Tan•gazine November-December 2017 Vol 5 Issue 6

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table of CONTENTS page 04 05-06 07

nov-dec 2017 volume 05 issue 06 Toronto Home Sales Up 12% In October, Real Estate Board Says Expanding Regional Economies to Lift Home Prices In Canada's Major Markets How OSFI's New Mortgage Rules Will Affect Home Affordability

08-09

Annual Year End Event 2017 - Supporters, Friends, Family, Clients - November 18th, 2017!

10-15

2017 Summer - August-September TanTeam Listings

10-11

Featured Listing - 155 Yorkville Ave - Yorkville Plaza, Toronto

12-13

Featured Listing - 350 Webb Dr, City Center, Missisauga

14-15

Featured Listing - 25 Holmcrest Crt - Central Park, Brampton

16-17

October 2017 GTA REALTORS® Release Monthly Resale Housing Figure

This Magazine Is Brought To You By:

Designer: Kai Min • Cover: Gardiner Expressway @ One York • Source: Self-Taken • Advertising: Kai Min | support@tanteam.com Royal LePage Meadowtowne Realty™ is a licensed franchise to Royal LePage and is Independently Owned and Operated. Whilst every care has been taken in preparing this magazine, Tan•gazine and all contained herein. Potential purchasers shall satisfy themselves as to all matters throughout Tan•gazine are those of the author and do not necessarily represent the form any part of any contract, offer or representation. Additionally, this magazine is

vendors, corporations, business’ and affilliates give no warranty for the information and seek independent advice, if necessary. The views expressed in the article(s) views of The TAN Team and its affiliates. The information contained herein does not not intended to solicit properties currently contracted and/or already listed for sale.


Toronto Home Sales up 12%

in October, Real Estate Board Says Increase from September to October

GTA was up 7.4 per cent at $629,507,

at the beginning of next year. Among

typical, according to TREB, but more

while the average condo price was

the changes being considered is a

pronounced this year

$523,041 up 22 per cent year-over-year,

requirement that homebuyers who do

the most of any housing type. Meanwhile,

not require mortgage insurance still have

Toronto area home sales rebounded by

the average price of a detached home

to show they can make their payments if

12 per cent from September to October,

was down 2.5 per cent year-over-year

interest rates rise.

pointing to a stronger fall market after

at $1 million. Prices of semi-detached

a policy-driven pullback from a frenzied

homes rose 6.3 per cent to $764.293.

The policy-driven changes in the Toronto

market that peaked earlier this year.

market, which include a tax on foreign Sales in the first 10 months of the year

buyers, have followed the trajectory of

The Toronto Real Estate Board said

slipped to 80,198, down 19 per cent from

the Vancouver market, with a pullback

Thursday that 7,118 homes were sold in

the same period in 2016. Sales have

directly after new rules were introduced

October, up from the month before but

dropped more than 10 per cent from

followed by a pick up after a relatively

down 27 per cent from the same month

the record set in March before Ontario

short time, said TREB's director of market

last year.

announced its housing plan.

analysis Jason Mercer.

"Every year we generally see a jump in

A spike in Toronto-area home prices

"It appears that the psychological impact

sales between September and October.

earlier this year resulted in the provincial

of the Fair Housing Plan, including the tax

However, this year that increase was

government's imposition of a number

on foreign buyers, is starting to unwind."

more pronounced than usual compared

of measures to cool the market after

to the previous ten years," said board

a shortage of detached home listings

Vancouver home sales data from October

president Tim Syrianos.

helped push up prices.

is expected later Thursday.

"While the number of transactions was

In addition, the Bank of Canada has

the country's hottest housing markets

still down relative to last year's record

raised interest rates twice in recent

remain "highly vulnerable" with evidence

pace, it certainly does appear that sales

months to the current overnight rate of

of moderate overvaluation and price

momentum is picking up."

one per cent, signalling a clampdown on

acceleration

cheap borrowing and driving the big bank

Vancouver, Victoria and Saskatoon.

