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November - December 2016 Volume 04 Issue 12 Toronto Home Prices Still Hot But Suburbs Sizzling Even More: RLP Report
04-05
Local Investors Outnumber Foreign Buyers 10-1 In Toronto's Condo Market
06
Why The Ontario Housing Market Is Rigged Against Millennials
07
A Third of Insured Mortgages Would Have 'Difficulty'...
08
Client Appreciation 2016 - NOvember 19th, 2016 RSVP ASAP!
09
TanTeam Listings November - December 2016
10-17
Featured Listing: Move Within Erin Mills At Border Of Oakville!
16-17
Featured Listing: Executive Detach Backing Onto Greenspace
18-19
October 2016 GTA Realtors Release Monthly Resale Housing Figures
20-21
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Toronto Home Prices Still Hot But Suburbs Sizzling Even More: Royal LePage Report All GTA suburbs but Brampton, Milton,
The findings come just one day after federal
"Canada is not really one uniform market
Mississauga outpaced growth in Toronto in
Finance Minister Bill Morneau touted new
but really three different markets," he said,
3rd
measures to stabilize housing prices across
adding that Vancouver and Toronto and
the country, including limiting foreign
surrounding
money coming into Canadian real estate.
'unusually high growth.'"
suburbs, long thought to be the place to go
Those measures also include a new "stress
Now, the numbers
for bargains, are growing even faster.
test" for insured mortgages to make sure
As Thursday's report shows, that is an
borrowers are still able to make their
understatement. Here's a look at the
That's according to a new survey released
payments if interest rates climb in the big
year-over-year percentage increases and
Thursday by Royal LePage, which paints a
banks' five-year posted mortgage rates.
the average home prices during the third
quarter
of
2016
Toronto home prices are still growing at a
areas
are
experiencing
torrid pace but housing costs in the
picture of sizzling growth in the GTA
quarter
of
this
year:
suburbs, with one-time industrial hubs
"We need to stay focused on the risk to
transforming into commuter cities as
Canadian families in housing," Morneau
Home prices in Toronto grew by 12.1 per
young
outside
said, defending the measures at the Public
cent to $714,002. That's on par with the
Toronto in search of more affordable
Policy Forum's Growth Summit in Ottawa
national average increase of 12.0 per cent,
housing.
on Wednesday.
with the average price of a home in Canada
According to the numbers, based on the
Federal Finance Minister Bill Morneau says
realtor's quarterly-produced national house
Canada is not really one uniform housing
But in Oshawa they surged by 26 per cent to
price composite, home-price growth in all
market "but really three different markets,"
$453,975, followed closely by Richmond
but three of 11 GTA municipalities soared
adding that Vancouver and Toronto and
Hill, where they grew by 25.7 per cent to a
past the growth in the city itself in the third
surrounding
whopping $1,074,829 — increases the
quarter of 2016, with the biggest growth
'unusually high growth.'" (CBC)
professionals
venture
sitting
spurt in Oshawa.
areas
are
experiencing
at
$545,5414.
report says are due to limited inventory and continued interest from foreign buyers.
affordable
rental
housing
available.
In Markham, prices grew to an overall
For Royal LePage president Phil Soper, the
average of $870,353, up 15.2 per cent, and
numbers indicate that Canada's real estate
"If you remove people from the buying
in Scarborough they climbed 13.1 per cent
market shows no sign of a hard correction.
mode, you have to provide them with an
to
And while news of the new measures will
alternative."
an
average
of
$583,760.
have spooked some consumers, at least for To the west, growth shot up 12 per cent in
now,
early
signs
show
Canadian
Brampton to an average of $569,510 and
homebuyers are adjusting quickly, the
9.6 per cent in Mississauga to an average of
report
says.
$609,266. In Halton Region, low inventory made Oakville a top performer with a 15.4
Some observers say that while the new
per cent increase driving prices to an
mortgage rules, which go into effect Oct.
average
17, will help to curb some of the demand in
of
$894,696.
the real estate market, their effects will be Demand dropping or just displaced?
felt most severely in the Toronto condo market, where sale prices are below $1
Shanifa Nasser, CBC News
So how do the price increases in the GTA
million a property and hence subject to the
October 13, 2016
compare to elsewhere in the province?
new
"stress
test"
rule.
According to the report, home prices in the tri-city area of Kitchener-Waterloo and
Last week, CIBC's chief economist Benjamin
Cambridge grew 9.1 percent to an average
Tal told CBC News the measure will likely
of $371,474 and in Hamilton by 10.3 per
push more potential home buyers to the
cent to an average of $419,830. Ottawa,
rental market. That, Tal says, would be a
meanwhile, came in at 3.6 per cent with an
positive shift as long as the government
average
also puts policies in place to make more
price
of
$411,654.
