Treb Releases Prediction for 2017: Another Hot Year Ahead!

03 February 2017
Larose Team

The real estate market in Toronto is in for another red- hot year in 2017 according to the Toronto Real Estate Board, which released its predictions for the coming year.

TREB predicted 110,000 home sales for 2017- the third consecutive year with sales greater than 100,000- while average home prices would rise between 10 and 16 percent to $825,000 in 2017.

One of the biggest standouts in the research conducted by global marketing research company, Ipsos, was the continued importance of the Realtor. Over 80 percent of likely buyers are planning on engaging the services of a Realtor in their purchase this year.

Ipsos, on behalf of TREB, undertook a home-buyers survey in November 2016. The survey focused on consumer buying intentions in 2017. Compared to a similar survey conducted at the end of 2015, the number of likely buyers was down slightly. However, GTA households still seemed upbeat about ownership housing.

Though there were “changes this past year to the federal mortgage lending guidelines and higher borrowing costs, the big impediment this year will be the lack of inventory. Active listings at the end of December were at their lowest point since before the year 2000. It is unlikely that the shortage of listings will improve to any great degree over the course of the next year. This will put a ceiling on sales growth,” says Jason Mercer, TREB’s Director of Market Analysis.

As a result of very strong demand for ownership housing up against an extremely constrained supply of listings in 2017, double-digit annual rates of price growth are expected to remain in place for the majority of the home types across the GTA.

To hear more about the market and its impact on you and your real estate needs, give us a call at 905-278-7355.


CMHC Warns of Canada’s Too-Hot Housing Market

31 January 2017
Larose Team

The Canada Mortgage and Housing Corp. (CMHC) confirmed that it still sees strong evidence of problematic market conditions and will keep its warning firmly in place.

The Crown Corporation, which provides housing advice for the federal government, said on Thursday it is maintaining its warning for the country’s real estate market as a whole, with high prices in Vancouver and Toronto part of its top concerns. The CMHC confirmed that it has kept the rating for a second consecutive quarter due to overvaluation and price acceleration in the country’s housing markets.

CMHC issued its first national warning in October, cautioning that with many suburbs near Toronto and Vancouver are already seeing prices rapidly spike, pressure is spreading even farther out as some home buyers search for homes in bedroom communities such as Barrie (north of Toronto).

“Price acceleration in Vancouver, Victoria, Toronto and Hamilton indicates that home price growth may be driven by speculation as it is outpacing what economic fundamentals like migration, employment, and income can support,” said Bob Dugan, the agency’s Chief Economist.

“Home buyers should ensure that their purchases are aligned with their needs as well as the long-term market outlook,” he said.

The latest reports come after the federal government’s recent clean-up on lending which is designed to slow the market. Among its key changes is a stress-testing of government backed mortgages, and a requirement that consumers with those products qualify based on the five-year Bank of Canada posted rate of 4.64 percent.

CMHC mentioned in its release that even though prices rose 7 percent on a year-over-year basis at the end of the third quarter of 2016, once Ontario- and its red-hot GTA market- was removed, house prices remain flat through the period.

CMHC says its quarterly Housing Market Assessment report provides an “early warning system” to alert Canadians about concerns the Crown Corporation has about housing markets so people can take action. CMHC says the goal is to promote stability in the market.

To hear more about the state of the market, don’t hesitate to contact our real estate specialists for a consultation at 905-278-7355. We look forward to chatting with you!

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Source: http://business.financialpost.com/


Bank of Canada announces rate

18 January 2017
Larose Team

Bank of Canada holds interest rate, begins to bake some Trump risks into outlook.

The Bank of Canada is holding its benchmark interest rate at 0.5 per cent and providing a deeper assessment of the risks associated with the big economic unknowns of a Trump presidency.

The central bank is keeping its key interest rate in place with the Canadian economy showing signs of improvement _ but it also warns of the significant uncertainty tied to potential policy changes by the United States, its largest trading partner.

This is the bank's first release of its updated forecasts and broad economic assessment since Donald Trump won the U.S. presidential election in November. Trump is to be inaugurated as President on Friday.

For now, however, the bank is offering an optimistic outlook by largely sticking with the growth expectations that it released in October, by predicting the economy to expand by 2.1 per cent in 2017 and 2018.

It says its base-case outlook only factors in the impact of the expected U.S. fiscal boost, which would help Canada through increased demand, and the effects of Trump's vow to cut corporate taxes, which it notes would hurt Canadian competitiveness.

The bank did not account for the full range of Trump's promised policy changes _ including his protectionist pledge that it says would have material consequences for Canadian investment and exports.
 
Source: http://www.repmag.ca

Business owners voice frustrations over Lakeview redevelopment

17 January 2017
Larose Team



As real estate developers salivate over the money-making potential of the Lakeview redevelopment in Mississauga, business owners fear their time is up.

“Once it happens, I’ve got no more business. I’m done,” said Bert Rebelo, owner of Oasis Catering and Convention Centre.

A family business since the early 1990s, Oasis is located at the intersection of Lakeshore Rd. E. and Ogden Ave., which according to the area’s master plan, is slated to become the area’s central retail hub. It encourages outdoor cafes and sitting areas and because of its proximity to the waterfront, will support facilities promoting recreational activities.

A convention centre with a large parking lot does not fit with what’s envisioned for the area.

“Leave me alone, let me continue doing business,” said Rebelo, directed at Mississauga city councillors.

The Lakeview Waterfront is being planned as an innovative, sustainable community. The 245-acre site is divided into four distinct precincts – Rangeview Estates, Ogden Village, Innovation Corridor and Cultural Waterfront – to reflect differences in planned function and character of the area.

