Natalie Korchuk, Greater Toronto Real Estate
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Real Estate Market Report updated regularly.

 

December 2017 and Annual Stats by GTA Realtors

January 4, 2018 -- Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 92,394 sales through TREB's MLS® System in 2017. This total was down 18.3 per cent compared to the record set in 2016.

Record sales in Q1 were followed by a decline in Q2 and Q3 after the Ontario Fair Housing Plan (FHP) was announced. The pace of sales picked up in Q4, as the impact of the FHP started to wane, and some buyers arguably brought forward their home purchase in response to the new OSFI stress test guidelines effective January 1, 2018.

"Much of the sales volatility in 2017 was brought about by government policy decisions. Research from TREB, the provincial government and Statistics Canada showed that foreign home buying was not a major driver of sales in the GTA. However, the Ontario Fair Housing Plan, which included a foreign buyer tax, had a marked psychological impact on the marketplace. Looking forward, government policy could continue to influence consumer behavior in 2018, as changes to federal mortgage lending guidelines come into effect," said Mr. Syrianos.

The average selling price for 2017 as a whole was $822,681 – up 12.7 per cent compared to 2016. This annual growth was driven more so by extremely tight market conditions during the first four months of the year. In the latter two-thirds of 2017, fewer sales combined with increased listings resulted in slower price growth. In December, the MLS® Home Price Index (HPI) Composite Benchmark was up by 7.2 per cent year over year, and the overall average selling price was up by 0.7 per cent year over year.

"It is interesting to note that home price growth in the second half of 2017 differed substantially depending on market segment. The detached market segment – the most expensive on average – experienced the slowest pace of growth as many buyers looked to less expensive options. Conversely, the condominium apartment segment experienced double-digit growth, as condos accounted for a growing share of transactions," said Jason Mercer, TREB's Director of Market Analysis.

 

Seller's Market Conditions Continue in Q4 2017

January 22, 2018 -- Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 5,773 condominium apartment sales through TREB's MLS® System in the fourth quarter of 2017. This result was down by 15.4 per cent compared to the last three months of 2016.

Over the same period, new condominium apartment listings were up by 9.8 per cent to 8,186. While sales were down relative to listings, market conditions still remained tight, with a sales-to-new listings ratio of 70 per cent.

"Demand for condominium apartments remained strong relative to listings in the fourth quarter. Even with the uptick in listings, which was certainly welcome, there was enough competition between buyers to prompt double-digit annual rates of price growth. This points to the fact that we still do have a supply problem in the GTA that needs to be addressed to ensure the long term sustainability of the marketplace," said Mr. Syrianos.

The average selling price for condominium apartments was up by 17.9 per cent yearover- year in the fourth quarter to $515,816. While this annual rate of growth was down from earlier in 2017, the condominium apartment segment was still the leader in terms of price growth in the second half of the year.

"Seller's market conditions remained in place for the condominium apartment market segment in the fourth quarter. 

Based on price point, this housing type remains top of mind for many first-time buyers. In addition, as home prices have grown year-overyear some buyers who initially may have considered the purchase of a low-rise home have chosen to purchase a condo apartment as well," said Jason Mercer, TREB's Director of Market Analysis.

 
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Office: 905-507-4776

 
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Contact Natalie

Oleh and Natalie Korchuk
905-507-4776(Business)
647-500-6282(Cell)
647-277-1225(Fax)

30 Eglinton Ave W., Ste C12
Mississauga


Chronology of Home Inspection

 

General Chronology of the Home Inspection
 
1. Roofing
 
2. Water management issues (eavestroughs, grading, paint, etc.)
 
3. Overall inspection of the exterior components including the garage
                        At this point we are 30 minutes into the inspection, we do a quick summary and then head inside
                         
4. Electrical panel
 
5. Furnace/air conditioning
 
6. First pass through the basement is looking for water
 
7. Second pass is to inspect the structure and operate any plumbing and electrical in the basement
                        We are now 90 minutes into the inspection, we do a quick summary and then head up as high in the house as we can go
                         
8. This is the interior inspection. That is, looking at all of the doors, windows, floors, walls, ceilings, operate all of the plumbing, check the electrical throughout, examine fire places and exhaust fans. This is done in an organized fashion generally from top to bottom.
 
9. The last stop is the attic (some inspectors look at the attic when they first go upstairs).
 
After that, the inspector will take 30-45 minutes to fill out the report and then another 15 minutes to summarize with the client. Total time: 2 ½ to 3 hours – sometimes shorter (newer, small house), sometimes longer.
For more Info Call Natalie Korchuk, REALTOR

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