͤQLWLRQ ̚ 3DVDOLV VDLG average resale prices, according to the board.

Mike Crawley @ CBC News

January 18, 2016

Wiebe described a bubble as “when people buy houses purely Thespeculative Greater Vancouver covers large portion for reasons,board’s with theterritory sole motive of amaking of Metro He Vancouver, including Burnaby, Richmond New money.â€? said that’s not what’s driving Toronto’sand market Westminster. Metro Vancouver is a broader political entity that now. has 23 members, including other suburbs such as Surrey, White Rock and Langleybubble – whose sales fallwas under the early Fraser The time that Toronto’s truly burst in the Valley Real Board. 1990s. ThatEstate followed a crazy period when the average house SULFH GRXEOHG LQ MXVW WKUHH \HDUV *7$ KRXVH SULFHV KDYH QRW The price for detached in Greater last risen at anywhere near properties that pace anytime in Vancouver the past two month averaged nearly $1.41-million, or an 11.5-per-cent decades. LQFUHDVH VLQFH 6HSWHPEHU /DVW PRQWKĚľV ͤJXUH IHOO MXVW shyAffordable of the record $1.47-million average in August. 5. housing options remain Industry experts say low interest rates, a healthy economy and 7KHUHĚľV QR TXHVWLRQ LWĚľV JHWWLQJ PRUH GLIͤFXOW WR DIIRUG D KRXVH

Brant Jang @ The Globe & Mail

population growth haverising fuelled housing over the But in Toronto, with prices so the much fasterboom than incomes.

October 02, 2015

past three years. high end marketisfor detached Wiebe points out On the the average priceofofthe a condo roughly half properties, there has beenhouse. brisk demand from buyers whofor area that of a single-detached “If somebody is looking from China, observers single detached home say. in the old city of Toronto, it’s going to be expensive, but that is not the only housing solution available.â€? Dan Scarrow, vice-president of corporate strategy at MacdonDOG 5HDOW\ /WG HVWLPDWHV WKDW SHU FHQW RI KLV ͤUPĚľV “I don’t think we’ll see a crash because the average household sales of detached houses, condos and townhouses within the LV VWLOO LQ JRRG ͤQDQFLDO VKDSH Ěš VDLG &RRSHU ̸<HV LWĚľV WUXH WKDW city of Vancouverratios last year buyers from China. his debt-to-income havewent risen,tobut household wealthOfhas ͤUPĚľV VDOHV RI GHWDFKHG KRPHV LQ 9DQFRXYHU SURSHU ODVW increased more than household debt.â€? year, 150 of the purchasers were from China, or 27.5 per cent, his analysis shows.

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11

February 2016 GTA REALTORS® Release Monthly Resale Housing Figures Toronto Real Estate Board President Mark McLean announced

healthy growth in selling prices. The MLS® Home Price Index

Greater Toronto Area REALTORS® reported a record number of

(HPI) Composite Benchmark was up by 11.3 per cent

home sales through TREB’s MLS® System in February 2016.

year-over-year. The average selling price was up by 14.9 per

There were 7,621 transactions reported this past February –

cent annually to $685,278.

up 21.1 per cent compared to February 2015. The number of new listings entered into TREB’s MLS® System

“Recent polling conducted for TREB by Ipsos suggested that

was also up on a year-over-year basis, but by a lesser 8.2 per

GTA households will remain upbeat about purchasing a home

cent. The fact that the annual rate of sales growth outstripped

in 2016. Early sales results for January and February certainly

the annual rate of new listings growth shows a tightening of

support this view. With strong sales up against a constrained

market conditions compared to last year.

supply of listings, home prices continued to trend strongly upward,” said Jason Mercer, TREB’s Director of Market

“Even after accounting for the leap year day, sales were above

Analysis.

the previous record for February set back in 2010. Sales were up strongly from the 15th day of the month onward as well, despite the new federal mortgage lending guidelines coming into effect that require at least a 10 per cent down payment on the portion of purchase prices between $500,000 and $1,000,000,” said Mr. McLean. Seller’s market conditions continued throughout the GTA in February. Strong competition between buyers resulted in a

Toronto Real Estate Board

March 03, 2016

13

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November/December 2015 Volume 04 Issue 06

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