Local Businesses And Community Groups Join Together To Call On City To Improve Safety At Intersection Of Don Mills Road And Kern Road

Author: Toronto Real Estate Admin / Category: Toronto Realtor

TORONTO, February 8, 2018
Prominent local businesses and community organizations are calling on the City of Toronto to improve the safety of the intersection at Don Mills Road and Kern Road by installing a traffic signal.

“We have serious concerns about the safety of this intersection.  It has a long history of serious accidents, and an even longer history of close calls.  We are concerned that it may only be a matter of time before something tragic happens at this intersection,” said John DiMichele, Chief Executive Officer of the Toronto Real Estate Board (TREB).

The Toronto Real Estate Board, whose offices are located at the corner of Don Mills Road and Kern Road, is joined in calling for City action at this intersection, by numerous other businesses and community organizations in the same area, including:

  • Don Mills Children’s Centre
  • North York Community Christian Church
  • Met Scan Canada Inc.
  • Commerce Press Inc.
  • Bernstein Diet and Health Clinics

Together, these organizations have launched NoMoreCloseCalls.ca to help make the voices of the people who live, work, study, visit and drop off their children near this intersection heard.

“We have been asking the City to do something about this intersection for years, but unfortunately nothing has been done and accidents and close calls continue to happen. The number and speed of vehicles on Don Mills Road, along with other factors, make it very dangerous for vehicles attempting to turn from Kern Road, and for pedestrians trying to reach the TTC stops on either side of Don Mills Road,” said DiMichele.

The area surrounding the intersection of Don Mills Road and Kern Road includes several churches, child care facilities, schools and businesses that employ hundreds of people with thousands of visitors and customers.

Additional Quotes:

“The children that we care for travel through this intersection every day when they are dropped off and picked up. Their parents have expressed concerns about this intersection to us. Something needs to be done before something tragic happens.”

Sameah Noori, Don Mills Children’s Centre

“Our parishioners have told us many times that they are concerned about the safety of the intersection of Don Mills Road and Kern Road, especially our senior parishioner drivers. We don’t understand why the City has not done anything even though we have asked many times.”

Rev. Sunny Wong, North York Christian Community Church

“As a former Deputy Chief for the Toronto Police Service, I believe that the City needs to take a close look at the safety of the Don Mills Road and Kern Road intersection.  The many incidents and close calls that occur at this intersection cannot be ignored. Police cars from 33 division regularly monitor the traffic for hours a day from the east side parking lot noting the challenging traffic issues. This activity consumes officers time and could be used elsewhere if the intersection had a signalized light.”

Kim Derry, CEO and President, Met Scan Inc.

“Our employees travel through this intersection every day and they often feel unsafe making turns here. It’s time for the City to do something.”

Corey Elmaleh, Commerce Press Inc.

“When the people who use this intersection every day continuously raise concerns, the City should take heed. It’s time for action.”

Lenora Blackstein, Dr. Bernstein Diet and Health Clinics

Article source: http://www.trebhome.com/market_news/release_market_updates/news2018/nr_close_calls.htm

TREB Releases Market Year In Review & Ooutlook Report At Economic Summit

Author: Toronto Real Estate Admin / Category: Toronto Realtor

TORONTO, January 30, 2018
The Toronto Real Estate Board will release its annual Market Year in Review Outlook Report today at the Board’s Economic Summit.

This report captures statistics recorded through TREB’s MLS® System for 2017 and provides a market outlook for 2018, as well results from Ipsos consumer surveys and an economic impact analysis conducted by Altus. This information will help readers better understand our marketplace and the policy issues that inform it. Specifically, this edition focuses on questions of transportation and housing diversity in the broader Greater Golden Horseshoe Region and also shares some new research on how the real estate industry contributes to our economic engine.

Economic Impact

“On average, each residential transaction reported through TREB’s MLS® System in the GTA generates $68,275 in spin-off expenditures, according to recent analysis conducted by Altus Group. The real estate industry is a key contributor to our economy, with total annual spin-off expenditures close to $7 billion.  From the economic impact of TREB MLS® System transactions, to government revenues associated with residential sales, to the impact of the new construction sector, this new Altus research included in this report highlights the depth to which transactions involving GTA REALTORS positively impact our economy,” said TREB President Tim Syrianos.

