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March - April 2014 Volume 03 Issue 08


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Roya LePage Expects Sellers’ Market In 2014 After Year Of Sluggish Sales

Talk Of Rising Interest Rates, No Reason For Homeowners To Panic

Is It Time To Switch To A Variable Interest Rate?

Housing In The GTA - Several Markets, Several Tales

CMHC To Increase Mortgage Insurance Premiums

Think Gen Y Will Prop Up Canada’s Housing Market? Think Again


10 Worst Home Upgrades For Resale


TanTeam Property Listings March 2014

Double Issue Market Watch Reports


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Tan.gazine news

Royal LePage expects sellers' market in 2014 after year of sluggish sales After home sales ramped up late in 2013, Canada’s housing market should continue to favour sellers for the first part of 2014 before balancing out for the rest of the year, Royal LePage says. In a report released Thursday, the agency pins its optimism on robust housing sales in late 2013 after a year-long “correctional cycle” that saw a considerable slowdown in home-buying. The report says sales will continue their strong momentum for the first half of 2014, and dismisses concerns from some experts who predict a “soft landing,” or a mild correction in housing prices after years of increases. The report noted that the average price of a home in Canada increased between 1.2 per cent and 3.8 per cent in the fourth quarter. According to the report, the price of a standard two-storey home rose 3.6 per cent year-over-year in the fourth quarter to $418,282. The price of a detached bungalow rose 3.8 per cent to $380,710, while the price of a standard condominium rose 1.2 per cent to $246,530. Phil Soper, president and CEO of Royal LePage, told CTV News Channel that while 2013 was good year for Canadian home buyers, this market seems to

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favour sellers in 2014. “It is a cyclical industry … last year, the first half of 2013 was very good for buyers, so what goes around comes around. The markets responding to the end of a correctionary cycle,” he said. Soper noted that cities in western Canada saw the largest increase in home prices, with Calgary slated to see a 5.1-per-cent jump, with home prices averaging around $461,000. “The western cities of Calgary and Vancouver lead our forecast this year,” he said. “Calgary is the healthiest economy in Canada. If you look at the unemployment rates in Alberta and Saskatchewan next door, they are half the rate of what we see in Ontario. And there’s a shortage of inventory, a shortage of housing. And when there’s a shortage of a product, its price goes up,” Soper explained. Royal LePage predicts that prices will continue to rise in 2014, and projects a 3.7-per-cent increase nationally. While Soper said the agency does not expect further government intervention in the housing market after Finance Minister Jim Flaherty clamped down on borrowing rules in recent years, Flaherty himself told CTV’s Question Period over the weekend that the government is prepared to intervene if the

Andrea Janus, January 09, 2014

market gets too hot. Meanwhile, Statistics Canada reports that the New Housing Price Index remained unchanged in November after rising 0.1 per cent in October. The federal agency reported that although prices of new homes rose in eight cities across the country, the increase was offset by decreases in five other cities, leaving the index steady. Prices were up in the Ontario region of St. Catharines-Niagara (+0.8 per cent), as well as in Hamilton (+0.5 per cent), as well as Calgary (+0.4 per cent). However, prices declined in Victoria, Edmonton, Vancouver and the Ottawa-Gatineau region. Overall, the index rose 1.4 per cent year-over-year in November. Meanwhile, Canada Mortgage and Housing Corp. said Thursday that the pace of housing construction slowed in December, but that demand for new homes remained healthy. More than 189,000 units were started in December, down from more than 198,000 in November. ‡6WDUWVLQXUEDQDUHDVGHFUHDVHG overall by 5.1 per cent, to 168,214 units. ‡6WDUWVRI PXOWLSOHGZHOOLQJXQLWV

Tan.gazine news In a report released Thursday, the agency pins its optimism on robust housing sales in late 2013 after a year-long “correctional cycle” that saw a considerable slowdown in home-buying.

(condos, apartments and townhomes) in urban areas declined by 4.1 per cent to 108,910 units. ‡6WDUWVRI GHWDFKHGXQLWVLQXUEDQ areas fell 6.7 per cent to 59,304 units.

