Market Update Archive

How Mississauga Condo Sales Compare to GTA

Toronto house sales – and prices – continue to climb despite the best efforts by Ottawa to cool a market that shows no signs of giving buyers a breather.

Sales across the GTA were up 30 per cent in September, year over year, and prices were up 6.5 per cent over September 2012, according to figures released Thursday by the Toronto Real Estate Board.

The average transaction price for houses and condos combined last month was $533,797.

So far, three-quarters of the way through 2013 — and what was looking, a year ago, like the start of a significant slump in the resale housing market in the wake of tighter mortgage lending rules imposed by Ottawa — some 68,907 houses and condos have changed hands across the GTA.

That’s down by just one per cent over the pace of sales recorded by TREB during the same nine-month period of 2012.

The average sale price during that same nine months of 2013 has been $520,118, up more than four per cent from the first three quarters of 2012.

Condos continued a surprising surge, which started this past summer, with sales up 28.8 per cent year over year — up 31.5 per cent in the City of Toronto and 22.3 per cent in the 905 regions.

Average sale prices, however, were down 3.7 per cent in the city but up 2.9 per cent in the suburbs. That resulted in an almost 2 per cent decline in condo prices overall across the GTA from September of 2012 to the same month this year.

“The price growth story in September continued to be about strong demand for low-rise home types, coupled with short supply of listings,” says Jason Mercer, TREB’s senior manager of market analysis.

“Even with slower price growth and month-to-month volatility in the condo apartment market, overall annual price growth has been well above the rate of inflation this year.

“This scenario will continue to play through the remainder of 2013.”


Much of the rush in the market the last few months has been blamed on an unexpected increase in fixed-rate interest rates that started in late spring and has seen buyers trying to purchase before their 90- and 120-day rate commitments expire and they are forced into more costly mortgages.

There has also been some pent-up demand after the cold, wet spring put a damper on what’s usually the peak season for sales. Many realtors had expected sales to be unusually high, as a result, well into fall — and the weather has been co-operating so far.

Detached sales were up almost 34 per cent year over year across the GTA, and prices up 7.9 per cent, bringing the average sale price of a detached home in the 416 region to $856,169 and $608,866 in the 905 regions, says TREB.

Semi-detached sales were up more than 20 per cent, with average prices hitting $616,049 in the city and $405,920 in the suburbs.

Townhouse sales climbed by almost 31 per cent. The average 416 townhouse sold for $455,518 in September and $388,727 in the suburbs, up 9.7 per cent overall from September of 2012.

Condo prices slumped 3.7 per cent in the 416 region to an average of $363,149 while the average price of a condo that sold in the 905 regions in September was $290,239, up 2.9 per cent. Mississauga Condos for Sale. Mississauga Homes for Sale

Elena’s July Market Watch

In this issue:


Low-Rise Market Conditions Remain Tight in June

TORONTO, July 4, 2013 – Greater Toronto Area REALTORS® reported 9,061 sales
through the TorontoMLS system in June 2013 – down by less than one per cent compared to June 2012. Over the same period, new listings were down by a greater
rate than sales, suggesting market conditions became tighter.
“The sales picture in the GTA improved markedly in the second quarter of 2013.
While the number of transactions was still down compared to 2012, rates of decline
were substantially improved compared to the first quarter,” said Toronto Real Estate
Board President Dianne Usher.

“As a growing number of homebuyers, many of whom put their purchase on hold due
to stricter lending guidelines, now reactivate their search, the expectation is for
renewed growth in home sales in the second half of 2013,” added Ms. Usher.
The average selling price in June was up by 4.7 per cent year-over-year to $531,374.
In line with the 2013 norm, June price growth was driven by the single-detached and
semi-detached market segments, particularly in the City of Toronto. Over the same
time period, average condominium apartment selling prices remained in line with
2012 levels.

“The short supply of low-rise home types in many parts of the GTA relative to the
number of households looking to buy continued to prompt strong upward pressure
on selling prices of singles and semis,” said Jason Mercer, TREB’s Senior Manager of
Market Analysis. “We have also seen enough buyers in the better-supplied condo

Mortgage rates are on the move, upwards

Reality is starting to sink in when it comes to mortgage rates: Watch out they’re creeping up.
Beginning last month, the big banks began raising their interest rates on fixed-term mortgages – by small amounts, in part due to the market reaction to U.S. Federal Reserve Chairman Ben Bernanke’s warning that the $85 billion (U.S.) in monthly bond buying may soon be coming to an end, likely later this year.

