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From September through December 2009, TREB Members reported 3,859 lease transactions for condominium apartments and townhouses through the Multiple Listing Service (MLS®) – up 12 per cent from the 3,433 recorded during the same time in 2008. Condominium apartment transactions, which accounted for over 90 per cent of the total, were also up by 12 per cent. The weighted average rent across all apartment types and all TREB districts for the last four months of 2009 was $1,667 - in line with the 2008 weighted average of $1,672. This reflected the fact that average rents for the two most popular apartment categories moved in opposite directions, with a one per cent decrease for one-bedroom apartments and a one per cent increase for two bedroom apartments. At the district level, rent changes were quite mixed, in some cases changing at rates above or below the GTA average. Owners of rental condominium apartments have had to consider changes in the supply and demand sides of the condominium rental market when setting rents over the past year. According to CMHC, the average condominium apartment vacancy rate increased from 0.4 per cent to 0.8 per cent between 2008 and 2009, with the stock of rented condominium apartments increasing by over 6,900 units1. While the condominium apartment vacancy rate is still substantially lower than the vacancy rate for purpose-built rental apartments. The increase was still indicative of increased supply in some sectors of the rental market. Factors leading to increased vacancies included the strong growth in home ownership demand in the second half of 2009 coupled with strong condominium apartment completions2, which would have included investor-held units to be rented out. Asif Khan, Realtor Re/Max All-Stars Realty Inc.
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Mississauga, ON (February 24, 2010) - Lack of inventory will be the greatest challenge facing housing markets across the country this Spring, according to a report released today by RE/MAX. The RE/MAX Market Trends Report 2010, which examined real estate trends and developments in 16 markets across the country, found that unusually strong activity during one of the traditionally quietest months of the year has led to a sharp decline in active listings in 81 per cent of markets surveyed. The threat of higher interest rates, tighter lending criteria, and in British Columbia and Ontario, the introduction of the new Harmonized Sales Tax (HST) have clearly served to kick-start real estate activity from coast-to-coast, prompting an unprecedented influx of purchasers. As a result, 87.5 per cent of markets posted an increase in sales in January. Average price appreciated in 81 per cent of markets surveyed. "There have never been so many motivating factors in play at once," says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. "We're in for a heated Spring market that will, in all probability, spill over into the summer months, as the window of opportunity draws to a close. The supply of homes listed for sale has been drastically reduced, housing values are once again on the upswing, and banks and governments are moving in unison toward stricter lending policies."
Asif Khan, Realtor
Re/Max All-Stars Realty Inc. Follow me on Twitter www.twitter.com/remaxallstar
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Asif Khan, Realtor
Re/Max All-Stars Realty Inc. Follow me on Twitter www.twitter.com/remaxallstar
Become a Fan...Click Here www.facebook.com/asifkhanremax
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TORONTO, February 18, 2010 — Last month, TREB Commercial Members reported 660,815 square feet of leased space. This result was a substantial increase compared to the 336,029 leased square feet recorded in January of 2009, when the rate of economic decline was greatest during the recent recession.
According to Commercial Council Chair Garry Lander, “Two quarters of growth in the Canadian economy coupled with six straight months of employment growth in the GTA suggests that recovery has taken hold. Commercial transactions in 2010 should improve over 2009 levels as recovery continues in the goods producing and service sectors.”
Lease rates fell in January. Industrial space in all size categories leased for $4.60 per sfn (square foot net), a 14 per cent decline from the $5.38 per sfn recorded in the same month last year.
Commercial space fell 23 per cent to 14.59 per sfn from $18.90 per sfn last year. Office space traded for $10.83 per sfn, down 8 per cent from $11.73 per sfn in January 2009.
Sales Market Highlights
TREB Commercial Members recorded 42 sales of IC&I properties in January, including 16 industrial buildings of all size categories which averaged $62.41 per square foot. This compares to a figure of $46.73 per square foot derived from non-MLS sources.
Asif Khan, Realtor
Re/Max All-Stars Realty Inc.
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MID-FEBRUARY RESALE HOUSING MARKET FIGURES
TORONTO, February 18, 2010 -- Greater Toronto REALTORS reported 3,555 sales through
the Multiple Listing Service during the first two weeks of February.
