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
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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
MAY MARKET STATISTICS

MAY MARKET STATISTICS

GTA REALTORS® Release May 2019 Stats

June 5, 2019 — Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported 9,989 transactions through TREB’s MLS® System in May 2019.* While this result represented a substantial increase of 18.9 per cent over the 15-year low in May 2018, it should be noted that the result was still below the average for month of May sales for the previous ten years, which stands at almost 10,300.

The year-over-year uptick in sales experienced so far in the second quarter of 2019 reflects spring polling results from Ipsos (undertaken on behalf of TREB) suggesting that the share of likely home buyers in the Greater Toronto Area has edged upwards since the fall.

“After a sluggish start to 2019, the second quarter appears to be reflecting a positive shift in consumer sentiment toward ownership housing. Households continue to see ownership housing in the GTA as a quality long-term investment as population growth from immigration remains strong and the regional economy continues to create jobs across diversity of sectors. However, sales activity continues to be below the longer term norm, as potential home buyers come to terms with the OSFI mortgage stress test and the fact that listings continue to be constrained relative to sales,” said Mr. Bhaura.

The number of new listings entered into TREB’s MLS® System in May 2019 was up only slightly compared to May 2018, increasing by 0.8 per cent to 19,386. Year-over-year growth in new listings was far outstripped by year-over-year growth in sales. This means that market conditions continued to tighten in favour of sellers. The MLS® Home Price Index (HPI) Composite benchmark price was up by 3.1 per cent on a year-over-basis. The average selling price for all home types combined was up by a similar 3.6 per cent to $838,540. Price growth was driven by the condominium apartment and townhouse market segments.

Milton Summary:

Average Sale Price over this time last year:  + 5.4%

Number of Sales over this time last year:  + 23.3%

Oakville Summary:

Average Sale Price over this time last year:  – 1.4%

Number of Sales over this time last year:  + 4.6%

Burlington Summary:

Average Sale Price over this time last year:  – 0.8%

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

Halton Hills (Georgetown) Summary:

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

Number of Sales over this time last year:  + 55.6%

Mississauga Summary:

Average Sale Price over this time last year:  + 6.0%

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

Posted by Christine Pecharich, 0 comments
Best BBQ and summer party ideas

Best BBQ and summer party ideas

Make your outdoor entertaining events special with a little creativity and innovation.

Try some of these ideas:

  1. Put drinks in a new spot. Cans of soda and beer bottles stay cold and accessible in unique locations. Fill a wagon, wheelbarrow, canoe, clean flower box, or kiddie pool with ice, and try to keep the drinks in the shade.
  2. Dodge insects. Flying pests are drawn to open beverages and food cooking on the grill. Set up citronella candles and tiki torches around the yard. Place sprigs of rosemary or sage in small bottles; both are natural repellents and make attractive centerpieces! Cover drinks with coasters and place mesh food covers (or colanders) over dishes to keep bugs at bay.
  3. Create a condiment bar. Instead of plastic squeeze bottles, get creative by placing cheese, onions, ketchup, mustard, relish, etc. in small metal tins (available at dollar or craft stores). Identify the contents with small chalkboard labels. Remember to place a spoon in each.
  4. Make watermelon pops. Avoid a sticky mess by pre-cutting triangles and stick them on popsicle or lollipop sticks. Serve them in a bowl or tray when everyone’s ready for a cool treat.
  5. Know your head count. Make sure you have enough seating for guests. Ask your guests to bring outdoor folding chairs, or rent/borrow extras.
Posted by Christine Pecharich, 0 comments
APRIL MARKET STATISTICS

APRIL MARKET STATISTICS

GTA REALTORS® Release April 2019 Stats

May 6, 2019 — Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported a substantial year-over-year increase in home sales in April 2019. The number of residential transactions jumped by 16.8 per cent to 9,042 compared to 7,744 in April 2018. On a preliminary seasonally adjusted basis, sales were up 11.3 per cent compared to March 2019.

New listings were also up year-over-year by eight per cent. However, the annual growth rate for new listings was much lower than that reported for sales. This suggests that market conditions continued to tighten which points toward an acceleration in price growth.

“The strong year-over-year growth in sales is obviously a good news story and likely represents some catchup from a slow start to the year. TREB’s sales outlook for 2019 anticipates an increase relative to 2018. It should be noted, however, that growth in new listings is not keeping pace with sales. This points to the ongoing housing supply issue in the GTA. In this regard TREB welcomes the provincial government’s Housing Supply Action Plan announced last week to reduce red tape and improve the mix of housing types. TREB provided input on the Plan through submissions and participation on working groups,” said Mr. Bhaura.

The year-over-year rate of price growth generally edged up in April relative to the first three months of the year. The MLS® HPI Composite benchmark was up by 3.2 per cent – the highest rate of growth in more than a year. The average selling price was up by 1.9 per cent to $820,148, representing the strongest annual rate of growth so far in 2019. On a preliminary seasonally adjusted basis, the average selling price was also up by 1.1 per cent compared to March 2019.

Price growth continued to be driven by the condominium apartment segment and higher-density low-rise segments. The average price for detached houses dipped year-over-year, specifically in regions surrounding the City of Toronto. The detached market segment, with the highest price point on average, has arguably been hardest hit by measures such as the OSFI stress test.

“While sales were up year-over-year in April, it is important to note that they remain well-below April levels for much of the past decade. Many potential home buyers arguably remain on the sidelines as they reassess their options in light of the OSFI-mandated two percentage point stress test on mortgages. Longer term borrowing costs have trended lower this year and the outlook for short-term rates, for which the Bank of Canada holds the lever, is flat to down this year. Unfortunately, against this backdrop, we have seen no movement toward flexibility in the OSFI stress test,” said Jason Mercer, TREB’s Chief Market Analyst.

MILTON

Milton Summary:

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

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

OAKVILLE

Oakville Summary:

Average Sale Price over this time last year:  – 1.3%

Number of Sales over this time last year:  – .4%

BURLINGTON

Burlington Summary:

Average Sale Price over this time last year:  – 1.5%

Number of Sales over this time last year:  +14.3%

HALTON HILLS (Georgetown)

Halton Hills Summary:

Average Sale Price over this time last year:  – .2%

Number of Sales over this time last year:  +15%

MISSISSAUGA

Mississauga Summary:

Average Sale Price over this time last year:  +6.8%

Number of Sales over this time last year:  + 3.6%

Posted by Christine Pecharich, 0 comments