Posted on
January 13, 2015
by
Corinne McCabe, Broker
MARKET UPDATE FOR THE WEEK ENDING JANUARY 9TH, 2015
Happy New Year and welcome to the first market insight of 2015. Every week our researchers pour through the listing and sold data posted on the Toronto Real Estate Board and separate out all the downtown statistics. Don’t bother waiting for those pesky and stale monthly reports, after two years of doing this you would be surprised at some of the trends we see and since we are analyzing the numbers fairly regularly, the information we provide is as near real time as it gets.
If you are a fan of auto racing then you would be familiar with the term “Gentlemen, start your engines”. That’s about where we are right now. New listings are at a two year low having dropped another 27% from last month. In addition, Downtown Toronto only registered 38 sales last week (by comparison, we had over 200 sales in a week during the top of the Fall Market). Clearly there is no rush to buy as only 5 of those homes sold at or over the asking price. Here’s the good news; Realtors are revving up for a busy early Spring Market. Our offices are busy shooting video, getting home inspection reports ready, and talking up hot new listings.
We are finding the resale condominium sector a little more interesting. Over the last month, new condo listing shot up nearly 30% with the bulk of the increase coming from the entry level suites in the central core. While sales are also down, there have been a number (16.3%) of suites selling at or above the list price. If history is any indication, we will see a lot more product coming on stream over the next few weeks.
Posted on
January 8, 2015
by
Corinne McCabe, Broker
The review of December is here...
Posted on
January 6, 2015
by
Corinne McCabe, Broker
There's been some discussion recently at the office about Radon Gas. It's invisible and ordourless and occurs from decaying uranium beneath the earth's surface. It then rises through the soil and seeps through cracks, holes and drain pipes in the basement.
Radon gas contains radioactive particles that get trapped in your lungs everytime you breath. As the gas particles break down, they release small bursts of radiation that can damage lung tissue, and eventually cause lung cancer.
In 2012 Health Canada released a report showing that 6.9 % of Canadians are living in homes with radon levels above the current Canadian guidelines. Despite existing test results in your neighbourhood, radon levels can vary from house to house, so Health Canada recommends that all Canadians test their homes.
It's easy to remedy however with proper ventilation in the basement. So no need to panic!
I've just bought a test kit today, and it's set up in the basement. After 3 months, I will send it out to a lab to be tested. Once I've got the results, I'll blog again with the details. I've been curious to learn more about this as it isn't talked about too much in Toronto, but I think it's better to be safe than sorry!
If anyone wants more information about where to get a test kit for your home or how it works, just let me know.
Stay tuned!
And a year later... I did the test and the results were way under what the acceptable levls are at. Well worth the small costs to purchase the test ket, and easy to do and submit. It really could be a life saver!
Posted on
December 16, 2014
by
Corinne McCabe, Broker
MARKET UPDATE FOR THE WEEK ENDING DECEMBER 12TH 2014
Here’s a little blast from the past. Back in the 80’s part of our beloved Gardiner Expressway has this awesome little dip right after the South Kingsway exit. If you were travelling west and going fast enough you could catch some serious air. We only mention it because, until it was repaired, it was a sure thing... just like the continued drop in new listings over the month of December.
After reviewing last week’s numbers we saw some very interesting trends. Sure new listings are down...way down, but so are sales. Now here’s the interesting thing; while there were 63 fewer new listings last week, there were only 36 fewer sales leading us to interpret that buyers are still out there but they are digging into the standing inventory more than ever before. The hottest sectors across the entire downtown core remain the first time buyers in the $400k to $700k range, where 46% are selling in multiple offers against an overall average of just 26%.
Like the freehold market, the resale condominium sector is following the same trends. New listings are down another 95 units last week (to a new historical low of just 375 for 2014) but sales are only off by 39 units from the previous week. Keeping in line with previous weeks, nearly 22% of sold units are happening at or above the list price. This tells us that the condominium market is generally healthier than it was at the top of the Spring Market. Of course all this news leads us to believe that the Spring Market is going to be very active.
Posted on
December 9, 2014
by
Corinne McCabe, Broker
See what's sold, and what's hot here...
Posted on
December 2, 2014
by
Corinne McCabe, Broker
MARKET UPDATE FOR THE WEEK ENDING NOVEMBER 28TH, 2014
It's not just the Grey Cup that signals the end of November. If you've lived in Toronto for any length of time you know that this time of year also means that thoughts of buying and selling homes take a back seat to Christmas shopping and holiday planning. While we may not remember who won the last Grey Cup, we can take the slowing real estate market to the bank. Now some people will tell you that the best time to buy or sell is when no one else is buying or selling. It seems those people made that point abundantly clear this week.
Consider the freehold market segment. It's true that new listings dropped by 54% over the previous week, but sales are not backing off at the same pace. This week sales were only down 7% but sales at or above asking inched up marginally. It's interesting to note that sales across Downtown Toronto have remained consistent overall price points. Our research also shows that first time buyers will likely see more properties for sale in the east but will be involved in fewer multiple offers in the west, while in the Central core those same buyers will likely purchase homes at a higher percentage over the asking price.
The condominium market returns with some more positive results. After a rather stagnant week of sales last week, it jumped back with some solid numbers. New listings continue to slow this week ( down 17%) while sales jumped up by as much as 50% in some parts of the core. While down slightly, we are happy to report that 14% of condo sales happened at or above the listing price this week. With 470 existing condos for sale in the Central core and the bulk of the new inventory under construction, we will continue to monitor this segment closely, but it seems that consumer confidence combined with strong immigration numbers are winning over bubble talk in the condo market.
Posted on
December 1, 2014
by
Corinne McCabe, Broker
Some really great feedback given to DECA from the Festival of Lights on the weekend...
