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Quick review of 2014 markets across Canada and 2015 forecast


GTA REALTORS® Report Monthly Resale Housing Figures

TORONTO, December 4th, 2014 - Toronto Real Estate Board President Paul Etherington announced that Greater Toronto REALTORS® reported 6,519 residential transactions through the TorontoMLS system in November 2014. This result was up by 2.6 per cent compared to 6,354 sales reported in November 2013. Through the first 11 months of 2014, total sales amounted to 88,462 - up 6.6 per cent compared to the... same period in 2013.

While the trend of year-over-year sales growth continued, the supply of listings remained constrained, with active listings at the end of November down in comparison to last year.

"Even with a constrained supply of homes for sale in many parts of the Greater Toronto Area, buyers continued to get deals done last month. Households remain upbeat about home ownership because monthly mortgage payments remain affordable relative to accepted lending standards. This is coupled with the fact that housing has proven to be a quality long-term investment," stated Mr. Etherington.

The average selling price for November transactions was up by 7.4 per cent year-over-year to $577,936. The year-to-date average price was up by 8.4 per cent to $567,198. The MLS(R) Home Price Index Composite Benchmark price for November was up by 7.7 per cent compared to a year earlier.

"The robust average price growth experienced throughout 2014 has been fundamentally sound, with demand high relative to supply. Strong competition between buyers has exerted upward pressure on selling prices. Barring a substantial shift in the relationship between sales and listings in the GTA, price growth is expected to continue through 2015," said Jason Mercer, TREB's Director of Market Analysis.

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, December 4th, 2014 – Toronto Real Estate Board President Paul Etherington announced that, in November 2014, TREB Commercial Network Members reported 470,604 leased square feet of industrial, commercial/retail and office space within the TREB market area for which pricing was disclosed on a per square foot net basis. This result was down by 25 per cent compared to 624,924 square feet of comb...ined space leased in November 2013.
Almost 80 per cent of total leased space was accounted for by the industrial market segment.

Year-over-year changes in average lease rates in November for industrial and commercial/retail properties were up to $5.29 per square foot net and $22.31 per square foot net respectively. The large increase in the commercial/retail segment was due, in large part, to the existence of a larger property which leased for a below average lease rate in November 2013. Average office lease rates were down 5.2 per cent to $13.27per square foot net.

“The demand for commercial real estate, whether for lease or for sale, can be volatile on a monthly basis when comparing to the previous year. With this said, recent economic data suggests that we could see an uptick in the demand for commercial space moving forward, given that the Canadian economy expanded at a relatively strong pace over the past two quarters. On top of this, the dip in the value of the Canadian dollar vis-ŕ-vis the US could result in increased demand for goods produced in the GTA for export south of the border. This could lead to an increase in the demand for industrial space in the GTA as well,” said Mr. Etherington.

The number of combined industrial, commercial/retail and office transactions in November was unchanged compared to the same period in 2013. There were 67 total transactions for which pricing was disclosed.

Average sale prices, on a per square foot basis were actually quite volatile in November, both to the positive and negative depending on the market segment in question. However, it should be noted that average price changes can be the result of both market forces and changes in the type and location of properties sold. In November, price change was largely the result of a change in the mix of properties sold this year compared to last.

Source: Toronto Real Estate Board

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

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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


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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