5
Local Investors Outnumber Foreign Buyers 10-1 In Toronto's Condo Market Study shows foreign buyers make up only 5
apartment units sales. Only projects that
Given the lack of data, it's impossible to say
per cent of the sales of new condo units.
were in development - meaning either in
with certainty how much of an impact
pre-construction, construction or recently
foreign buyers are having on home prices in
completed - were included in the data.
red-hot
Concerns about foreign investors snapping up real estate have dominated headlines
like
Toronto
and
Vancouver.
recently, but a new report suggests
It's the first time that the research firm has
domestic investors outnumber foreign
looked into the presence of non-resident
Hildebrand says the foreign buyers and
buyers in the Greater Toronto Area's new
buyers in Toronto's new condo market. Data
domestic
condo market ten-to-one.
on the presence of foreign investment in
Urbanation's survey are not speculators
Canada's real estate markets is scant,
who snap up properties looking to make a
making it hard to quantify the issue.
quick buck.
residence is outside of Canada, made up
While some research does exist, it's
"I don't think that in either case we are
only five per cent of the sales of new units in
generally limited to the condo market and
seeing speculative activity, whether it be
condo
does not include other forms of housing.
from foreign purchasers or domestic
Toronto condo research firm Urbanation says
foreign
buyers,
buildings
development
whose
that
were
between
investors
identified
in
primary
under
July
and
September.
investors," Hildebrand said in an interview. A report from Canada Mortgage and Housing Corp. published earlier this year
Unlike the prices of single family homes,
Meanwhile, domestic investors - those
found only 3.3 per cent of Toronto condos
which have been skyrocketing in Toronto
whose primary residence is in Canada but
are
in
and Vancouver recently, new condo prices
who don't plan on living in the unit - made
Vancouver 3.5 per cent of condos are
in Toronto have been growing much more
up 52 percent of the sales. The remaining 43
foreign-owned.
modestly, he said.
per cent of new condos sold in the Toronto
somewhat higher for newer condos.
owned
by
foreigners,
The
while
numbers
are
area went to locals who plan to live in the properties, according to the firm.
"We see very few units reselling after Domestic investors outnumber foreign
completion. By far, the majority of these
buyers 10 to 1 (Christer Waara/CBC)
units are going into the rental market.
"The results of this very important survey
There has been a push to fill the foreign
These are longer term investors."
show a rather limited role of foreign buyers
buyer data gap in recent months. In its first
in the GTA new condo market and a very
budget since being elected, the Liberal
significant overall share of (domestic)
government
investors," Shaun Hildebrand, Urbanation's
$500,000 to study how to best gather
senior vice-president, said in a news
information
release.
foreigners.
"These
estimates
coincide
with
gave
on
Statistics
home
Canada
purchases
by
the
In August, the B.C. government introduced
percentages of new condos entering the
a 15 per cent tax on home purchases by
rental market upon completion, indicating
foreigners in Metro Vancouver. Much of the
the important role (domestic) investors
concern about foreign investors has been
play in the GTA housing market."
predicated on fears that they're driving up
The Canadian Press
Basis of survey - The survey is based on
real estate values and therefore pricing
October 28th, 2016
responses from developers and brokerages
locals out of the market.
representing a quarter of all new condo
6
markets
Why The Ontario Housing Market Is Rigged Against Millennials I live in a vibrant Toronto neighbourhood, just across from a universi-
serviced land. It also stipulated that municipalities must keep an
ty. It looks diverse, because of all the students, but it’s really not.
adequate supply of serviced land on hand. Governments of all
Middle-class families were pushed out long ago – first to Scarbor-
stripes enforced this regime – until the Liberals came into power in
ough and Mississauga, then to Ajax and Pickering and Newmarket
2003. It had a different priority – the environment. It believes that
and Barrie. But even in the hinterland, housing prices have soared
changing people’s lifestyles is essential to reducing greenhouse
out of sight. A run-of-the-mill three-bedroom house in Ajax (a brutal
gasses. Never mind that its housing plan has sharply reduced
commute from Toronto) now goes for $500,000 or $600,000.
affordability, increased inequality and produced gigantic windfalls
I’m afraid I’ll never be able to buy a first house – should I jump in
for everyone lucky enough to own a house.
now? (The Globe and Mail)
Ontario already builds plenty of compact housing. But now, the
The high cost of housing is a huge issue for young families. Popula-
province has decided to move even faster. The planners’ goal is to
tion pressures, foreign investors, land shortages and greedy
increase housing density so much that municipalities will be forced
developers usually get the blame. But there’s another culprit:
to expand bus services, whose existence will persuade people to
government. The affordability crisis in the greater Toronto area is a
ditch their cars and switch en masse to public transit.
direct result of provincial government policy. To put it bluntly, the
Anyone with 1.8 kids who lives in the real world, instead of
Liberals at Queen’s Park – the vast majority of whom already have
planner-land, knows that this will never happen. The reality is that
nice houses – are shafting the millennials.
the roads will be more congested than ever. But don’t try telling the
Ontario’s provincial growth plan is controlled by urban-dwelling
planners that.
environmentalists who hate the suburbs. They believe that “urban
As for the idea that housing prices will come down just as soon as all
sprawl” is an environmental and aesthetic catastrophe, and that
those boomers move into condos, don’t hold your breath. Most
single-family homes are a menace to society. Instead, they’re
boomers don’t want to move to condos, as it turns out. And the flood
promoting “smart growth” – a strategy that means dramatic changes
of newcomers into the region won’t be slowing down any time soon.
in housing and living standards.