The CHMC warned last month that

The average selling price in October was

prime rates and the cost of variable-rate

$780,104, up less than one per cent from

mortgages higher. The cost of new fixed-

September but up 2.3 per cent compared

rate mortgages have also risen as yields

with October 2016. Price growth was

on the bond market have also risen. Meanwhile,

the

Office

of

the

Superintendent of Financial Institutions The average price of a townhouse in the

4

Toronto,

Hamilton,

The Canadian Press November 2nd, 2017

driven by appreciation in the townhouse and condo segments.

in

will implement new lending guidelines


Expanding Regional Economies to Lift Home Prices in Canada’s Major Markets Shorter than anticipated housing market correction puts Toronto back on track According to the Royal LePage House

$525,781. During the same period, the

should

Price Survey[1] released today, home

median price of a condominium rose 15.2

somewhat,

prices in Canada’s five most populated

per cent to $413,670.

adjusted purchasing power, foreign buyer

housing markets are rising at a similar,

dampen and

domestic with

less

demand currency-

activity is off peak levels and will likely

healthy pace on a quarter-over-quarter

“Uneven regional economic growth has

stay that way in the near-term,” added

basis, the first time this has occurred in

plagued Canada for much of the past

Soper.

six years.

decade, a challenge most evident in the nation’s housing markets,” said Phil Soper,

During the third quarter, the Greater

The year-over-year price change data in

President and CEO, Royal LePage. “For

Toronto Area saw the largest year-over-

the Royal LePage House Price Composite

the first time since 2011, we are seeing

year home price increase of any major

is the most useful metric for determining

real estate in all five of our largest cities

Canadian market, surging 21.7 per cent

the health of Canada’s real estate market.

appreciate at a manageable, healthy clip.

on the back of strong gains witnessed at

However, examining quarter-over-quarter

Canadian housing is enjoying a Goldilocks

the beginning of 2017. Meanwhile, home

movements can reveal useful short-

moment – not too hot, and not too cold.”

prices in Montreal continued to climb at a

term housing market trends. In the third

rate beyond what has been the historical

quarter, home prices in the Greater

“For now, the Toronto and Vancouver

norm, appreciating by 14.3 per cent when

Toronto Area, Greater Vancouver, Greater

housing markets have returned to earth,”

compared to the same time last year,

Montreal Area, Calgary and Ottawa all

continued Soper. “After a period of

while Ottawa grew by 7.9 per cent over

rose at rates between 1.5 and 3.5 per cent

unsustainable price inflation and sharp

the same period. When looking at the

on a quarter-over-quarter basis, indicative

market corrections, we are seeing low

largest markets in Canada’s westernmost

of a much more balanced Canadian

single digit appreciation in each. Calgary

provinces, Calgary and Greater Vancouver

residential real estate market.

has shaken off the oil-bust blues and

inched further out of their recovery, with

Montreal appears to be at the beginning

home prices rising 5.0 and 2.5 per cent

The Royal LePage National House Price

of a new era of economic prosperity.

year-over-year, respectively.

Composite, compiled from proprietary

Rounding out the ‘big five,’ the Ottawa

property data in 53 of the nation’s largest

market is behaving like it usually does – a

Following a very similar trend to the

real estate markets, showed that the price

picture of healthy market growth.”

Vancouver housing correction of 2016, the

of a home in Canada increased 13.3 per

Greater Toronto Area market experienced

cent year-over-year to $628,411 in the

Soper noted that rising interest rates

a sharp drop in sales volumes beginning

third quarter. When broken out by housing

and a strong Canadian dollar should

in April 2017, which continued through

type, the median price of a standard two-

help to keep a lid on major market price

much of the third quarter. With underlying

storey home rose 13.9 per cent year-

appreciation.

employment and economic growth

over-year to $748,049, and the median price of a bungalow grew 9.5 per cent to

“Marginally

higher

borrowing

costs

...continued on next page

05


...Continued from page 05

urban markets and job uncertainty in

new mortgage regulations, interest rate

other regions. Eighty-seven per cent

increases and higher home prices have

on solid footing, the Toronto market

of Canadians aged 25 to 30 believe

effectively limited purchasing power.

began to grow again in August.

