An average house in the Greater Toronto Area cost $463,534 in January, up almost nine per cent from January 2011. In Toronto, average home prices were slightly higher, reaching $499,045. The average days on market was 32, down from 36 from last year.

Low inventory in the city kept an upward pressure on home prices, a common trend that dominated the better half of 2011. 9,655 new listings hit the market (4,041 in the Toronto area), and 4,567 sales were recorded through the Multiple Listing Service, up eight per cent from 2011. “A favourable affordability picture bolstered by very low posted fixed mortgage rates” keeps buyers in the game, said Toronto Real Estate Board president Richard Silver.

But Jason Mercer, TREB’s Senior Manager of Market Analysis, predicts that these large gains will not persist as we head into the spring market. “Strong price growth is expected to attract more listings. A better supplied market should result in a slower rate of price growth, especially in the second half of 2012.”

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Quick hits:
- in sales, townhomes were the winners with 725 transactions in January, a gain of 16 per cent from last year
- in average price, detached homes in Toronto went for $743,993 — a gain of about 15 per cent from last year
- condo apartments fared a little worse at the start of the new year, with a one per cent drop in number of sales from 2011
- average home prices in other boroughs also rose: in Oakville, average home prices hit $588,469; in Mississauga, average home prices hit $433,824; in Richmond Hill, average home prices hit $646,798; and in Pickering, average home prices hit $393,346
- a record 28,190 condos were sold across the GTA last year, up 24 per cent from the previous high set in 2007 (Moneyville)
- would you pay $265,000 over the asking price for a dilapidated house? Some 70-odd bidders came close (The Toronto Star)
- Canada’s smallest rental apartments, “micro-lofts,” are a cozy 226 square feet (microlofts.ca)

According to NBC, approximately 47.8 percent of households in the top 56 U.S. television markets tuned in Sunday night to watch the NY Giants take the dream away — yet once again — from the New England Patriots at the 46th annual Superbowl. So there’s a good chance just as many people endured the commercial breaks to check out the notorious and often inflated Superbowl ads. Fun fact: This year’s Superbowl slot netted $3.5 million per 30-second spot (the highest average on record), though a few companies paid as much as $4 million.

Ace Metric, an L.A.-based research firm that tracks ad effectiveness, has released a preliminary list of best and worst ads to come out of Sunday’s game. To the shock of no one who has endured years of Pixar box office hits, top spots went to animated animals and slingshot babies, while the bottom scores went to celebrity-heavy ads (sorry, Beckham) and the ubiquitous Go Daddy spot.

Among one of the lowest-rated ads is a 32-second spot from Century 21 (ahem, the other real estate company), which features a peppy redheaded agent outsmarting Donald Trump during negotiations, setting up an open house for Deion Sanders, and simultaneously talking real estate and speed-racing Apollo Ohno (spoiler: she wins — at racing AND real estate). Comments on the official YouTube channel run the usual gamut from “Oh my god. That’s horrible. And they wasted all that money to play it during the Super Bowl” to “a double bankrupt…… a guy who pays his wife for sex…… and some other dude…… all spells FAIL, lol” to “I thought it was pretty good. Am I the only one that likes Donald Trump? I am surprised people would have that strong of feelings against a real estate commercial.”

While we’re not one to throw salt in the wound, we’ll let you decide: yay or nay?

January started off with a bang when Bank of Montreal announced its new, impossibly low five-year rate of 2.99%. Soon, other banks followed suit: TD with its four-year fixed-rate mortgage of 2.99% from 4.79%, and RBC with a four-year fixed rate mortgage of 2.99% plus a seven-year fixed-rate mortgage at 3.99%. These promotions are offered for a limited time (BMO’s offer expired on January 25, while TD and RBC have extended theirs until February 29).

Banks are aggressively targeting buyers amidst reports of a drop-off in borrowing. But as a consumer shopping for the best mortgage rates, it’s pertinent to keep in mind that the lowest rate doesn’t always equal the best rate. Moneyville columnist Madhavi Acharya-Tom Yew took a look at the fine print in the BMO package and found that:

So while the BMO rate seems like a dream come true, it’s important to read the fine print and understand the limitations of this type of mortgage, which is designed for “someone who plans to be in their home for awhile.”

Source

…just went to market.

All that your heart desires can be found at 29 Camden Street, Suite 603. This immaculate 1 bedroom end unit in Camden Lofts, with an open concept living area and large contemporary kitchen that were designed with entertaining in mind. Exposed concrete walls, polished concrete floors, massive warehouse-style windows and high ceilings are all part of this suite’s charisma. A large walk-in closet provides ample storage in the master bedroom.

Sleek, stylish and modern touches include exposed industrial ductwork, tumbled marble backsplash, stainless steel appliances, and double showerhead and custom glass enclosure in the semi-ensuite bath. All this for $349,000.