The solution to the affordability crisis isn’t high-density housing and
The Liberal government has decided what kinds of places people
mass transit in the burbs. It’s to give people what they want – by
ought to live in – high-density units in dense neighbourhoods that
getting the ideologues out of the way and restoring a sensible
can justify public transit. So it has heavily skewed its land-use rules
balance between supply and demand. Can we do that and be
toward apartments and condos – even far beyond Toronto, where
environmentally responsible too? Central planners who think we
there is no shortage of land. “We aren’t building houses in anywhere
can’t should be required to raise their families in an apartment block
near the numbers we did a decade ago,” says Frank Clayton, a senior
in Oshawa and take the bus to work. They’d find a better way soon
research fellow with Ryerson University’s Centre for Urban Research
enough.
and Land Development. Meanwhile, the population is exploding. Around 80,000 people, mostly immigrants, are moving to the GTA every year. Unfortunately, neither immigrants nor millennials who are starting families want to raise their kids in apartments. They want to live in single-family houses with a yard. But because the government controls the market, the normal rules of supply and demand do not apply. With hardly any new single-family houses on the market, prices have soared. Prices for resale homes have soared, too. Even
Maragaret Wente - The Globe and Mail
rents are up, because people who can’t afford to buy houses stay
October 25th, 2016
stuck in the rental market (or in their parents’ basement). In the late eighties, Ontario also faced a housing shortage. The government responded by moving quickly to increase the supply of
A Third of Insured Mortgages Would Have 'Difficulty'
Under New Federal Rules, Genworth Says
Federal Finance Minister Bill Morneau announced new rules this
higher interest rate.
week Borrowers will be tested against their ability to pay their mortgage Genworth says some homebuyers would need to consider buying a
if actual rates were as high as the big banks' five-year posted
lower priced property or increase the size of their down payment in
mortgage rates, which the Bank of Canada says currently average
order to meet new federal requirements that are meant to cool
4.64 per cent.
some housing markets. Currently, only high-ratio insured mortgages, those with a down The largest private residential mortgage insurer in Canada says
payment of less than 20 per cent of the purchase price, are subject
many of its customers would have difficulty meeting new rules
to a stress test.
introduced by the federal government this week. Genworth also said that approximately 50 to 55 per cent of its total Based on data accumulated so far this year, Genworth MI Canada
portfolio new insurance written would no longer be eligible for
Inc. estimates that more than one-third of insured mortgages,
mortgage insurance under the new low-ratio mortgage insurance
predominantly acquired by first-time homebuyers, would have
requirements.
difficulty meeting required debt-service ratios. Ottawa's move to change the mortgage insurance rules came as it Genworth said in a release that those homebuyers would need to
also said it will close a loophole in the tax laws that allows
consider buying a lower priced property or increase the size of their
non-residents to buy homes in Canada and then get a tax
down payment in order to meet the new federal requirements,
exemption to avoid paying capital gains when they sell the home
which were brought in with the aim of cooling off overheated
by claiming it as a principal residence.
housing markets.
Under the federal rules, which will come into effect on October 17, all insured mortgages will have to go through a "stress test" that ensures a borrower's ability to make their mortgage payments at a
8
CBC News
October 5th, 2016
Prices For Single-Family Detached Houses In Greater Vancouver Hit New Highs
invitations have already been sent! if you didn’t get the invites by mail already contact the tanteam right away! seating is limited - rsvp by nov. 18th, 2016 Brant Jang @ The Globe & Mail
October 02, 2015
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October 2016 GTA REALTORS® Release Monthly Resale Housing Figures Toronto Real Estate Board President Larry Cerqua announced that
combined was $762,975 – up 21.1 per cent over the same time
Greater Toronto Area REALTORS® reported a record 9,768 sales
period. Double-digit increases were experienced for all major home
through TREB’s MLS® System in October 2016 – up by 11.5 per cent
types for the TREB Market Area as a whole.
compared to October 2015. For the TREB market area as a whole, the largest annual rate of sales growth was in the condominium
“New listings were up slightly in October compared to last year, but
apartment market segment. Detached home sales were up by 10 per
not nearly enough to offset the strong sales growth. This meant that
cent year-over-year, driven predominantly by transactions in the
seller’s market conditions continued to prevail as buyers of all home
regions surrounding Toronto.
types experienced intense competition in the marketplace.
“The record pace of GTA home sales continued in October, with
Until we experience sustained relief in the supply of listings, the
strong growth observed throughout the month. As we move
potential for strong annual rates of price growth will persist,
through November and December, we will be watching the sales
especially in the low-rise market segments,” said Jason Mercer, TREB’s
and listings trends closely, in light of the recent policy changes
Director of Market Analysis.
announced by the Federal Minister of Finance. TREB will once again be conducting consumer survey work, in order to report on home buying intentions for 2017,” said Mr. Cerqua.
The MLS® Home Price Index Composite Benchmark was up by 19.7 per cent on a yearover-year basis in October 2016. Similarly, the average selling price for all home types
Toronto Real Estate Board
November 03, 2016
November/December 2015 Volume 04 Issue 06
21
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