Tan•gazine November - December 2015 Vol 04 Issue 06

November - December 2015 Volume 04 Issue 06

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ontents November - December 2015 Volume 04 Issue 06 7HUDQHW &DQDGLDQ +RXVH 3ULFH ,QGH[ 5LVHV ,Q $XJXVW

Mad About Your Mortgage? Complain on Twitter - The Banks Are Watching

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Toronto Experiencing A Rental Renaissance, New Report Shows

Canadian Housing Starts Surprisingly Strong, New Home Prices Gain

08

Prices For Single-Family Detached Houses In Greater Vancouver Hit New Heights

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10-11

Listing Highlight: Rare Opportunity In East Credit - 4+1 BR Detach W/Landscaping

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Unsold Condos In Toronto Not A Sign Of Bubble About To Pop: Economist

13

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Listing Highlight: Rare Opportunity In Norval - 2.30 Acres Detach Bungalow

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This Magazine Is Brought To You By:

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Designer: Kai Min • Cover: “Fall Leaves & Stumpâ€? - Source: hdwallpaper • Advertising: Kai Min | admin@tanteam.com

Royal LePage Meadowtowne Realty™ is a licensed franchise to Royal LePage and is Independently Owned and Operated. :KLOVW HYHU\ FDUH KDV EHHQ WDNHQ LQ SUHSDULQJ WKLV PDJD]LQH 7DQ̽JD]LQH DQG DOO YHQGRUV FRUSRUDWLRQV EXVLQHVV̾ DQG DIͤOOLDWHV JLYH QR ZDUUDQW\ IRU WKH LQIRUPDWLRQ FRQWDLQHG KHUHLQ 3RWHQWLDO SXUFKDVHUV VKDOO VDWLVI\ WKHPVHOYHV DV WR DOO PDWWHUV DQG VHHN LQGHSHQGHQW DGYLFH LI QHFHVVDU\ 7KH YLHZV H[SUHVVHG LQ WKH DUWLFOH V WKURXJKRXW 7DQ̽JD]LQH DUH WKRVH RI WKH DXWKRU DQG GR QRW QHFHVVDULO\ UHSUHVHQW WKH YLHZV RI 7KH 7$1 7HDP DQG LWV DIͤOLDWHV 7KH LQIRUPDWLRQ FRQWDLQHG KHUHLQ GRHV QRW IRUP DQ\ SDUW RI DQ\ FRQWUDFW RIIHU RU UHSUHVHQWDWLRQ $GGLWLRQDOO\ WKLV PDJD]LQH LV QRW LQWHQGHG WR VROLFLW SURSHUWLHV FXUUHQWO\ FRQWUDFWHG DQG RU DOUHDG\ OLVWHG IRU VDOH

Teranet Canadian House Price Index Rises 5.4% In August Vancouver, Toronto, Hamilton remain strong, while prices

higher by proximity to Toronto and people priced out of the

dropped in 5 other cities…

Toronto market are seeking cheaper real estate there.

Hot markets in Vancouver, Toronto and Hamilton pushed the

But the overall Canadian housing market is very uneven, with

Teranet-National Bank Canadian house price index up by 5.4

increases below the 5.4 per cent average in Edmonton, Calgary

per cent for the year to August.

and Victoria.

The index, a composite based on resale prices in 11 Canadian

Prices are down on the year in Halifax, Ottawa, Montreal,

cities, has been at an all-time high for six consecutive months.

Winnipeg and Quebec City.

The Vancouver, Hamilton and Toronto component indexes were all at historical highs, reflecting seller’s markets in those three

Calgary’s housing price index has been unpredictable this year

cities.

as trouble in the oilpatch has resulted in layoffs and debt-burdened consumers attempting to sell their homes.

The index for Vancouver shows prices up 9.7 per cent in the

Teranet reports house prices are still up slightly on their values

past year and 0.9 per cent on the month. That’s not as big a

this time last year — 0.9 per cent — but they soared 3.9 per cent

jump as the Greater Vancouver Real Estate Board reported for

in August. That could reflect higher value homes being sold in a

August, in part because the sale of new properties is not

month where the number of house resales plummeted.

included in the Teranet price.

In Toronto, prices were up 8.7 per cent for the year and in Hamilton, 8.8 per cent. The Hamilton market is being pushed

Royal LePage News

July 22, 2015

November/December 2015 Volume 04 Issue 06

Mad About Your Mortgage?