BMO Capital Markets senior economist Robert Kavcic said the figures represent a levelling off of building activity after some “underbuilding” during the recession and “overbuilding” as the economy picked up. "We saw a pretty solid run up in the early part of the year in

Talk of Rising Interest Rates No Reason For Homeowners To Panic Talk of rising interest rates tend to make homeowners jittery and, if you have a big mortgage, you may be feeling extra nervous. But while Bank of Canada Governor Stephen Poloz may have made some people uneasy when he spoke in a televised interview last week about the likelihood of rising long-term fixed rates, experts say not to panic. Peter Veselinovich, vice-president of banking and mortgage operations with Investors’ Group in Winnipeg, says that while rate increases are expected, any change will not be “as dramatic as the sound bite that comes out of an interview with Mr. Poloz.” “People immediately assume that means (rates) continually rising over a short period of time and that it’s a cause for concern,” Veselinovich said. “It’s certainly not a ‘sky is falling’ type of message. It will be modest increases.” Poloz said last week he expected long-term interest rates to rise in response to tapering by the U.S. Federal Reserve, which has already decided to

home building activity, but we have seen activity level off," Kavcic told The Canadian Press. "As we look to 2014 we're expecting activity to cool off a little bit further. Basically what we're going to see is homebuilders putting up houses at a rate that is required by the population."

Romina Maurino - The Canadian Press

January 16, 2014

reduce its monthly $85-billion bond purchases by $10-billion. A change in interest rates would translate to higher mortgage payments, although that would only apply to people with variable ones, since fixed-rate mortgages don’t change for the duration of their term. Most home owners currently have fixed-rate, five-year mortgages. The mortgages come with the peace of mind of knowing what your payment will be, but with an interest of about 3.5 per cent. Variable mortgage rates usually hover around 2.5 per cent, since they are based on a floating rate based on prime and are adjusted with each change in prime. Rates have been low since the financial crisis of 2008. Variable rates appeal to home owners who want to minimize the size of their payment or pay the debt off sooner, but require a financial cushion to account for any changes, should interest rates increase. They also provide more flexibility than fixed | 5

Tan.gazine news -Continued from previous page

mortgages, since most variable mortgages will let you convert to a fixed rate at any time during the term, for a fee. Robert Stammers, director of investor education for the CFA Institute, said that when it comes to picking a mortgage, it’s important to consider why you purchased the home and how long you plan to live in it. “You really have to understand — Am I

buying this asset to hold it for three (years) and then go up into something else or relocate? Because that will really drive the kind of debt decision you’ll make,” he said. “If you’re going to be in your home for a short period of time and that’s the reason that you have floating rate debt, then you may be OK because you were expecting some rise in rates over the time period,” he said.

Is It Time To Switch To A Variable Interest Rate? The Bank of Canada left The Overnight Rate unchanged last week. As always we need to read into what they said and how they issued their statement to understand what they are thinking and how the market will respond. If you’re looking for the Monetary Report from last week here it is. We believe there are 2 important takeaways from the Report. 1. Inflation is putting downward pressure on the Overnight Rate. In the Monetary Policy Report released by the Bank of Canada last week Inflation was the top priority. The Inflation outlook was placed in the first paragraph of the Statement; this is usually reserved for the global outlook. It was also mentioned later in the Report that downside risks to inflation “have grown in importance” (previously they only “appeared to be greater”). This clearly tells us that the Bank of Canada is more concerned with having to drop the Overnight Rate, than increase it. Economists have actually now started predicting a rate cut in the next 6 months (don’t get too excited). Although we have been advocating the Variable Rate Mortgage for the past 3 years we still do not believe that the Bank of Canada would be foolish enough to decrease rates right now unless growth for Canada was revised downwards significantly. 2. The Canadian Dollar will continue to decrease relative to the American 6 |

Marcus Tzaferis - Morcan Direct

March 2014

The Bank made some interesting comments regarding our Canadian Dollar. The Bank stated, “Despite depreciating in recent months, the Canadian dollar remains strong and will continue to pose competitiveness challenges for Canada’s non-commodity exports.” In our early December newsletter we described a situation that would see The Bank of Canada work to decrease the value of our Dollar relative to the USD in an attempt to lift growth in Canada. Although the Canadian economy is getting some help from slightly higher commodity prices we still need to see our noncommodity exports increase in order to see sustainable economic growth Based on what the Bank of Canada is telling us it might be time to think about switching to a Variable Rate Mortgage. If you’re thinking about making any changes to your mortgage it is important to consider penalties that might be associated with breaking your existing mortgage and what type of Variable Rate product you are taking with your Lender. Also, it should be noted that all of these comments from the Central Bank are with an aim to boost our economy into growth, which means higher Bond Yields and therefore higher Mortgage Rates. At some point Fixed Rate Mortgages will be higher than where they are today, it is just a question of when. If you are looking to consolidate some of your higher interest rate debt this could be a great time to look at making some changes to your mortgage.

