Real Estate in the News

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This week’s top real estate news in Ontario and how your real estate business could be affected.

GTA REALTORS® Release Monthly Resale Housing Market Figures
Toronto Real Estate Board President Larry Cerqua announced that TREB REALTOR® Members reported 9,989 home sales through TREB’s MLS® System in July 2016. At just shy of 10,000 transactions, this was the best result on record for the month of July. While sales were up on a year-over-year basis, the number of new listings was down over the same period, representing the continuation of a troubling trend in the GTA.

The GTA rental market today
Total listings declined 15 per cent year-over-year in Q2, leading to tighter GTA rental market conditions and annual condo rent growth of 5.2 per cent, with rents averaging a record $2.61 per square foot, or $1,934 monthly for the average 741 square foot unit rented.

Options for millennials seeking their own detached homes
Observers said that while getting a detached home is still possible, doing so would mean giving up the advantages afforded by other home types—in particular, proximity to work for those employed deeper within the city.

New Condo Supply Drops to 6 Year Low
A total of 7,731 new condominium apartments were sold across the Greater Toronto Area during the second quarter of 2016, rising 26% year-over-year to reach the second highest level of quarterly activity on record behind Q2-2011 (8,548). Sales would have been even higher if supply kept pace with demand, as new project launches fell 9% from a year ago to 5,106 units. As a result, total unsold inventory in development plunged by 26% annually to 13,528 — the lowest level since 2010 and representing a decade-low 6.8 months of supply.

B.C.’s new tax is illegal and discriminatory – academic
In a contribution piece for The Globe and Mail, Sean Rehaag of York University’s Osgoode Hall Law School said that the recently launched tax is a patently unlawful imposition on overseas nationals.

‘Troubling trend’: Average resale price for a Toronto home hits $709,825
TREB said the average resale price of a home in the Greater Toronto Area climbed to $709,825 last month, up more than 16 per cent compared to a year ago. The average price of a detached home soared even higher, up a whopping 21 per cent from July 2015 to $952,983, while the average price of a condo rose 9.2 per cent to $406,865.

More young home buyers want in as prices rise
The survey showed “desire to own a home of my own” was a key reason for Gen Ys, cited by nearly 40 per cent of respondents, said Ray Ferris, president of OREA. For Gen Xers, the biggest driver was “long-term investment value.”

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