Complain on Twitter – The Banks Are Watching

They’re watching you. They know when you express frustration

“Texting is becoming ubiquitous, especially for younger people,�

about your mortgage. They know when you compliment or complain

says Ms. Arnott. She envisions a day when all Canadian banks can

about them on Twitter and Facebook.

authenticate clients via text, permitting secure discussions about their mortgage. Banks in Asia are already using SMS to fully service

They’re your bank and they’re on top of social media like you

banking clients, so the security technology does exist.

wouldn’t believe.

As for complaining about your mortgage rate online, there’s no , UHDOL]HG WKDW IRU WKH ͤUVW WLPH DIWHU ZLWQHVVLQJ WKLV 7ZLWWHU H[FKDQJH

research to show that protesting your bank’s mortgage terms on

last winter.

social media gets you a better deal, but people do it anyway, and banks answer fast.

This client tweeted about changing lenders and RBC responded to him in 42 minutes flat. That’s actually a long wait by today’s

The average

standards as some banks aim to respond to troubled Tweeters in

Twitter user has a

less than 10 minutes.

couple hundred followers. Banks

The Big Five Canadian banks all have social media armies who are

are well aware of

continually on the lookout for comments about their brand. They

how easily you can

stand at the ready to support customers, process leads, collect

share your

customer feedback for the bank bigwigs, and diffuse negative

mortgage

comments.

experiences on social media, and

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they try to ensure

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you’re sharing

of Twitter and Facebook to gather mortgage information, up 43 per

positive experienc-

cent in two years, according to Canada Mortgage and Housing Corp.

es.

TD Canada Trust is just one of many examples. It mans its @TD_-

So if you like (or

Canada Twitter account 17 hours a day, seven days a week. “If you

don’t like) your

tweet to us, you will get a response,� says Wendy Arnott, the head of

bank’s mortgage

digital marketing and social media at TD Bank Group. “The response

quote or advice,

time is really quick,� less than 10 minutes in most cases, she adds.

tweet about it just for fun. Then see

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what kind of

text customer service questions. It says that more of its customers

response you get.

are texting than using social media.

You can text any number of mortgage questions to shortcode “TDHELP.� Customers use it mostly for general inquiries like requesting appointment times with mortgage specialists, checking

Robert Mclister

October 18, 2015

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5

Canada’s September

Housing Sales Highest Since 2009 Canada’s housing market slowed last month, although it still

In Calgary, existing home sales were down 34 per cent from last

managed to post one of the strongest Septembers on record.

September, the steepest yearly decline of any major market.

Prices were flat in Calgary, Edmonton and Saskatoon, while

Nationally, existing home sales slipped 2.1 per cent last month

they dropped 4 per cent in Regina compared with the same time

compared with August, although sales were 0.7 per cent higher

last year.

than September of last year. It was the second-best September home sales after 2009, the Canadian Real Estate Association

“This is likely only just the beginning of a painful adjustment, as

said.

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wrote.

year, with 2015 shaping up to be the strongest year for the housing market since 2007. The Teranet-National Bank house

Bank economists expect the resale market to cool for the rest of

price index, which tracks prices in 11 markets across the

the year as the effects of interest rate cuts by the Bank of

country, rose 0.6 per cent in September, the ninth straight

Canada earlier this year wear off, the uncertainty over the future

month of increase.

of Canada’s energy sector begins to weigh on consumer FRQͤGHQFH DQG PRUH EX\HUV DUH SULFHG RXW RI WKH KRW PDUNHWV

Average resale prices rose 7 per cent compared with a year

of Toronto and Vancouver. “Looking forward, average existing

earlier, the real estate association reported. Following a trend

home prices are likely to be held back by a shift towards more

that has driven the market for the past year, most of the gains

affordable types of housing (for example, condos) and regions

came from sales of expensive single-family homes in Greater

(away from Toronto and Vancouver),� Toronto-Dominion Bank

Vancouver, where average prices were up nearly 14 per cent on

economist Diana Petramala wrote.

an annual basis, and the Toronto region, where prices rose 10.5 per cent from last September. In both cities, prices of detached houses rose roughly twice as fast as prices for condos.

The market looks much different beyond Toronto and Vancouver. Excluding those two cities, average resale prices rose just 2.9 per cent across the country. “Canada’s housing market is cooling somewhat, though you wouldn’t know it from frothy price gains in the two most expensive cities,� Bank of Montreal senior economist Sal Guatieri wrote. Soaring home prices in Toronto and Vancouver are being driven by the limited supply of single-family housing, Mr.

Guatieri

wrote,

along

with

strong

demand

from

“international migrants, young millennials and an apparent influx of foreign wealth flock to these two areas.�

Outside of the hot markets of Ontario and B.C., housing markets in Alberta and Saskatchewan are now clearly beginning to feel the economic fallout of low oil prices.

