Market Minute

05 May 2017
Larose Team


The Toronto Real Estate Board announced that GTA REALTORS® entered 33.6 per cent more new listings into TREB's mls® system in April 2017,compared to the same month in 2016. New listings totaled 21,630 units T/Y over 16,190 L/Y.  New listings were up by double-digits for all home types, including detached, semi-detached houses and townhouses. New listings for condominium apartments were flat to last year.

Total unit sales in April for the TREB GTA market were down 3.2 per cent from April 2016;  Average price was 920,791 over 739,762 L/Y (up 24.5%)  and average days on market averaged a brisk ‘9’.

 The fact that new listing inventory is up substantially in April has resulted in more choice for buyers  in the marketplace. It is too early to tell whether the increase in new listings was simply due to sellers reacting to the abnormally high price gains reported over the past few months,  or if some of the increase was also a reaction to the Ontario government's recently announced Fair Housing Plan. ‘ We feel it is a combination of both factors’ says Kevin Larose from The Larose Team at Keller Williams Realty Solutions.

“ If new listings continue to outpace sales growth moving forward, we will start to see more balanced market conditions including average price gains. “


Ontario fair housing plan...continued

28 April 2017
Larose Team

The provincial government has announced a 16- point plan intended to improve housing affordability. Here are a few highlights:

  • Introduction of a 15 per cent Non-Resident Speculation Tax (NRST) on the price of homes in the Greater Golden Horseshoe (GGH) purchased by individuals who are not citizens or permanent residents of Canada or by foreign corporations.  This tax would be effective as of April 21, 2017, upon the enactment of the amending legislation. Binding agreements of purchase and sale signed on or before April 20, 2017 are not subject to the tax.
  • A vacant homes property tax to encourage property owners to sell unoccupied units or rent them out. This will address concerns about residential units potentially being left vacant by speculators.
  • More comprehensive reporting requirements so that correct federal and provincial taxes are paid on purchases and sales of real estate in Ontario.
  • The province will work to understand and tackle practices that may be contributing to tax avoidance and excessive speculation in the housing market such as "paper flipping," a practice that includes entering into a contractual agreement to buy a residential unit and assigning it to another person prior to closing.

We are already seeing effects the new measures are having on the market. Coupled with the fact that more new listings are coming up as we approach the peak spring market, this should help level off the multiple offer frenzy we have been experiencing and return the market to a more balanced state.

We don’t anticipate any immediate changes to home prices, particularly in the prime school neighborhoods.

We feel these initiatives are long overdue and will help us avoid a steep market correction.

WE WOULD LIKE TO HEAR FROM YOU! IS IT ENOUGH?   SEND US YOUR COMMENTS TO INFO@LAROSETEAM.COM 


Ontario Fair Housing Plan

24 April 2017
Larose Team

With Ontario taking aim at cooling the housing market, a series of measures were introduced yesterday by Premiere Kathleen Wynne, along with Finance Minister Charles Sousa, and Ontario housing minister Chris Ballard. Will this really address the housing bubble? Kevin weighs in below.
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Are the foreign buyers upsetting our markets so much that we have seen some 30+% gains year-over-year in real estate values? Will the 15% foreign tax make purchasing a home more affordable and available for Canadians ?

I am not convinced.

There have been a few silent factors that have encouraged our current market conditions: Recent Canadian and American elections. Our Prime Minister has from the start supported an open border policy encouraging immigration, as Canada is a safe and compassionate country. The US has not. We have been opening our real estate markets to foreign buyers for some time, but the United States and the state of their politics makes Canada a more attractable place to live and invest in real estate.

Finally, the British Columbia Government, who imposed a 15% foreign tax last year, has since brought non-resident buyers to the GTA’s front doors who otherwise wouldn’t be if Vancouver weren’t dealing with shadow-flipping and empty properties.

I believe that a larger challenge has been our interest rate policies. The buyers have been purchasing the payment, not the selling price, and have been for several years. My opinion is: Increase interest rates and let the markets level themselves out.

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To review the entire list, visit the Globe link below:
http://www.theglobeandmail.com/real-estate/toronto/ontario-housing-16-big-changes-explained-in-charts/article34757648/


March 2017: Sales are up + listings were down = Record Prices

20 April 2017
Larose Team

The real estate market in the GTA is on fire as sales hit record highs with record low inventory levels. Toronto and the GTA’s hot housing market continues its rapid ascension with the number of resale home transactions up 17.7 percent. The average sale price for March was up 33.2 percent over March 2016 while the number of active listings was down 35.2%. Days on Market are a brisk ’10’ vs ’16’ last year.

Where will this end?

Many believe speculation by investors - both domestic and foreign- has been a factor that has merged on top of strong domestic demand and a lack of supply. This has also created a ‘spillover’ effect into markets just outside of the GTA. With the April budget just around the corner, several policy options on how to curb speculation are being reviewed. Some of the more noteworthy ideas include dealing with speculation on single family homes i.e. a speculation tax on property flipping; a tax that would be imposed on single family homes that are flipped within a short time period - up to 2 years. For foreign buyers, a property tax to be paid by people who are not paying income tax in Canada is one idea.