This represented a 74 per cent increase compared to the 2,044 sales recorded during the
same period in 2009 when resale transactions had dipped due to the recession. The
February mid-month sales total was also 7.7 per cent above the previous high set in 2006.
"Home ownership demand remains strong in the GTA, as households remain confident
that economic recovery is at hand and that ownership housing will continue to be a
quality long-term investment," said Toronto Real Estate Board President Tom Lebour.
The average price for February mid-month transactions was $429,997 - an 18 per cent
increase over 2009. New Listings within the Toronto Real Estate Board boundaries were
up 15 per cent to 6,212.
"Double-digit price increases will persist through the first quarter of the year," said Jason
Mercer, TREB's Senior Manager of Market Analysis. "However, as new listings continue
to increase creating a better supplied market, we will see the annual rate of price growth
moderate into the single digits."
Asif Khan, Realtor
Re/Max All-Stars Realty Inc.
Follow me on Twitter www.twitter.com/remaxallstar
Become a Fan of "Asif Khan's RE/MAX Dream Team" www.facebook.com/asifkhanremax
MID-FEBRUARY RESALE HOUSING MARKET FIGURES
TORONTO, February 18, 2010 -- Greater Toronto REALTORS reported 3,555 sales through
the Multiple Listing Service during the first two weeks of February.
This represented a 74 per cent increase compared to the 2,044 sales recorded during the
same period in 2009 when resale transactions had dipped due to the recession. The
February mid-month sales total was also 7.7 per cent above the previous high set in 2006.
"Home ownership demand remains strong in the GTA, as households remain confident
that economic recovery is at hand and that ownership housing will continue to be a
quality long-term investment," said Toronto Real Estate Board President Tom Lebour.
The average price for February mid-month transactions was $429,997 - an 18 per cent
increase over 2009. New Listings within the Toronto Real Estate Board boundaries were
up 15 per cent to 6,212.
"Double-digit price increases will persist through the first quarter of the year," said Jason
Mercer, TREB's Senior Manager of Market Analysis. "However, as new listings continue
to increase creating a better supplied market, we will see the annual rate of price growth
moderate into the single digits."
Summary Of February Sales And Average Price
February 2010 2009
Sales Average Price Sales Average Price
City of Toronto ("416") 1,430 $471,958 816 $400,467
Rest of GTA ("905") 2,125 $401,760 1,228 $341,013
GTA 3,555 $429,997 2,044 $364,748
Source: Toronto Real Estate Board
Asif Khan, Realtor
Re/Max All-Stars Realty Inc.
Follow me on Twitter www.twitter.com/remaxallstar
Become a Fan of "Asif Khan's RE/MAX Dream Team" on Facebook http://www.facebook.com/pages/Unionville-ON/Asif-Khans-REMAX-Dream-Team/15040... .
Executive home on 50' Premium Ravine Lot. Luxurious 4 bedroom beauty, fabulous layout, huge rooms, over $60,000 spent on upgrades, interlocked wrap around walkway, top-of-line appliances, and much more! Visit www.asifkhan.ca on Thursday February 18, 2010 for a sneak peak, or call me to schedule your private viewing.
Asif Khan, Realtor
Re/Max All-Stars Realty Inc. Follow me on Twitter www.twitter.com/remaxallstar
Become a Fan...Click Here www.facebook.com/asifkhanremax
Asif Khan, Realtor
Re/Max All-Stars Realty Inc. Follow me on Twitter www.twitter.com/remaxallstar
Become a Fan...Click Here www.facebook.com/asifkhanremax
This morning, Federal Finance Minister Jim Flaherty announced three key changes to mortgage insurance rules: 1. All borrowers must meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term; 2. The maximum amount one can withdraw in refinancing their mortgage will be reduced to 90% from the current 95% of the value of one's home; 3. Non-owner occupied properties will require a minimum down payment of 20%.There were no changes to down payment requirements or length of amortizations for owner-occupied residences. These rules are intended to come into force on April 19, 2010. I will keep you updated on any changes. Regards, Asif Asif Khan, Realtor
Re/Max All-Stars Realty Inc. Follow me on Twitter www.twitter.com/remaxallstar
Become a Fan...Click Here www.facebook.com/asifkhanremax
Re/Max All-Stars Realty Inc. Follow me on Twitter www.twitter.com/remaxallstar
Become a Fan...Click Here www.facebook.com/asifkhanremax