If you’re in the area, drop by for our open house on Saturday, January 27 and Sunday, January 28 from 2:00 to 4:00 PM. Or visit 29camden.com to get more information.

It’s official: 2011 was the year of comebacks. What started off as a lackluster year quickly bounced back to become the second-best year on record for the Greater Toronto Real Estate Board.

A lack of inventory was the theme of last year. Low interest rates coupled with a seller’s market pushed average home prices upwards, prompting a few — including the Canadian Real Estate Association — to adjust their market forecast for 2011 and 2012. This had a great impact on buyers as well. Multiple offers became the norm for much of the spring and summer markets, with some spillover into the fall market.

Toronto Real Estate Board president Richard Silver is optimistic about what these numbers mean:

Low borrowing costs kept buyers confident in their ability to comfortably cover their mortgage payments along with other major housing costs. If buyers had not been constrained by a shortage of listings over the past 12 months, we would have been flirting with a new sales record in the Greater Toronto Area.

December’s statistics are on par with the rest of the year. The average selling price was $451,436, up four per cent from 2010. 4,718 transactions were recorded through the TorontoMLS system, beating out 2010′s number of 4,286.

Jason Mercer, TREB’s Senior Manager of Market Analysis, says that the baseline forecast for 2012 is for an average price of $485,000, which caps the annual rate of price growth to four per cent.

Quick hits:
- total sales for 2011 amounted to 89,347; that’s 3,502 more transactions than 2010 and 14,795 more than 2008, when the real estate market hit the recession
- 2011′s number of sales is only second to 2007, when 93,193 transactions were recorded
- in December, semi-detached homes and townhouses both amounted to 15 per cent of sales, while condo apartment sales in the 905 area code actually dropped by three per cent
- in December, semi-detached homes increased in average price by almost ten per cent compared to November
- are aging baby boomers helping to change Canada’s housing market? (The Globe and Mail
- barn or condo? What $250,000 will get you in the US market (The Financial Post)

The Globe and Mail recently published an interesting article about the threat of a real estate bubble in 2012. Because of another price-aggressive year in 2011, housing averages have continued to rise as mortgage rates still remain low. These ingredients might very well lead to the perfect mortgage meltdown storm that took grip in the U.S. and is starting to creep into some Canadian markets.

But the oft-quoted Benjamin Tal, deputy chief economist at CIBC, doesn’t think we need to start hoarding our money under the floorboards just yet. Although the situation seems precarious, there is no need to worry about a bubble in 2012.

“Prices are already softening, housing starts aren’t in the sky, MLS activity is starting to soften, so it suggests the market is already starting to level off, and that’s what we need,” he says.

Tal goes on to list some tips for those in the market:

Source

Vicki and Dean do! Find out how this adventurous (and formerly west-end couple) traveled the world and returned to Toronto to buy their dream home in the east end.

Hello EPIC purchasers! Here’s the second update from 48 Abell Street. The existing loft building has been demolished and the construction crew is getting ready to start on the foundation for EPIC. Here’s what it looks like:

Hi fellow EDGE purchasers! Here’s another update from the field. Construction is still progressing and things are in motion. Take a peek below:

Average home prices in November continued to climb, right along with the number of resale transactions. The average home in the Greater Toronto Area is now $480,421, up 10 per cent from the $437,494 posted in November of 2010.

But while the housing prices in Toronto continue to grow, affordability remains stable, mostly in part because of low interest rates that have remained steady through 2011.

Most analysts had predicted that 2011 would be a soft year in real estate — especially with a low number of new listings posted for the first half of the year — but it’s now shaping up to be healthier than expected.

“The market has also become better supplied, with annual new listings growth outstripping that of sales,” commented Toronto Real Estate Board president Richard Silver. “As this trend continues into 2012, we will see more balanced market conditions.”

Quick hits:
- number of homes sold in November: 7092, up 14 per cent from the 6540 reported in 2010
- detached homes remain the front-runners in the Greater Toronto Area, with a total of 3234 sales at an average price of $611,364 ($776,017 in the “416″ area, $540,299 in the “905″ area)
- semi-detached homes represented 13 per cent of all total sales in November, beating out the 11 per cent for detached homes and 11 per cent condo apartments
- the total year-to-date number for new listings has increased to 9786, leaving 2010′s year-to-date number of 8586 in the dust
- active listings still remain low at a year-to-date total of 15,551, down 15 per cent from 2010′s 18,305
- the total year-to-date average for days on market is 29, down almost 15 per cent from the 34 days posted in 2010
- balanced market conditions could signal the end of bidding wars in 2012 (The Toronto Star)
- new home buildings in Canada drop 13 per cent in November (The Globe and Mail)
- home renovations to benefit the elderly and disabled can earn you a tax credit (Moneyville)