Vacant homes and rental properties are on the rise- as many as 3 in 10 properties are being bought by speculators a recent study has concluded.

In Mississauga, the overall supply is currently running near record lows as well- see the graphs below. Active residential listings numbered just 683 units at the end of March 2017. This was down a whopping 42.4% from the end of March 2016. This is the prime indicator of an ‘unbalanced market’ as number of months supply are less than one. (10 year average is two months supply).

The allure of record-high prices should eventually entice more sellers onto the market if they have decided to downsize. “ If anyone is thinking about a move this year or next- you might want to consider the time is now. We haven’t seen a sellers market like this before and we know the current conditions are not sustainable” says Kevin Larose from the Larose Real Estate team. “Your home is absolutely worth more than you think.”

Where to go? Contact us and we will show you how we can get you the most out of the current market and help you find your next home.


Kind words from happy clients!

19 April 2017
Larose Team

Doreen & Walter Tracy with Kevin

Kevin helped my parents sell the family home and buy a condominium that was more suited to their needs. My parents had lived in their home for over forty years so it wasn’t an easy decision to sell. We interviewed other agents but we knew immediately that Kevin was the one. We were very impressed with Kevin’s knowledge, experience and his approach of putting the client first.

Our situation was a little unusual in that the perfect property came on the market while my parents were on holiday in Portugal but Kevin found a way around this and we were able to get the property. I was impressed with Kevin’s knowledge of the market and pricing and I think we ended up paying just the right amount and nothing more for a beautiful property. I think only an agent as connected and knowledgeable as Kevin could have helped us with this deal.

When it came to selling the family home Kevin’s knowledge and experience were again invaluable. Kevin’s knowledge of the local market made us fully understand the process of determining a listing price and sale strategy. We are very happy to report that Kevin helped us sell the property quickly and for a price that was beyond what we felt we could ever achieve. “We are going on a trip to the east coast- and this time we are going to fly first class” says Doreen Tracy.

Dealing with Kevin it is clear that he is primarily driven by a desire to help people and that he puts his clients’ interests first. We thank Kevin and his team for all their help and support. They made what could have been a very difficult and stressful process easy, exciting and fun.

- John Tracy


Port Credit Imperial Oil Lands - Master Plan Unveiled

12 April 2017
Larose Team

Plans for the development of the Imperial Oil Lands are now underway.

Port Credit’s West Village Partners (WVP), an urban development firm that has purchased the 73 acres of space known as the Imperial Oil Lands in Port Credit, has unveiled its draft master plan.

Speaking to a focus group that included Councillor, Jim Tovey, and several Planning Staff, the WVP’s plan for the Imperial Oil Lands, includes 2,758 townhouse and condominium units accommodating a residential population of approximately 5,000 people. It is expected that 1,000 retail and service jobs will be generated.

The WVP states that the residential population combined with the retail and campus building staff will produce a lot of additional traffic. Nearly all the parking onsite will be underground. There will be no parking structures above ground.

A total of six buildings will be 15 storeys or higher, with one building of 26 storeys. The WVP explained that height allows a smaller footprint to preserve open space. 11.5 acres of parkland will exist including the present Waterfront Trail. It also includes the buffer corridor of 20m. along the west boundary adjacent to homes on Pine Ave. South.

The 73 acres of space known as the Imperial Oil Lands stretch south from Lakeshore Road West to the lakefront, and east/west between Pine Ave. and Mississauga Rd.

The WVP expects to hold its first community meeting in mid-May and hopes to present its application to the Planning and Development Committee by June.


We are a relationship based business and have achieved 16 years of success thanks to a great team!

03 April 2017
Larose Team

We are hiring!

The Larose team is looking for dynamic agents to join the team and help us with our business. We are currently seeking agents who have a license and are fluent in
Mandarin and Cantonese.

The foundation of the Larose real estate team is based on a strong belief that our clients needs come first. For us the most satisfying feeling is the knowledge that we have been instrumental in helping our clients make the best real estate choice for their family. 


If you share the same mindset and match the above description, contact us today at 905.278.7355


The changing landscape of South Mississauga’s Lakeshore

21 March 2017
Larose Team

A condo development in the heart of any neighbourhood will undoubtedly shake up the area, cause a stir among locals, and draw major interest from working professionals who have ruled out purchasing a detached home due to skyrocketing house prices.

Port Credit Village, a neighbourhood known for its proximity to the lakeshore, scenic parks, and charming boutique and cafe strip, is in the midst of an urban revitalization along its downtown core. And to start, they will be adding a brand new 15-storey condo to its repertoire.

New to the waterfront community will be NOLA Port Credit, the building development designed by FRAM Building Group- an award-winning, internationally acclaimed company- a unique condo building that’s meant to refresh the area with its sleek architectural style and urban feel.

Located in the heart of Port Credit between Ann & High St., the condo building, comprised of 69 units, according to FRAM, will be a tribute to cool, new Port Credit with its contemporary elegance and luxurious design- and is slated to open in the Fall 2018.

