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.

 

Expect demand to be strong in 2012

Richard Sil­ver – Toronto Sun

Each Jan­u­ary many of us set goals for the year ahead, tak­ing into account house­hold finances and broader eco­nomic cir­cum­stances. One key yard­stick of our nation’s econ­omy is the real estate mar­ket, which in Toronto came to a strong fin­ish in 2011, mak­ing it the sec­ond best year on record with 89,347 trans­ac­tions, up four% in com­par­i­son to 2010′s 86,170 sales.

Last month alone, a total of 4,718 homes changed hands, rep­re­sent­ing a seven% increase over the 4,395 sales reported in Decem­ber 2010.

Con­sis­tent with the month’s strong sales, sell­ers’ mar­ket con­di­tions con­tin­ued, with the amount of time that homes were avail­able for sale aver­ag­ing 32 days last month com­pared to 37 days a year ago.

Year-over-year sales growth in the 905 Region out­paced that of the City of Toronto in Decem­ber, with increases of more than 12% and seven% respec­tively. In total 2,770 sales took place in the 905 Region while 1,948 trans­ac­tions occurred in the City of Toronto.

The num­ber of homes newly avail­able for sale in Decem­ber also increased, by nearly 14% com­pared to a year ago, with 4,811 new list­ings last month. Despite the increase in avail­abil­ity, sales gen­er­ally kept pace with new sup­ply, result­ing in con­tin­ued price growth.

The aver­age cost of a GTA resale home increased 4% year-over-year to $451,436. Gains were stronger in the 905 Region, with the Decem­ber aver­age price climb­ing nearly 6% to $435,378 and the City of Toronto show­ing a 2% increase in its aver­age price, to $474,270.

For all of 2011, the aver­age sell­ing price was up by 8% to over $465,000 in com­par­i­son to the aver­age of $431,276 in 2010.  We expe­ri­enced mod­er­ate to strong price growth through­out 2011 because mar­ket con­di­tions remained very tight because of strong sales growth cou­pled with a decline in list­ings.  Enhanced com­pe­ti­tion between buy­ers led to strong upward pres­sure on sell­ing prices.

We can see just how tight the hous­ing mar­ket has been in the GTA over the past two years when we con­sider a new indi­ca­tor pub­lished by TREB: Months of Inven­tory (MOI).  MOI tells us how long (in months) it would take to com­pletely sell the aver­age num­ber of active list­ings over the past 12 months given the aver­age num­ber of sales over the same period.  A lower num­ber of months indi­cate tighter mar­ket con­di­tions and vice-versa.  Over the past two years, MOI has been in the 2.0 to 2.5 months range.  This is sub­stan­tially lower than the pre-recession norm of between 3.0 and 3.5 months.

Despite price growth, the cost of home own­er­ship remains afford­able, due to low inter­est rates and a sta­ble employ­ment pic­ture.  Five-year fixed rate mort­gages con­tinue to be avail­able at approx­i­mately 3% while Toronto’s unem­ploy­ment rate came in at 7.8% in Decem­ber, an improve­ment of more than half a per­cent­age point from the pre­vi­ous month.

More­over, favourable news regard­ing our coun­try con­tin­ues to be gen­er­ated.  A recent study release by the Lega­tum Insti­tute, which mea­sured the world’s most pros­per­ous nations ranked Canada as the sixth best coun­try in the world based on cri­te­ria that have an effect on eco­nomic growth and per­sonal well being. The flood of favourable reports on our coun­try in recent months has been tem­pered though by warn­ings from the Bank of Canada and the Inter­na­tional Mon­e­tary Fund regard­ing Cana­di­ans’ high house­hold debt.  This cou­pled with the poten­tial impact of other nations’ volatile economies should give all Cana­di­ans pause for thought.

It is a fis­cally con­ser­v­a­tive approach, with respect to lend­ing prac­tices for exam­ple, that has landed our Canada at the top of so many world rank­ings, and we should con­tinue to exer­cise the same pru­dence with respect to house­hold finances.  There’s never been a bet­ter time to begin a new mort­gage in order to con­sol­i­date debt or per­haps even to move to a home bet­ter suited to your lifestyle.

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Con­tact Lau­rin Jef­frey for more infor­ma­tion – 416−388−1960

Lau­rin Jef­frey is a Toronto Real­tor with Cen­tury 21 Regal Realty. He did not
write these arti­cles, he just repro­duces them here for peo­ple who are
inter­ested in Toronto real estate. He does not work for any builders.

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