3 New Mortgage Rule Changes Starting January 2018

01 November 2017
Remax-Condos-Plus

OSFI (The Office of the Superintendent of Financial Institutions) has implemented 3 new mortgage rule changes starting January 1, 2018


Predicting the Peak in the Real Estate Market

26 October 2017
Remax-Condos-Plus

Everyone wants to know when is the peak or the bottom of a market. That's when you sell or buy and supposedly make the most money. For years, investment companies have been touting how they can pick the top and bottom of the stock market, and no one has succeeded. This has not stopped people who think they can predict the top and the bottom of the real estate market. Twitter is full of these self-appointed experts. Here's what I do know.


Toronto Market Report October-November 2017

18 October 2017
Remax-Condos-Plus

September sale results on the Toronto Real Estate Board produced mixed results. For the ‘bears’, their focus was on the decline in sales from September a year ago – down 35% to 6379 units. A normal September should have produced sales in the 8,000 range. While ‘new’ listings for the month were up by 9%, ‘active’ listings were at 19,000 units at month end which represents about a 2.5 month’s supply on an annual basis. That is certainly higher than the last year but is well within a balanced market.


Average Price: The Worst Statistic in Real Estate

12 October 2017
Remax-Condos-Plus

One of the worst statistics in Real is average prices. First, there is no such thing as an average house or property. Secondly, there is no such thing as an average location. Average prices also have another major problem. It assumes that the mix of sales is the same over time, and that never happens.


Should Double Ending Deals be Banned?

04 October 2017
Remax-Condos-Plus

The biggest concern among agents is, the Government thinking about eliminating the double-ending of sales in real estate. Double-ending occurs when the same agent lists and then sells the property to a buyer. On the surface, it seems to make sense, but in reality, it does not work.


The Luxury Condo Market

29 September 2017
Remax-Condos-Plus

Since April, the hottest real estate market in Toronto has been luxury condo sales. In 2016, the highest price for a condo was 6.5 million. This year, the highest priced condo was 11 million. Did you know, sales over 1 million dollars for condos are 86% higher in 2017 than for the same period last year. In contrast, the overall market is down by 16%. So why the sudden interest?


Toronto Market Report September-October 2017

19 September 2017
Remax-Condos-Plus

A lot of people seem concerned about our real estate market – especially my agents! Yes, the market has been slow since April, and yes prices have backed off in the house but not the condo market. That’s because house prices had an unsustainable run up – not just this spring but over the last three years where we had double digit price increases.


Why Millennials Can't Afford to Buy Real Estate

07 September 2017
Remax-Condos-Plus

More and more young people cannot afford or qualify to buy a home today, and it's not because of real estate prices.

  Buyers

Will Rent Controls Actually Hurt Tenants

31 August 2017
Remax-Condos-Plus

It's the first week of September which means it's a busy time for renting. Unlike past years, we now have rent controls. So how will this impact Toronto renters? This is not a panacea for Tenants, in fact, rent controls can cause a big problem for Tenants, for the short, and long term.


Toronto Market Report August-September 2017

09 August 2017
Remax-Condos-Plus

Sales Commentary The market continued its sales decline for the fourth straight month. Sales on TREB were 5,921 units in July, down 40% from last year’s number of 9,929. Historically, sales should be in the nine thousand range. Are we concerned? No – in fact we prefer this market to that of February and March. Back then, the market was driven by irrational behavior which was unsustainable. The current slowdown is psychological. Sellers still want March prices and buyers expect a price correction of 25%. The reality is neither will happen. Prices are down by 15% from their peak but are still 15% higher than a year ago. The question is: who will outwait the other? Our bet is on sellers! Unlike buying groceries that cannot be postponed, buying real estate can be deferred but only for so long. Real estate is not dominated by speculators and foreign buyers but ... Read More