March 2017 Market Newsletter

Market Commentary
The Toronto Real Estate Board recently released their housing figures for February, and there’s no relief in sight for those waiting for a downturn in prices. In fact, those looking for affordability outside the City of Toronto will have to look further afield than before as the average sales price for a detached house in the 905 came in at $1,106,201 last month, a 35.4% increase from the same period a year ago. In the City of Toronto, the same figure was nearly $1,575,000 with semi-detached homes exceeding $1,085,000 on average. TREB continues to focus on the limited housing supply as the key driver of price growth, with 12.5% fewer new listings coming to market than February 2016 and an astounding 50.5% fewer active listings for buyers to choose from.

There are two key statistics we’ve been monitoring as a result of the housing supply crunch and high cost of single detached homes. The first is the rising cost of more modestly priced housing alternatives like condo apartments. Annual inflation in the condo market skyrocketed in 2016, and currently sits at roughly 19% for the GTA and a little higher within the 416. The second statistic to be aware of is the difference between list price and the final sales price. Remember, the list price is often set to pique interest and start a bidding war. In February, the average GTA home sold for 8% over the initial asking price, while detached homes in the City of Toronto went for 10%. If you’re planning to buy or sell real estate, talk to your Harvey Kalles Real Estate professional to ensure you are prepared with the best information. 

Moving homes can be one of the most stressful events that a family will experience during
any real estate transaction. Fortunately, a little preparation will go a long way to help eliminate a great deal of the moving stress for you and your family.

- Be ready when the movers arrive. Have everything packed and ready to go.

- Make sure that both your origin and destination locations are ready. If you’re  moving to a condo or an apartment, book the elevator in the building and  notify your landlord or building manager of the arrival time of your movers.

- Arrange for street parking if needed.

- Always supervise the loading and unloading process, or arrange for someone else to supervise. If goods are damaged or lost, make note of it and make  sure to notify the moving company immediately.

- When the loading and unloading has been completed, do a walk-through of  your premises to ensure that everything has been loaded and nothing is left behind in closets, behind doors, in attics or in garages. 

- Back up your computer data and take the data and the computer with you.

- Take all important personal documents and valuables (e.g. jewellery, prescriptions) with you, and make special arrangements for perishables (e.g. food, plants) that may be affected by heat or cold.

- Make appropriate arrangements for your pets.