interested
Senior Member
Hi daveto.
welcome back.
Interestingly in the National Post this morning on line there is an article about the HELOC loans in the US coming home to roost shortly. These are interest only often in the first 10 years and the payments may "triple" as people have to pay interest and loans. Surely if there is another meltdown that starts in the US it will affect us here in Canada and we are not as well insulated this time to withstand it this time around.
http://business.financialpost.com/2...rs-miss-payments-on-housing-bubble-era-loans/
On the other hand from a realtor who sent me this:
Home Sales up 19% and Condo rentals increase 25% in a year in the GTA
GTA home sales rise in October: Study
GTA home sales remained strong in October, with sales up more than 19 per cent over the same period last year and prices up more than 7 per cent, according to figures released by the Toronto Real Estate Board Wednesday.
The average sale price of a home hit $539,058 last month, up from $502,127 in October of 2012. The composite benchmark — which factors out extremes in the market, such as a spike in high-end home sales — was up 4.5 per cent year over year, says TREB.
That growth is expected to continue through 2014, because the inventory of homes being listed for sale remains unusually low, along with interest rates, says Jason Mercer, the real estate board’s senior manager of market analysis.
“The GTA home ownership market has been broadly characterized by a rebound in sales since the summer. Market conditions have been tighter in some market segments more so than others,” says Dianne Usher, president of the board.
“Ground-oriented homes listed for below one million dollars in some areas of the GTA have been especially popular with buyers, while listings for these home types have been constrained (I would read this as saying they are not moving).”
Some 8,000 home changed hands in October, up from 6,713 a year ago when the market was still feeling the dampening effects of tougher mortgage lending rules introduced in July, 2012 by federal Housing Minister Jim Flaherty in an effort to cool a market that shows no signs of letting up.
The average sale price of a house in the 416 region was $593,807 in October, up from $538,120 a year ago. The average was $502,748 in the 905, up from $478,313, according to the TREB figures.
The most in-demand sector of the market — detached homes — saw price gains in the Toronto region of 12.4 per cent year over year, with the average sale price in October hitting $873,509.
Prices in the 905 for a detached were up 6.3 per cent over a year ago to an average of $607,849.
Sales of detached homes were up 23.6 per cent and 15.4 per cent respectively in the 416 and 905 regions.
Semi-detached sales were actually down 2.4 per cent in the 416 region while up 15.5 per cent in the 905 area, according to TREB’s numbers, but prices were up 11.7 per cent in the 416 and 6.7 per cent in the 905.
The average sale price of a semi-detached was $642,112 in Toronto and $417,124 in the suburbs in October.
Townhouse sales were up 26.3 per cent in Toronto and 20.7 per cent in the regions, with average sale prices coming in at $473,240 and $378,688 respectively.
Resale condo sales also remained unusually healthy for a market that, just over a year ago, was thought to be at significant risk of a major downturn: Sales were up 20.4 per cent in Toronto and a whopping 35.6 per cent in the 905 regions.
The average sales price was up 7.2 per cent in Toronto in October, year over year, to $384,441 and up 4.3 per cent in the 905 region to $295,166.
Even the new condo market appears to be holding up unexpectedly well as sales return to more historic norms from the sky-high peak of the condo boom in 2011, says a third-quarter report on the market from condo research firm Urbanation, released Wednesday.
Developers are continuing to hold back on new launches and focus on selling off unsold inventory, which dropped for the first time in a year, to 18,814 units, it notes.
Just 11 new condo apartment projects with 2,557 apartments, most of them in the high-demand City of Toronto, launched in the third quarter of this year.
As a result of that pullback in new building, overall new condo sales for 2013 are expected to come in at just 13,000 units.
That’s less than half the 28,190 condo apartments sold in 2011 and down from almost 18,000 new units sold last year, says Urbanation.
The number of new condo suites sold in the third quarter of 2013 was down 8 per cent, year over year, the smallest decline in sales levels seen in over a year, it notes.
Sales in the downtown core, however, remain quite healthy, up 22 per cent year over year.
