Tight Market Pushes The Average Price Above $500K

Once again sales and prices of homes in the Greater Toronto Area has gone up. Here is the Monthly Sales Report by the Greater Toronto Realtors for the month of March 2012.

Toronto, March 5, 2012 – Greater Toronto REALTORS® reported 7,032 sales in February 2012 – up 16 per cent compared to February 2011. New listings were also up over the same period, but by a lesser 11 per cent to 12,684. It is important to note that 2012 is a leap year, with one more day in February. Over the first 28 days of February, sales and new listings were up by ten per cent and six per cent respectively.
“With slightly more than two months of inventory in the Toronto Real Estate Board (TREB) market area, on average, it is not surprising that competition between buyers has exerted very strong upward pressure on the average selling price. Price growth will continue to be very strong until the market becomes better supplied,” said Toronto Real Estate Board President Richard Silver.
“It is important to note that both buyers and sellers are aware of current market conditions. This is evidenced by the fact that homes sold, on average, for 99 per cent of the asking price in February,” continued Silver.
The average selling price in the TREB market area was $502,508 in February – up 11 per cent compared to February 2011. The Composite MLS® Home Price Index for TREB, which provides a less volatile measure of price growth compared to the average price, was up by 7.3 per cent compared February 2011.
“If tight market conditions continue to result in higher than expected price growth as we move into the spring, expectations for 2012 as a whole will have to be revised upwards,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “While price growth remains strong, the average selling price remains affordable from a mortgage lending perspective for a household earning the average income in the GTA.”

If you wish to get a detailed report you could contact me and I would be happy to email it to you.

Regards,
Zeenia Kola
Sales Representative with Re/Max Realty Specialists Inc., Brokerage
Email: zeenia@zeeniakola.com
Ph: 905-828-3434
Add: 2691 Credit Valley Rd, #101, Mississauga, L5M 7A1
Website: http://www.zeeniakola.com/
Facebook Link

The Station Condos

Well hello everyone, I know this is a bit out of my usual territory but I couldn't help myself. Recently I heard about "The Station Condos," which is an amazing new development by Brandy Lane Homes. It's set to be built next to the Wilson subway station, on Wilson Avenue right by Allen Road. These exciting new luxury condos offer incredible amenities, beautiful night time vistas of the city, luxury shopping and to top it all off easy access to downtown Toronto and the rest of the GTA. It is located steps away from the The Yorkdale Shopping Center and the surrounding area boasts a plethora of restaurants, shopping, clubs and theatres.

Not only is The Station, as I'm going to refer to it from now on, exceptionally located but let's talk about the other important features.

The units themselves are beautifully laid out and finished in a way that will make you believe you're absolutely filthy rich. Granite counter tops, European inspired kitchens, beautiful wood floors, stainless steel appliances and I'll just stop here because the list is exhaustive. I'll say one thing these condo's truly put the luxury into luxury living.

It really starts once you step out of your condo because things get even more glamorous from there. There's the beautiful two storey Art Deco lobby that's finished beautifully in wood and stone, with a
concierge to welcome you and your guests. The outdoor and indoor patio's where you can enjoy a meal, the seven barbeque areas, the gym, the infinity pool , party room and entertainment room. You'll look glamorous, feel glamorous and be able to entertain people with ease, style and impact. See a pattern emerging here, now do you know why I'm excited about The Station.

That's before I found out about the City of Toronto's, "Avenue Initiative." This is the city's plan to broaden and beautify certain streets and make them more beautiful and grand and evoke the spirit of those beautiful and majestic avenues that you would find in Manhattan. Then you have the plan to extend the University line all the way to York University and into Richmond Hill by 2015. Once these two initiatives are complete you'll see the value of your home skyrocket. Which would matter if you ever wanted to sell, but then why would you, once you move to your other home on the French Riviera you can always let your rich jet setting friends crash at your place and truly impress them.

Anyways to give you an idea of what it'll cost to get your foot in your door and a taste of the good life, you'll basically start at a very reasonable $189,000 and then the sky's the limit from there on.

1 bedroom from $189,900
1 bedroom plus den from $234,900
2 bedroom from $309,900
2 bedroom loft and 2 bedroom plus den from $339,900
2 bedroom plus den loft from $379,900
Penthouses from $649,900

Deposit Structure
$2,500 on signing
balance of 5% - 30 days
5% - 120 days

5% - 180 days
5% on occupancy

Maintenance and Taxes
Maintenance is approximately 45¢ per square foot. Hydro is separately metered.
Taxes are estimated at approximately 0.83% of Purchase Price.

