DECEMBER MARKET STATISTICS

DECEMBER MARKET STATISTICS

GTA REALTORS® Release December and Annual 2019 Stats

January 7, 2020 — Toronto Real Estate Board President Michael Collins reported that December 2019 residential sales reported through TREB’s MLS® System by Greater Toronto Area REALTORS® were up by 17.4 per cent year-over-year to 4,399. Total sales for calendar year 2019 amounted to 87,825 – up by 12.6 per cent compared to the decade low 78,015 sales reported in 2018. On an annual basis, 2019 sales were in line with the median annual sales result for the past decade.

“We certainly saw a recovery in sales activity in 2019, particularly in the second half of the year. As anticipated, many home buyers who were initially on the sidelines moved back into the market place starting in the spring. Buyer confidence was buoyed by a strong regional economy and declining contract mortgage rates over the course of the year,” said Mr. Collins.

While sales were up in 2019, the number of new listings entered into TREB’s MLS® System was down by 2.4 per cent year-over-year. For the past decade, annual new listings have been largely in a holding pattern between 150,000 and 160,000, despite the upward trend in home prices over the same period.

“Over the last ten years, TREB has been drawing attention to the housing supply issue in the GTA. Increasingly, policy makers, research groups of varying scope and other interested parties have acknowledged that the lack of a diverse supply of ownership and rental housing continues to hamper housing affordability in the GTA. Taking 2019 as an example, we experienced a strong sales increase up against a decline in supply. Tighter market conditions translated into accelerating price growth. Expect further acceleration in 2020 if there is no relief on the supply front,” said Jason Mercer, TREB’s Chief Market Analyst.

The MLS® Home Price Index Composite Benchmark was up by 7.3 per cent on a year-over-year basis in December 2019. From June 2019 onward, the annual growth rate in the MLS® HPI Composite Benchmark accelerated. The average selling price in December 2019 was $837,788 – up almost 12 per cent year-over-year. For calendar year 2019, the average selling price was $819,319 – up by four per cent compared to $787,856 in 2018.

Milton Summary:

Average Sale Price over this time last year:  + 5.3%

Number of Sales over this time last year:  + 17.5 %

Oakville Summary:

Average Sale Price over this time last year:  + 0.2%

Number of Sales over this time last year:  + 7 %

 

Burlington Summary:

Average Sale Price over this time last year:  + 2.4%

Number of Sales over this time last year:  + 8.1 %

Halton Hills Summary:

Average Sale Price over this time last year:  + 3.8%

Number of Sales over this time last year:  + 17.3 %

Mississauga Summary:

Average Sale Price over this time last year:  + 7.7%

Number of Sales over this time last year:  + 12.0 %

Posted by Christine Pecharich in Burlington, Georgetown, Market Reports, Milton, Mississauga, Oakville, 0 comments
Testimonial just received from our happy buyer!

Testimonial just received from our happy buyer!

Hi Joe & Christine,

When we began our search for a new property we went to a few open houses just because we’re nosy. During one such visit we were told by the homeowner that purchasing their property without the assistance of a realtor would result in a considerable saving for us. When we left, we discussed this offer and both of us felt uneasy about this. We don’t purchase properties every day, so what we miss in the course of negotiations can be very costly. We decided to call you. We knew that JP Realty was a reputable firm through past experience in other ventures. We were not disappointed. You were constantly monitoring the situation as it progressed and offering sound rational advice at the right time. All through the process of visiting, offering, purchasing, and taking possession you were there. If you had not been, we for sure would have made some bonehead moves that would have cost us big time. We just want to say thank you for your hard work and diligence in handling our purchase. You’re great and anyone who asks about JP realty Team will get a huge thumbs up from us.

 

Thank you again

John & Diane Leferink

Posted by Christine Pecharich, 0 comments
NOVEMBER MARKET STATISTICS

NOVEMBER MARKET STATISTICS

GTA REALTORS® Release November 2019 Stats

December 4, 2019 — Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 7,090 sales through TREB’s MLS® System in November 2019 – a 14.2 per cent increase compared to November 2018. On a GTA-wide basis, sales were up year-over-year for all major market segments. Annual sales growth in ground oriented home types, including detached houses, led the way.

