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It’s SPRING!
There is something different in the air this week
and I hope it’s spring! The housing market has been very robust right
through the winter months. This February’s results showed a 2%
improvement over 2004 figures. Prices rose 3% from January 2005 which
is inline with seasonal expectations. Condo sales have also been
moving steadily along. Anything well priced doesn’t have time for the
dust to settle. Multiple offers reign supreme and buyers are finding
themselves well prepared for battle even if it means forking out for a
few home inspections along the way. A good day and there are only four
offers on a property which means there might be a small glimmer of
hope in “winning” the property. A bad day means you might find
yourself up against seventeen other hopefuls who want nothing more
than to own the same house that you do.
Where do they all come from you might wonder?
Interest rates continue to be at very reasonable lows which is adding
fuel to a very heavily weighted buyer environment. A lack of inventory
of desirable homes has everyone vying for the same property and
unfortunately there is no prize for runner-up other than to get back
out there and keep your chin up!
Fortunately spring is just around the corner and
that will mean an increase in new inventory for hopeful buyers. I hope
you will find my quarterly newsletter informative and useful. As this
is a new project I welcome comments and critique in search of
perfecting an ideal venue of keeping you informed of current market
conditions.
View / Print April 2005 Newsletter
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It’s Summer Finally the weather we’ve all been wishing for is
here! As we moved from a very chilly spring into full-on summer,
housing sales continued to be strong. A record number of transactions
took place during the month of May; 9,209 homes changed hands and it
was the Central and Central West districts that saw most of this
activity. The continued strength of the market can be attributed to
ongoing low interest rates, which have offset rising home prices and
given buyers stable monthly carrying costs.
Newspaper articles point to a ‘market gone mad’, where multiple
offers are still the name of the game in the mid level price ranges.
Condos also continue to see a flurry of interest and activity and in
some cases have generated multiple offer sessions as well. High-end
homes, if priced correctly also continue to move at a very steady
pace. Inventory is extremely low which makes this summer a viable and
strategically good time to sell a property.
I hope you continue to find my quarterly newsletter informative and
would like to wish you and your family a safe and funfilled summer!
View / Print July 2005 Newsletter
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I THINK IT CAN BE FELT IN THOSE CHILLY EARLY MORNING HOURS. THE END
OF A BEAUTIFUL SUMMER DRAWS NEAR AND ITS OFFICIAL; FALL IS HERE!
According to the Toronto Real Estate Board August brought the
highest number of sales for that month in TREB’s, 85-year history.
The fall market started a bit early this year and is now in full
swing. Multiple offers and quick turnarounds abound. The lack of late
summer inventory has been made up for with an abundance of new and
exciting homes to choose from. Compared to last September the first
half of the month saw a three per cent increase in sales. This
indicates that the continued strength of the summer market will
definitely carry forward into the latter part of the year. The year to
dale sales in comparison to last year are one and a half per cent
higher than last years total.
The reasons for this strong market are continued low mortgage rates
coupled with continued employment growth. Buyers have felt confident
in the ability to sustain payments over the long term. The areas with
the most activity were midtown stretching north to the suburbs. The
Davisville area saw a 3% increase in the first part of September.
Semi-detached and condo sales have also been very strong.
High-end homes of $1.5 million or more are seeing strong sales in
the midtown to downtown areas. There has been a 48 per cent increase
in the sale of luxury homes compared to last year at this time. Globe
and Mail article of September 16th, 2005 confirms this trend is here
to stay as the buyers incomes continue to rise the pull to live near
the central core has become an increasingly desirable “must have” with
many homeowners opting out of a long commute.
Strong and consistent sales continue to convince a growing market
of Buyers that the Toronto housing market is a very healthy one and
that it is definitely a good time to make a change or get into the
market.
View / Print October 2005 Newsletter |
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HAPPY NEW YEAR! HOPEFULLY YOU ALL HAD A WONDERFUL HOLIDAY SEASON
WITH LOTS OF FAMILY TIME, GOOD FOOD AND FUN.
The real estate market had a record year for 2005 with over 83,000
properties changing hands! Confidence in the real estate market
continues despite rumours of a “real estate bubble”. The Canadian
Mortgage and Housing Corporation has made the prediction that 2006
will see a continued strong market performance.
According to John Meehan, president of the Toronto Real Estate
Board, we continue to “have a stable, healthy market with strong sales
and moderate price increases which points to a continuation of this
market into 2006.”
I look forward to another exciting year of real estate - bringing
Buyers and Sellers together is an art so ensure that it is handled
with "Hartt"!
View / Print February 2006 Newsletter |
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Spring, although long awaited seems to happen every year in the blink of an eye.
Before I
have put away my winter coat the brown grass turns a lovely shade of green and bare trees
are lush and full. The hectic spring market is upon us with all of its unique quirks and nuances
that are very different from one year to the next. Sales on many fronts have been strong right
since the beginning of the year. Spring sales have been robust with March sales being the
second best ever for the month and April sales are the third best ever recorded. Year to date
sales are up 5% over January through April of last year.