Tan.gazine news

Housing In The Greater Toronto Area Several Markets, Several Tales ‡:KLOHUREXVW*7$H[LVWLQJKRPH price growth has been grabbing attention, headline numbers can be deceiving. The GTA market is made up of several different markets each with varying fundamentals. ‡7KHUHJLRQ·VKRXVLQJPDUNHWFDQ be split into the resale and new home segments. While the former remains robust, the latter has been cooling significantly. Together, these two areas paint an overall picture of a balanced market as well as moderate sales and price growth. ‡7KHPDUNHWIRUH[LVWLQJVLQJOHdetached homes continues to be the hottest of all segments.

Toronto Dominion Bank

March, 2014

Demand is being impeded by lack of homes for sale on the market, leading to bidding wars and double-digit price growth ‡7KHFRQGRPDUNHWKDVEHHQ relatively balanced, but even there, one can’t paint all areas with one brush. Low-rise units remain in short supply, while the high-rise segment is facing excess supply as some 70,000 units are completed over 2014 and 2015. ‡7KHQHZFRQGRPDUNHWLVLQFUHDVingly finding it more difficult to compete with condos on the resale market, which are both large and cheaper.

‡7KHDQGDUHDFRGH regions have been recording similar trends overall in recent years, although the former has been registering much faster price growth in the single- and semidetached components. ‡:HH[SHFWKRPHVDOHVDQGSULFH growth to cool gradually over the next few years. The condo market is likely to bear the brunt of the housing slowdown, but there will be knock-on effects to other segments of the market.

View the follow report complete with infographs and charts visit our website at

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Tan.gazine news

CMHC To Increase Mortgage Insurance Premiums Following the annual review of its insurance products and capital requirements, CMHC will increase its mortgage loan insurance premiums for homeowner and 1 – 4 unit rental properties effective May 1, 2014. The increase applies to mortgage loan insurance premiums for owner occupied, self-employed and 1-to-4 unit rental properties, including low-ratio refinance premiums. This does not apply to mortgages currently insured by CMHC. CMHC’s capital management framework is consistent with international practices and Canadian guidelines for mortgage insurers. Increased capital targets are consistent with Canadian and international industry trends and makes the financial system more stable and resilient. “The higher premiums reflect CMHC’s higher capital targets” said Steven Mennill, CMHC’s Vice-President, Insurance Operations. “CMHC’s capital holdings reduce Canadian taxpayers’ exposure to the housing market and contribute to the long term stability of the financial system.” For the average Canadian homebuyer requiring CMHC insured financing, the higher premium will result in an increase of approximately $5 to their monthly mortgage payment. This

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Canadian Mortgage Housing Corporation

February 28, 2014

is not expected to have a material impact on the housing market. Effective May 1st, CMHC Purchase (owner occupied 1 – 4 unit) mortgage insurance premiums will increase by approximately 15%, on average, for all loan-to-value ranges. CMHC reviews its premiums on an annual basis and, going forward, plans to announce decisions on premiums in the first quarter of each year. The homeowner premium increase follows changes CMHC made to its portfolio insurance product

earlier this year. As Canada’s national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable, and affordable housing solutions that will continue to create vibrant and healthy communities and cities across the country. Backgrounder ‡0RUWJDJHORDQLQVXUDQFHKHOSV protect lenders against mortgage

Based on a 5 year term @ 3.49% and a 25 year amortization *Premiums in Manitoba, Ontario and Quebec are subject to provincial sales tax — the sales tax cannot be added to the loan amount.

Tan.gazine news default and enables consumers to purchase homes with a minimum down payment of 5% with interest rates comparable to those with a 20% down payment. Mortgage loan insurance is typically required by lenders when homebuyers make a down payment of less than 20% of the purchase price. ‡&0+&PRUWJDJHORDQLQVXUDQFH premium is calculated as a percentage of the loan based on the loan-to-value ratio. The premium can be paid in a single lump sum but more frequently is added to the mortgage principal and amortized over the life of the mortgage as part of regular mortgage payments. ‡&0+&UHYLHZVLWVSUHPLXPVRQ an annual basis and has adjusted them several times since being commercialized in 1998. Adjustments have included both increases and decreases to the premiums.

