No consensus on house price trends

The Toronto and GTA housing market has often been difficult to analyse housing sales trends, and that is reflected this week with very different opinions on the future housing pricing trends.  

CREA says prices topping out

National home prices continued to rise in February, but the Canadian Real Estate Association (CREA) said Friday that evidence pointed to a market that was “topping out.”

“MLS HPI trends for February show that home price growth is generally slowing,” said Gary Morse, CREA President. “At the same time, price gains and trends differ among housing markets tracked by the index.”

via: http://www.canadianrealestatemagazine.ca


RE/MAX predicts 'heated' spring market

Canada’s housing market won't be cooling down just yet, with a new report by RE/MAX pointing to a growing number of bidding wars in markets across the country.

“Major Canadian real estate markets continued to show exceptional resiliency throughout the first quarter of the year, with strong demand and diminished supply setting the stage for a heated spring 2012,” according to the Re/Max report.

via: http://www.canadianrealestatemagazine.ca

With the diverse nature of the Greater Toronto Area housing market, both views can be correct.  We expect to see continued strength in desireable areas (like Unionville, Markham and Stoufville), and with the currently limited for-sale inventory available, housing prices in these areas are likely to remain strong.  

Competition Bureau looking to exploit your privacy

Competition Bureau Threatens to Dismantle Privacy Safeguards of Home Sales: 75% of Ontarians Opposed

March 14, 2012 - Today, the Toronto Real Estate Board (TREB) released the results of an Angus Reid Vision Critical poll. The vast majority of Ontarians clearly expressed their opposition to abandoning the privacy safeguards of the current MLS® System.

When asked about the consequences of the Competition Bureau's actions, Ontarians expressed concern:

 

  • 75% of Ontarians believe that personal information such as name and final sale price should be kept confidential by REALTOR® professionals. Commissioner Aitken wants to release this information.
  • 70% of homeowners do not want their personal contact information released to the public. Commissioner Aitken wants to release this information.
  • 67% of Ontarians oppose any measure to make personal contact information such as name and address available to others who are not subject to a professional code of conduct. Commissioner Aitken wants to release this information.

 

"The results of this poll are overwhelming," said TREB President Richard Silver." TREB strongly believes that REALTORS® have an obligation to protect consumers' personal information. That's why TREB and REALTOR® Members are fighting for the privacy rights of consumers."

The Competition Bureau is taking action that would force TREB to abandon the safeguards in the MLS® System and make personal information publicly available on the Internet, threatening the privacy and safety of GTA consumers.

If the Competition Commissioner gets her way, consumers' private information, which is currently protected on our secure MLS® System, would become freely available on the Internet, including:

 

  • Seller's name and address
  • Property floor plans
  • Sensitive Property access information
  • Negotiated sale price
  • Mortgage details

 

"Ontarians clearly oppose what Commissioner Aitken is trying to do. They've said they want their personal and private information kept confidential," said Von Palmer, Chief Government and Public Affairs Officer and Chief Privacy Officer for TREB.

If Commissioner Aitken gets her way, Ontarians won't. Privacy matters. TREB is standing up for GTA consumers. Visit www.ProtectYourPrivacy.ca for more information.

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service.

Real Estate market stays hot in York Region

The numbers are in, and are again strong -- February home sales were up 16% (as compared to 2010) for the Greater Toronto Area.  Some highlights from last months numbers:

 

  • York Region's average resale price was $584,973 (GTA average is %502,508)
  • Markham had 338 sales, Richmond Hill 263, Vaughan 351
  • 60% of sales in February were fully-detached homes
  • Average sale price of a semi-detach in Markham grew to $452,000

 

With low interest rates being maintained, we would expect the market to continue on the same trajectory for the near future - expect near-term prices to climb slightly in the Markham, Unionville and Stouffville areas.

 

Unionville is still a strong 'sellers market'

Another good article from the Toronto Star today, describing how Toronto is still primarily a sellers market, quite different from how the Vancouver market has cooled considerably recently.

Toronto is still “a bit of a seller’s market” but moving toward a buyers market while the Vancouver market has cooled to the point where bidding wars are largely a thing of the past and buyers have moved back into the driver’s seat, Warren noted.

Markham and Unionville again are maintaining a strong sellers market, as 'for sale' inventory of detached homes is very low.  Despite Toronto's pricing flattening considerably, the highly-desireable areas of Markham Village and Unionville continue to reach new heights.  It's shaping up to be an impressive spring season!

Via Toronto Star

Choose your Realtor wisely.

A great article in the Toronto Star this morning, regarding the ethics of a Realtor in British Columbia.  Many people would be surprised at how often some agents try to bend the rules! If you are trying to change a legal agreement, get legal advice!

B.C. realtor fined $258,000 for selling home twice

The lesson is that sellers who think they can change their mind and get out of a deal, should a better offer arise, must beware of the consequences.

Read more here: http://www.moneyville.ca/article/1137879--real-estate-agent-fined-after-high-handed-and-outrageous-behaviour

Via The Toronto Star