Public Open House 

 

21 Arkwright Drive, Brampton

Creditview and Bouvaird

Saturday March 25th and Sunday March 26th

from 2:00 to 4:00 pm

Welcome to Mount Pleasant North & this spectacular detached, 4-bedroom home featuring a finished basement, 9' tall ceilings on main floor, wonderful open floor plan that's perfect for entertaining family an friends, plus so much more.

This amazing home has been extensively & tastefully upgraded with quality finishes, & designer decor throughout." Simply elegant" only begins to describe this home.

Come see this dream home for your self before it's sold.


GTA REALTORS® Report Monthly Resale Housing Figures

TORONTO, March 3rd, 2017 - Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 8,014 residential sales through TREB’s MLS® System in February 2017. Despite the fact that February 2016 had one more day due to the leap year day, this result was up on a year-over-year basis by 5.7 per cent compared to 7,583 sales reported last year.

“The February statistics tell me that many Greater Toronto Area households continue to view home ownership as a great long-term investment. The high demand for ownership housing we’re seeing is broad-based, with strong sales growth for most low-rise home types and condominium apartments. This makes sense given the results of a recent consumer survey undertaken for TREB by Ipsos, which found an even split between intending first-time buyers and existing homeowners who indicated that they were planning on purchasing a home in 2017,” said Cerqua.

According to the recent Ipsos survey of intending GTA home buyers, first-time buyers will continue to account for much of the demand for ownership housing in Toronto and the surrounding regions. For the GTA as a whole, 53 per cent of likely buyers indicated that they would be first-timers – up from 49 per cent a year earlier. First-time buying intentions were highest in the City of Toronto, where 64 per cent of likely home purchasers indicated they would be first-timers – up from 56 per cent a year earlier. The higher percentage of first-time buyers in the City of Toronto likely relates to the prevalence of condominium apartments, which are a popular entry point into home ownership.

“There has also been much speculation, both in the media and among government policymakers, about the amount of foreign buying activity in the GTA. A recent Ipsos survey of the TREB membership on foreign buying activity suggests that the impact of foreign buyers in the GTA marketplace has been somewhat overblown. GTA-wide, the number of transactions accounted for by foreign buyers was less than five per cent. Furthermore, the great majority – 80 per cent, to be exact – of foreign buyers were purchasing a home as a primary residence, a home for another family member to live in, or as an investment to rent out to a tenant, which is helpful in a tight rental market,” continued Cerqua.

"To date, the provincial government and municipal governments have resisted the implementation of a foreign buyer tax in the absence of empirical evidence. The Ipsos survey of TREB Members should further solidify the argument that the solution to strong rates of price growth and related affordability concerns lies not with taxing foreign buyers more, but rather with addressing the supply of homes available for sale, or lack thereof," added Cerqua.

While the demand for ownership housing grew over the past year, new listings entered into TREB's MLS® System in February were down on a year-over-year basis by 12.5 per cent to 9,834. This continues a pattern we saw throughout much of 2016, with the sales trend pointing up while the listings trend has been down, which has resulted in a contraction of the inventory of homes available for sale. TREB's average months of inventory trend for February was at one month, while in many neighbourhoods across the GTA, inventory can now be measured in weeks rather than months.

"The listing supply crunch we are experiencing in the GTA has undoubtedly led to the double-digit home price increases we are now experiencing on a sustained basis, both in the low-rise and high-rise market segments. Until we see a marked increase in the number of homes available for sale, expect very strong annual rates of price growth to continue," said Jason Mercer, TREB's Director of Market Analysis.

The MLS® HPI Composite Benchmark Price was up by 23.8 per cent compared to February 2016. Similarly, the average selling price was up by 27.7 per cent year-over-year to $875,983. Annual rates of price growth continued to be strongest for low-rise home types, particularly detached houses. Growth rates for condominium apartment prices were also in the double digits, likely a result of strong demand from first time buyers.

"Over the past year, we have reached a point where government policies that target only the demand side of the market, whether we're talking about foreign buyers or further changes to mortgage lending guidelines, will not be enough to balance market conditions and moderate the pace of price growth," continued Mercer.