The average index sale price for new condos came in 2 per cent higher than the same period a year ago, at about $540 per square foot.
Condo rentals in the GTA increase 25% in a year
Condominium rentals are proving to be an increasingly popular option for Greater Toronto Area residents.
The Greater Toronto Area REALTORS reported in mid-October that 6,541 condos were rented in the third quarter of 2013 which has increased a remarkable 25 per cent from the same time period in 2012.
Condo owners were also able to charge more with third-quarter average rent increasing for one-bedroom and two-bedroom condo apartments by 1.8 and 3.6, respectively, over the course of the year. (See image of 300 Front St. W. a condo rental listed by DEL Condominium Rentals.
In a statement, Toronto Real Estate Board president Dianne Usher also noted nearly one-third of GTA households now rent their home.
“Given that we have experienced sustained population growth in the region, it makes sense that rental transactions have been increasing as well,” she said.
Jason Mercer, the senior manager of market analysis for TREB, said increased competition for available rental units in the third quarter is driving year-over-year growth.
Condo sales up in third quarter of 2013
Perhaps surprisingly, the GTA also experienced strong condominium sales with 5,307 sold in Q3 2013, up 18 per cent from 4,498 in the third quarter of 2012.
Within the City of Toronto proper, which accounted for 72 per cent of condo apartment transactions, sales jumped by 19.5 per cent according to a GTA REALTORS report.
“The Echo Generation wants to live where they work and play,” Usher said in her statement. “Despite the onset of stricter lending guidelines, buyers have found that home ownership remains affordable.”
Among other moves, Finance Minister Jim Flaherty had introduced measures in 2012 to reduce the length of mortgages from 30 to 25 years and to lower the amount consumers could borrow to refinance their homes.
The minister said he introduced the measures partly due to concern over a potential housing bubble and what he called the over-building of condos.
The average selling price for condos in Q3 2013 still rose to $340,069, up nearly two per cent compared to an average of $333,846 in the third quarter of 2012.
At the same time, listings decreased and if the trend continues, competition for condos could rise along with prices.
welcome back.
Interestingly in the National Post this morning on line there is an article about the HELOC loans in the US coming home to roost shortly. These are interest only often in the first 10 years and the payments may "triple" as people have to pay interest and loans. Surely if there is another meltdown that starts in the US it will affect us here in Canada and we are not as well insulated this time to withstand it this time around.
http://business.financialpost.com/2...rs-miss-payments-on-housing-bubble-era-loans/
On the other hand from a realtor who sent me this:
Home Sales up 19% and Condo rentals increase 25% in a year in the GTA
GTA home sales rise in October: Study
GTA home sales remained strong in October, with sales up more than 19 per cent over the same period last year and prices up more than 7 per cent, according to figures released by the Toronto Real Estate Board Wednesday.
The average sale price of a home hit $539,058 last month, up from $502,127 in October of 2012. The composite benchmark — which factors out extremes in the market, such as a spike in high-end home sales — was up 4.5 per cent year over year, says TREB.
That growth is expected to continue through 2014, because the inventory of homes being listed for sale remains unusually low, along with interest rates, says Jason Mercer, the real estate board’s senior manager of market analysis.
“The GTA home ownership market has been broadly characterized by a rebound in sales since the summer. Market conditions have been tighter in some market segments more so than others,” says Dianne Usher, president of the board.
“Ground-oriented homes listed for below one million dollars in some areas of the GTA have been especially popular with buyers, while listings for these home types have been constrained (I would read this as saying they are not moving).”
Some 8,000 home changed hands in October, up from 6,713 a year ago when the market was still feeling the dampening effects of tougher mortgage lending rules introduced in July, 2012 by federal Housing Minister Jim Flaherty in an effort to cool a market that shows no signs of letting up.
The average sale price of a house in the 416 region was $593,807 in October, up from $538,120 a year ago. The average was $502,748 in the 905, up from $478,313, according to the TREB figures.
The most in-demand sector of the market — detached homes — saw price gains in the Toronto region of 12.4 per cent year over year, with the average sale price in October hitting $873,509.