New listings entered into TREB’s MLS® System in November and the active listings count at the end of the month went in the opposite direction compared to last year, with new listings down 17.9 per cent year-over-year and active listings down 27.2 per cent.

“An increasing number of home buyers impacted by demand-side policies over the past three years, including the 2017 Ontario Fair Housing Plan and the OSFI mortgage stress test, have moved back into the market for ownership housing. Based on affordability and stricter mortgage qualification standards, many buyers may have likely adjusted their preferences, changing the type and/or location of home they ultimately chose to purchase,” said Mr. Collins.

As market conditions continued to tighten in November 2019, with increased sales up against an increasingly constrained supply of listings, the annual rate of price growth continued to accelerate. The MLS® Home Price Index Composite Benchmark increased by 6.8 per cent year-over-year. The average selling price increased by 7.1 per cent year-over-year to $843,637. Both the MLS® HPI and the average selling price for the TREB market area as a whole experienced the strongest annual rates of price growth for the year in November.

“Strong population growth in the GTA coupled with declining negotiated mortgage rates resulted in sales accounting for a greater share of listings in November and throughout the second half of 2019. Increased competition between buyers has resulted in an acceleration in price growth. Expect the rate of price growth to increase further if we see no relief on the listings supply front,” said Jason Mercer, TREB’s Chief Market Analyst.

Milton Summary:

Average Sale Price over this time last year:  + 5.2%

Number of Sales over this time last year:  + 19 %

Oakville Summary:

Average Sale Price over this time last year:  + 0.1 %

Number of Sales over this time last year:  + 6 %

Burlington Summary:

Average Sale Price over this time last year:  + 2.2 %

Number of Sales over this time last year:  + 8.7 %

Halton Hills Summary:

Average Sale Price over this time last year:  + 3.4%

Number of Sales over this time last year:  + 16.8 %

Mississauga Summary:

Average Sale Price over this time last year:  + 7.1 %

Number of Sales over this time last year:  + 12.2 %

 

Posted by Christine Pecharich, 0 comments
OCTOBER 2019 MARKET STATISTICS

OCTOBER 2019 MARKET STATISTICS

GTA REALTORS® Release October 2019 Stats

November 5, 2019 — Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 8,491 residential sales through TREB’s MLS® System in October 2019. This result represented a 14 per cent increase compared to 7,448 sales reported in October 2018. GTA-wide, sales were up on a year-over-year basis for all major home types.

The trend of annual growth in sales versus annual decline in new listings continued in October 2019, with new listings down by 9.6 per cent compared to October 2018. The resulting tighter market conditions compared to a year ago resulted in positive annual rates of price growth across all major market segments, from a GTA-wide perspective.

The MLS® Home Price Index Composite Benchmark was up by 5.8 per cent on a year-over-year basis in October 2019 – the strongest annual rate of growth since December 2017. The average selling price for all home types combined was up by 5.5 per cent to $852,142, compared to $807,538 in October 2018.

“As market conditions in the GTA have steadily tightened throughout 2019, we have seen an acceleration in the annual rate of price growth. While the current pace of price growth remains moderate, we will likely see stronger price growth moving forward if sales growth continues to outpace listings growth, leading to more competition between home buyers,” said Jason Mercer, TREB’s Chief Market Analyst.

 

Milton Summary:

Average Sale Price over this time last year:  + 4.6%

Number of Sales over this time last year:  + 18.3%

Oakville Summary:

Average Sale Price over this time last year:  -0.1%%

Number of Sales over this time last year:  + 4.4%

Burlington Summary:

Average Sale Price over this time last year:  + 1.8%

Number of Sales over this time last year:  + 8.1%

Halton Hills (Georgetown) Summary:

Average Sale Price over this time last year:  + 0%

Number of Sales over this time last year:  + 14.6%

Mississauga Summary:

Average Sale Price over this time last year:  + 7.1%

Number of Sales over this time last year:  + 12.1%

 

 

 

 

Posted by Christine Pecharich, 0 comments
OPEN HOUSE SUNDAY NOV 4TH 1-3 PM

OPEN HOUSE SUNDAY NOV 4TH 1-3 PM

CLICK HERE FOR Virtual tour, price and more information;

1345 Glenburnie Rd, Mississauga, Ontario L5G 3C (888803478428)

Gorgeous sprawling Bungalow located in the very prestigious “Mineloa West” along the Shores of Lake Ontario. Situated on a private lush & tranquil setting on a prime Ravine Property. Featuring large principle rooms,hardwood flooring,crown moulding,pot lights,large windows,Gourmet Kitchen with Granite & garden door to your deck &private oasis. Finished walk out basement, inground pool, hot tub and landscaped gardens. Enjoy over 3800 sq ft of total living space.