6

Tamsin Mcmahon - The Globe & Mail

October 15, 2015

Toronto Experiencing

A Rental Renaissance, New Report Shows Toronto is experiencing a rental renaissance with the number

“The experience of the condo rental market has been key,� said

of new apartment units under construction hitting a 25-year

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high this year.

record volumes of investor-held supply entering the market, vacancy rates have remained extremely low. I think that has

There were 26 apartment buildings under construction in the

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Toronto area in the third quarter of the year, containing more

they see demand remaining strong while condo construction

than 6,500 rental units, according to a new report by real

moderates.�

HVWDWH PDUNHW UHVHDUFK ͤUP 8UEDQDWLRQ ,QF Over the past 12 months, far more existing condos have been Developers have proposed another 43 rental buildings

rented out rather than resold, a change from 2011, when the

containing more than 10,000 units. Most of the buildings are

number of rentals and resales on the market was roughly

being developed in the city core, although the list of projects

equal. Among the 20,000 condos that have been completed

includes several in the inner suburbs, such as Scarborough

over the past 12 months, 32 per cent have been leased

and North York, along with a handful in the 905 region as far

through the Multiple Listings Service, up from 25 per cent

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during the same period last year.

Both developers and institutional investors are turning to the

T he rise in rentals also comes as the city is undergoing a

rental market for new opportunities. Riocan Real Estate

surge in new condo development. There are eight times more

Investment Trust, one of Canada’s largest retail landlords, has

condos under construction in Toronto than rental units, Mr.

one rental building under construction as a joint venture in

Hildebrand says, and many of those condos will likely be

uptown Toronto and is proposing to build six more. Insurance

purchased by investors who also plan to rent them out.

companies Great-West Life Assurance Co. and Sun Life Financial Inc., along with Cadillac Fairview Ltd., the real estate

Nearly 15,000 new units, from both condo and apartment

development arm of the Ontario Teachers’ Pension Plan, and

buildings, are expected to hit the rental market every year for

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the next few years. “If the market has already reached peak

proposing new rental construction in the city.

rental demand, higher vacancy rates would be expected over the next couple years,� Mr. Hildebrand writes. Already the jump

Toronto has continued to feel the pinch of an extremely tight

in new condo supply in recent years has kept rents from rising

rental market despite a glut of newly built condos. The city’s

too quickly – average rents grew by just 0.4 per cent in the

rental vacancy rate sank to 1.3 per cent last year and shows

third quarter.

little sign of easing up this year. The data suggest that as soaring home prices push people out of the housing market,

Toronto isn’t the only city to experience a renewed interest in

more residents are opting to rent. Those who do tend to rent

rentals. Mr. Hildebrand has conducted feasibility studies for

for longer than in the past.

investors and developers interested in building rentals in other major cities, such as Vancouver, Montreal, Calgary and

The strength of the condo rental market, coupled with

Ottawa.

record-low interest rates and land and construction costs that are rising faster than prices for new condos, has prompted many developers and institutional investors to make bets on the rental market.

Tamsin Mcmahon - The Globe & Mail

October 15, 2015

7

Canadian Housing Starts Surprisingly Strong, New Home Prices Gain Canadian housing starts surged unexpectedly in September

minimize the number of completed but unsold units.”

while new home prices also beat forecasts in August, prolonging a housing boom in the country despite signs of

A separate report from Statistics Canada showed new home

weakness in other parts of the economy.

prices rose by 0.3 per cent in August from July on continued strength in Ontario, the most populous of the 10 provinces.

Groundbreaking on new homes jumped to a seasonally

That surpassed expectations for a 0.2 per cent increase.

adjusted annual rate of 230,701 in September from a downwardly revised 214,255 in August, a report by the Canada

Compared with a year earlier, prices were up by 1.3 per cent.

Mortgage and Housing Corp showed.

The Toronto and Oshawa region, which accounts for 28.8 per That puts housing starts at the highest since August 2012,

cent of the entire Canadian market, posted a 0.6 per cent gain,

bucking forecasts for a slowing in construction to 200,000

advancing for a seventh month.

starts, which economists have said is more in line with demographic demand.

Prices in Vancouver, another hot market, edged up by 0.1 per cent. The Alberta city of Calgary, which is sensitive to

“In the span of about three months, Canadian home building

Canada’s weakened energy sector, showed no change from

activity has gone from a controlled simmer to a rolling boil,”

July.