‡&0+&¡VQHZSUHPLXPUDWHVZLOO be effective for new mortgage loan insurance requests submitted on or after May 1, 2014. The current mortgage loan insurance premiums will apply for applications submitted to CMHC prior to May 1, 2014, regardless of the closing date. As is normal practice, complete borrower and property details must be submitted to CMHC when requesting mortgage loan insurance. ‡7KHLQFUHDVHDSSOLHVWRPRUWJDJH loan insurance premiums for

Based on a 5 year term @ 3.49% and a 25 year amortization *Premiums in Manitoba, Ontario and Quebec are subject to provincial sales tax — the sales tax cannot be added to the loan amount

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residential housing of 1-to-4 units. This includes owner occupied, self-employed and 1-to-4 unit rental properties, including low-ratio refinance premiums.  ‡,QWKHDYHUDJH CMHC insured loan at 95% loan-to-value was $248,000. Using these figures, the higher premium will result in an increase of approximately $5 to the monthly mortgage payment for the average Canadian homebuyer. This is not expected to have a material impact on the housing market.

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Tan.gazine news

Think Gen Y Will Prop Up Canada’s Housing Market? Think Again

Hints of the housing market’s undoing can be found in the questions being asked by a 26-year-old, recently graduated, money-saving virtuoso we’ll call Steve. Heard about all the struggling members of Generation Y who wonder how they’ll ever afford a house? Steve’s not one of them. He graduated with an engineering degree in 2012, landed a full-time job several months later and has been saving aggressively. Now, he’s thinking about home ownership. He wonders, is it wise for a young person like himself to buy now, or is the market headed for a fall as baby boomers unload their family homes? “I’m curious who they think is going to buy their houses at the prices they expect to get,” Steve said. Steve, who lives in Mississauga, has done all the right things financially. He worked and saved hard in his student years and, with help from his parents, he graduated from university with no debts other than a small balance of a few hundred dollars on his credit card. “I’m very fortunate in my situation,” he said. “But I feel like I’m a bit of an outlier. How many young people out there are swimming in debt and can’t even start saving up for a house down payment until their mid-30s?” Here’s what we know about the struggles of Gen Y. The number of people aged 20 to 29 who are living with their parents hit 42.3 per cent in the 2011 census, up from 27 per cent in 1981. The unemployment rate for young adults was double the national rate at 13.9 per cent in January, and there’s a serious problem of underemployment. Ask your friends and co-workers how their adult kids are doing and you’ll find this to be an issue that cuts across all lines on family income and status. Meantime, housing prices keep rising in the big cities that offer the best job prospects. The average

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Rob Carrick - The Globe and Mail

March 05, 2014

Calgary house went for about $444,000 in January. The Hamilton-Burlington area, a commutable distance from Toronto, averaged about $385,600, while Toronto itself averaged about $526,500. Condos may be a cheaper option, and there are always cheaper homes to be found in the suburbs or less desirable neighbourhoods. But there are still two big impediments to Gen Y home ownership: Saving a down payment, and affording the monthly carrying costs. Not for Steve, mind you. He’s been renting an affordable apartment and, thanks to his good salary and savings habits, he’s not far from having a down payment for a house in the Toronto area. If he dips into his registered retirement savings plan using the federal Home Buyer’s Plan, he’s probably good to go with a minimum 5-per-cent down payment. A quick aside: This engineer is so meticulous in his financial thinking that he’s creating a spreadsheet to help him understand whether it makes good financial sense to use the Home Buyer’s Plan – “I know how horribly nerdy it sounds.” In Steve, we have a Gen Y member who believes in home ownership and can afford to buy. He’s just nervous about buying into a market that seems headed for a mismatch between sellers expecting top dollar and buyers with limited means. “You’re going to have a younger generation basically saying, sorry, we can’t afford that.” Steve e-mailed me looking for some feedback on his thinking about housing. I really have only one question about his analysis: Why is this 26-year-old the only one asking about Gen Y’s ability to keep the housing market afloat in the years ahead? Boomers, wake up to this. A recent survey by Sun Life Financial suggests almost one in four Canadians see their house as their main source of income in

Tan.gazine news

retirement. Newsflash: Gen Y may not be able to pay the price you’re expecting to get for your home when you sell in the years to come. As for Steve, I suggest waiting on the home purchase. If it’s not Gen Y’s economic struggles that cool the market, it will be the total disconnect between rises in house prices and income.