If you're really curious to know more and want more information on The Station Condos on Wilson Subway, contact me, Zeenia Kola at 908-828-3434. Floor plans and complete price lists are available. You know you want to talk to someone who is as excited about this place as you are.

Regards,
Zeenia Kola
Sales Representative with Re/Max Realty Specialists Inc., Brokerage
Email: zeenia@zeeniakola.com
Ph: 905-828-3434
Add: 2691 Credit Valley Rd, #101, Mississauga, L5M 7A1
Website: http://www.zeeniakola.com/
Facebook Link

Toronto Sale and Prices Up in the Month of May 2011

Greater Toronto REALTORS® Report May Resale Housing Market Figures TORONTO, June 3, 2011 – Greater Toronto REALTORS® reported 10,046 sales in May 2011 – up 6% compared to May 2010. This result was the second best on record for May under the current Toronto Real Estate Board service area. The number of new listings in May, at 16,076, was down 15% compared to last year.

“Positive economic news and low borrowing costs led to strong sales through the first five months of the year, including the increase in May,” said Toronto Real Estate Board President Bill Johnston. “At the same time, the market has become much tighter compared to last year, due to a substantial dip in new listings.”

Homes were on the market for an average of 23 days and sold for an average price of $485,520– up 9% compared to $446,593 in May 2010. The strongest rate of price growth was experienced for single-detached homes sold in the City of Toronto.

Jason Mercer, TREB's Senior Manager of Market Analysis also mentioned that in the past two to three months we have seen a clear-cut seller's market conditions emerge. Also the strong price appreciation that we have seen will hopefully prompt more households to sell their homes, resulting in a more balance market later this year.

Median Price
In May, the median price was $400,000, from the $376,750 recorded during May of 2010.

If you wish to get a detailed report by the Toronto Real Estate Board for the month of May, 2011 feel free to contact me and I will be happy to send it to you.

Regards,
Zeenia Kola
Sales Representative with Re/Max Realty Specialists Inc., Brokerage
Email: zeenia@zeeniakola.com
Ph: 905-828-3434
Add: 2691 Credit Valley Rd, #101, Mississauga, L5M 7A1
Website: http://www.zeeniakola.com/
Facebook Link

GTA REALTORS® REPORT JANUARY RESALE HOUSING MARKET FIGURES

Sales have started off STRONG this year!!

TORONTO, February 3, 2010 -- Greater Toronto REALTORS® reported 4,986 transactions through the Multiple Listing Service (MLS®) in January 2010. This result represented a large increase over the 2,670 sales in January 2009 when the home sales were in a recessionary trough. Last month’s sales were slightly higher than the January average in the 5 years preceding 2009.

“The GTA housing market has rebounded well from the lows in sales experienced at the beginning of 2009. Sales climbed back to healthy levels across the GTA because the cost of home ownership remained affordable in the Toronto area,” said TREB President Tom Lebour.

“Increasingly confident consumers moved to take advantage of affordable home ownership.” The average home selling price in January 2010 climbed 19 per cent to $409,058, compared to 343,632 in the same month last year.

“Expect strong annual growth rates for existing home sales and average price through the first quarter as we continue to make comparisons to the weak market conditions at the beginning of 2009,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The rate of sales and price growth will be lower in the second half of 2010.”

Zeenia Kola

GTA REALTORS® Report August Mid-Month Resale Market Figures

TORONTO, August 18, 2009 - In the first two weeks of August, Greater Toronto REALTORS® reported 3,832 sales – up 27 per cent compared to the first two weeks of August 2008. The average price for these transactions was up 3% year-over-year to $383,796.
"The results for the first half of August indicate that many households in the GTA remain confident in their ability to purchase and pay for a home over the long term," said TREB President Tom Lebour. Year-to-date sales, at 54,303 are up slightly compared to 54,138 in 2008. Average price, at $385,603 is down by less than one half of one per cent."Strong resale housing demand will contribute to broader economic recovery as each transaction results in substantial spin-off benefits to other sectors of the economy," explained Jason Mercer, TREB's Senior Manager of Market Analysis.