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who we are Peng Hock Tan
Kai Min Tan
Ola Akinyemi
When it comes to providing excellent real estate services, Peng Hock Tan always puts the interest of his client’s at heart first. Creativity and patience are the substance of his ability to provide the necessary guidance and clarity in assisting his clients during their crucial decision making process. Aside from real estate, Peng Hock Tan enjoys sharing his passion for food and love for gardening!
Being passionate about doing the things you enjoy is important, for Kai Min Tan, one of those things are real estate. His client’s are fond of his refreshing, insightful and positive demeanor which we are sure you will also appreciate. Outside of real estate, Kai Min Tan enjoys following up on the world of cutting edge technology and intriguing mixology.
Ola is looking forward to making customers and clients love Royal LePage Meadowtowne as their #1 Real Estate Brokerage. He brings a wealth of financial industry experience to the team having worked with Senior Executives at several leading Financial Institutions in Canada at various capacities in delivering value to customers for more than a decade.
Senior Real Estate Broker & Real Estate Advsior
Real Estate Sales Representative
enjoying what we love doing The TanTeam provides 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.
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Designer: Kai Min • Cover: waterfalls of Plitvice Lakes, National Park of Croatia • Source: nblxer • 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 vendors, corporations, business’ and affilliates give no warranty for the information contained herein. Potential purchasers shall satisfy themselves as to all matters and seek independent advice, if necessary. The views expressed in the article(s) throughout Tan•gazine are those of the author and do not necessarily represent the views of The TAN Team and its affiliates. The information contained herein does not form any part of any contract, offer or representation. Additionally, this magazine is not intended to solicit properties currently contracted and/or already listed for sale.
table of
CONTENTS September - October 2019 volume 06 issue 03 AUGUST REAL ESTATE INDEX
GTA DETACH AVG PRICES (2019 • $792,611 | 2018 • $765,252 | +3.57%) SALES (2019 • 7,711 | 2018 • 6,797 | +13.44%) 1 YR MORTGAGE (2019 • 3.64% | 2018 • 3.49% | +4.29%)
04 ................... Toronto-area Home Prices, Sales Rise for a Fifth-consecutive Month 05 ................... August 2019 GTA REALTORS® Release Monthly Resale Housing Figures 06 ................... Toronto’s Affordability Problem Doesn’t Look so Bad - On a Global Scale 07-08 ................... Why the Global Economy Can’t Handle Higher Interest Rates 09 ................... Federal Budget 2019: 'Flowery' Housing Incentives Do Little To Help Millennials 10-11 ................... Annual Client Event 2019 - Co-host Club Wolfsburg (WCT Performance / Raser Motorsports) 12-13 ................... The TanTeam Fall Listings September - October 2019 14-15 ................... Wine & Life Style Section
The only limit to our realization of
tomorrow will be our doubts of today -franklin d. roosevelt
Toronto-area Home Prices, Sales Rise for a Fifth-consecutive Month TESS KALINOWSKI TORONTO STAR JUNE 05, 2019
Toronto region home prices rose a fifth consecutive month in May — up 3.1 per cent on average year over year to $838,540 including all types of housing. The number of sales also grew substantially — showing a 19 per cent year over year increase. But the Toronto Real Estate Board (TREB) warned that the 9,989 transactions last month remain below the decade-average and follow last May’s 15-year low.
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A lack of listings — the number was up only 0.8 per cent compared to last May — could tip the market in favour of sellers and could push prices higher, said the board. “If we continue to see growth in sales outstrip growth in new listings, price growth will accelerate,” TREB said in a release on Wednesday. “Many households are not comfortable listing their homes for sale because they feel that there are no housing options available to better meet their
needs,” said Jason Mercer, the board’s chief market analyst. Condos continued to see the largest year over year price gains, up 5 per cent to a regionwide average of $590,876. Detached house prices grew by 0.3 per cent on average. Prices remained higher in the city of Toronto where the average condo sold for $642,891 and the average detached house was $1.39 million. The market recovery appears to have taken hold in the 905-area communities outside Toronto. Only York and Durham
regions showed some slight price declines in some housing categories. Peel Region saw the largest year over year price growth — up 5.6 per cent across all categories with condos there increasing 11 per cent and detached homes up 4 per cent year over year in May. That compares to an overall 4.71 per cent price gain in the city of Toronto and a 1.09 per cent decline in York Region. The seasonally adjusted 2.8 per cent price gain in May was the largest month over month increase since June 2018.
