Toronto Loft Conversions

Toronto Loft Conversions

I know classic brick and beam lofts! From warehouses to factories to churches, Laurin will help you find your perfect new loft.

Modern Toronto Lofts

Modern Toronto Lofts

Not just converted lofts, I can help you find the latest cool and modern space. There are tons of new urban spaces across the city.

Unique Toronto Homes

Unique Toronto Homes

More than just lofts, I can also help you find that perfect house. From the latest architectural marvel to a piece of our Victorian past, the best and most creative spaces abound.

Condos in Toronto

Condos in Toronto

I started off selling mainly condos, helping first time buyers get a foothold in the Toronto real estate market. Now working with investors and helping empty nesters find that perfect luxury suite.

Toronto Real Estate

Toronto Real Estate

For all of your Toronto real estate needs, contact Laurin. I am dedicated to helping you find that perfect and unique new home to call your own.

 

GTA new home sales jump dramatically

Tony Wong – Yourhome.ca

This time last year new home sales in the Greater Toronto Area were on life support. The economic meltdown had withered away consumer confidence.

But the first quarter of this year is telling a vastly different story. First quarter home sales were up by more than double, to 9,984 sales or a 224% increase, according to figures released by the Building, Industry & Land Development Association Monday.

A much improved economic outlook, and consumers rushing into the new home industry to beat higher interest rates, new taxes and more tighter mortgage rules helped to boost sales, said BILD president Stephen Dupuis.

“Everybody’s trying to beat something, and it looks like they are succeeding.”

In March alone, buyers purchased 4,444 new homes and condos, the highest total for any month since July 2007.

March sales doubled the sales of 2009, when sales were in the doldrums. But they were also up by 43% compared to 2008, which was considered a very good year.

“Demand at this point can be seen as outstripping fundamentals,” said Brian Johnston, president of Monarch Corp., Canada’s oldest home builder. “What we’re likely doing is robbing the future to sell homes now as we see the last of the historically low interest rate mortgages work their way through the system.”

Industry analysts say the market is in for at least another good month in April, as buyers rush in before interest rates start to gain momentum. The major banks have been slowly raising rates, with the Royal Bank moving up their fixed five year rate by a quarter percentage point last week, the second jump in less than a month. Other banks have followed suit with a five-year closed fixed rate now at 6.10%.

Monday was also the deadline before new tighter federal regulations kicked in requiring borrowers to meet the standards for a five-year fixed mortgage even if they are choosing a shorter term.

Buyers are also trying to avoid a new Harmonized Sales Tax in Ontario, which will add thousands to the cost of new homes.

The rush to buy property in the first half of the year means the second year should be slower, say analysts.

“This should eventually work its way into putting the housing market into a more balanced range,” Ian Pollick, portfolio strategist for TD Securities, said in a note.

Johnston said slightly higher interest rates should help to cool off what he and some other analysts feel is on the verge of becoming an overheated market.

“Higher rates will help to have the air come out slowly in the market,” said Johnston. A recent Monarch low rise project in Markham of 100 homes sold 70% of their inventory in two weeks, said the developer.

“We certainly aren’t complaining, but it’s not good when the market gets too far ahead of itself because we’ve all seen that movie before and how it ends.”

Existing home sales have also been sturdy in the Toronto market.

The Toronto Real Estate Board reported 4,601 sales during the first two weeks of April, representing a 25% increase over the same period last year.

However, new listings, which have been a problem in the market, were up by 48%, suggesting more vendors are confident in placing homes on the market.

“As home buyers experience more choice in the marketplace, there will be less upward pressure on the average selling price,” said Jason Mercer, TREB’s senior manager of market analysis.

The average price for April mid-month transactions was $430,271, up 12% compared to the same time last year.

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Contact the Jeffrey Team for more information¬† –¬† 416-388-1960

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