Houses to Rent in Toronto Suburbs – Real Estate Toronto
Toronto Real Estate Market Feb 2016 — Top Performing Areas
View The GTA’s top performing housing markets in a full screen map
Toronto’s Suburbs are becoming increasingly popular–and with good reason!
It was another record-breaking month for the Toronto Real Estate Market and the rest of the GTA. With conditions being as tight as they are in the city, it’s not surprising that properties in the suburbs are going fast–and fetching a pretty penny too! We ranked areas in the GTA according to their price increase, highest selling prices, largest sales increase, and least expensive.
Biggest Price Increase
Avg. Price 2015: $789,730
Avg. Price 2014:$658,358
Year-Over-Year % Change: 20
Avg. Price 2015: $618,498
Avg. Price 2014: $531,376
Year-Over-Year % Change: 16.4
- Richmond Hill
Avg. Price 2015: $886,773
Avg. Price 2014: $762,219
Year-Over-Year % Change: 16.4
Largest Sales Increase
Avg. Price 2015: $596,379
Total Sales 2015: 2,038
Total Sales 2014: 1,570
Year-Over-Year % Change: 23
Avg. Price 2015: $746,715
Total Sales 2015: 1,087
Total Sales 2014: 927
Year-Over-Year % Change: 14.7
Avg. Price 2015: $410,915
Total Sales 2015: 1,043
Total Sales 2014: 897
Year-Over-Year % Change: 14
Fastest Selling Homes
Avg. Price 2015: $491,035
Avg. DOM 2015: 13
Avg. Price 2015: $488,304
Avg. DOM 2015: 15
Avg. Price 2015: $618,498
Avg. DOM 2015: 17
Most Expensive Homes
Avg. Price 2015: $1,006,701
- Richmond Hill
Avg. Price 2015: $886,773
Avg. Price 2015: $831,088
Least Expensive Homes
Avg. Price 2015: $349,797
Avg. Price 2015: $392,101
Avg. Price 2015: $410,915
This morning, CHMC released its Fourth Quarter report of 2015
Does 2015 CMHC Fourth Quarter Report support promises made by the Liberals?
Members of the media had full plates for the majority of October–Between the Federal election and Post-Season baseball, it’s been difficult to cover much else. Now, with Trudeau’s win and the Blue Jays’ loss, Canadian consumers can set their sights back on the health of our Economy–and the future of the Housing Sector.
This morning, the Canadian Mortgage and Housing Corporation released its Fourth Quarter report, which includes economic forecasts for 2016 and 2017. For those who recall promises made during the 78-day federal campaign, this report may offer some insight on what’s to come in 2016 and 2017. A highlight of the report focused on migration to Ontario, with the increase of new residents expected to outpace other parts of the country. Despite modest movement in recent years, Ontario’s economy is predicted to gain momentum in 2016 and 2017. Improving business conditions and expansion will increase hiring in the province, enabling job growth to rise to 1.6 per cent and 1.3 per cent in 2016 and 2017, as well as the unemployment rate to hover around 6.5 and 6.4 per cent respectively. This is one contributing factor to the appeal Ontario has to migrants, both nationally and internationally.
The CMHC quarterly report could not have been released at a more appropriate time. Following the federal election and Trudeau’s win, we can better gauge what type of action we’ll see in the housing sector. During their campaign, the Liberals focused on the best interests of the middle class; the high-tax battle, maximizing savings, and the accessibility of affordable housing. The high cost of housing in hubs such as Toronto and Vancouver has limited home ownership to those whose incomes far surpass the national average. In response to this issue, the Liberals propose new incentives for first-time homebuyers, including breaks on mortgage policies, as well increased amortization periods. To the discerning consumer, the promises sound more like suggestions, as nothing has been set in stone. Additionally, the Liberals propose to make changes to the Home Buyers’ Plan. Implemented in 1992, the Home Buyers’ Plan (HBP) allows Canadian residents to withdraw up to $25,000 from their RRSPs, tax-free to use toward the down payment of their first home. Participants of the HBP are given 15 years to replenish the amount withdrawn from their RRSPs. Although the withdraw limit isn’t expected to increase, the Liberal party proposes to make the HBP more accessible, by opening up eligibility beyond first-time homebuyers. Although interest rates are forecast to rise, the increase would be slight at worst, and are not expected to have a substantial impact on home buying.