A stone’s throw away, located at Lakeshore Rd. East and Elizabeth St., the site that once housed the No Frills grocery store, a proposal has been made to redevelop the building into a 10-storey condominium residence and a four-storey building with commercial and office space according to the Town of Port Credit Association (TOPCA) .

The reaction was strong from the community, who felt that the No Frills closure would be catastrophic and impact a lot of locals who lived in the neighbourhood, but Councillor Jim Tovey
confirmed that there will be suitable space for a grocery store in the new development.

West of Port Credit, and soon to breathe some new life into the charming Clarkson Village neighbourhood at Lakeshore and Clarkson Rd., is Craftsman Condos, a new condo development by Vandyk, a contemporary ‘Arts and Crafts’ building similar to Nola, with a sleek aesthetic and modern design. Nestled in a forested enclave of Birchwood Park, the building will be surrounded by trees, walking trails, and be just minutes from Clarkson Go Station.

With the housing market so volatile, homebuyers are turning to the condo market to find their home. To hear how the Larose Team can help you find your perfect home throughout real estate’s busiest season contact one of our condo specialists at 905-278-7355.


Foreign Buyers Tax Idea To Potentially Cool Housing Market

10 March 2017
Larose Team



Finance Minister Charles Sousa announced that the Ontario government is considering a foreign homebuyers tax, in an effort to calm the volatile Toronto housing market.

He says he is looking at the tax as one of a number of options to control the rapid rising of home pricing, after opposing the idea last year. “I’m concerned about the ability of people to enter the marketplace. [There are] bidding wars everywhere you go, it appears, and I’m sensitive to that,” he says, “I’m sensitive to the degree of fast appreciation in the short term and what will that do over the long term.”

February data shows that detached home prices in the GTA have risen by more than 30 percent over the last year, and a growing number of economists have warned that the housing market risks inflating beyond the control of policy makers.

Realtors have collectively opposed a foreign buyers’ tax, saying it does not address the core issue of a shortage of supply of available homes for sale. Many feel that foreign buyers are a small part of a bigger issue. Kevin Larose weighs in:

“Taxing foreign home buyers is not a solution that would address the challenges of home ownership and the affordability for first time buyers. Foreign buyers make up a small portion of the housing market. The challenges we have is housing supply keeping up with demand. The market will adjust- history has proven this,” he says, “if my plan was to sell in the near future, I would talk to a professional real estate consultant and consider the options.”

The Ontario Real Estate Association has come out against a foreign buyer tax, saying the overwhelming majority of foreign home buyers are immigrants or permanent residents looking for a home, not speculators. CEO Tim Hudak said in a statement, “it’s based in the cheap politics of division.”

A federal provincial working group is still gathering data, trying to determine what factors are driving real estate prices.

Source 
-
TheGlobeandMail.com


What to expect going into the Spring market

21 February 2017
Larose Team

In Mississauga, prices are up, inventory is down. How will this shortage impact home buyers?
A market that’s really shifted since 2016 with fewer homes available has put a lot of pressure on the buyers. I have never experienced, in my 20 years in the business, the speed in which homes list and sell. This is a concern for several reasons... it is so important that the buyers are represented at a high level: Work with a professional realtor®that has your best interests in mind, gives you access to information, and is working hard to find you that special home.

Mississauga continues to be a highly-desirable city for home buyers. What is in store for home owners who want to sell this year?
Mississauga has proven two years in a row to be a leading destination with 1.3 billion dollars in city-issued construction permits. This is further proof that Mississauga continues to be a city in demand and a leading destination where people choose to build their futures. We are very fortunate to live in a community that has access to transportation, highly rated schools, shops, and waterfront access. The buyers decide on the community first, and then the home. Based on what we are seeing these last few months, the sellers will appreciate another strong return on their investment in 2017.

When is the right time to make a move within Mississauga?
In markets likes this, if your plan is to sell this year, you should list your home as soon as possible. The buyers are in the market and ready to buy. My advice is to get ahead of the competition if you can... getting a home ready can be a stressful time. I always say to my clients, “Why hire an agent? Hire a business partner. One who has the team that can make the stress of selling manageable. If you can put a smart plan together and yield a higher return, would that make sense for your family?” The spring inventory increases after the March Break, and typically those properties close before the new school year starts.

How can I get an accurate assessment of my home?
When you call our office to book a Home Evaluation, we will make an appointment to come into your home to carefully assess the current state. Taking into account of what we know about the home and comparing it to the current market, we will work with you to determine the value of your home that will obtain a successful outcome for everyone involved. In a market where clients are interviewing multiple agents, many competitors will overvalue the home in order to win a listing- which could potentially lengthen the time the home is on the market. At The Larose Real Estate Team, we will market your home because of our ability to get the best result, not merely for our opinion of value.

How does The Larose Real Estate Team serve their clients differently in comparison to other realtors®in the area?

Choosing the right realtor®is critical not only to be able to sell your property, but to get the most exposure and the most money for it as you possibly can. The market is scorching hot and homes are selling at a ‘blink and you missed it’ pace. Working with The Larose Real Estate Team, we can execute the strategy that is best for your property to get the most money out of the market.