"In 2017, policymakers at all three levels of government must turn their attention to the supply of homes available for sale. They should consider revisiting land-use designations in built-up areas to allow for a greater diversity of home types, streamlining development approvals and permitting processes, and looking at ways to incentivize landowners to develop their land," suggested Cerqua.

A panel of industry experts was on hand at TREB’s recent Economic Summit, which served as a launch for TREB’s Market Year in Review & Outlook Report 2017, to share their take on the growing housing supply crisis in the GTA. Discussing the nature and scope of the crisis as well as possible solutions, the implications were clear: there is a housing supply crisis and the only way to solve it would be coordinated and innovative solutions by the government, private and not-for-profit sectors.

Source: Toronto Real Estate Board

Please feel free to contact me for a complete copy of the Market Watch Report.


GTA Commercial REALTORS® Report Commercial Market Figures

TORONTO, March 3rd, 2017 - Toronto Real Estate Board President Larry Cerqua announced that TREB Commercial Network Members reported a combined 271,918 square feet of industrial, commercial/retail and office space leased through TREB's MLS® System, on a per square foot net basis with pricing disclosed, in February 2017. This result was down by 25 per cent compared to 362,720 square feet of leased space reported in February 2016.

The year-over-year decline in leased space was driven entirely by the industrial segment, where the amount of space leased was down substantially compared to last year. The amount of commercial/retail and office space leased was up on a year-over-year basis.

Despite the annual decline in industrial space leased, the average lease rate was up over the same period by 13.5 per cent to $6.94 compared to $6.11 in February 2016. The average office lease rate was up by 12.1 per cent year-over-year to $17.03. The average commercial/retail lease rate was down compared to February 2016, largely due to a compositional shift in the size and location of deals this year compared to last year.

“The outlook for Canadian economic growth is positive. However, there does remain some concern surrounding the revival of exports, which obviously could impact some economic segments in the GTA and southern Ontario more broadly. The evolving economic trends over the next few months will be key in firms’ decisions to take on more space,” said Mr. Cerqua.

The total number of industrial, commercial/retail and office sales reported through TREB’s MLS® System with pricing disclosed, at 57, was up slightly compared to 55 transactions reported in February 2016. Changes in average selling prices, on a per square foot basis, were up on an annual basis for the industrial and office market segments, and down for the commercial/retail market segment. Changes in average selling prices from one year to the next can be due to both changes in market conditions and changes in the type and location of properties sold.

Source: Toronto Real Estate Board

Please feel free to contact me for a complete copy of the Market Watch Report.


New down payment rules in effect as of February 15th, 2016

Canada's Finance Minister Bill Morneau has announced the new down payment requirements which will come into effect on February 15th, 2016.

The minimum down payment for new insured mortgages will increase from 5% to 10% for the portion of the house or condo price above $500,000. Currently if you are buying a home for $650,000, the minimum down payment required is $32,500, effective February 15th, you would need an additional $7,500 for a total down payment of $40,000. 

This measure will see home buyers going into a home with a little bit more equity.


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It's a Great Time to Buy!!!

This is truly a great time to buy, after all, interest rates are at an all time low. You are either going to be paying your Landlord's mortgage or you will be paying your own mortgage. Call me today for a no obligation meeting.


Great News for First Time Home Buyers

December 13, 2007

ONTARIO EXPANDS LAND TRANSFER TAX REFUND PROGRAM

First-time buyers of resale homes to benefit from new tax measure

The Provincial government is giving all first-time homebuyers a break on land transfer tax by proposing to expand the Land Transfer Tax Refund Program to include purchases of resale homes, Finance Minister Dwight Duncan announced today.

"Expanding this Land Transfer Tax refund is an important part of our government's commitment to helping Ontarians buying their first home," Duncan said.

Effective midnight tonight, first-time buyers of resale homes, as well as newly constructed homes, would be eligible for a refund from the provincial government of up to $2,000 of the Land Transfer Tax paid.

For more information please click here: Land Transfer Tax Refund Program


 

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If you are thinking of SELLING or BUYING Residential or Commercial Real Estate in the Greater Toronto Area (Toronto, Mississauga, Brampton, Caledon, Georgetown, Milton, Oakville and surrounding areas), I would be please to work with you.

Please feel free to browse through my site and if you have any further questions regarding the Selling or Buying process or if you would like more information on my services, please give me a call or simply send me an email.

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