Good news for Investors and Renters
Benefits that are also included in Trudeau’s plans surround the 10-year investment in social housing infrastructure, focusing on affordable housing and facilities dedicated to seniors. The investment will fund new buildings, as well as refurbish existing housing. As an investor, you will experience tax breaks and new capital investments will not be charged GST. This initiative is to encourage the construction of new affordable rental housing, as well as converting other multi-dwelling units and freehold homes into rentals.
It is predicted that high-rise unit ownership and rental demand will continue to be supported by first-time buyers with limited funds, as well an influx of Baby Boomers, who are looking for a maintenance-free lifestyle. Resale housing will remain vigorous over the course of the forecast, with numbers ranging between 193,000 and 225,000 units in 2016, before easing to the range of 175,000 to 220,000 units in 2017. Ontario home prices are predicted to grow, however, at a slower rate than previous years. This is due to a more balanced market, an increase in new listings, and the demand for more cost-effective housing options such as condominiums and townhomes. For Investors looking to expand their portfolios, this report, coupled with the results of the recent election should be kept in consideration when purchasing an income property. With several consumers turning toward more affordable housing options, new condominium and purpose-built rental segment are predicted to be solid investments.
In recent news, you may have heard rumours that buyers were “treading more cautiously” as they entered the fall market. The opposite couldn’t be truer in Toronto. This morning, Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported a record number of transactions for the month of September through TREB’s MLS® System. There were a combined 8,200 home sales reported for September 2015. This result was a 2.5 per cent increase compared to September 2014.
For the first nine months of 2015 TREB MLS® sales amounted to 80,331 — a record year-to-date figure. Furthermore, there was a 9.5 per cent increase compared to the first three quarters of 2014.
“We are on track for record home sales reported through TREB’s MLS® System this year. Barring a drastic shift in the economy over the next three months, total transactions reported by TREB Members in 2015 are expected to be at or near the 100,000 mark. This is a testament to the importance that GTA households put on home ownership as a long-term investment,” said Mr. McLean.
The MLS® Home Price Index (HPI) Composite Benchmark Price was up by 10.5 per cent year over year. The average selling price for all home types combined was also up by 9.2 per cent annually to $627,395. Growth in the MLS® HPI Composite Benchmark and the average price was driven by the low-rise market segments, including detached and semi-detached houses and townhouses. (October 5, 2015 –TREB)
If you’re looking to enter the housing market and waiting for a drastic drop in home prices, don’t hold your breath. Sales have never been so strong and price growth remain on a steady pace for the rest of 2015 and well into 2016. For those looking for a nest egg or perhaps a new property to add to their portfolio, strike while the iron is hot—September was the second month where there was a growth in new listings, so supply is available. Don’t expect competition to ease, however, as homebuyers who have been patiently waiting for availability to loosen, finally have a window of opportunity. With the number of families growing, and both migrants from other cities in Canada as well as international immigrants flocking to the city, there is no telling how long this window will remain open.Read more
Toronto Condo Inventory Pileup? Not quite
What do cooler nights, Canada’s largest annual community event, The Canadian National exhibition and slowing housing sales all have in common? They are friendly reminders that summer is coming to an end. Maybe not the last one — not in the GTA at least.
Although the short season is winding down, the Toronto real estate market remains hot and it is expected that housing prices in one of Canada’s strongest markets will continue to increase for the rest of year. Supply for homes, particularly low-rise residential units is scarce in the city, unable to meet demand. This stark imbalance has caused the prices of homes to skyrocket to record numbers over the past year, making affordability for the average Torontonian further out of reach.
