Real Estate Cheat Sheet: will house and condo prices ever fall?
All the laws of Newtonian physics suggest that a thing simply can’t go up and up forever. And yet, Toronto’s real-estate market seems to exist in a universe where “down” isn’t even a concept. Everything goes up—the buildings, the prices, the population—and it can start to seem as though there’s no other way. It can’t always be like this, but, for now, the numbers indicate that things will remain as they are. Here, four reasons Toronto’s real estate is safe—for the moment.
1. Home prices are up, year over year
According to numbers from the Toronto Real Estate Board, there was no point during 2013 when Toronto home prices weren’t higher than they were during the same period in 2012. What’s more, the end of the year was particularly strong. In December, average sale prices were up 8.9 per cent over 2012. The Toronto Real Estate Board (TREB) expects average prices to continue to rise in 2014, faster than the rate of inflation, in part because city’s inventory of available low-rise housing is still considered low. In other words, supply shows no signs of catching up with demand.
2. First-time buyers will still get a rebate on the Land Transfer Tax
During his mayoral campaign, Rob Ford promised to repeal the Land Transfer Tax (LTT), a municipal levy on a property’s sale price. Ford was eventually forced to abandon his promise, because the LTT is a fantastic moneymaker. It’s a way for the city to capture some of the value of its thriving real-estate market, and its continual surpluses have been instrumental in balancing Ford’s budgets. Real-estate agents hate it, but it’s here to stay.
In 2013, Frank DiGiorgio, Ford’s budget chief, was openly musing about cutting the LTT. The way he proposed to do it was by eliminating a rebate program for first-time home buyers, so that their payments could be used to offset an across-the-board reduction. Fortunately for young couples and families, it’s looking as though the idea doesn’t have the votes it needs to become a reality. And so, if starter homes are still too expensive for some, at least the city won’t be exacerbating the problem.
3. The condo market is still chugging along
Now is an interesting time for Toronto’s condo market. A record number of new units are scheduled for completion this year. It won’t be long before we know whether there are enough buyers to absorb the supply. Even so, Urbanation, a market research firm, thinks demand is likely to remain high throughout 2014, though sale prices are expected to remain stagnant.
4. Rich people are still rich
A report by Sotheby’s International Realty reinforces a somewhat obvious truth: the rich are still rich, and they’re still acting like rich people. About 600 more Toronto homes and condos sold for over $1 million in 2013 than in 2012. It’s still a fairly rarefied market, though. There were just under 5,500 sales in that price range last year, and Sotheby’s says only 270 of them were condos. Maybe people still expect palatial estates in return for their multi-million-dollar investments. For them, there’s always Mississauga.
Read More @ http://www.torontolife.com/
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C2780521 – M2P – 65 FAIRMEADOW AVE Toronto, Ontario – $ 2,299,000
Price Change. Jan 18: $ 2,299,000 Nov 9: $ 2,375,000
Amazing Opportunity To Live In One Of Toronto s Most Sought After Neighbourhoods, This Beautiful Home Is Renovated Top To Bottom, Luxury Home W/ Modern …
C2796766 – M2N – 315 HOLMES AVE Toronto, Ontario – $ 1,368,800
Price Change. Jan 18: $ 1,368,800 Dec 6: $ 1,398,800
Stunning&Very Spacious Back-Split 4 Level In Fantastic Location,Only Steps To Bayview& One Of The Best School In The Area. Beautifully Upgraded&Renov. …
C2809497 – M2N – 14 FRANKLIN AVE Toronto, Ontario – $ 726,000
Price Change. Jan 18: $ 726,000 Jan 13: $ 738,999
Location! Location! Beautiful Dettach & Ready To Move In, All Bedrms Upstair Is Hardwood Floor, New Roof(2012)New Bay …
C2812940 – M2N – 31 AVONDALE AVE Toronto, Ontario – $ 685,000
Perfect Location! Shane Baghai Of Avondale! Luxury 3-Storey Spotless Townhome Featuring Comb Lr/Dr W/Gas Fireplace & Walk-Out To Terrace, Eat-In Kitchen …
C2812960 – M2N – 178 SPRING GARDEN AVE Toronto, Ontario – $ 1,298,000
Premium Willowdale East Neighbour. One Of The Best Streets In The Area. Walk To Yonge/Sheppard. Large 50 X 120 Ft …
C2812973 – M6C – 577 ARLINGTON AVE Toronto, Ontario – $ 898,000