2017 Year in Review

In 2017, annual residential sales were down compared to the record level set in 2016.  Total sales reported through TREB’s MLS® System amounted to 92,394 – down by 18 per cent compared to over 113,000 transactions in 2016.

Record sales in Q1 2017 were followed by a decline in Q2 and Q3 after the Ontario Fair Housing Plan (FHP) announcement and the associated psychological impacts.  The pace of sales picked up in Q4, as the impact of the FHP started to wane and some buyers arguably brought forward their home purchase in response to the new Office of the Superintendent of Financial Institutions (OSFI) stress test guidelines effective January 1, 2018.

Home prices and home price growth also differed throughout 2017.  Year-over-year average price growth of over 30 per cent was reported in the first quarter.  This was arguably one of the triggers that prompted the announcement of the FHP. Following the onset of the FHP, sales declining and listings increasing, market conditions started to balance out, with the annual rate of price growth moderating in the second half of the year.

The calendar year 2017 average selling price was up by 12.7 per cent annually to $822,681.  Although annual growth in the average price was generally positive on a year-over-basis throughout the year, the overall annual rate of growth was underpinned by pre-FHP transactions.

2018 Outlook

Looking forward, the forecast range for TREB MLS® sales in 2018 is between 85,000 and 95,000. The midpoint of this range suggests an annual sales count slightly lower than the 2017 total.  It is anticipated that year-over-year declines will be more pronounced in the first four months of 2018, as comparisons are made to the record pace of sales at the beginning of 2017.  Conversely, sales are expected to be up on a year-over-year basis as we move through the late spring and summer months.

Ipsos polling of intending buyers supports a flatter sales trend in 2018, with buying intentions lower compared to a year ago.  Of particular note is the dip in first-time buying intentions over the past year.  There remains a degree of uncertainty in the marketplace due to the psychological impact of the Ontario Fair Housing Plan and changes to mortgage lending guidelines.  First-time buyers are flexible – they can continue to rent or live with family, for example, while they decide when, where and what type of home they intend to purchase.

Changes to mortgage lending guidelines, including the OSFI-mandated stress test, will affect home buyers.  The Ipsos survey of intending buyers found that 26 per cent of intending buyers felt that they wouldn’t qualify for a mortgage two percentage points higher than the current market rate on their home of choice.  However, in response to the stress test, many intending buyers will change the type and/or location of home they are looking to purchase or potentially tap other down payment sources, rather than simply deciding not to purchase a home.

The forecast range for the average selling price in 2018 is between $800,000 and 850,000.  The midpoint of that range suggests a slight increase in the average selling price this year.  Similar to sales, year-over-year declines in the average selling price will likely be reported in some months during the first half of the year, as comparisons are made to the high price levels reported at the beginning of 2017.  During the second half of 2018, annual rates of price growth will be in the mid-single digits, with enough competition between buyers to see rates of growth above the rate of inflation.

The pace of home price growth will not be uniform across market segments in 2018.  Expect tight market conditions for condominium apartments to underpin continued double-digit rates of price growth in this market segment.  Conversely, the pace of growth for more expensive detached homes will be less brisk.

“Fundamental demand drivers promoting housing demand will remain in place in 2018, including immigration-driven population growth, job creation and low unemployment across a diversity of economic sectors.  However, we must be cognizant of the fact that, in the short term, higher borrowing costs and the effects of federal and provincial policy decisions will act as a drag on demand for ownership housing.  It is also probable that provincial rent control legislation will stunt the supply of available rental units, resulting in a continuation of average rent growth well-above the rate of inflation,” said Jason Mercer, TREB’s Director of Market Analysis.

Housing and Transportation Diversity Research

In addition to analyzing how market fundamentals influence demand, supply, and price growth, the report also includes several sections with new research focused on improving our regional transportation network. Studies from the C.D. Howe Institute and the Toronto Region Board of Trade, as well as submissions from government policymakers, including Toronto Mayor John  Tory and other GTA Regional Chairs and mayors, all serve to identify the main issues with, and present innovative, evidence-based approaches to, solving these problems.