That was enough to spook stock markets, and bond yields started to rise. Because fixed-rate mortgages are closely tied to bond rates, lenders are raising those interest rates. The government of Canada bond yield went from 1.1 per cent in early May to 1.8 per cent now.
Kelvin Mangaroo of ratesupermarket.ca said banks are reluctant to introduce big rate changes, preferring instead to bring in smaller increases of 0.1 or 0.2 of a percentage point, as seen in the last few weeks.

“Rates have been changing so quickly. Rates were even changing during the day,” Mangaroo said, adding if consumers are looking to buy a home, they should try to lock in to a rate now.

Last Friday, BMO announced its five-year fixed mortgage was rising to 3.59 per cent, up 0.20 per cent, and RBC set its five-year fixed at 3.69 per cent.

“Just three weeks ago, a five-year fixed was 2.89 per cent in the wholesale market, which mortgage brokers deal in,” said Steve Garganis of Mortgage Intelligence. “And they have gone up three times since,” he said, adding though 3.39 per cent was still available on Tuesday.

“It’s a pretty substantial increase – half a per cent increase in three weeks,” he said. “It’s the largest chunk we have seen in the past three or four years in such a short time.”
Garganis added interest rates were kept low – after the 2008 financial crisis to boost the economy – so the days of 3 per cent fixed rates are probably over.
“Is the sky falling? No,” he said, pointing out that the average interest rate over the past 25 years is more than 7 per cent on a five-year fixed. “I think a more normal rate should be between the 4 and 5 per cent range, closer to 5 per cent.

“That’s what you should expect to pay.”

Stunning With Lots Of Natural Light 3 Bedroom 2 Full Bath Detached On Cul De Sac In Central Mississauga. New Vinyl Windows & Garage Door, Lennox High Efficiency Furnace & Central Air Conditioner, Granite Counter Tops, Fresh Neutral Paint. Not A Single Piece Of Carpet Anywhere With Laminated Floors From Top To Bottom, Interlocking Front Walk Way, Large Rear Deck, Beautifully Landscaped Front & Rear, Concrete Side Walkway, Resealed Drive Way, Etc. List Goes On!
Price: $399,900
Address: Mavis/Rathburn
Bedrooms: 3 + 1
Bathrooms: 2
Taxes: $2,478.79/2013 

Rarely Available, South Facing, 2 Storey Luxury Townhouse In The Absolute Complex (Marylin Buildings) In The Heart Of Mississauga! 9′ Ceilings! Open Concept Kit W/ Granite Countertop, S/S Appliances, Ceramic Backsplash. Main Flr Laundry & Direct Access To Underground Parking Spot Right Near Door (No Elevator Or Long Walks)! Rooftop Garden For Bbq’ Etc.
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Address:Hurontario/Burnhamthorpe
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Call: 647-388-5950 for more information

align="center"

Toilets account for roughly thirty percent of indoor water use in homes. In the past, toilet tanks had capacities of up to twenty liters. In the nineties, these large tanks were replaced in many cases by newly available thirteen liter or water saver toilets. Today, with engineering advances, the six liter toilet has proven itself to work better than many of its thirteen liter counterparts.

Let’s see an example of how much water the installation of a six liter toilet can save you. A typical toilet can expect to be flushed ten times a day. An eighteen liter toilet would consume 180 liters while a six liter toilet only 60, that’s a savings of 120 liters.

Another cost saving innovation comes in the form of dual-flush toilets. These toilets let people decide if they would like to flush using three liters for liquid waste or six liters for solid waste. Dual flush toilets are mandatory for new construction in Australia and have been estimated to have saved our friends down under as much water as the cities of Adelaide and Perth consume annually.

*2 tablespoons olive oil

*2 tablespoons fresh lemon juice
*2 cups shredded cooked chicken (grilled chicken works wonderfully for this recipe!)
*1 pint halved cherry tomatoes
*3 cups rice, cooked and cooled to room temperature
*Salt and pepper
*1/2 cup sliced fresh basil
DIRECTIONS
1. Make dressing by combining olive oil and lemon juice in a small jar and shaking vigorously.
2. Put chicken and tomatoes in a large bowl and toss with the dressing. Let stand for 15 minutes.
3. Add rice and toss. Add salt and pepper to taste.
4. Just before serving, add basil. Serve with a little more ground pepper on top.