 

 

Posted by Christine Pecharich in Mississauga, 0 comments
Property Possession and Gifts when separating

Property Possession and Gifts when separating

By Nathalie Boutet

With sky-high rents and home ownership out of reach for many young Canadians, more couples are moving into properties with the help of their parents’ money, or even back into their childhood home. But not understanding the legal implications in case of a separation can lead to problems, considering that nearly four in 10 marriages will end in divorce. And while the number of young adults (18-34) who are getting married is on the decline, 58 per cent of Canadians in common-law relationships say that, despite the law being otherwise, assets should be divided equally when the relationship ends, according to a recent Angus Reid poll.


If a married or common-law couple have moved into the parental home but are not on the title, neither has any rights to the property and both can be asked to leave at any time. However, when one of the spouses in a couple already has ownership of a house, the law that applies to that house differs for common-law and married couples in the event of a separation or divorce.

Common-law couples in general have no right to any part of the assets that are in the spouse’s name, even if the common-law spouse who is not on title makes monthly payments that they think is meant to cover the mortgage or house-related expenses. There are exceptions when the non-titled spouse makes significant contributions towards the house, such as significant repairs. In these cases, it is possible, though very difficult and costly, for the non-titled spouse to seek some financial restitution corresponding to the value added by their contribution toward the property. Because these types of claims tend to be costly and hard to prove, it is recommended that common-law couples enter into a cohabitation agreement to clarify their intentions and rights towards properties before the non-titled spouse starts performing any work on the property. In general, making monthly payments to the spouse who is on title is unlikely to yield a right to any portion of the asset in the event of a separation.

As an example, a common-law spouse moved in with a woman who already owned a house. They agreed that, although he was paying her below-market rent, which was a benefit to him, she too was benefitting from the money received from him, which helped her pay the mortgage. In this case, they negotiated a cohabitation agreement where a percentage of his rent payments and any renovations he contributed to would be held in trust and given back in the event of a separation, but he would not be put on the title. Without this agreement, it is unlikely that the monthly payments or the contributions towards renovations would entitle the man to a payment in the event of a separation.

On the other hand, married couples are subject to equal division of all assets that were accumulated during the marriage. The spouses keep the value of any assets prior to the marriage but share the growth in value of these assets, along with new assets accumulated, during the marriage. There is an exception regarding the matrimonial home, though. If a spouse owned the matrimonial home before the marriage and the couple resides in that same home at the time of separation, then the entire value of the home gets divided equally and the spouse who owned it before the marriage cannot claim the pre-marriage value.

If parents wish to provide a gift in the form of property or cash, for married couples, a gift received before the marriage is considered a pre-marital asset and the value of the gift is not shared with the spouse on separation, but the growth in value during the marriage is shared with the separating spouse. The exception is if the pre-marriage gift is the matrimonial home, or money used towards the matrimonial home. If the married couple lives in the same house when they separate, the party who received the pre-marriage gift cannot retain the pre-marriage value and must share the entire value of the gift with the separating spouse on the date of separation.

If a family gift is received during the marriage and is left in a separate bank account, then it does not have to be shared with the other spouse. But if the gift is used to pay down the mortgage of the matrimonial home, then the excluded nature of the gift will be lost.

Parents who want to give money to their child who is getting married or who is married need to understand that if the gift is applied towards a home that the couple will reside in as a family and it’s the same home that the couple lives in when they separate, they end up sharing the gift with their spouse if there’s a separation. If this is not the desired outcome, the parents can ask for their child and their spouse to sign a marriage agreement before the gift is made.