Height and density of developments, design, storm water management, road alignment, streetscape, public art and green space will be guided by the precinct plans.

“We’ve done this prudently,” said Coun. Jim Tovey, who has been working to get this project off the ground since 2005. “There’s going to be enough wealth to spread around.”

But Peter Patasalos, president of Stratos Industries Inc., a woodworking components supplier located on Rangeview Rd, is also concerned he will be left without adequate compensation when construction begins.

Patasalos has spent more than 25 years in Lakeview, operating his 19,600 square foot factory.  The Lakeview redevelopment plans have a street running right through the middle, taking up more than 60 per cent of the area. The remaining land area will be undevelopable.

Patasalos wants to ensure fair compensation for the land when construction is underway.

With land valued at approximately $2 million an acre, Tovey is confident no one will be left behind.

Lakeview will see an additional 20,000 people and 9,000 jobs brought to the area, along with higher order transit, research and development facilities, a cultural hub and a wide range of housing options.

Environmental testing needs to be done to understand the locations on the site that require remediation. This is slated for completion in the spring.

Article Source - Mississauga News

To view the Lakeview Development Plan - click here


Tight November Market Still Soars

12 January 2017
Larose Team


Though inventory may be slim, November showed that Toronto’s resale housing market continues to be strong, without any signs of slowing down.

The Toronto Real Estate Board announced that Greater Toronto Realtors reported 8,547 home sales through TREB’s MLS system in November 2016, a 16% increase compared to last year.

The price of new homes has also surged since last year, with the new average selling price to be $776,684, up by 22.7% year over year. Condo and townhome units were at their strongest annual sales rate ever recorded, factoring into the year over year sales increase for all major types of housing.

A trend of rising home prices is due to a lack of housing inventory, according to TREB’s Director of Market Analysis, Jason Mercer, who infers that lack of inventory drives demand, which therefore translates into inflating prices. “Going forward, more emphasis needs to be placed on solutions to alleviate the lack of inventory for all home types.”

TREB President, Larry Cerqua says, “home-buying activity remained strong across all market segments in November. However, many would-be homebuyers continued to be frustrated by lack of listings, as annual sales growth once again outstripped growth in new listings. Seller’s market conditions translated into robust rates of price growth.”

The Seller’s Market is maintaining its momentum throughout the winter season. To hear how we can help you sell your home, we invite you to meet with one of our real estate specialists to book a professional market evaluation. Please contact 905-278-7355.


Finance minister takes ‘risk’ out of the market

11 January 2017
Larose Team

October brought forth an exciting announcement in the real estate market that preceded a shocking and awe-filled announcement in November.

The Greater Toronto Area’s real estate market surged in October as TREB announced a reported record of 9,768 sales through MLS in October 2016, up by 11.5 percent compared to last year. The average price of all homes across the Toronto region rose to $762,975, a 21 percent increase from a year ago. The hottest activity was in the surrounding 905 region (Mississauga, Oakville and Hamilton) with the average price of a detached home jumping 29.4 percent to $948,191.

The sales growth came despite new mortgage rules that were announced by Finance Minister, Bill Morneau, that are designed to take some risk out of the market with mortgage stress test requirements.

One of the more recent issues that could affect the real estate market is the impact of the U.S. election which elected -to the shock of many Canadians
Donald Trump as President. Many housing analysts feel it’s too early to know what it will mean for the Canadian housing markets, but for those who already see Canada as a safe and stable place, the U.S. election could heighten that appeal.

Many predict that it’s highly unlikely that droves of Americans will seek refuge by moving to Canada. This is amplified by the hefty obstacles Americans would have to face by obtaining employment, passing Canada’s rigorous immigration laws, and facing high housing prices and taxes.

But one thing that remains consistent is Canada’s (and notably, the GTA’s) rankings as offering one of the best qualities of life in the world.

The Seller’s Market is maintaining its strong momentum-even as we head into the holidays! To hear how we can help you sell your home, we invite you to meet with one of our real estate specialists to book a professional market evaluation.


Happy Holidays from the Larose Team!

16 December 2016
Larose Team


As 2016 draws to a close, and reflecting on this past year, we are proud and thankful of the changes and evolvement our Team has undergone with our image and our brand. We have had a successful, fulfilling, and exciting year where we have met and worked with incredible people and clientele who have encouraged us and supported our growth in the real estate industry.

One of the real joys of the holiday season is the opportunity to say thank you and to wish you the best for the New Year ahead.

On behalf of the Larose Team, we wish you and your loved ones a happy, safe and wonderful holiday season and a fantastic 2017! Happy Holidays!


Christmas at the Lighthouse

05 December 2016
Larose Team

The South Mississauga community gathered on Saturday at the foot of the Port Credit lighthouse to share in the Christmas festivities. Despite the cooler temps, the market was quite busy with families enjoying live music, photos with Santa, interactive ice sculptures, and various vendors selling great gift items. For the rest of the season, the lighthouse will now shine a little brighter with some holiday lighting!


KW Solutions Holiday Party

02 December 2016
Larose Team

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The KW Solutions family celebrated the holiday season together last night at the Crooked Cue in Port Credit. The evening was filled with great food, music, dancing, and drinks - even a visit from Santa Claus! Cheers to a successful year for the KW Solutions family and the Larose Team.

Photos by: Chris Hillier & Joanna Dass


  Events

1640 Sir Monty's Dr Open House

25 November 2016
Larose Team


Join us for an open house tour at 1640 Sir Monty's Drive this Saturday, November 26th from 2-4pm. A beautifully updated 4 bedroom family home on a spectacular lot in the sought after East Credit, backing onto the River and Culham Trail.

Watch the aerial & interior video!