Tag Archives: available properties
Home prices to rise again in 2012, but more slowly than last year
Canadian home prices will continue to go up in 2012, although at a slower pace than they did last year, according to one of the country’s largest real-estate sales organizations.
Royal LePage, which franchises brokerages across the country, predicted Thursday that the national average price for resale homes will increase this year by 2.8% by the end of 2012.
It said the national average price for a standard two-storey home was $375,427 in the fourth quarter of 2011, up 4.2% from 2010.
“Widespread calls for a major real estate correction in 2012 simply can’t be justified. The industry has significant momentum entering the year, and buoyed by the stimulative effect of very low interest rates, we expect the market to continue to expand — albeit at a slower pace,” said Phil Soper, the president and CEO of Royal LePage Real Estate Services.
National averages don’t tell the whole story, however, since there are wide variations depending on the type of home and location.
In Vancouver, a standard two-storey home had an average price of $1.1 million in the fourth quarter of 2012, up 10.9% from a year ago. By contrast, two-storey homes in Atlantic Canada had an average price of $200,000 or less in several cities where increases were fairly flat compared with a year ago.
In Toronto, which is usually the country’s second-most expensive real-estate market after Vancouver, Royal LePage found strong price gains for most housing types in the fourth quarter — due to a lack of available properties and steady demand.
The Royal LePage forecast came as the Statistics Canada reported the price of new homes rose again in November, led by gains in Toronto and Montreal.
The government agency’s new housing price index rose 0.3% in November, after a 0.2% increase in October. On an annual basis, the index was 2.5% higher in November compared with November 2010.
The largest year-over-year price increases in reported by Statistics Canada were in Toronto and Oshawa, Ont., where they were up 6.2%.
In 2012, Royal LePage expects that real estate values in Toronto will increase 2.6% compared to 2011 — slightly slower than the national growth rate.
In the fourth quarter, the average price for detached bungalows rose 7.2% from a year earlier to $532,137; prices for standard two-storey homes rose 4.2% to $629,188 and standard condos rose 3.4% to $347,659.
Some economists have said housing prices in certain Canadian markets, including the Toronto area, may be too high to be sustainable and are due for a correction. However, LePage said housing prices have been high in Toronto because demand has outstripped supply.
“Inventory has been a challenge for Toronto’s potential buyers throughout 2011 and this restricted supply has put upward pressure on prices,” said Gino Romanese, senior vice-president for Royal LePage Real Estate Services Ltd.
“Standard condominiums in the resale market saw a more modest increase due to a healthier supply that was created by newer units coming online. However, demand for older units has increased as they are generally larger in size and preferable to (people downsizing from houses) who are used to more space.”
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Contact the Jeffrey Team for more information – 416-388-1960
Laurin & Natalie Jeffrey are Toronto Realtors with Century 21 Regal Realty.
They did not write these articles, they just reproduce them here for people
who are interested in Toronto real estate. They do not work for any builders.
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Choose a home that fits your style
Bill Johnston, TREB President – Toronto Sun
For some people, one of the most challenging aspects of buying a home can be choosing from the numerous options to help fit their lifestyle. From a condominium in the heart of the city to a farm set amongst rolling hills, from life on an island to a home near ski slope, few world cities can boast the eclectic mix of housing that the Greater Toronto Area offers.
This spectrum of choices means that it’s particularly important to use the services of a REALTOR® to carefully identify a home that is best suited to fit your lifestyle.
Start by signing a Buyer Agency Agreement, the BRA helps outline your REALTOR’s® commitment to represent your best interests by working exclusively on your behalf for a designated period of time.
A REALTOR’s® direct access to a number of important databases may help you identify all of your options.
If you prefer a home in an established community, your REALTOR® can use the Multiple Listing Service® (MLS) to search for thousands of available properties, which are displayed in real time, as soon as they are listed for sale.
Your REALTOR® may also register your criteria in the Toronto Real Estate Board’s Buyer Registry Service (BRS). It is a password-protected database in which your personal information is only accessible to your REALTOR®. While you can receive regular email notifications on homes that match your specifications, communication between buyers’ and sellers’ REALTORS® who use the BRS can occur even faster.
Your REALTOR® may even be aware of soon-to-be available properties through their network of contacts in the community.
Be sure to visit www.BRAFirst.ca for more information on the Buyer Representation Agreement.
