Jason Bondy-Sawyer

Buy In The Summer And Then Sell In The Fall?

Buy In The Summer And Then Sell In The Fall? Photo

“Should I stay or should I go?”

The classic 1982 Clash song (which I fondly remember being a highlight on the dancefloor at the Dance Cave, circa ’99-’01) is a fitting soundtrack for anyone considering a move in the current Toronto real estate market.

While buying is nowhere near as stressful as it was in the first four months of the year, selling is a different story. We’re in a transitioning market now and selling your home isn’t as simple a process these days.

This change in the market has many buyers and sellers confused about how to proceed.

I’ve got a number of clients right now who are hesitantly contemplating a “move-up” purchase into something larger than their current space.

While they’re tickled by the fact that they aren’t shopping for a home in the same feeding-frenzy market we saw in January – April, the prospect of having to sell their home in this more relaxed market has them second-guessing whether or not now is the right time to make a move.

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June 2017 Market Stats: Infographic & Report

June 2017 Market Stats: Infographic & Report Photo

Following is TREB’s market report for June 2017:

Greater Toronto Area REALTORS® reported 7,974 sales through TREB’s MLS® System in June 2017 – down by 37.3 per cent in comparison to June 2016.

The number of new residential listings entered into TREB’s MLS® System, at 19,614, was up by 15.9 per cent compared to June 2016.

While this annual rate of growth was sizeable, it represented a more moderate annual rate of growth compared to May 2017, when new listings were up by 48.9 per cent year-over-year.

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April 2017 Market Stats: Infographic & Report

April 2017 Market Stats: Infographic & Report Photo

Following is TREB’s market report for April 2017:

Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® entered 33.6 per cent more new listings into TREB’s MLS® System in April 2017, at 21,630, compared to the same month in 2016.

New listings were up by double-digits for all low-rise home types, including detached and semi-detached houses and townhouses.

New listings for condominium apartments were at the same level as last year.

Total sales for the TREB market area as a whole amounted to 11,630 – down 3.2 per cent year-over-year.

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Point-By-Point: Ontario’s Fair Housing Plan

Ontario's Fair Housing Plan: Point-By-Point Photo

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Today, Premier Kathleen Wynne finally announced changes to real estate in Ontario in an attempt to increase supply and address affordability.

No doubt, there’s going to be some confusion about the effects of the changes. Keep in mind though, the fundamentals of a healthy market have not changed.

Take a look at the plan below, point-by-point. If you’ve got any questions just give me a shout.

There are 16 proposed measures:

  1. A 15-per-cent non-resident speculation tax to be imposed on buyers in the Greater Golden Horseshoe area who are not citizens, permanent residents or Canadian corporations.
  2. Expanded rent control that will apply to all private rental units in Ontario, including those built after 1991, which are currently excluded.
  3. Updates to the Residential Tenancies Act to include a standard lease agreement, tighter provisions for “landlord’s own use” evictions, and technical changes to the Landlord-Tenant Board meant to make the process fairer, as well as other changes.
  4. A program to leverage the value of surplus provincial land assets across the province to develop a mix of market-price housing and affordable housing.
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March 2017 Market Stats: Infographic & Report

March 2017 Market Stats: Infographic & Report Photo

Following is TREB’s market report for March 2017:

Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 12,077 residential sales through TREB’s MLS® System in March 2017.

This result represented a 17.7 per cent increase compared to the 10,260 sales reported in March 2016.

For the TREB market area as a whole, annual sales growth was strongest for condominium apartments and detached houses.

The number of new listings also increased on a year-over-year basis, at 17,051 – a 15.2 per cent increase compared to March 2016.

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Deposit Cheque: Don’t Show Up Empty-Handed!

Deposit Cheque: Don't Show Up Empty-Handed! Photo

Early in my real estate career, I was working with a young couple looking to purchase a loft in the city’s west end.

Back then, just like now, most properties were receiving multiple offers and selling for above the asking price.

And just like now, listing agents were requesting that all potential buyers show up on the offer date with a certified deposit cheque in hand.

I don’t recall the specifics now, but on the first offer we did together those clients of mine were not able to obtain a deposit cheque prior to submitting the offer.

Of the five offers that were submitted that night, my clients had the highest price.

The property should’ve been theirs…

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February 2017 Market Stats: Infographic & Report

February 2017 Market Stats: Infographic & Report Photo

Following is TREB’s market report for February 2017:

Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 8,014 residential sales through TREB’s MLS® System in February 2017.

Despite the fact that February 2016 had one more day due to the leap year day, this result was up on a year-over-year basis by 5.7 per cent compared to 7,583 sales reported last year.

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Toronto Land Transfer Taxes Are Increasing. Ugh.

 

Toronto Land Transfer Tax Costs Are Going Up On March 1st Photo

If you haven’t already heard, the City of Toronto Council has approved changes to the Toronto Land Transfer Tax which will result in additional costs for some home buyers with a closing date on or after March 1, 2017 (which is when the tax will be harmonized with the provincial LTT).

Click here to see the detailed City of Toronto Notice on the “original” proposed changes posted in December 2016 (NOTE: changes made to original proposals as per below).

Status

The following changes to the Toronto Land Transfer Tax were considered and approved by Toronto City Council on February 15, 2017. The changes are effective AS OF MARCH 1, 2017for real estate transactions closing on or after this date:

  • Added an additional LTT of 0.5% of the value of a residential or non-residential property from $250,000 to $400,000 (an additional $750)
  • Added an additional LTT of 0.5% of the value of a residential property above $2 million
  • Added an additional LTT of 0.5% of the value above $400,000 of a non-residential property
  • Increasing the maximum allowed First-Time Home Buyer Rebate to $4,475, up from $3,725
  • Amended the first-time home buyer rebate program eligibility rules to restrict rebate eligibility to Canadian citizens or permanent residents of Canada

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It Sold For HOW Much? WTF!

I’ve been a realtor for over 10 years now, and I can honestly say that I’ve never seen as many WTF sale prices as I saw last week.

It’s not unusual for a house to sell for stupid money in this city (it is Toronto after all), but last week was notable because it happened so many times!

All over the city, almost every day, houses and condos were selling for unprecedented figures.

“Unprecedented” is the key word here, but I’m not sure it really does justice to what we saw last week.

A few examples…

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January 2017 Market Stats: Infographic & Report

January 2017 Market Stats: Infographic & Report Photo

Following is TREB’s market report for January 2017:

Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 5,188 residential transactions through TREB’s MLS® System in January 2017.

This result was up by 11.8 per cent compared to 4,640 sales reported in January 2016.

Annual rates of sales growth were higher for condominium apartments than for low-rise home types.

January 2017 picked up where 2016 left off: sales were up on a year-over-year basis while the number of new listings was down by double-digit annual rates for most major home types.

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