Toronto Loft Conversions

I know classic brick and beam lofts! From warehouses to factories to churches, Laurin will help you find your perfect new loft.

Modern Toronto Lofts

Not just converted lofts, I can help you find the latest cool and modern space. There are tons of new urban spaces across the city.

Unique Toronto Homes

Not just lofts, we can also help you find that perfect house. From the latest architectural marvel to a piece of our Victorian past, the best and most creative spaces abound.

Condos in Toronto

I started off selling mainly condos, helping first time buyers get a foothold in the Toronto real estate market. Now working with investors and helping empty nesters find that perfect luxury suite.

Toronto Real Estate

For all of your Toronto real estate needs, contact Laurin. I am dedicated to helping you find that perfect and unique new home to call your own.


Canadian new home prices up by 0.3% in May

Tony Wong – Yourhome​.ca

Den­nis Au-Yeung has heard the dooms­day pre­dic­tions of the hous­ing mar­ket. In par­tic­u­lar, that too many con­do­mini­ums are being built in the city of Toronto.

Pre­pared for a less tor­rid mar­ket, the Chief Finan­cial Offi­cer of Con­cord Pacific Group Inc., the largest condo builders in Canada, did not expect line ups for his lat­est project, Tango at Con­cord Park Place in North York last month.

But within a day the 250 units he had put up for sale had sold out.

I really didn’t get this kind of response, we had actu­ally expected the mar­ket to soften a lit­tle,” said Au-Yeung.

Au-Yeung thinks the strong response is because some buy­ers have been priced out of the down­town mar­ket and there hasn’t been as much sup­ply in areas out­side the core. The aver­age sell­ing price was $440 per square foot com­pared with over $500 downtown.

I think afford­abil­ity is cer­tainly an issue,” he said.

Accord­ing to a Sta­tis­tics Canada report Thurs­day, new home prices are up across Canada and par­tic­u­larly in Toronto where con­do­minium sales have been strong.

Prices of new homes in Canada rose by 0.3% in May over April, accord­ing to the report.

This is the third month in a row of iden­ti­cal price increases, as new home builders con­tinue to report strong mar­ket conditions.

Prices increased the most in Regina, fol­lowed by Toronto and Oshawa accord­ing to Statscan.

Builders reported that they increased their prices as a result of higher mate­r­ial and labour costs as well as increased land devel­op­ment,” said Statscan.

The Toronto mar­ket, which accounts for a third of all new hous­ing devel­op­ment reported a 0.7% increase, well above the national average.

Year over year, Toronto new home prices are up by 3.2%. Van­cou­ver hous­ing prices remain the mar­ket leader, with a 5.8% gain year over year.

It is a lit­tle strange that the resale mar­ket seems to be soft­en­ing, but we’re still going strong,” said Au-Yeung. “But we also haven’t had the big price increases.”

New home price increases have been restrained in com­par­i­son to the exist­ing home mar­ket. Buy­ers try­ing to take advan­tage of low inter­est rates and not will­ing to wait for new prod­uct have bid up the prices on resale homes.

The aver­age price for June trans­ac­tions for exist­ing homes was $435,034, or up 8% from June of 2009 accord­ing to fig­ures released by the Toronto Real Estate Board this week. How­ever, sales fell for the sec­ond straight month in a row.

The new condo mar­ket on the other hand, has been tar­geted by investors who are will­ing to wait sev­eral years for new prod­uct before rent­ing or divest­ing of the asset. That could also be prob­lem­atic as some ana­lysts have said there are too many units under com­ple­tion for the mar­ket to absorb.

A cool­ing off of hous­ing prices is likely to occur in June in response to the May jump in mort­gage rates, a cool­ing off of global com­mod­ity prices, and the impact of the har­mo­nized sales tax,” said Arlene Kish, senior econ­o­mist of HISIHS Global Insight.

As a result, new home prices are also expected to ramp down in the third quarter.

Cana­dian hous­ing activ­ity is mov­ing into reverse,” said David Rosen­berg, chief econ­o­mist at Gluskin + Sheff and Asso­ciates in Toronto. “It looks like the impact of mod­estly higher inter­est rates and Canada Mort­gage and Hous­ing Corporation’s incre­men­tal moves to tighten up its under­writ­ing guide­lines have taken the steam out of the real estate market.”


Con­tact the Jef­frey Team for more infor­ma­tion  -  416−388−1960


One Response to Canadian new home prices up by 0.3% in May

  1. Sudip Adhikari says:

    It is never easy to exactly to pre­dict what is going to hap­pen. Read­ing this types of arti­cles helps to under­stand.

Leave a Reply