10 Worst Home Upgrades For Resale

Some renovation upgrades, such as kitchens and bathrooms, are usually fairly reliable for adding to a home’s resale value. But there are others (and if you’ve gone house-hunting in the last few years, perhaps you’ve seen a few) that are just plain bone-headed. What’s worth the cost and what isn’t? What home upgrades are least likely to return their full investment (or close to it) when you sell, or what can even turn buyers off. Some points might surprise you. Wall-to-wall broadloom Once considered a selling feature, this is now a liability in many buyers’ eyes. Broadloom is incompatible with pets and people with allergies, and is perceived as hard to clean. If you have hardwood floors, have them refinished or consider installing them if you don’t. Whirlpool baths, saunas and indoor hot tubs Once considered chic, these are now often seen as just expensive, energy-guzzling extras. More commonly referred by home owners as a barely used feature. Expensive built-in sound systems and home theatres Some buyers will be attracted to this, but not everyone is an audio/cinephile, nor will they pay a premium for a house with this feature. Its a preference thing but

The only way it makes sense for Steve to buy any time soon is if he commits to staying in the house long enough – 10 to 12 years at least – for prices to recover from a possible correction. In the short-term after a decline, he should prepare for an epic case of buyer’s regret.

Style At

February 17, 2014

most people may see that as a extra incentive to buy. Extremely Colourful bath fixtures These went out with poodle skirts. Depending on how flashy or (artistically non-appealing) Chances are the buyer may just see them as a renovation to-do and will plan to get rid of them after the purchase. Ornate chandeliers, wallpaper and paint treatments Taste is very individual and idiosyncratic decorating can turn buyers off; stick with neutral, simple decor. Less is more! Odd rooms and walls A wall bisecting a large bedroom into two unusably small ones or a cramped powder room under the stairs or in a closet … many buyers will see these as merely a future renovation expense. Overly fancy appliances Stainless steel-finish appliances are worth paying a few more dollars for (compared to equivalent white or colour models), but six-burner professional stoves, double dishwashers and a fridge big enough for a restaurant rarely recoup their initial cost. | 11

Tan.gazine news

-Continued from previous page

Cheap laminate or vinyl tile flooring Some types of laminate are attractive and practical; others just look cheap and fake. Especially avoid peel-and-stick vinyl tiles or be prepared to replace them when you put the house on the market. For not much more money, choose hardwood, stone, bamboo or cork. Swimming Pool There is some debate about this among Realtors; to some buyers, a swimming pool is a selling feature. But a pool rarely recoups its entire cost, and it will reduce the number of potential buyers interested in your

home as there are a number of people whom are unwilling to accept the carrying costs associated with maintaining it. Merging 2 or more bedrooms For example given a 3 or 4 bedroom home, even if that third/fourth bedroom is miniscule, it’s still a bedroom. No matter how spacious your newly enlarged master bedroom or how luxurious that new spa bath, the home prices for 4 bedrooms over 3 or 3 over 2 will command considerably higher prices. On paper they look bigger.


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Tan.gazine news Greater Toronto REALTORS® Report February 2014 Mid-Month Resale Market Figures TORONTO, February 19, 2014 -- Toronto Real Estate Board President Dianne Usher announced that “sales growth has rebounded so far in February after a slow start to the year in January. While new listings were still down in comparison to last year, the annual rate of decline was less than experienced last month. This may point to an improvement in the listings situation moving forward, which would help alleviate some of the pent-up demand that currently exists in the marketplace." Greater Toronto Area REALTORS® reported 2,767 sales through the TorontoMLS system during the first 14 days of February. This result was up by 1.3 per cent in comparison to 2,731 transactions reported during the same period in 2013. New listings were down by 6.1 per cent on a year-over-year basis. "Price growth well above the rate of inflation will be the norm for the remainder of the year. Over the same period, mortgage rates are expected to remain low, thereby keeping home ownership affordable in the GTA," said Jason Mercer, TREB's Senior Manager of Market Analysis. The average selling price during the first two weeks of February 2014 was $547,107 – up 7.8 per cent compared to the average of $507,474 for the first 14 days of February 2013.