August 2019 GTA REALTORS® Release Monthly Resale Housing Figures TORONTO REAL ESTATE BOARD SEPTEMBER 6, 2019
Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 7,711 residential sales through TREB's MLS® System in August 2019. This result represented a 13.4 per cent increase compared to 6,797 sales reported in August 2018. On a monthover- month basis, after preliminary seasonal adjustment, sales were up by 0.8 per cent.
GTA-wide sales were up on a yearover-year basis for all major market segments, with annual rates of sales growth strongest for low-rise home types including detached houses. This reflects the fact that demand for more expensive home types was very low in 2018 and has rebounded to a certain degree in 2019, albeit not back to the record levels experienced in 2016 and the first quarter of 2017. Market conditions also became tighter in August 2019 compared to a year
ago because, while sales were up yearover-year, new listings were down by three per cent over the same time period to 11,789. Year-to-date, growth in sales has well outstripped growth in new listings. This is why overall active listings counted at the end of August were down by more than 11 per cent compared to August 2018. The MLS® Home Price Index Composite Benchmark for August 2019 was up by 4.9 per cent on a year-over-year basis. The average selling price, at $792,611
in August 2019, was up by 3.6 per cent year-over-year. Both the MLS® HPI benchmark prices and average selling prices were up on an annual basis for major market segments. The condominium apartment segment continued to lead the way in terms of price growth, followed by higher density low-rise home types and finally detached houses.
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Canadians More Likely to be Homeowners, Have a Mortgage STEVE RANDALL REP MAGAZINE AUGUST 09, 2019
Homeownership rates are higher now than they were two decades ago according to a new analysis from Statistics Canada. It says that, apart from a dip between 2012 and 2016, Canadian families are more likely to be homeowners now than in 1999. The study looked at homeownership from 1999 to 2016. The share of Canadian families who have paid off their mortgage has declined though in that period, from
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46% in 1999 to 43% in 2016, with the trend consistent across all age groups but was most prolific among those where the primary wage earner was aged 35-54.
during the study period, from $91,900 in 1999 to $180,000 in 2016 on a constant dollar basis. This was seen across most demographics and regions but more so in large urban areas.
The report - "Homeownership, mortgage debt and types of mortgage among Canadian families” – notes that, if the population was not aging then the share of families who’d paid off their mortgage would be 36%. This is because older Canadians are more likely to have cleared their loan.
Couples with children had mortgages that were 112% larger in 2016 than in 1999.
The size of mortgage debt has increased
StatsCan says that mortgage debt made up 84% of household debt between 1999 and 2016. Fixed rate leads
Most Canadian families with a mortgage have a fixed rate, the study shows. In 2016, those with a FRM accounted for 74% of all those with a mortgage with variable rates for 21%, and 5% having a combination of both. Fixed rate was seen more frequently in those with longer amortization periods. In addition, families who maintained a household budget were more likely to have a fixed rate, possibly reflecting the fact that those who budget prefer the certainty of fixed payments over time.
Homebuyers still believe foreign buyers heavily influence market, despite data: CMHC CANADA MORTGAGE AND HOUSING CORP. SAYS THE PACE OF HOUSING STARTS IN JANUARY HELD STEADY COMPARED WITH DECEMBER.
TARA DESCHAMPS THE CANADIAN PRESS JUNE 28, 2019
Foreign buyers might make up a small sliver of Canada's biggest real estate markets, but homebuyers in Toronto, Vancouver and Montreal still believe they are heavily influencing housing activity. A study from the Canada Mortgage and Housing Corporation released Wednesday found that 68 per cent of Vancouver respondents, 48 per cent of Toronto respondents and 42 per cent of Montreal respondents believe foreign buyers are having "a lot of influence" on their markets and are driving up home prices.