Country In The City. Absolutely Massive Lot Backing Onto Cedarvale Ravine. (71.39 Ft On Ravine). Top Of Arlington Near Ava Rd With Gorgeous Ravine At …
C2812985 – M6J – 100 STRACHAN AVE Toronto, Ontario – $ 434,900
Bright And Beautiful Corner Unit Condo Townhouse In King West Village. 900 Sq. Ft. + 215 Sq. Ft. Rooftop Deck. Create Your Own Outdoor Oasis. Perfect For …
C2813074 – M6K – 44 GORDON ST Toronto, Ontario – $ 699,900
Trendy Brockton Village! Location, Location, Location. Wide 2 1/2 Storey Semi With Open Concept Main Floor. Rarely Offered 4 Bedrooms + 3 Full Bathrooms! …
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C2813119 – M4R – 118 HELENDALE AVE Toronto, Ontario – $ 1,229,000
Custom Built Home-Approx 4Yrs-Tarion Warranty.3 Bdrms,4 Baths,Hrdwd Flrs, Granite Counters, S/S Appliances, Gas Fireplace,Skylights!Private Heated …
C2813130 – M6K – 26 WESTERN BATTERY RD Toronto, Ontario – $ 529,900
Highly Sought After Multi-Level 2 Bdrm/2Bath Townhouse With An Amazing East View Rooftop Terrace In The Heart Of Liberty Village. Perfect For The Urban …
C2813149 – M5M – 135 DUNBLAINE AVE Toronto, Ontario – $ 2,245,000
Exceptional Custom Home Built With Tremendous Attention To Detail. Quality Finishes Throughout 3700 Square Feet Of Living Space. Situated On A South …
C2813156 – M5M – 322 BROOKE AVE Toronto, Ontario – $ 2,348,000
Beautifully Nestled In Amongst Multi-Million Dollar Homes On One Of Toronto?s Most Saught After Streets. Offering Truly Exceptional Living Space Icluding …
C2813201 – M2N – 62 KINGSDALE AVE Toronto, Ontario – $ 1,498,800
**Most/Highest-Demand/Outstanding Location!!**5Mins To Yonge/Earl Haig Ss/Mckee Ps!!*50X122Ft-5Bedrms/4Washrms/2Kitchens–Totally Renovated Top To …
C2813271 – M2M – 97 STEELES AVE E Toronto, Ontario – $ 799,000
Prime Location! Yonge And Steeles. Short Distance To Yonge Street. Approx 400 Sq Ft 2nd Flr One Bedroom …
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Lower Village! Like New, Perfect For Boomer Downsize Townhome Or Family. No Reno s Required! Move-In Cond! Great Open Concept Mn Flr W/Kitch/Fam Rm …
C2813475 – M3B – 28 PARK LANE CIRC Toronto, Ontario – $ 12,988,000
Spectacular 10,000 Sq. Ft. Contemporary Home Sited On Approx 4 Acres. Dining Room Complemented By Butler s Pantry Fully Serviced With B i Appliances. …
C2813513 – M4W – 94 SOUTH DR Toronto, Ontario – $ 2,550,000
Fabulous Rosedale 4-6 Bdrm Exuding Subtle Elegance, Old World Charm And Contemporary Updates. Beautifully Maintained With Lg. Windows, Almost 10 Clgs, …
C2813535 – M5T – 70 CARR ST Toronto, Ontario – $ 449,900
Great 2 Storey Unit With Spectacular View Of The City. Hardwood Flooring Throughout, Stainless Steel Appliance In Kitchen. City …
C2813612 – M2N – 45 FINCH AVE W Toronto, Ontario – $ 1,550,000
Location ! Location ! Location ! Finch Subway At Your Door ! Attention …
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3000 Sq.Ft. 4 Bedroom, 4 Bath, Renovated (2009) New Roof (2013) In The Centre Of Forest Hill Village, On A Quiet Cul-De-Sac! 2 …
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Price Change. Jan 18: $ 519,000 Dec 7: $ 528,000
Freehold Townhouse. Very New And Very Bright. Walkout To The Deck. Upgraded Kitchen With Stainless Steel Fridge, Stove …
E2812300 – M1L – 130 WESTBOURNE AVE Toronto, Ontario – $ 699,000
Price Change. Jan 18: $ 699,000 Jan 17: $ 699,999
Charming Renovated 4 Bedroom Home On Huge 56 X 105 Ft Fenced Lot. Stunning Renovated Kitchen With Stainless Steel Appliances & B/In Desk. Pine And …
E2812920 – M4C – 1134 WOODBINE AVE Toronto, Ontario – $ 429,900
View Brochure For More Information On This Listing. A Charming 3 Bedroom Family Home Located In The High Demand Neighbourhood Of The Danforth East …
E2812982 – M1N – 64 BIRCHMOUNT RD Toronto, Ontario – $ 779,000
Magnificent Custom Built Home Facing Greenspace&Park. Across From Birchmount Community Centre. 5 Min Walk To Bluffs. 3000 Sq Ft 4 Bdrm 4 Bathroom Home Has …
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High Demand Neighbourhood, Spacious & Well Maintained 3 Bedrooms Townhouse. Close To Hwy …
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E2813104 – M1B – 112 LITTLELEAF DR W Toronto, Ontario – $ 399,900
Great Family Home, With A Perfect Possibility For An In-Law Suite. Brand New Kitchen, Ac And Ceder Wood Door, Separate Entrance To Basement. Convenient …
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Perfect Semi Gem In Balmy Beach School Area, Update This Traditional Beach Home On Premium Street, Third Floor Potential For Awesome Master, Seperate …