homeownership is a good investment,

Under the Ontario Fair Housing Plan, all

yet only 57 per cent believe they will be

private rental units in the province are

Potential buyers who were previously

able to afford a house within the next

now subject to rent control, and housing

on the sidelines taking a wait-and-see

half decade. Consequently, though 61 per

market watchers have a number of

approach have now jumped back into

cent of peak millennial purchasers would

concerns regarding the impact of this

the market after realizing prices did not

prefer to buy a detached home, only 36

legislation. Removing the ability to adjust

drop as certain market watchers had

per cent believe that they will realistically

prices by more than 2.5 per cent a year

anticipated. On the supply side, some

be able to find a property within the

when long-term residential real estate

sellers who had attempted to capitalize

market segment. This has led many of

price appreciation is approximately 5.0

on an uncharacteristically strong spring

these young people to look for property

per cent per year makes rental units less

have taken their homes off the market.

in the more affordable condominium

attractive to investors. It is likely fewer

Together, these trends have caused

category.

purpose-built rental projects will be

the region to revert to a more balanced

launched in the near future. According to

market where supply and demand have

“In our largest urban centres, condos are

one industry report, more than 1,000 such

stabilized in the majority of areas.

seen by many young home buyers as the

projects have already been cancelled and

last bastion of affordability,” explained

vacancies have already fallen to 1.3 per

“A severe shortage of listings introduced

Soper. “We expect single home buyers,

cent across the GTA[2].

unsustainable home price inflation into

couples or families with one child to

our two largest markets beginning in

favour condominium living. With the

“Ontarians deciding between renting

2015,” commented Soper. “Affordability

arrival of a second child, many young

and buying a home are facing two tough

eroded rapidly, concerned policy makers

families will still follow their parents’

options,” said Soper. “Purchasers trying to

reacted with measures to slow demand,

footsteps and head to the suburbs.”

break into the entry-level market now face

and sales volumes plummeted. Market

a highly competitive environment, while

corrections were triggered in Vancouver

“Regardless of where they live, the sheer

those waiting to buy are met with high

first, and some ten months later, in

number of peak millennials in Canada will

rental prices brought on by a significant

Toronto.”

shape our real estate markets over the

shortage of inventory.”

next decade. Developers and planners will “Toronto home prices are much lower

certainly respond with housing product

“There may be unintended consequences

than those we see in Vancouver, and the

that meets the needs of this influential

to new province-wide rent controls,”

overall size of the market is considerably

cohort of real estate consumers,” added

concluded Soper. “We need more family-

larger,” he continued. “Waning foreign

Soper.

sized units in the province’s cities;

investment should impact the Toronto

apartments with two or three bedrooms.

market less severely. We expect the

Nationally,

prices

Yet purpose-built rental projects are

correction to be shorter in comparison to

increased 15.2 per cent on a year-over-

likely to focus on smaller bachelor or

what was experienced last year in B.C.’s

year basis and have begun to appreciate

one-bedroom units, which tend to attract

Lower Mainland.”

faster than any other housing segment in

shorter-term tenants. The higher turn-

large urban centres such as Toronto and

over allows landlords to raise rates more

According to the Royal LePage Peak

Vancouver. This is likely to continue for

frequently. This will put further upward

Millennial Survey released in August

the foreseeable future and begin a trend

pressure on the price of existing family-

2017, members of the largest cohort

in other cities. The overall affordability of

sized rental units.”

of the millennial demographic, or “peak

condominiums continues to attract first-

millennials,”

about

time homebuyers and purchasers looking

high home values in Canada’s largest

for attractively-priced real estate as

06

are

concerned

condominium

Royal LePage Media Room October 12th, 2017


How OSFI’s New Mortgage Rules Will Affect Home Affordability It's about to become tougher to qualify for

For Scenario No. 1, the family's mortgage

negotiated rate plus 200 basis points

a mortgage.

rate is 2.83 per cent. Under incoming rules,

(5.09 per cent) is higher than the BoC's

the mortgage application faces a stress

posted rate (4.89 per cent).

Canada's banking regulator published final

test using the Bank of Canada's current

guidelines for its mortgage qualification

five-year benchmark rate of 4.89 per cent.

Either way you cut it, the family's

rule on Tuesday, which impose tighter

That's because the central bank's posted

purchasing power will decrease when

standards on the uninsured market.

rate is higher than the family's negotiated

the new rules come into effect on Jan. 1,

Lenders will soon be required to "stress

rate plus 200 basis points (4.83 per cent).