"I just wanted to pass along a huge thank you to all the hard working volunteers who put together the Festival of Lights event. It was such a fantastic event! So many fun activities going on and such a great turn out. It was such a fabulous start to the holiday season and so lovely to bring the neighbourhood together like that. It was so magical for the kids when the lights went on! I really appreciate all the work that must have gone into tonight and I wanted to make sure that all of you at DECA knew it was very appreciated! I’m already looking forward to next year - such a great tradition."
So great! I can't wait for next year too! It will only get better over the next years. See you there!
Posted on
November 25, 2014
by
Corinne McCabe, Broker
MARKET UPDATE FOR THE WEEK ENDING NOVEMBER 21ST
Things we are putting on our Christmas list….Warmer shoes, a better shovel and more listings. It comes as no surprise that on the eve of the holiday season Toronto got its first dusting of snow which not only signals the traditional listing slowdown, but throws us even harder into traffic chaos. Well, at least we aren’t in Buffalo.
So what’s cooking in the freehold sector? Well, listings are down by 16% over the previous month and sales are down by as much as 67%. Our agents report that open house traffic has remained relatively strong over the last few weeks but its’ obvious that the snow really takes the wind out of buyer’s sails. “Days on market”, one of the key indicators of our market, have been getting longer but still over 45% of sales happened at or above the list price.
The condominium market has seen only a minor drop in new listings (8.3%) yet witnessed nearly half as many sales as a month ago. While sales in the east and west have held their ground the bulk of that decline has occurred in the central core. Even with such a large decline in sales we are encouraged to report that 20% of condo sales this week have been in multiple offer scenarios. It is interesting to point out that condo sales above $1.5M were negligible this week but this price segment has close ties to the freehold sector so we believe that sales will improve as overall freehold market gathers steam in the new year.
Posted on
November 21, 2014
by
Corinne McCabe, Broker
Come out and enjoy this fabulous event is Danforth Village... I'm a proud sponsor! It should really be fun.
Posted on
November 19, 2014
by
Corinne McCabe, Broker
So the Danforth East Community Assosation (DECA) is having their annual genral meeting on the 24th of November. All are welcome! Come meet everyone, have a bite of delicious food at one of your local restaurants, and maybe have a glass of wine. See you there!
Posted on
October 28, 2014
by
Corinne McCabe, Broker
This is a great idea... a virtual notice board for all things in the neighbourhood! Clothing swap, share recipes, borrow a ladder, whatever you and your neighbours can think of...
http://decadiaries.wordpress.com/2014/10/28/18blocks-virtual-noticeboard-for-the-hood/
Posted on
October 27, 2014
by
Corinne McCabe, Broker
The new Bosley Market update is here...
Posted on
October 22, 2014
by
Corinne McCabe, Broker
Posted on
October 10, 2014
by
Corinne McCabe, Broker
Bosley's new Market Infographic is here... check it out!
Posted on
October 8, 2014
by
Corinne McCabe, Broker
The new Bosley Update is out...
Posted on
September 29, 2014
by
Corinne McCabe, Broker
Here's the Bosley Market update for September...
Posted on
September 19, 2014
by
Corinne McCabe, Broker
Most of us know this, but some don't... never close on a Friday! Sure, it's seems to be a logical choice as you'd then have the weekend to move in, but this article in the Toronto Star says closing on a Wednesday is best. Have a read...
http://www.thestar.com/business/personal_finance/2014/04/25/close_your_home_purchase_on_a_wednesday_weisleder.html
Posted on
September 4, 2014
by
Corinne McCabe, Broker
Posted on
September 2, 2014
by
Corinne McCabe, Broker
Searching for a Home? Consider the High Cost of the Commute
Location is important when looking for a house, of course, but consideration needs to be given not just to what neighbourhood you want to live in, but to where your new home will be in relation to work and other obligations. The costs of a commute are more than a tank of gas or a monthly transit pass — there’s auto insurance and car maintenance, subway delays and missed connections, and the stress of dealing with all of this on a daily basis. When making a purchasing decision, don’t forget to factor in the real costs of a commute.
Maclean’s magazine reported on a 2013 survey by Oxford Properties and Environics Research Group that found “many Canadians consider the time it takes to get to work as important as the job itself.” The average length of a commute in Toronto? Forty-two minutes.
Commutes can also take a toll on health and happiness. An article in The Guardian newspaper explains some surprising findings from a University of Zurich study about overall life satisfaction: “A person with a one-hour commute has to earn 40% more money to be as satisfied with life as someone who walks to the office. On the other hand, for a single person, exchanging a long commute for a short walk to work has the same effect on happiness as finding a new love.”
So what does all this mean when looking for a home? “Commuting has the potential to impact the quality of your life dramatically,” says Bosley sales representative Steven Fudge. There are health and well-being costs, as mentioned above, but “transportation expenses can really add up and take a substantial chunk of your income,” he says.
“While most people allocate the majority of their financial resources to housing costs, transportation expenses can really add up and take a substantial chunk of your income.,” Fudge says. “As a buyer, it's critical you assess the potential day-to-day costs to commute between your work and a prospective property in advance of making a purchase. In fact, areas with the most affordable housing may not actually be as value-added as you think once you tally the costs to commute, while areas with more expensive properties may be more accessible, convenient and, in fact, cheaper while offering a better quality of life.”
Posted on
August 15, 2014
by
Corinne McCabe, Broker
Read all about Danforth Village homes and the market trends of our neighbourhood in this great write up done by Toronto Neighbourhood Guides (with my help)...
http://www.torontoneighbourhoods.net/neighbourhoods/east-end/danforth-village/homes
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Corinne McCabe ,