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Well Kept Family Home In Wexford ,Open Concept Layout,Large Updated Kitchen,Bright And Sun-Filled Living Room,Updated Windows & Floors,Finished Basement …
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Immaculate 2Storey Detached Home, Very Bright, Clean & Nicely Custom Decorated,3+2 Bedroom W/4 Washroom, Newly Painted, Oak Natural Stairs, Crown …
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Fantastic Bungalow In Prime East York. Located On The Best Part Of The Street. Over $ 100,000 Spent On Recent Renovations. House Has Been Gutted To The …
E2813400 – M1J – 280-282 SCARBOROUGH GOLF CLUB RD Toronto, Ontario – $ 459,990
New Semi-Detached Home In The Heart Of Toronto On A Private Cul-De-Sac. Approx 1750 Sq.Ft. As Per Builder s Plan. Choose Your Own …
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E2813440 – M4E – 133 HANNAFORD ST Toronto, Ontario – $ 460,000
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E2813454 – M4E – 131 HANNAFORD ST Toronto, Ontario – $ 470,000
Adorable Two Storey 2 Or 3 Bedroom Home In Upper Beach. Renovated Country Kitchen, 3 Bthrms, Lot 25 X 140 . Convenient Front Yard Parking. Sep Entrance …
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Price Change. Jan 18: $ 845,000 Nov 1: $ 899,000
Impressive Traditional 2 Storey Brick Home In High Park North/Junction Area. Leaded & Stained Glass Windows, French Doors, Wainscoting, Original Wood …
W2791501 – M6S – 8 THORNHILL AVE Toronto, Ontario – $ 1,275,000
Price Change. Jan 18: $ 1,275,000 Dec 7: $ 1,299,000 Nov 27: $ 1,325,000
Prime Baby Point Location! Fully Renovated W/ Modern Inspired Design And Unrivaled Attention To Detail. This Home Features A Chic Custom Kitchen W/ W/I …
W2797750 – M3J – 17 FOUR WINDS DR Toronto, Ontario – $ 279,000
Price Change. Jan 18: $ 279,000 Dec 9: $ 299,000
Location, Location, Location! Three Storey Plus Walkout Basement. Low Price Townhouse Steps To …
W2802901 – M9V – 1673 ALBION RD Toronto, Ontario – $ 289,990
Price Change. Jan 18: $ 289,990 Dec 23: $ 299,900
Prime Location. Excellent Lay Out And Floor Plan. Great Investment Opportunity. 4 Spacious Bedrooms With Finished Basement 1 Bedroom. 2 Bathrooms, …
W2812981 – – $ 249,900
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W2813060 – M3J – 25 DELABO DR Toronto, Ontario – $ 649,000
A Very Well Kept Home In A Great Location Of York University s The Village. A Fantastic And Well Thought Layout For The Ideal Buyer. Fully Upgraded Home …
W2813160 – M6M – 9 KING GEORGES DR Toronto, Ontario – $ 1,290,000
Gorgeous Family Home In Prestigious Area On A Quiet Street. Quality Finishings. Too Many To List. Large Eat-In Kitchen With Porcelain Tile. Open Concept, …
W2813180 – M9B – 336 BURNHAMTHORPE RD Toronto, Ontario – $ 725,000
Absolutely Beautifully Renovated Bungalow With Hardwood Floors Thru-Out. Entertainers Kitchen W/ Centre Island, Granite Countertops, Marble Backsplash …
W2813268 – M6N – 119 MILLER ST Toronto, Ontario – $ 649,900
Location, Location!!! Beautiful Double Brick Home. Lots Of Updates That Include, New Furnace, New Central Air, New Tiles In Both Bathrooms And Kitchen. …
W2813313 – M9W – 24 HOLBEACH RD Toronto, Ontario – $ 489,900
A Bungalow Nestled In A Great ***Sector*** Featuring: 3 Bedrooms, L-Shaped Living/Dining With Large Windows, Hardwood Under The Carpet On Main Floor …
W2813327 – M6E – 389 NAIRN AVE Toronto, Ontario – $ 589,000
Located On A Quiet Family-Oriented Street, This Beautiful Home Has Been Lovingly Cared For. It Features A Large And Private Backyard, Spacious Rooms, And …
W2813448 – M9P – 9 PEACH TREE PATH Toronto, Ontario – $ 385,888
Put This Stunning 3 Bedrm Townhome On Your *Must See* List For 2014. Everything Renovated Top To Bottom-$ Thousands Of Dollars $ Spent On Reno s!! Lots …
W2813635 – M8Y – 38A-4 MENDOTA RD Toronto, Ontario – $ 589,500
Gorgeous,Freehold Exec Grand Hamptons Estates Twnhse,On Tranquil St. Prime Location Close To Park,Restaurants,Shopping,Schools,Transit.Mins To …
W2813655 – – $ 549,000
Steps To Lake Ontario (End Of Miles Road), Traditional Cetre Hall Plan Home, Loaded With Character & Wood Trims Throughout. 2Pc Bathrm On Main Floor. …
W2813706 – M8Z – 15 LOTHIAN AVE Toronto, Ontario – $ 699,990
Super Location! Attention Renovators! 1st Time Buyers! Lovely Detached Bungalow, Popular Highly Demanded Upscale Development Rapidly Charming Family …
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