What does that mean in terms of the day-to-day excitement that my clients love to hear the
details on? It means that turnkey one-bedroom condos at Yonge and Sheppard to King West
Village are enjoying multiple offers and over asking bidding. Condos and Lofts in general
400k and under are moving at a good pace as first time buyers jump in feet first before
another interest rate hike pushes their dream of ownership further away. This makes the market
great for sellers and a bit tricky for buyers who want to make an offer on a place that many
others feel the same way about. Each strong sale makes for an upward and more and more
difficult target for condo buyers.
At Yonge and Lawrence and the uptown districts, 90k over the asking is not quite enough to
buy you a three-bedroom semi that shows like Better Homes and Gardens. Multiple offers are
the name of the game and the most money wins for the “wow factor” homes. Semi-detached
homes have seen some huge jumps in value and are closing the gap on detached homes in
the same areas.
View / Print May 2006 Newsletter |
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WELL, WITH SUMMER A FLEETING MEMORY AND THE HOLIDAYS FAST APPROACHING,
I WONDER HOW IT IS POSSIBLE THAT TIME SEEMS TO GO BY QUICKER WITH EACH YEAR.
One question that has continued to come up
throughout the summer and into the fall is the one
about real estate market stability and whether
or not we will feel the pull of the downtrodden
US real estate market. It is forecasted that
Canada’s economy will continue to grow at a healthy pace with inflation remaining at a
steady level. Despite this some slack will build
in the Canadian economy due to the US
slowdown but our labour markets will remain
strong and demonstrate the continued strength
of the Canadian economy.
Economists for both the Toronto Real Estate
Board and CMHC agree that the Canadian
real estate market is a steady one based on
real rather than speculative factors. May right
through September of this year saw comparative
monthly increases from last year. Year over
year growth in Toronto is about 5% which is
not suggestive of a volatile or bubble market
such as Calgary at 43%. While the Toronto
market has 'cooled ' demand for housing in
certain more popular areas remains strong.
Although unit sales have reached a plateau in
the past few months and, as well, there is an
increase in supply, the term bubble would not
be appropriate but declaring that the Toronto
housing market has moved into a more
balanced position would be very a propos. A
bubble forms when there is a price rise without
supported supply and demand in the marketplace.
According to TD chief economist Don
Drummond our home prices are driven by
strong demand growth, the lowest unemployment
rate in 30 years, personal income gains in the past three years and attractive borrowing costs.
In addition to this supply has always been hard
pressed to keep up with demand so the
inventory of unsold homes has remained tight.
The opposite is true in the US with affordability
falling to a 20 year low. The cooling home prices in Central Canada suggest that a bubble
never formed. Healthy and consistent sales
trends have continued right through the fall
market which makes it an opportune time to
either purchase or sell in a very balanced
housing market. It is the perfect blend of solid
activity, healthy price growth and increased
inventory to choose from. According to TREB
President Dorothy Mason “There has never
been a better time to move up to your dream
home or get in the market for the first time.” As
always, I look forward to reporting back with
my quarterly newsletter and if you would like a
question answered or a concern addressed
please visit heatherhartthomes.com and send
me an email.
View / Print October 2006 Newsletter |
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THE CHANGING OF THE CLOCKS IS ALWAYS A REMINDER OF THE BLUSTERY FALL DAYS AHEAD
and as the temperature drops, we have to start thinking about boots and warmer coats. It also brings closure to a hectic September! I hope you had a wonderful summer with great times around family and friends. As always, the real estate market in Toronto chugs along nicely like a well oiled machine. no sign of a downturn i n sight. in fact if you are thinking of selling gien the lack of supply the timing couldn't be better! If I had something to sell it would be on the market pronto!
I am continually asked the question as to where Toronto stands in relation to the current downtrodden US real estate market. The subprime mortgage meltdown I am happy to report will ot make its way across the border anytime soon - if ever. The main reason is that Canadian lenders are very strict about debt ratios, income verification and credit checks. in addition, we continue to have a high demand relative to supply and there is a strong economy to back it up. It would be very difficult for the Canadian real estate market to follow that of the US.
View / Print October 2007 Newsletter |
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With the onset of the warm weather and hopefully the end of the rainy season, we can definitely
agree that summer is finally here. After a long and arduous winter with record snow falls it seems
long overdue! This was the worst year for not having a monthly snow removal contract! Well, with
a few chiropractic visits and a couple of Advils, I am back in fine form for the summer market. I
hope you all are looking forward to a fantastic summer ahead. Many of you have been asking how
the market is fairing due to continued concerns of a Canadian recession and the ongoing US
economic slump. I am happy to report that in our own micro market of Toronto (which is fortunately
somewhat immune to negative trends) sales and activity are still very strong. Due to the delay in mild
weather we experienced in April and May we are having an especially late spring market and I
expect sales will continue to be strong right through July.
View / Print July 2008 Newsletter
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