The condo market, however, is benefiting from low-rise scarcity as well as low-interest rates. Despite data released by the CMHC in the first quarter, stating the number of unsold Toronto condos was at a 21-year high, sales of high-rise units have actually increased significantly and as a whole in Toronto, have been very strong this year. The “pileup” of unsold inventory, which is a key factor in determining the health of the condo market, dropped 13 per cent in Q2 of 2015, in a year-over-year comparison according to a survey released last week by Urbanation, a condo research and development firm.
If you’re considering purchasing a condo, now’s the time to do it. Between baby boomers looking to downsize, and young professionals purchasing a less costly alternative to a house, Toronto condos are being snatched up – and quickly. Although the prices of condominiums have not faced the drastic spike in price as detached homes have, they will inevitably increase — as will mortgage rates. In Urbanation’s survey, it was also reported that prices for resale condos were up 6.8 per cent across the GTA in the second quarter, to an average of $453 per square foot, as sales spiked 21 per cent. Bidding wars have even started to affect condos, as larger units are becoming highly coveted among families and those interested in long-term ownership. The better supplied new condo sector, however, saw more moderate price increases of 2 per cent during the quarter, pushing the average price to $566 per square foot.
Owning real estate will remain one of the best investments you can make. Whether it’s a low-rise nest-egg or high-rise real estate investment unit with continual positive cash flow, the sooner you enter the marketplace, the sooner you benefit from the low mortgage rates, as well as the inevitable rise in housing prices.
Opinions will vary, and each individual is entitled to his or her own, however, when it comes to housing one has to consider the following: The health of a real estate market is closely related to local demographic and immigration needs.
House Flipping Follies
It was evident that this was Brad’s first time House Flipping.
What does it mean to be rich?
What does it mean to be rich? Is it a fancy car parked in your driveway? Maybe a six or seven figure salary? For many Canadians, wealth is measured monetarily—the amount in your savings and chequing accounts, RRSPs, investments, and value of your assets. It seems as though people are on a constant chase for financial gain, seeking new ways of building capital even if it means sacrificing time that could have otherwise been spent with loved ones, in order to fill your bank account. Some people are so preoccupied with chasing financial wealth that it impacts their physical and emotional health, as well as their relationships. Wealth or “being rich” is truly a relative term, and the way you define it can determine the actions you take to achieve it. If you believe your life currently lacks abundance and happiness, will a $1 million cheque change your outlook? Not likely.
What if there was a long-term investment that provided an abundance of socio-emotional wealth? An investment that would appreciate in value, however, didn’t require time away from your family. In fact, it could provide a base for your family to grow, and could possibly pass on to future generations.
According to a study performed by TD Bank, nearly 40 per cent of investors believe real estate is an investment in which they will always see a financial benefit, with 74 per cent of respondents viewing their own home as a real estate investment. When compared to other sectors, real estate is considered an investment that people are confident will provide future returns, ranking second behind the financial sector.
Investing in property provides both financial and socio-emotional benefits. For Canadians, there are opportunities for a number of tax deductions and exemptions for homeowners. Not only is a home an asset that could be part of a portfolio, it provides a shelter for your family and can be a place to foster the of positive relationships. By teaching your children the long-term financial and emotional value of real estate early, you can help instill a mindset that understands the various forms of wealth. While traditional savings accounts may not be considered risky, they provide a low return. Instilling lessons regarding real estate as a long-term investment could lead to a rewarding path for your children, as well as future generations. Your home is one of the most valuable assets you will have in your lifetime, bring both emotional and financial return on investment. The peace of mind knowing it will provide security for your retirement, and also for your children even after you pass is something you can’t put a price on.
Questions about real estate, investments, or property management in Toronto? Contact us! We’d love write about it in an upcoming highgateproperties.ca blog post.