The insights shared by 2,159 respondents in the three cities between September and mid-October is in stark contrast with recent data from Statistics Canada showing foreign buyers only own 4.8 per cent of Vancouver properties and 3.4 per cent of homes in Toronto.
around foreign buyers were having on the markets, but it found that in Vancouver the influence of foreign investors is perceived to be stronger than supply constraints and demand.
CMHC said the bidding wars most frequently cropped up around apartment condominiums, where prices are lower than the median purchase price for all properties.
However, in Toronto, it said that influence is in line with market forces.
"What is striking is the significant gap between perceptions of the public and available data, so much so that the perception of non-resident ownership takes centre stage when discussing the drivers of price growth," said CMHC's report.
Beyond foreign buyers, CMHC also looked at other factors affecting homebuyers' motivations, including bidding wars.
The study also revealed that 48 per cent of buyers in Vancouver and Toronto spent more than they budgeted on their home, but only 24 per cent of Montreal buyers exceeded their planned total.
The Crown corporation said it couldn't quantify how big an impact perceptions
It found that 55 per cent of Toronto and Vancouver respondents said they had experienced a bidding war, compared with 17 per cent in Montreal.
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Central Bank Qualifying Rate Used in Mortgage Stress Tests Falls THE CANADIAN PRESS JULY 19, 2019
The Bank of Canada's rate used by mortgage stress tests to determine whether would-be homeowners can qualify has dropped for the first time in three years. The central bank's five-year benchmark qualifying rate is now 5.19 per cent, down from 5.34 per cent. It's the first decrease in the five-year fixed mortgage rate since September 2016, when it dropped from 4.74 per cent to 4.64 per cent, and increased steadily since. The qualifying rate is used in stress tests for both insured and uninsured mortgages, and a lower rate means it is easier for borrowers to qualify. "This 15 basis point drop in the
qualifying rate will not turn the housing market around in the hardest-hit regions, but it will be an incremental positive psychological boost for buyers," said Sherry Cooper, chief economist for Dominion Lending Centres in a statement. "It should also counter, in some small part, what's been the slowest lending growth in five years." The Bank of Canada's five-year benchmark rate is calculated using the posted rates at the Big Six Banks. Home sales softened last year after the federal government introduced new stress test rules for uninsured mortgages, or those with a down payment of more than 20 per cent, and mortgage rates inched higher. These stress tests require potential homebuyers to show they would still be able to make mortgage payments if
in recent months as mortgage rates have moved lower.
faced with higher interest rates or less income.
But on Thursday, the Ontario Real Estate Association called for less stringent mortgage rules, saying that policy changes are needed to counter a downward trend in home ownership.
As of Jan. 1, 2018, to qualify for an uninsured mortgage borrowers needed to prove they could still make payments at a qualifying rate of the greater of two percentage points higher than the contractual mortgage rate or the central bank's five-year benchmark rate.
OREA's chief executive Tim Hudak said in a letter to federal policy-makers that Ottawa should consider restoring 30year insured mortgages, ease up on the interest rate stress test and eliminate the test altogether for those renewing their mortgage with a different lender.
An existing stress test already stipulated that homebuyers with less than a 20 per cent down payment seeking an insured mortgage must qualify at the central bank's benchmark five-year mortgage rate.
Borrowers looking to renew their mortgages are subject to stress tests if they switch to a new lender, but not if they stick with their current one.
The federal financial regulator has said that the new, stricter regulations aimed to tighten mortgage lending and take some of the risk out of the market.
In a May letter to policy-makers, the chief executive of Canada Mortgage and Housing Corporation defended the stricter lending rules, arguing that "the stress test is doing what it is supposed to do."