In another example, a mother purchased a condo for her daughter who was single at the time, but who subsequently married. In an effort to be fair to her spouse while also protecting her condo in the event of a divorce, the couple drafted a marriage agreement that stipulated her husband would commit to pay a monthly amount towards certain family expenses, and a percentage of that would earn him an agreed-upon value of the condo in the event of a separation. If he didn’t pay, that value would be deducted from his entitlement. But he would not be added to the title and not be considered an owner.

These areas of the law are complicated, and it’s advisable to consult a family law lawyer.

 

Posted by Christine Pecharich, 0 comments
SEPTEMBER 2019 MARKET STATISTICS

SEPTEMBER 2019 MARKET STATISTICS

GTA REALTORS® Release September 2019 Stats

October 3, 2019 — Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 7,825 sales through TREB’s MLS® System in September 2019. This result represented strong year-over-year sales growth of 22 per cent compared to 6,414 sales reported in September 2018. It is important to note, however, that sales remain well-below the record September 2016 peak of more than 9,800 sales.

On a preliminary seasonally adjusted basis, the September 2019 sales level remained in virtually the same as the August 2019 result.

The supply of listings continued to be a concern in September 2019, with new listings down by 1.9 per cent year-over-year to 15,611. We have experienced multiple months this year wherein the annual rate of sales growth outpaced the annual rate of new listings growth, resulting in the overall number of active listings at month-end being well-below last year’s levels. This speaks to tightening market conditions and an accelerating annual rate of price growth.

The annual rate of price growth in September reached the highest point so far in 2019. The MLS® Home Price Index (HPI) Composite Benchmark was up by 5.2 per cent on a year-over-year basis in September. The average selling price for all home types combined was up by a similar annual rate of 5.8 per cent to $843,115.

On a preliminary seasonally adjusted basis, the September 2019 average selling price was up by 1.2 per cent compared to August 2019.

Milton Summary:

Average Sale Price over this time last year:  + 4.5%

Number of Sales over this time last year:  + 21.4%

Oakville Summary:

Average Sale Price over this time last year:  + 0.6%

Number of Sales over this time last year:  + 3.4%

Burlington Summary:

Average Sale Price over this time last year:  + 1.7%

Number of Sales over this time last year:  + 10.1%

Halton Hills Summary:

Average Sale Price over this time last year:  + 4.4%

Number of Sales over this time last year:  + 15.3%

Mississauga Summary:

Average Sale Price over this time last year:  + 5.8%

Number of Sales over this time last year:  + 11.1%

Posted by Christine Pecharich, 0 comments
AUGUST 2019 MARKET STATISTICS

AUGUST 2019 MARKET STATISTICS

GTA REALTORS® Release August 2019 Stats

September 5, 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 year-over-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 year-over-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.

Milton Summary:

Average Sale Price over this time last year:  + 4.7%

Number of Sales over this time last year:  + 21.4%

Oakville Summary:

Average Sale Price over this time last year:  + 0%

Number of Sales over this time last year:  + 4.3%

Burlington Summary:

Average Sale Price over this time last year:  + .8%

Number of Sales over this time last year:  + 11.2%

Halton Hills (Georgetown) Summary:

Average Sale Price over this time last year:  + 3.0%

Number of Sales over this time last year:  + 15.3%

Mississauga Summary:

Average Sale Price over this time last year:  + 6%

Number of Sales over this time last year:  + 9.3%

 

Posted by Christine Pecharich, 0 comments
JULY 2019 MARKET STATISTICS

JULY 2019 MARKET STATISTICS

GTA REALTORS® Release July 2019 Stats

August 6, 2019 — Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 8,595 sales through TREB’s MLS® System in July 2019. This result was up by 24.3 per cent compared to July 2018. On a month-over-month basis, sales were up by 5.1 per cent, after preliminary seasonal adjustment.

New listings entered into TREB’s MLS® System in July 2019 were up compared to July 2018, but by a much lesser annual rate than sales, at 3.7 per cent. With annual growth in sales far outstripping annual growth in new listings, market conditions clearly tightened compared to last year. Active listings at the end of July were down by 9.1 per cent year-over-year, further reflecting tightening market conditions.

