CREA reports 11.1 percent increase in home sales

The Canadian Real Estate Association raised its outlook for homes sales this year as it reported a 11.1 percent jump in August sales compared with 2012.  The industry organization said it now expects sales of 449,900 homes this year compared with a June forecast of 443,400. CREA had reported 454,573 sales for 2012.

 

Recent increases to fixed mortgage rates caused sales to be pulled forward as buyers with pre-approved financing at lower rates jumped into the market sooner than they might have otherwise" CREA chief economist Gregory Klump said in a statement

Read More at The Toronto Star

Luxury Home sales expected to be strong

From the Toronto Star/Canadian Press:

Sales of high-end homes worth at least $1 million were up in major Canadian urban markets in the first half of the year compared with the second half of 2012.

Sales were up 65 per cent in Vancouver, 67 per cent in Calgary, 61 per cent in Toronto and 29 per cent in Montreal.

 

The article suggests that foriegn buyers are expected to continue to fuel the demand for homes in the $1M+ range.

Toronto Star

Hidden costs of ownership

Trulia.com has posted a great article outlining some of the 'hidden' or oft-forgotten costs associated with new home ownership.  This is a great reminder for first-time purchasers to thoroughly research and understand expected expenses, and prepare for the unexpected!

Don’t let the potential for unexpected costs of home ownership turn you off. Do let it underscore the brilliance of adding in a line item for cushion and buying slightly below what you can afford. 

- Tara-Nicholle Nelson, via Trulia.com 

You can read the full article here:  http://www.trulia.com/blog/taranelson/2013/07/7_more_hidden_costs_of_ownership

 

 

We're Social!

We have begun posting great YouTube videos of our new listings, to give you even more options to enjoy your home shopping experience.

Check us out on YouTube:  https://www.youtube.com/homesresource

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Housing prices in GTA expected to rise

With low interest rates, and a somewhat limited inventory of resale homes, the Toronto and GTA area resale home prices are expected to continue to rise approximately 2.5% year-over-year.  While this is slighly below last years 3.65% baseline increase, we still see this as a strong indicator of strength of the local housing market.

In our core Unionville/Markham/Stoufville areas, we have begun to see an uptick in available inventory (resale homes available on the market), with reasonable price stability.   Looking at the last month in this particular area, we see approximatley 268 closed sales, with an average sale price of 99% of list (minimum 92%, maximum 117%).  The greatest volume area was Cornell with 35 sales.  

With the active market, and top-dollar prices, we are expecting to see volume significantly rise during the balance of July heading into August.

 

Pickering Airport Lands

With the recent announcement by Jim Flaherty, Minister of Finance and Minister responsible for the Greater Toronto Area (GTA) and Peter Kent, Minister of Environment and Minister responsible for Parks Canada, regarding the future of the Pickering Airport lands, there have been many questions raised to the details of these new revised plans, and how it may affect the housing market in the nearby areas.  While there is not a clear, definitive plan as of yet, we have put together some information from Transport Canada that can help clarify the direction of these recent announcements. 

 

For residents of Durham Region and the GTA, the Harper government is ending decades of uncertainty about the future of the Pickering Lands.  There will be land for an airport, there will be urban and industrial development and there will be considerable green space on these lands. We are striking a responsible balance that will allow us to preserve our quality of life, while creating jobs and long-term prosperity in Durham Region and the GTA. With the Buttonville Airport closing, with Highway 407 being extended eastward, and now clarity around the Pickering Lands, Durham Region is well positioned to be a hub for transportation, business development and job creation. - Jim Flaherty

 

As part of these plans Transport Canada plans to transfer nearly 5,000 acres from these lands to Parks Canada towards the creation of Rouge National Urban Park. From the updated published draft reference maps provided, the space for the new Pickering Airport is substantially smaller than the original plan from the early 80's - with the balance of space (nearest to Cornell) being turned into addtional Rouge Parkland for the public to enjoy.

We see this as very positive news, as the flight paths do not appear to impact the East side of Markham, which was an initial concern for many residents. 

 

Newly Identified Airport Lands (PDF)

More information from Transport Canada

Pickering Airport Lands Background Information