RE/MAX has just published their latest spotlight on luxury homes for 2018. In Toronto, Single-detached homes sales in the $1.2M range declined 35%, while condo sales increased 2.3%!
While heavily weighted by the core of Toronto, the Toronto Real Estate Board reported this week that August transactions were up year-over-year.
There were 6,839 sales in August 2018 - up 8.5% versus 2017. Seasonally-adjusted volume puts sales up 2% versus July 2018.
With increased stability around the GTA, we expect to see volume increasing in the ‘905’ areas, including the core Unionville, Markham and Richmond Hill areas. September is looking to be a solid month for new listings, and overall sales activity.
Congratulations to our amazing Clients on another successful transaction this Summer!
Global News reports today:
Home Prices in Ontario expected to increase moderately: CMHC
OTTAWA — A report by Canada Mortgage and Housing Corp. says a recent drop in Ontario home prices isn’t expected to persist.
It says moderate economic growth in the Greater Toronto Area and Ontario generally will provide support for provincial real estate prices in 2018 and 2019.
CMHC expects inflation-adjusted home prices in the province will remain relatively stable and close to the levels of last year’s fourth quarter.
It anticipates prospective buyers will face fewer bidding wars and feel less urgency to act, allowing them time for more informed decision making.
On the flip side, CMHC says home owners may see their properties on the market longer than usual.
From Canada Mortgage and Housing Corporation:
“The current Ontario price correction fails to fully resemble historical price bust periods. Home prices are plateauing and are expected to grow along a more sustainable linear path supported by continued economic growth, moderate increases in interest rates and only modest increases in new housing supply.” - Ted Tsiakopoulos, Ontario Regional Economist
We are moving into that busy time of year, when many homeowners take on all those to-do's and upgrade projects around their homes. Before you dive into your reno and painting projects, take a look at Benjamin Moore's new color picks for 2018.
We've always relied on some of Benjamin Moore's most trusted colors - that famed CC40, Cloud White - and it's always interesting to see where the interior and exterior design trends are heading.
Welcome back Spring! Warmer weather is finally coming back, and we expect to continue to see activity increasing in the marketplace. Historically, April-May has always been 'the peak' for new listings hitting MLS, followed closely by mid-September.
We have some great new listings currently on the market - a wonderful home situated in the midst of Historical Unionville Village. An excellent opportunity to build-on to this cozy home, with it's amazing location and large lot, it's a builders dream.
If you are in the market for a larger, luxury home, with the benefit of a condo, 41 Glenburn Forest Way could be for you. This home features over 4600 sq.ft. of finished space, and is lock-and-leave ready - no yard maintenance to worry about!
Lots more coming soon!
Keep watching for some great new Listings that are Coming Soon to MLS, including:
🏡 4 Bedroom Family Home backing to Parkland in Markham
🏢 2 Bedroom Condominium with amazing views in Markham
🏠 4 Bedroom Home in the Heart of Markham Village
🏚️ Heritage Home on Prime building lot in Unionville
Wondering what's happening in your neighbourhood? Give us a call or PM and let's chat about Real Estate!
Clients of ours know we've been advocating investing in the Southern Georgian Bay area for over two years now. The continued rise in interest, and a diverse offering of properties - at virtually any price point - has been an incredible draw. The Toronto Star today posted an article correlating the activity we have been part of: Young families are driving the market around The Blue Mountains, as it continues to become a more important hot-spot in Ontario.
We've been members of the Southern Georgian Bay Realtors Association since 2015, and continue to grow our business throughout the Collingwood, Blue Mountain and Thornbury areas. Contact us If you want to learn more about the investment opportunities, or simply the general Real Estate market in the area.
It's great to see that the general Market Activity has been on the rise over the last few weeks. Buyer interest has been increasing - possibly due to Buyer's wanting to expedite finding a purchasing opportunity, with the goal of 'beating' the deadline for the new Mortgage rules coming into effect January 1.
Congratulations to our wonderful Clients on the sale of their home in Angus Glen this week! 5 Port Rush Trail is a stunning home, and we are sure the new owners will be thrilled to enjoy what you have created!
Despite everyones best efforts in a Real Estate transaction, issues can arise that may not have been evident during the Purchasing process. We highly recommend that every Buyer consider purchasing Title Insurance coverage through their Lawyer while completing their transaction.
“Title” refers to your legal ownership of a property, as registered in the government’s land registration system. Title Insurance covers losses related to the property’s title or ownership, including:
- Title issues that prevent you from having clear ownership of the property.
- Existing liens against the title, for example if the previous owner had unpaid property taxes.
- Issues related to encroachment on someone else’s property, for example, if a structure had to be removed because it is partially on your neighbour’s property.
- Errors in surveys and public records.
- Title fraud.
- Any other title-related issues that could affect your ability to sell, mortgage or lease your home in the future.
Title Insurance can also come in handy if title transfer to your name can’t occur on the date your deal is supposed to close. The “gap” coverage in Title Insurance will allow your lawyer to close the sale of the property even if registration is delayed.
Some title insurance also includes coverage in case your lawyer makes an error while handling the real estate transaction. Although title insurance is a one-time fee, the coverage lasts as long as you own the property.
But remember Title Insurance typically won’t cover:
- Title defects you were aware of before you purchased the property.
- Environmental hazards.
- Problems that would only be discovered by a new survey or inspection of your property.
- Matters not listed in public records, like unrecorded liens or encroachments against the property.
- Zoning bylaw violations from changes, renovations or additions that you created yourself.
It is important to know that all lawyers practicing real estate law in Ontario are required to carry professional liability insurance. Your lawyer’s professional liability insurance may provide coverage for title related issues that relate to the services your lawyer provides in the real estate transaction.
A lawyer will provide you legal advice in order to help you make an informed decision about title insurance and other aspects of the transaction. Since title insurance policies contain a lot of legal terminology, make sure you ask your lawyer or title insurance company questions about anything that you do not understand.
Title insurance companies and insurance agents/brokers should meet best practice standards that include:
- Providing information to clients on all available options.
- Supply full details for all matters related to the title insurance transaction.
- Ensure that the recommended product meets the client’s needs.
Keep in mind that you are the customer and can choose any one of the title insurance companies that you think would best meet your needs.
Learn more about Title Insurance at the Financial Services Council of Ontario or the Insurance Bureau of Canada websites.
Need more information, or want to discuss your Real Estate needs? Contact us anytime - we are here to help!