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Tan.gazine news TorontoMLS Sales Up In February In February, the median price was $553,193 from the $509,396 recorded during Ferbruary of 2013 Toronto, March 05, 2014

Toronto Real Estate Board President Dianne Usher announced that February 2014 home sales reported by Greater Toronto Area REALTORS® were up by 2.1 per cent compared to the same period last year. Total February sales amounted to 5,731 compared to 5,613 last year. “Despite the continuation of inclement weather in February, we did see a moderate uptick in sales activity last month. The sales increase was largely driven by resale condominium apartments. New listings of resale condominium apartments were up on a year-over-year basis, giving buyers ample choice. This is in contrast to the listings situation for singles, semis and townhomes, where supply continued to be constrained. Some would-be buyers had difficulty finding a home that met their needs,” said Ms. Usher. “If we see renewed growth in listings for low-rise home types, the pace of sales growth will

accelerate as we move through the year,” Ms. Usher continued. The average selling price for February 2014 sales was up by 8.6 per cent to $553,193, compared to the average of $509,396 reported for February 2013. The MLS® Home Price Index (HPI) Composite Benchmark was up by 7.3 per cent year-over-year. “While the strong price growth experienced over the last year should prompt an improvement in the supply of listings, sellers’ market conditions will continue to prevail this year. Home prices, on average, will trend upwards at a pace well-above the rate of inflation. The impact of strong price growth on affordability will be mitigated by low borrowing costs,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. | 19

Tan.gazine news Greater Toronto REALTORS速 Report March 2014 Mid-Month Resale Market Figures November 18, 2013 -- Greater Toronto Area REALTORS速 reported 3,131 residential transactions through the TorontoMLS system during the first two weeks of November 2013. This result represented a 21 per cent year-over-year increase compared to 2,582 sales reported during the same timeframe in 2012. Over the same period, new listings were down by more than four per cent. "The results for mid-November indicate that GTA households remain comfortable with the costs of home ownership," said Toronto Real Estate Board President Dianne Usher. "If not for the persistent shortage of listings for most home types, we would likely be experiencing an even higher level of sales as more buyers would be able to make a deal on a home meeting their needs." The average selling price for November 2013 mid-month transactions was $538,708, representing an 11 per cent increase compared to $485,988 in 2012. "More buyers competing for a smaller number of listings has translated into an accelerating pace of price growth. This theme has been most prevalent in the low-rise market segment, including single-detached and semi-detached houses and townhomes. However, it is important to note that the condominium apartment market has also become tighter," said JasonMarch Mercer, TREB's Senior Manager of MarketResale Analysis. Market Figures 2014 Mid-Month

Greater Toronto REALTORS速 Report

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20 |

Tan.gazine news Price Growth Continues in February In February, the median price was $510,580 from the $500,249 recorded during February of 2012 Toronto, March 05, 2012

Greater Toronto Area (GTA) REALTORS® Toronto’s additional upfront land transfer tax reported 5,759 sales through the TorontoMLS arguably played a role in the slower pace of luxury system in February 2013 – a decline of 15 per cent detached home sales,” added Ms. Hannah. in comparison to February 2012. It should be noted The MLS® HPI Composite Benchmark that 2012 was a leap year with one extra day in price covering all major home types eliminates February. A 28 day year-over-year sales comparison fluctuations in price growth due to changes in sales resulted in a lesser decline of 10.5 per cent. mix. The Composite Benchmark price was up by March 2014 Market Figures The average selling price for February 2013Monthly more thanResale three per cent on a year-over-year basis in was $510,580 – up two per cent in comparison February. to February 2012. “We will undoubtedly experience some “The share of sales and dollar volume volatility in price growth for some market segments accounted for by luxury detached homes in the City in 2013. However, months of inventory in the of Toronto was lower this February compared to low-rise market segment will remain low, resulting in Check Backabove On April last. This contributed to a more modest pace of Kindly average price growth three per20, cent 2014 for the overall average price growth for the GTA as a TREB market area this year. whole,” said Toronto Real Estate Board (TREB) Our current average price forecast is President Ann Hannah. $515,000 for all home types combined in 2013,” said “Stricter mortgage lending guidelines that Jason Mercer, TREB’s Senior Manager of Market precluded government backed mortgages on homes Analysis. sold for over one million dollars and the City of

Greater Toronto REALTORS® Report



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Tan•gazine March - April 2014 Vol 3 Issue 08  

Tan•gazine March - April 2014 Vol 3 Issue 08

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