Prices in the 905 for a detached were up 6.3 per cent over a year ago to an average of $607,849.
Sales of detached homes were up 23.6 per cent and 15.4 per cent respectively in the 416 and 905 regions.
Semi-detached sales were actually down 2.4 per cent in the 416 region while up 15.5 per cent in the 905 area, according to TREB’s numbers, but prices were up 11.7 per cent in the 416 and 6.7 per cent in the 905.
The average sale price of a semi-detached was $642,112 in Toronto and $417,124 in the suburbs in October.
Townhouse sales were up 26.3 per cent in Toronto and 20.7 per cent in the regions, with average sale prices coming in at $473,240 and $378,688 respectively.
Resale condo sales also remained unusually healthy for a market that, just over a year ago, was thought to be at significant risk of a major downturn: Sales were up 20.4 per cent in Toronto and a whopping 35.6 per cent in the 905 regions.
The average sales price was up 7.2 per cent in Toronto in October, year over year, to $384,441 and up 4.3 per cent in the 905 region to $295,166.
Even the new condo market appears to be holding up unexpectedly well as sales return to more historic norms from the sky-high peak of the condo boom in 2011, says a third-quarter report on the market from condo research firm Urbanation, released Wednesday.
Developers are continuing to hold back on new launches and focus on selling off unsold inventory, which dropped for the first time in a year, to 18,814 units, it notes.
Just 11 new condo apartment projects with 2,557 apartments, most of them in the high-demand City of Toronto, launched in the third quarter of this year.
As a result of that pullback in new building, overall new condo sales for 2013 are expected to come in at just 13,000 units.
That’s less than half the 28,190 condo apartments sold in 2011 and down from almost 18,000 new units sold last year, says Urbanation.
The number of new condo suites sold in the third quarter of 2013 was down 8 per cent, year over year, the smallest decline in sales levels seen in over a year, it notes.
Sales in the downtown core, however, remain quite healthy, up 22 per cent year over year.
The average index sale price for new condos came in 2 per cent higher than the same period a year ago, at about $540 per square foot.
Condo rentals in the GTA increase 25% in a year
Condominium rentals are proving to be an increasingly popular option for Greater Toronto Area residents.
The Greater Toronto Area REALTORS reported in mid-October that 6,541 condos were rented in the third quarter of 2013 which has increased a remarkable 25 per cent from the same time period in 2012.
Condo owners were also able to charge more with third-quarter average rent increasing for one-bedroom and two-bedroom condo apartments by 1.8 and 3.6, respectively, over the course of the year. (See image of 300 Front St. W. a condo rental listed by DEL Condominium Rentals.
In a statement, Toronto Real Estate Board president Dianne Usher also noted nearly one-third of GTA households now rent their home.
“Given that we have experienced sustained population growth in the region, it makes sense that rental transactions have been increasing as well,” she said.
Jason Mercer, the senior manager of market analysis for TREB, said increased competition for available rental units in the third quarter is driving year-over-year growth.
Condo sales up in third quarter of 2013
Perhaps surprisingly, the GTA also experienced strong condominium sales with 5,307 sold in Q3 2013, up 18 per cent from 4,498 in the third quarter of 2012.
Within the City of Toronto proper, which accounted for 72 per cent of condo apartment transactions, sales jumped by 19.5 per cent according to a GTA REALTORS report.
“The Echo Generation wants to live where they work and play,” Usher said in her statement. “Despite the onset of stricter lending guidelines, buyers have found that home ownership remains affordable.”
Among other moves, Finance Minister Jim Flaherty had introduced measures in 2012 to reduce the length of mortgages from 30 to 25 years and to lower the amount consumers could borrow to refinance their homes.
The minister said he introduced the measures partly due to concern over a potential housing bubble and what he called the over-building of condos.
The average selling price for condos in Q3 2013 still rose to $340,069, up nearly two per cent compared to an average of $333,846 in the third quarter of 2012.
At the same time, listings decreased and if the trend continues, competition for condos could rise along with prices.
