•   
  •   
  •   

Money Toronto’s detached house prices make comeback: Report

19:54  12 july  2018
19:54  12 july  2018 Source:   thestar.com

Many homebuyers still believe foreign ownership is heavily influencing housing prices: CMHC survey

  Many homebuyers still believe foreign ownership is heavily influencing housing prices: CMHC survey Many homebuyers still believe foreign ownership is heavily influencing housing prices: CMHC surveyA study from the Canada Mortgage and Housing Corporation released Wednesday found that 68 per cent of Vancouver respondents, 48 per cent of Toronto respondents and 42 per cent of Montreal respondents believe foreign buyers are having “a lot of influence” on their markets and are driving up home prices.

But traditional, detached houses have been making a quiet comeback , said Christopher Alexander, Re/MAX Integra’ s executive vice-president and regional director. Toronto home prices finally inch up in June. Real estate experts predict a return to normal for slumping GTA housing prices .

Search results from 1 to 1 of 1 for story. ' Toronto ' s detached house prices make comeback : Report . Single-family detached house prices held steady in 49 out of 65 neighbourhoods, with some downtown pockets showing double-digit increases.

a group of people in a park© Provided by Vince Talotta

The opularity of Toronto’s leafy Little Italy and Trinity-Bellwoods neighbourhoods has helped those downtown pockets achieve the best quarter-over-quarter price increases in the Toronto area this year.

Detached houses in those hip urban areas were up 17 per cent in the second quarter of the year averaging $1.88 million, compared to the first three months when they averaged $1.6 million, according to a Re/MAX report published Thursday.

Across the Toronto region, with the exception of condos, year-over-year home prices have remained relatively flat, although they inched up 2.5 per cent overall in June, led by a 9.5 per cent increase in condos, according to the Toronto Real Estate Board (TREB).

Canadian home ownership costs hit 'multi-decade highs': RBC

  Canadian home ownership costs hit 'multi-decade highs': RBC Canadian home ownership costs hit 'multi-decade highs': RBCAfter improving slightly in the final three months of last year, home affordability worsened once again at the start of this year, according to Royal Bank of Canada, with housing costs hitting a "multi-decade high.

NHBC chief executive Mike Quinton said: “It looks like the detached home is making a comeback with our figures showing that housebuilders are building the highest number of detached properties for a decade, with semis also performing well. Report Comment.

Toronto ’ s detached house prices make comeback : RE/MAX, Toronto Star: http://ow.ly/SnMf30kZJnx #realestate.

But traditional, detached houses have been making a quiet comeback, said Christopher Alexander, Re/MAX Integra’s executive vice-president and regional director.

“The condo story was overshadowing a lot of the activity of single-family detached,” he said. “The fact remains that people who bought in the last seven years, prior to 2016-2017, gained a lot of equity and market conditions were easier for buyers to make decisions they felt comfortable with.”

Read more:

Toronto home prices finally inch up in June

Real estate experts predict a return to normal for slumping GTA housing prices

Canada strikes back at Trump, and condo buyers will pay the price

When the frenzied buying hit the region in 2016 and continued through the first four months of 2017, “it was tough to be a buyer,” said Alexander. “Now it’s not as tough. You’ve got choices and you can make informed decisions better.”

Home prices finally inch up in June

  Home prices finally inch up in June There are signs the needle has finally moved in a positive direction on the region’s sagging real estate market. There are signs the needle has finally moved in a positive direction on the region’s sagging real estate market.

You’ll see people that were potentially looking at the 416 for a condo for their family say, ‘You know what, prices have been down in the 905, we may look for a detached home,’” said Soper. Toronto ’ s detached house prices make comeback : Report . The popularity of Toronto ’ s leafy Little Italy and

much of the year, detached housing sales and prices were quietly making a comeback ,” says Christopher Alexander, Re/Max Integra, Ontario-Atlantic Region Home-buying activity is also rising, with 97 per cent of districts reporting an increase in sales. North Toronto neighbourhoods were clear

Re/MAX found that conditions this year are showing signs of a new normal that looks more like the pre-fevered market. That heated market sagged when the Ontario government launched its cooling measures, such as a foreign buyers tax in April 2015 and interest rates started rising as consumers were hit by tighter borrowing restrictions.

Wednesday’s Bank of Canada quarter-point rate hike to 1.5 per cent won’t impact the housing market, said Alexander.

“Interest rates rising is a sign of a good economy and a quarter per cent is nominal. You might have to spend a couple of extra months saving up, but that’s such a nominal number we’re not concerned,” he said.

Detached house prices held steady in 49 of 65 TREB areas between the first and second quarter, and in 63 out of 65 neighbourhoods the number of sales increased between the first and second quarters — typical of the market as the weather warms up, said Alexander.

Taxes Paid When Buying A Home Are Unbelievably Unequal Across Canada, Data Shows

  Taxes Paid When Buying A Home Are Unbelievably Unequal Across Canada, Data Shows What costs more than $20,000 in Vancouver and just $239 in Edmonton? Residents of Toronto and Vancouver, already saddled with the highest housing costs in the country, also face the highest tax rates on their home purchases, along with Quebec City, a new study has found.

Detached house prices fell but condos went up by 15%. The Toronto Real Estate Board said Tuesday the average selling price of a detached home in the 416 area code was ,283,981 in January, a decline of 3.9 per cent from the same month a year earlier.

Toronto house prices & values. Toronto area stats. Beat the energy price rises in Toronto . Yearly saving up to: £420. Detached house . £330. If you have identified any incorrect information in, please Report an error.

Although the average Toronto detached house sold for about $1.36 million in June, there were five neighbourhoods inside the city borders where houses averaged less than $860,000. Those were: Humber, Claireville, Rexdale-Kipling and Thistletown-Beaumond Heights where the average was $732,854; Bendale, Woburn and Morningside at $742,670; Malvern and Rouge, $752,292; Rockcliffe-Smythe, Keesdale-Eglinton West and Weston with an average of $783,141 and Downsview-Roding, Glenfield-Jane Heights, Black Creek and Humber Summit where the average house was $859,215.

Re/MAX is the third company this week to predict a stronger half to 2018. Royal LePage and Sotheby’s also issued reports suggesting that the Toronto area housing market is returning to normal — although not the torrid activity of late 2016 and early 2017.

The volume of sales rose highest in Toronto’s Bedford Park-Nortown, Lawrence Park, Forest Hill North areas between the first two quarters — up 193 per cent. But Mississauga and Caledon took the second and third spots respectively — up 122 per cent — followed by Yonge-St. Clair, Annex, Wychwood and Highland Creek, Centennial, West Hill, Rouge where transactions rose 118 and 116 per cent respectively.

Top 5 areas for detached house quarterly price appreciation

  • Palmerston-Little Italy and Trinity Bellwoods 17%

Second quarter average $1.88 million

  • Brock (east of Lake Simcoe near Beaverton) 15%

Second quarter average $573,951

  • The Beach 13%

Second quarter average $1.5 million

  • Edenbridge, Humber Valley, Islington 10%

Second quarter average $1.56 million

  • Georgina 10%

Second quarter average $590,255

Source: Re/MAX

A Toronto Condo Now Costs What A Single-Family Home Cost 6 Years Ago .
If you're a homebuyer looking to crack into the Greater Toronto Area market, this story will make you wish you were born six years earlier. That's because as recently as six-and-half years ago, you could have bought an average detached home for the same amount of money an average condo goes for these days.The average condo went for $561,097 in June of this year, according to data from the city's real estate board. That's just short of the $586,098 you would have needed to afford an average single-family home in January 2012.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!