%02 &DSLWDO 0DUNHWV VHQLRU HFRQRPLVW 5REHUW .DYFLF VDLG LQ D research note.

“We probably can’t sustain this level of home building activity for long before excess supply concerns start to build.”

&DQDGD̵V KRXVLQJ ERRP KDV GHͤHG SUHGLFWLRQV RI D VORZGRZQ for years, buoyed by historically low borrowing costs that have offset slow economic growth and a technical recession in the ͤUVW KDOI RI The Bank of Canada has cut rates twice this year to help stimulate the resource-dependent economy amid weak oil prices.

The last time housing starts stayed well above 200,000 for a prolonged period, the Canadian government tightened mortgage lending rules to cool the market.

Andrew Hopkins @ The Globe & Mail

October 08, 2015 CMHC Chief Economist Bob Dugan said the projected annual rate of new household formation is 190,000, which “underscores the continuing need for inventory management to

8

Prices For Single-Family Detached

Houses In Greater Vancouver Hit New Highs

Benchmark prices for single-family detached houses in

There were 3,345 sales in Greater Vancouver on the multiple

Greater Vancouver ascended to new highs last month.

listing service last month, up 14.5 per cent from a year earlier.

The Home Price Index (HPI) for detached properties in the

Board president Darcy McLeod said a range of factors is

region hit almost $1.18-million in September, up 18.9 per cent

influencing prices, notably a limited supply of listings. The

from the same period in 2014. On Vancouver’s west side, the

total number of listings of all residential property types in the

HPI rose 19.2 per cent over the past year to surpass

area has fallen 27 per cent over the past year.

$2.74-million while surging 22.5 per cent to $1.16-million on the east side.

“The number of homes listed for sale hasn’t been keeping up with the demand,� Mr. McLeod said in a statement Friday. “It’s

The Real Estate Board of Greater Vancouver prefers to

this dynamic that’s placing upward pressure on home prices,

concentrate on the HPI, saying that averages skew the picture

particularly in the detached home market.�

because the most expensive properties are included. The benchmark HPI is a representation of the typical house in an area, providing a better barometer of real estate trends than average resale prices, according to the board.

The Greater Vancouver board’s territory covers a large portion of Metro Vancouver, including Burnaby, Richmond and New Westminster. Metro Vancouver is a broader political entity that has 23 members, including other suburbs such as Surrey, White Rock and Langley – whose sales fall under the Fraser Valley Real Estate Board.

The price for detached properties in Greater Vancouver last month averaged nearly $1.41-million, or an 11.5-per-cent LQFUHDVH VLQFH 6HSWHPEHU /DVW PRQWK̾V ͤJXUH IHOO MXVW shy of the record $1.47-million average in August.

Industry experts say low interest rates, a healthy economy and population growth have fuelled the housing boom over the

Brant Jang @ The Globe & Mail

October 02, 2015

past three years. On the high end of the market for detached properties, there has been brisk demand from buyers who are from China, observers say.

Dan Scarrow, vice-president of corporate strategy at MacdonDOG 5HDOW\ /WG HVWLPDWHV WKDW SHU FHQW RI KLV ͤUP̾V sales of detached houses, condos and townhouses within the city of Vancouver last year went to buyers from China. Of his ͤUP̾V VDOHV RI GHWDFKHG KRPHV LQ 9DQFRXYHU SURSHU ODVW year, 150 of the purchasers were from China, or 27.5 per cent, his analysis shows.

9

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P e e l | H a l t o n | H a m i l t o n | To r o n t o | Yo r k | W e l l i n g t o n | D u r h a m | D u f f e r i n | S i m c o e | K i t c h e n e r - W a t e r l o o | C a m b r i d g e

PENG HOCK TAN REAL ESTATE BROKER Direct: 416-669-1748 Email: tan@tanteam.com

KAI MIN TAN SALES REPRESENTATIVE Direct: 416-720-1738 Email: kai@tanteam.com

Unsold condos in Toronto

Not A Sign Of Bubble About To Pop: Economist Toronto's condo sector has seen rising numbers of newly built, but unsold condos this year, raising red flags among some industry watchers. But Canadian Imperial Bank of Commerce economist Benjamin Tal insists those who see the trend as a sign of a condo bubble about to pop "are barking up the wrong tree."

There are 2,000 completed, but unsold condos in the Greater Toronto Area, Mr. Tal wrote in a research note released Monday morning, about double the number there were in December, and above the long-term average for the region.

Nearly half of those are in the City of Toronto. Many are the echoes of record levels of housing starts in 2012, when developers began construction on 50,000 homes, of which 30,000 were condos.