As market conditions continued to tighten in July, the average selling price increased by 3.2 per cent on a year-over-year basis to $806,755. The MLS® Home Price Index Composite benchmark was up by 4.4 per cent. Higher density home types continued to drive price growth, whereas detached home prices remained down in many communities throughout the GTA.

Broadly speaking, increased competition between buyers for available properties has resulted in relatively strong price growth above the rate of inflation for semi-detached houses, townhouses and condominium apartments. However, the single-detached market segment, which has arguably been impacted most by the OSFI stress test, has experienced a slower pace of price growth, with average detached prices remaining lower than last year’s levels in some parts of the GTA.

Milton Summary:

Average Sale Price over this time last year:  + 5.2%

Number of Sales over this time last year:  + 19.8%

Oakville Summary:

Average Sale Price over this time last year:  + 0%

Number of Sales over this time last year:  + 5.1%

Burlington Summary:

Average Sale Price over this time last year:  + 0.4%

Number of Sales over this time last year:  + 12.1%

Halton Hills Summary:

Average Sale Price over this time last year:  + 3.0%

Number of Sales over this time last year:  + 18.4%

Mississauga Summary:

Average Sale Price over this time last year:  + 5.7%

Number of Sales over this time last year:  + 8.3%

 

 

 

Posted by Christine Pecharich, 0 comments
JUNE MARKET STATISTICS

JUNE MARKET STATISTICS

GTA REALTORS® Release June 2019 Stats

July 4, 2019 — The new President of the Toronto Real Estate Board, Michael Collins, announced that Greater Toronto Area REALTORS® reported 8,860 sales through TREB’s MLS® System in June 2019, representing a 10.4 per cent increase compared to June 2018. Over the same time period, total new listings remained at a similar level for the month of June and active listings at month-end were down by 5.7 per cent.

Sales and new listings statistics for the first half of 2019 compared to the same period in 2018 painted a similar story to that of June. Sales were up by 8.5 per cent, while new listings were up by less than one per cent. This shows that sales accounted for a greater share of listings compared to last year, which means that competition between buyers increased, resulting in renewed price growth in many segments of the market.

“As I start my term as President of the Toronto Real Estate Board, I am proud to say that the Greater Toronto Area continues to grow, in terms of employment, population and overall diversity. As people are attracted to our region from all around the world, they obviously need a place to live. Over the next year, as demand for ownership and rental housing continues to grow, my hope is that we will see more movement from policy makers on two fronts: alleviating the constrained supply of housing and providing more flexibility around demand-side policies, including the OSFI two percentage point mortgage stress test and allowable amortization periods on insured mortgages,” said Mr. Collins.

The overall average selling price in June 2019 was $832,703 – up by three per cent compared to the average of $808,066 in June 2018. Price growth was driven by the higher density market segments, including semi-detached houses, townhouses and condominium apartments. The MLS® Home Price Index Composite Benchmark was up by a similar annual rate of 3.6 per cent. For the first half of 2019, the average selling price was $810,661, representing an increase of 2.4 per cent compared to the first half of 2018.

“Buyers started moving off the sidelines in the spring, as evidenced by strong year-over-year price growth throughout the second quarter. However, because we saw virtually no change in the number of new listings, market conditions tightened and price growth picked up, especially for more higher density home types, which, on average, are less-expensive than traditional detached houses and therefore provide more affordable housing options under the new OSFI stress test regime,” said Jason Mercer, TREB’s Chief Market Analyst.

Milton Summary:

Average Sale Price over this time last year:  + 6.4%

Number of Sales over this time last year:  + 22.3%

Oakville Summary:

Average Sale Price over this time last year:  – 1 %

Number of Sales over this time last year:  + 4.5 %

Burlington Summary:

Average Sale Price over this time last year:  0 %

Number of Sales over this time last year:  + 11 %

Halton Hills (Georgetown) Summary:

Average Sale Price over this time last year:  + 3.2 %

Number of Sales over this time last year:  + 15.4 %

Mississauga Summary:

Average Sale Price over this time last year:  + 5.5%

Number of Sales over this time last year:  + 8.2%

Posted by Christine Pecharich in Burlington, Georgetown, Market Reports, Milton, Mississauga, Oakville, summer, 0 comments