Meanwhile, home sales have improved
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every two weeks might be enough to get the benefits, said the UK’s National Health Service. ‘Like many “too good to be true” headlines, the story is more complicated,’ it said. Dr Caroline Le Roy, one of the Kings College London researchers, said, ‘If you must choose one alcoholic drink today, red wine is the one to pick as it seems to potentially exert a beneficial effect on you and your gut microbes, which in turn may also help weight and risk of heart disease.’
Red Wine Is Good For The Gut And Figure - But You Only Need It Occasionally
Scottish bacteriologist and Nobel CHRIS WILSON AUGUST 29, 2019 DECANTER MAGAZINE
Prize winner Alexander Fleming changed the world with his discovery of penicillin, but also possessed great common sense. ‘Penicillin cures, but wine makes people happy,’ he opined. But, little did he know that wine can have health benefits, too.
Researchers from King’s College London have found that wine – specifically red wine – could be good for the health of the gut, increasing the number and variety of useful bacteria that can live there. The study has found that red wine drinkers, rather than lovers of white wine, beer or spirits, are less likely to be overweight or have excess cholesterol, as the benefit comes from polyphenols found in the skin of red grapes.
These polyphenols are micronutrients and are believed to act as fuel for the useful microbes living inside the gut. Too good to be true? Health officials urged caution, highlighting that the study relied on selfreported drinking habits and that other lifestyle factors may have influenced the results. Even if the study’s findings are confirmed, one glass of red wine
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She added, ‘You do not need to drink every day and it is still advised to consume alcohol with moderation. This is an observational study so we cannot prove that the effect we see is caused by red wine.’ More about the study - The research was published in the scientific journal Gastroenterology and studied nearly 3,000 people living in the UK, America and The Netherlands. Participants were twins who were quizzed about their diet and drinking habits, and it was found that the gut microbiota of red wine drinkers was more diverse than that of non-red wine drinkers.
As the study progressed the gut bacteria diversity increased among those who consumed red wine, although it found that occasional drinking – one glass a week or fortnight – appeared to be sufficient. ‘This is one of the largest ever studies to explore the effects of red wine in the guts of nearly three thousand people in three different countries and provides insights that the high levels of polyphenols in the grape skin could be responsible for much of the controversial health benefits when used in moderation,’ said lead author professor Tim Spector. Further work needed - A follow-up study looking at the effects on gut health and cholesterol of red wine, red grape juice and no alcohol is being considered. ‘We are starting to know more and more about gut bacteria. It is complex, and we need more research, but we know that the more diversity there is, the better it appears to be for our health,’ said Dr Le Roy.
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French Wine Output Set To Fall In 2019 Due To Extreme Weather
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Extreme weather – including frost, drought and hail – has been blamed for a predicted fall in French wine output of 12% in 2019.
has been thrown at French farmers this year; spring frosts followed by summer heatwaves caused widespread damage to vines and grapes, while hail and wildfires have affected crops too slashing overall production to 43.4 million hectolitres, down from 49.4 million hectolitres last year.
The agriculture ministry predicts that output across the country will fall by an average of 12% with some areas such as Burgundy and Champagne suffering even greater falls in production.
The ministry added that this year’s estimated harvest puts it at four percent below the average production over the past five years.
The full gamut of weather extremes
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OFFICIALS HAVE PREDICTED A FALL IN THE 2019 FRENCH WINE HARVEST, WITH BURGUNDY AND BEAUJOLAIS HIT THE HARDEST, ESTIMATING A 26% FALL IN THESE AREAS. CHRIS WILSON SEPTEMBER 2, 2019 DECANTER MAGAZINE
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badly hit with Burgundy and Beaujolais thought to be down 26% and Champagne said to be down 17% yearon-year. Bordeaux, meanwhile, will see output down by around four percent. ‘What we are seeing, as the meteorologists have said we would, is extreme climactic events,’ Inter Beaujolais vice president David Ratignier told Decanter.com. ‘There is no middle ground anymore. Never just one storm or only rain. We had three major hailstorms on 18
August plus one or two smaller ones and plenty of rain. The heat is extreme. We had temperatures of over 40 degrees this summer. And drought this year and last year. That’s not what you would call normal weather,’ he added. The situation could have been worse, claims the agriculture ministry, with many areas ‘saved’ by early August rains which limited losses following the Europe-wide heatwave in late June and July.
