N o v e m b e r I s s u e
0 5
D e c e m b e r V o l u m e
0 6
2 0 1 7
service a word
The TanTeam can provide you with an unparalleled level of service and attention when it comes to an important decision such as buying and selling your home.
Our passion and knowledge of the area and commitment to making a difference has helped us build a name for offering the highest level of customer service possible. Call The TAN Team now if you are planning to buy or sell your next home. www.tanteam.com • suppor t@tanteam.com • Tan: 416-669-1748 • Kai: 416-720-1738 • Office: 905-821-3200
#the preferred
way to do real estate PENG HOCK TAN REAL ESTATE BROKER & ADVISOR DIRECT: 416-6 669-1748
KAI MIN TAN
REAL ESTATE SALES REPRESENTATIVE DIRECT: 416--720-1738
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
Invitations have been If you didn't get yours contact su What We Have Planned • All you can eat sushi/dim sum! • Many opportunities for socializing • Door gifts • Tons of Raffle Prizes To Be Won • Separate Raffles For Food Banks Canada
n sent by letter mail! upport@tanteam.com to RSVP! Schedule Reception: 4:30pm - 6:00pm Dinner: 6:00pm - 10:00pm Venue: Please contact support@tanteam.com for more information / refer to invitation for venue Parking: Free Dress Code: Casual, Business Casual
1+1 IN TORONTO YORKVILLE WITH PRIME SUB-PENTHOUSE LEVEL VIEWS UNMATCHED IN YORK! Yo r k v i l l e P l a z a - To r o n t o 1 5 5 Yo r k v i l l e A v e The New Residences Of Yorkville Plaza. “Four Seasons Hotel” The Paris Model 500sf 1 Bedroom + Den, On Sub-Pent House Level (31) Sold Out Floor Plan! Coveted Full North Unobstructed Exposure. Steps To Yorkville Shops, Avenue Road, U Of T, Subway and the Hazelton Lane Market. Enjoy the sounds and performances of the annual Toronto Jazz Festival right outside the building! Contact The TanTeam for more information! support(at)tanteam.com
A P P ROX 5 2 5 s f | 1 + 1 B D R M | 1 BAT H | 3 1 ST L E V E L | S U B - P E N T H O U S E S U I T E
A s k i n g P r i ce $ 61 9, 9 1 6 E XC L U S I V E L I ST I N G AVA I L A B L E F O R SA L E
SPACIOUS 2+1 CONDO APARTMENT WITH GREAT VIEW, ENSUITE LOCKER AND 2 CAR UNDERGROUND LATERAL PARKING City Centre Area 350 Webb Drive, Mississauga Clean And Well Kept Cozy 2 Bedroom Unit With New Laminate Flooring Throughout, Ensuite Locker, Large Open Concept Dining/Living Room, Generous Master Bedroom With 4 Piece Ensuite, And 2 Parking Spaces!! Easy Access To Public Transit, Schools, Parks, Walk To Square One Mall And Celebration Square! A P P ROX 1 1 0 0 s f | 2 + 1 B D R M | 2 BAT H | P R I V | 2 C A R P K | E N S U I T E LO C K E R
Asking Price $419,914 MLS W3943022 AVA I L A B L E F O R SA L E
13
UPDATED DETACH IN "H" SECTION WITH NEW HVAC, TANKLESS HOT WATER AND RENOVATED INTERIOR Central Park Area 25 Holmcrest Crt, Brampton 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 floor concept, new laminate floor 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). Listed for sale without tenants. Can be purchased with tenants for investment. Don’t miss this opportunity to make your move, contact The TanTeam at support@tanteam.com to book a private showing appointment!
A P P R O X 1 4 0 0 s f | 4 B D R M | 2 B A T H | L A R G E B A C K YA R D | B R A M A L E A S H O P P I N G
Asking Price $528,825 MLS W3936237 AVA I L A B L E F O R SA L E
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.