If a brand new home is what you have in mind, your REALTOR® can advise as to new home construction options throughout Greater Toronto Area using the Realnet Canada database. Developments can be searched by housing type, location, price range and a number of other specific criteria.
Once you have selected a few options, your REALTOR® can gather information that can be key to your decision-making like any price adjustments that have occurred and the property’s number of days on the market. They can also use the MLS® to help you evaluate asking prices based on the information of other properties recently sold in the area.
In fact, regardless of whether it was ever available on the MLS®, your REALTOR® can advise on a property’s previous sold price by accessing their link to Teranet’s land registry system. This database contains other key information as well, like neighbourhood demographic profiles, aerial views and land surveys.
Insight into other specifics like assessed values, a home’s age, and square footage can also be gleaned using the Municipal Property Assessment Corporation (MPAC) database.
By weighing all of these factors you can develop a focused pursuit of your perfect home and with a REALTOR’s® expert negotiating skills, it could be yours sooner than you think.
Regardless of whether you choose new or resale, every market is different be sure to contact a REALTOR®. Their skills and expertise may give you a winning advantage and help find the right home for you.
———————————————————————————————————————
Contact the Jeffrey Team for more information – 416−388−1960
Laurin & Natalie Jeffrey are Toronto Realtors with Century 21 Regal Realty.
They did not write these articles, they just reproduce them here for people
who are interested in Toronto real estate. They do not work for any builders.
———————————————————————————————————————
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Use the services of a Realtor
Bill Johnson, Resale Homes and Condos
For some people, one of the most challenging aspects of buying a home can be choosing from the diverse range of options available. From a condominium in the heart of the city to a farm set amongst rolling hills, from life on an island to a home near a ski slope, few cities can boast the eclectic mix of housing that the Greater Toronto Area offers.
This spectrum of choices means that it’s particularly important to use the services of a Realtor to carefully identify a home that is suited to your lifestyle.
Your search begins with a signed Buyer Agency Agreement. It outlines your Realtor’s commitment to represent your best interests by working exclusively on your behalf for a designated period of time.
Their direct access to a number of important databases can help you identify all of your options.
If you prefer a home in an established community, your Realtor can use the Multiple Listing Service (MLS) to search for thousands of available properties, which are displayed in real time, as soon as they are listed for sale.
They can also register your criteria in the Toronto Real Estate Board’s Buyer Registry Service (BRS). It is a passwordprotected database in which your personal information is only accessible to your Realtor. While you can receive regular email notifications on homes that match your specifications, communication between buyers’ and sellers’ Realtors who use the BRS can occur even faster.
Your Realtor may even be aware of soon-to-be-available properties through their network of contacts in the community.
Be sure to visit BRAFirst.ca for more information on the Buyer Representation Agreement.
If a brand new home is what you have in mind, your Realtor can advise as to new home construction options throughout the GTA using the Realnet Canada database. Developments can be searched by housing type, location, price range and a number of other specific criteria.
Once you have selected a few options, your Realtor can gather information that can be key to your decision-making like any price adjustments that have occurred and the property’s number of days on the market. They can also use the MLS to help you evaluate asking prices based on the information of other properties recently sold in the area.
In fact, regardless of whether it was ever available on the MLS, your Realtor can advise on a property’s previous sold price by accessing the link to Teranet’s land registry system. This database contains other key information as well, like neighbourhood demographic profiles, aerial views and land surveys.
Insight into other specifics like assessed values, a home’s age and square footage can also be gleaned using the Municipal Property Assessment Corp. (MPAC) database.
By weighing all of these factors you can develop a focused pursuit of your perfect home and with a Realtor’s expert negotiating skills, it could be yours sooner than you think.
Regardless of whether you choose new or resale, every market is different so be sure to contact a Realtor. Their skills and expertise can give you a winning advantage and help find the right home for you.
For more information visit TorontoRealEstateBoard.com where you’ll find neighbourhood profiles, market updates, GTA open house listings and more.
————————————————————————————————————–
Contact the Jeffrey Team for more information - 416-388-1960
————————————————————————————————————–
Related posts:
- For the Buyer Your Realtor can use the Multiple Listing Service (MLS) to...
- Choose a home that fits your style From a condominium in the heart of the city to...
- Know the value of a REALTOR® The process of buying and selling a home though has...
- Keeping your best interest in mind Regardless of whether you are a first-timer, a move-up buyer...
- It Pays When You Buy Through A Realtor by Amit Paul Today most buyers who consider a resale home are...