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Should Japan Go Beyond Koshu? ELIN MCCOY SEPTEMBER 9, 2019 DECANTER MAGAZINE
I’m standing in a vineyard where the vines look like small trees, their branches spread in a high canopy with pink-skinned grape bunches protected from rain by small wax paper hats. Anyone who has visited Yamanashi, Japan’s wine country, would instantly recognise them as Koshu, the unique white grape variety that the Japanese have been, justifiably, busy promoting internationally. I became a Koshu fan on my recent visit, but the bigger surprise was how intriguing I found Japanese wines from more familiar grapes. The most impressive one I tried was Grace Wine’s Blanc de Blancs Extra Brut 2014, a traditional-method sparkling Chardonnay like a fine grower Champagne. This led me to wondering whether Japan has to go beyond Koshu to become a global wine hot spot. Yes, Koshu’s lowalcohol crispness and range of styles, from sur lie to skin-fermented orange
wines, put it squarely in today’s wine zeitgeist. But I’m convinced Japan’s take on Merlot, Sauvignon Blanc, Pinot Noir and Chardonnay will be even more key in getting less adventurous drinkers to think of the country as the wine world’s new star. Few drinkers realise that Japan is now home to four major wine regions and 418 wineries, according to the latest figures from the National Tax Agency (Koshu grapes are grown almost exclusively in Yamanashi). And last year, the country took a big step forward towards international recognition and quality by requiring wines labelled ‘Japan Wine’ to be made from grapes that are grown in Japan. New Zealand is probably the first country propelled to wine fame by a single variety with its distinctive Sauvignon Blancs. Japan seems to be trying to follow its route. The owner of Grace Wine, Shigekazu Misawa, helped found Koshu of Japan a decade ago, and it hosts annual tastings in London. It makes sense to lead with native
grapes, especially when Koshu wines have improved so much in the past decade, thanks to advice from Bordeaux wine wizard, the late Denis Dubourdieu. Bone-dry, intensely mineral and fragrant, they deserve wider appreciation. (I don’t have equal confidence in Japan’s native red Muscat Bailey A, a cross between an American hybrid and Muscat of Hamburg, whose wines taste of candied strawberries.) But I hope winemakers will highlight their wines made from European varieties. Many had a subtlety that seems to be a hallmark of Japanese wines. I tasted a light, juicy Zweigelt and a crisp, aromatic Kerner, both from the Hokkaido Wine Co. The cool northern island is also the best bet for Pinot Noir, which the world can never seem to get enough of. Even in Yamanashi, almost every winery offers wines from varieties besides Koshu. At Lumiere, a spicy Tempranillo and a soft, plummy Cabernet Franc stood out. Grace Wine, which makes several top Koshus, also excels with Bordeaux varieties.
Its 2015 Cuveé Misawa, a blend of Cabernet Sauvignon, Petit Verdot and Merlot, is complex, silky textured, long and elegant. ‘Petit Verdot does especially well here,’ says winemaker Ayana Misawa, a graduate of the University of Bordeaux who has also dabbled with Albariño.
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Because of Japan’s humid climate, growing European grapes is difficult. In their focus on finding the right terroirs for specific grapes, many wineries are turning to higher altitudes and making more single-vineyard wines. Suntory’s Tomi No Oka winery, at the forefront of growing Bordeaux grapes, makes a spicy, cherryish Premium Iwadarehara Merlot from a gravelly river terrace vineyard. ‘Our goals have changed,’ says Hiromichi Yoshino of its wine development division. ‘Before our target of taste was Bordeaux. Now we want to express our own terroir.’ Japan seemed a hotbed of the kind of experimentation essential for getting global attention. Boutique wineries are opening, and oenotourism is starting. Michelin-starred restaurants showcase the wines. Next year’s Tokyo Olympics will spread the word to the world. And it shouldn’t be just about Koshu.
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