July Events In Toronto

 Summerlicious~Celebrate Toronto food culture!   When:July 5 – 21   Location: Toronto
Visit Official Site

~Toronto’s Festival of Beer ~   When: July 26 – 28   Location: Exhibition Place
Visit Official Site

~ Caribana ~   When: July 17 – Aug 5    Location: Toronto
Visit Official Site

~ Salsa on St. Clair ~   When: July 13 – 14   Location: Toronto
Visit Official Site

~ Beaches International Jazz Festival ~   When: July 19 – 28   Location: Beaches
Visit Official Site

Elena’s May Market Watch

In this issue:

Market Conditions Promote Price Growth in April

May 3, 2013 — Greater Toronto Area REALTORS® reported 9,811 sales through the TorontoMLS system in April 2013, representing a dip of two per cent in comparison to 10,021 transactions in April 2012. Both new listings during the month and active listings at the end of April were up on a year-over-year basis.

“Despite the headwinds we have experienced in the housing market this year, April sales came in quite strong in comparison to last year. As we move through the spring and into the second half of 2013, the demand for home ownership should continue to
firm-up relative to last year,” said Toronto Real Estate Board President Ann Hannah.

“It has been almost a year since the federal government enacted stricter mortgage lending guidelines. It is realistic to surmise that some households, who originally put their decision to purchase on hold, are once again looking to buy,” continued Ms.
Hannah.

The average selling price for April 2013 transactions was $526,335 – up by two per cent in comparison to April 2012. The MLS® HPI Composite Benchmark Price was up by 2.9 per cent.

“The condominium apartment segment in the City of Toronto was a key driver of price growth in April, with both the average selling price and the MLS HPI apartment index up on a year-over-year basis. The improved condo sales picture, with Toronto sales down by only one per cent compared to last year, suggests that interest in condo ownership may be improving,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Toronto new condo sales fall 55% in 2013

Toronto’s condo boom took a big breather in the first quarter of this year.

Sales plummeted by 55 per cent in the first three months of 2013 over the same period last year, as developers held back new project launches and took a wait-and-see approach in the face of a softening market and climbing inventory of condos for sale.

A total of 2,728 new units were sold up to the end of March, down 29 per cent just from the final three months of 2012. That’s less than half the 6,070 units sold in the first quarter of 2012 when the condo market was starting to come down from a record year of sales — 28,190 units — in 2011.

“Developers have been very disciplined. There were barely any new project openings and they are being very selective in what they do launch,” says Shaun Hildebrand, senior vice-president of condo market research firm Urbanation, which released its state-of-the-condo-market report Monday.

New project launches so far this year are the lowest since the fall of 2009, in the wake of the Great Recession.

“Given the sales numbers we saw in 2011 and up until the early part of 2012, which were on fire, that type of momentum had to give,” said Hildebrand. “The rebalancing now taking place is beneficial for the longer term stability of the market.”

While most of those 2,728 new units — some 79 per cent — already have buyers, the inventory of unsold units in new projects climbed during Q1 to 18,845 units, a 21 per cent jump over a year ago, Hildebrand notes.
Most of those unsold units, about 64 per cent, are in buildings still in the pre-construction sales phase, meaning they have yet to be built.

Price gains, which have averaged 6.4 per cent annually over the last decade for new condos, have slipped significantly: the average index price of a new unit was up just 2.5 per cent in Q1, year over year, to $533 per square foot, now the same average price per square foot as resale condos, says Urbanation.

But the market has avoided, so far at least, the major collapse in prices that many housing watchers had been anticipating since last summer when the condo market started softening in the face of the euro crisis and tightened mortgage lending rules imposed by Ottawa that forced many first-time buyers to the sidelines.

The big fear was that panicked investors, who are believed to account for at least 30 per cent of new condo purchases, especially in Toronto’s core, would flood the already shaky market.

Instead, most seem to be renting their units out. So far they’ve been able to command hefty rents, especially from the growing number of young professionals keen to live downtown.

Those rents are likely to flatten out — along with a levelling out of new condo prices — over the next couple of years in the face of competition, as more new units come on stream, notes Hildebrand.