2018.

test" all uninsured mortgage loans – those where the buyer makes a down

For Scenario No. 2, the family's mortgage

payment of at least 20 per cent of the

rate is 3.09 per cent. Under incoming

home's purchase price – at the greater

rules, the family would be stress tested

of the Bank of Canada's five-year posted

at 5.09 per cent. That's because the

Matt Lundy - Globe & Mail October 17th, 2017

rate or 200 basis points (two percentage points) higher than the negotiated contract rate. Home affordability will undoubtedly change as a result of the changes, according to calculations from RateHub. ca.

The

rate-comparison

website

looked at the maximum price a buyer could afford, under two scenarios, and compared current rules with incoming ones. The buyer is a family with an annual income of $100,000, enough cash saved for a 20-per-cent down payment, and a five-year fixed mortgage amortized over 25 years.

07


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15


October 2017 GTA REALTORS® Release Monthly Resale Housing Figures Toronto Real Estate Board President

the number of transactions was still

foreign buyers, is starting to unwind,”

Tim Syrianos reported 7,118 residential

down relative to last year’s record pace,

said Jason Mercer, TREB’s Director of

sales through TREB’s MLS® System in

it certainly does appear that sales

Market Analysis.

October 2017. This result represented

momentum is picking up,” said Mr.

an above-average increase between

Syrianos. The MLS® Home Price Index

“TREB will be undertaking its annual

September and October of almost 12

Composite benchmark price was up by

consumer polling process over the last

per cent, pointing to stronger fall market

9.7 per cent on a year-over-year basis

two months of 2017. This polling will

conditions.

in October. Annual rates of price growth

include research into the impact of

were strongest for townhouses and

recent and proposed government policy

On a year-over-year basis, October

condominium apartments. The average

changes on consumer intentions to buy

sales were down compared to 9,715

selling price for October transactions

and sell homes in the GTA, including the

transactions in September 2016. Total

was $780,104 – up by 2.3 per cent

impacts of the new OSFI guideline and

sales reported through the first 10

compared to the average of $762,691 in

a potential vacancy tax in the City of

months of 2017 amounted to 80,198

October 2016.

Toronto. In addition, TREB continues to

– down from 99,233 for the same time period in 2016.

work with different levels of government “The housing market in the GTA has

on solutions to the long-term housing

been impacted by a number of policy

supply issues in the region,” added Mr.

“Every year we generally see a jump in

changes at the provincial and federal

Syrianos.

sales between September and October.

levels. Similar to the track followed in

However, this year that increase was

the Greater Vancouver Area, it appears

more pronounced than usual compared

that the psychological impact of the

to the previous ten years. So, while

Fair Housing Plan, including the tax on

16

Toronto Real Estate Board November 2nd, 2017


17


THe Backpage TanTeam Client Notice Section Saturday, November 18th, 2017 Between 4:30PM - 10:00PM

Annual Year End Event 2017 Join us in celebrating another fantastic year! Invitations have been sent, If you didn't receive yours contact support@tanteam.com right away to RSVP!

December 2017 - Holiday Warmer

Tentatively booked, more information to follow! Contact suppor t@tanteam.com

Got A Great Idea For A TanTeam Event? We'd Like To Hear From You! We Might Just Do It! support@tanteam.com 416-669-1748

now is the perfect time to go “ehs”

to find out more

Speak To The TanTeam To See If It’s Right For You

416-669-1748 • support@TanTeam.com PENG HOCK TAN

#THE PREFERRED WAY TO DO REAL ESTATE

REAL ESTATE BROKER & ADVISOR DIRECT: 416-6 669-1748

This Magazine Is Brought To You By:

KAI MIN TAN

REAL ESTATE SALES REPRESENTATIVE DIRECT: 416--720-1738

Designer: Kai Min • Cover: Harbour Square Toronto • Source: Self-Taken • Advertising: Kai Min | support@tanteam.com

Royal LePage Meadowtowne Realty™ is a licensed franchise to Royal LePage and is Independently Owned and Operated. Whilst every care has been taken in preparing this magazine, Tan•gazine and all contained herein. Potential purchasers shall satisfy themselves as to all matters throughout Tan•gazine are those of the author and do not necessarily represent the form any part of any contract, offer or representation. Additionally, this magazine is

vendors, corporations, business’ and affilliates give no warranty for the information and seek independent advice, if necessary. The views expressed in the article(s) views of The TAN Team and its affiliates. The information contained herein does not not intended to solicit properties currently contracted and/or already listed for sale.


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