But, Mr. Tal notes, high levels of unsold units are not a region-wide phenomenon. In fact, a quarter of unsold condos DUH LQ MXVW ͤYH EXLOGLQJV RXW RI DFWLYH SURMHFWV KH VD\V Almost a third could be attributed to just four out of 77 builders. (Mr. Tal does not detail which projects, or builders, are facing a backlog of unsold units.) While he dismisses the idea that Toronto's condo market is facing "increased vulnerability," he does see stiff headwinds ahead for the sector. "To be sure, the GTA's condo market will be tested as interest rates start rising in the coming years, and increased resale activity from domestic condo investors will result in excess supply and some downward pressure on prices," he writes.

Vancouver, meanwhile, is facing the opposite issue. The number of completed but unsold condos in the city has fallen from more than 2,000 last year to 1,100 this year, the lowest in

Tamsin Mcmahon @ The Globe & Mail

October 26, 2015

ͤYH \HDUV

13

Sales and Average Price Up in August In August, the median price was $602,607 from the $546,482 recorded during August of 2014 TORONTO, September 4, 2015 -- Toronto Real Estate Board

Both the MLS® Home Price Index (HPI) Composite Benchmark

President Mark McLean announced that Greater Toronto Area

and the average selling price for all home types combined were

REALTORS® reported 7,998 residential transactions through

up substantially in August compared to the same period in

the TREB MLS® System in August 2015. This result

2014, with both increasing by approximately 10 per cent

represented a 5.7 per cent increase compared to 7,568 sales

year-over-year.

reported in August 2014. On a GTA-wide basis, sales were up for all major home types.

“A record year for home sales continued to unfold in August as competition between buyers exerted upward pressure on

The annual growth rate in new listings was greater than the

selling prices. It was encouraging to see annual growth in new

annual growth rate in sales, but active listings at the end of

listings outstrip annual growth in sales, but we will need to see

August were still down compared to last year. This suggests

this for a number of months before market conditions become

that sellers’ market conditions remained in place, especially

more balanced," said Jason Mercer, TREB's Director of Market

where low-rise home types like singles, semis and townhouses

Analysis.

were concerned.

̸%X\HUV LQ WKH *7$ UHPDLQ FRQͤGHQW LQ WKHLU DELOLW\ WR SXUFKDVH and pay for a home over the long term. They see ownership housing as a quality investment that has historically produced positive returns while at the same time providing owners with a place to live in their chosen community,” said Mr. McLean.

14

R A R E

O P P O R T U N I T Y

2.30 ACRE DETACH BUNGALOW OASIS WITH PRIVATE GOLF & PUTTING COMMERCIAL/RESIDENTIAL

INVESTMENT POTENTIAL

ASKING $1,499,813

Visit www.TanTeam.com For More Information!

Find Us On The Go!

RARE Opportunity - Minutes To 401/407 &

SCAN HERE ,W̾V 1HYHU 7R 'LIͤFXOW 7R *HW ,Q 7RXFK FOR LISTING INFORMATION Find Us On:

Amenities On 2.30 Acre Lot (MPAC) 3+2 Bedroom

Bungalow

+

Workshop

&

6948 Financial Dr, Mississauga, ON L5N 8J4 Phone: 905-821-3200 • Fax: 905-821-8777

Abundance of Space Which Includes A 125 Yd Pvt Golf and Putting

2QOLQH ZZZ WDQWHDP FRP Practice Range. Future Development Studies In The Area Include, *RRJOH 0DSV ̸7KH 7$1 7HDP 0LVVLVVDXJD̚ 7ZLWWHU #3HQJ+RFN7DQ Proposed Gta West Transportation Corridor. Mins To Toronto to )DFHERRN ZZZ IDFHERRN FRP 7DON7R7DQ Premium Outlets. Don't Miss This Chance To Move In! *RRJOH ZZZ JRRJOH FRP WDQWHDP

Possible Proposed Future 401/407 Employment Area &

Not intended to solicit currently listed properties. The above information is from sources believed reliable, however, no responsibility is assumed for the accuracy of this information.

P e e l | H a l t o n | H a m i l t o n | To r o n t o | Yo r k | W e l l i n g t o n | D u r h a m | D u f f e r i n | S i m c o e | K i t c h e n e r - W a t e r l o o | C a m b r i d g e

PENG HOCK TAN REAL ESTATE BROKER Direct: 416-669-1748 Email: tan@tanteam.com

KAI MIN TAN SALES REPRESENTATIVE Direct: 416-720-1738 Email: kai@tanteam.com November/December 2015 Volume 04 Issue 06

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