Some 26,500 new condos are slated to occupy this year alone across the GTA, but the actual number is unlikely to exceed 18,000 as project completions get pushed into 2014 or beyond because of a lack of construction crews, an ongoing bottleneck that has had the intended effect of keeping a lid on supply.

“Projects that are well priced and located are still doing very well,” he adds, noting that some “highly anticipated projects” launching in the next few months could see sales improve by years’ end.
It should be clearer by the end of May how sales of projects launched so far this year are doing, but early indications are that first-time buyers are looking again, especially in the 416 region, says Jim Ritchie, vice-president of Tridel, which hopes to start construction on its Ten York project by the end of 2013 and has sold 620 of the building’s 694 units.

Developers are now looking to hopeful signs on the resale condo front, says Hildebrand, where sales were up 9 per cent in the first three months of 2013, over the final quarter of 2012, after months of double-digit declines, seen as the first real indicator that consumer confidence may be picking up.

Resale prices, however, didn’t fair as well, down 0.5 per cent in Q1 of 2013 over Q4 of 2012 to $533 per square foot. That’s largely because of a more than 25 per cent surge in listings as about seven per cent of newly completed units were listed for sale, according to Urbanation.


Top 10 bathroom renovation tips

align="center" 1 Choose elegant fixtures.
2 Sit in a bathtub before buying it.
3 Select durable flooring.
4 Hang a stylish mirror.
5 Use found space.
6 Build a shower area.
7 Share space for added function.
8 Design lighting that works.
9 Buy a quality toilet.
10 Incorporate luxury into your room.

Basil Ricotta Macaroni and Cheese

*8 ounces short pasta (elbows, cavatappi, etc)
*1/4 cup soft butter
* 2 cups fresh ricotta
*Fresh basil
*Fresh ground pepper

DIRECTIONS

1. Cook pasta in heavily salted water until al dente. Reserve 1 cup of cooking water and drain. Return to pot.

2. Add butter and stir until butter is melted. Add ricotta and stir gently until ricotta is worked into the pasta.

3. Pour a little pasta water into the pot until you have a very light sauce.

4. Divide among plates. Grind fresh pepper on top, scatter basil leaves on each plate and serve.


    


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May Events In Toronto

~ Doors Open Toronto ~ When: May 25 – 26   Location: Toronto  Visit Official Site

~Contact Photography Festival ~    When: May 1 – May 31   Location: Toronto  Visit Official Site

 

Condo Market Well Supplied in the Fourth Quarter

TORONTO, January 11, 2013 — Greater Toronto REALTORS® reported 3,830 condominium apartment sales through the TorontoMLS system during the fourth quarter of 2012. This number represented a decline of 23 per cent compared to 5,005 sales during the same time period in 2011.The average selling price for condominium apartments in the fourth quarter was $332,410 – down by one per cent compared to the fourth quarter of 2011. “The condominium apartment market was the best supplied market segment in 2012.

 
Strong condo apartment completions in 2011 and the first few months of 2012 resulted in a substantial number of new listings on the TorontoMLS system last year.With more units for buyers to choose from, the annual rate of price growth moderated,” said Toronto Real Estate Board (TREB) President Ann Hannah.In the condominium apartment rental market, transactions rose by almost 13 per cent year-over-year in the fourth quarter, while the number of units listed for rent increased by over 17 per cent. Average rents were up on a year-over-year basis for one-bedroom and two-bedroom apartments.“While some first-time buyers put their decision to purchase on hold in the fourth quarter, many of these people chose to rent a condominium apartment instead.

 
Similar to the ownership market, strong new condo completions prompted a considerable increase in the number of investor-held units offered for rent. However, there was still enough competition between renters to prompt upward  pressure on average rents,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

 condochart

Elena’s May Market Watch

In this Issue:

  • Market Remains Tight with Sales Up in April
  • Toronto real estate cooling? Nah
  • NEW Site – CondoSquareOne
  • Hot New Listings: Detached Home Central Location and 2 Bedroom Mississauga Condo
  • ICE Condos
  • 6 Tips for Decorating Your First Home
  • Recipe of the Month : Rosemary Goat Cheese Mashed Potatoes
  • Total Sales Activity 2011 VS 2012
  • May Events: Good Food Festival & Market, Doors Open
  • PSV And PInnacle – Pre Construction Sign Up

Click on the image below to Read the FULL Version

Enjoy!

CLICK HERE

Square One Condos, Buy Sell Rent Mississauga Condos