“The transportation infrastructure in the Greater Golden Horseshoe needs improvement, especially if we’re to keep up with the demographic changes that continue to shape our region. This report is full of evidence-based research and data that can help to serve as the basis for implementing innovative and practical solutions to many of the transportation and transportation infrastructure problems we face today, which is critical, because waiting to solve these issues is not an option,” said TREB CEO John DiMichele. 

The report also features sections on the New Homes and Commercial market segments, and presents exciting research on the “Missing Middle” in housing from the Canadian Centre for Economic Analysis (CANCEA), which seeks to provide a new solution to address ongoing housing supply pressures in the region.

 

The complete report will be released publicly at 12:00 p.m. on January 30, 2018 on TREBhome.com.

Article source: http://www.trebhome.com/market_news/release_market_updates/news2018/nr_outlook_report_2018.htm

TREB Releases Rental Market Figures As Reported By GTA REALTORS®

Author: Toronto Real Estate Admin / Category: Toronto Realtor

TORONTO, January 22, 2018 — Toronto Real Estate Board President Tim Syrianos announced that average rents for one-bedroom and two-bedroom condominium apartment rents were up very strongly on a year-over-year basis in the fourth quarter of 2017, based on transactions reported by Greater Toronto REALTORS® through TREB’s MLS® System.

The average rent for one-bedroom condominium apartments in the TREB market area was up by 10.9 per cent on an annual basis to $1,970 in Q4 2017. The average two-bedroom condominium apartment rent was up by 8.8 per cent over the same period to $2,627.

“As the population in the GTA continues to grow, so too does the demand for rental accommodation. The problem is that rental supply has not kept up with the increase in demand in recent years. The result has been low vacancy rates and intense competition between renters for available units. This competition has underpinned very strong growth in average rents,” said Mr. Syrianos.

The number of condominium apartments listed during the fourth quarter was down by 3.4 per cent compared to Q4 2016. The number of units leased was down by 0.7 per cent. Because the vacancy rate was less than one per cent for condominium apartments in the fall of 2017, a dip in the number of apartments listed for rent translated through into a dip in the number of lease agreements signed.

“Looking forward, we continue to have concerns that rent control legislation announced in conjunction with the Ontario Fair Housing Plan will preclude additional rental supply coming on stream, both in the purpose-built and investor-held condominium apartment segments. Going further, it is possible that current owners of condominium apartments could choose to list their units for sale to take advantage of recent price gains rather than rent their units to tenants under the new rent control regime,” said Jason Mercer, TREB’s Director of Market Analysis.

Article source: http://www.trebhome.com/market_news/release_market_updates/news2017/nr_rental_report_Q4-2017.htm

TREB Releases Condo Market Figures As Reported By GTA REALTORS®

Author: Toronto Real Estate Admin / Category: Toronto Realtor

TORONTO, January 22, 2018 — Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 5,773 condominium apartment sales through TREB’s MLS® System in the fourth quarter of 2017.  This result was down by 15.4 per cent compared to the last three months of 2016.

Over the same period, new condominium apartment listings were up by 9.8 per cent to 8,186.  While sales were down relative to listings, market conditions still remained tight, with a sales-to-new listings ratio of 70 per cent.

“Demand for condominium apartments remained strong relative to listings in the fourth quarter.  Even with the uptick in listings, which was certainly welcome, there was enough competition between buyers to prompt double-digit annual rates of price growth.  This points to the fact that we still do have a supply problem in the GTA that needs to be addressed to ensure the long term sustainability of the marketplace,” said Mr. Syrianos.

The average selling price for condominium apartments was up by 17.9 per cent year-over-year in the fourth quarter to $515,816.  While this annual rate of growth was down from earlier in 2017, the condominium apartment segment was still the leader in terms of price growth in the second half of the year.

“Seller’s market conditions remained in place for the condominium apartment market segment in the fourth quarter.  Based on price point, this housing type remains top of mind for many first-time buyers.  In addition, as home prices have grown year-over-year some buyers who initially may have considered the purchase of a low-rise home have chosen to purchase a condo apartment as well,” said Jason Mercer, TREB’s Director of Market Analysis.

Article source: http://www.trebhome.com/market_news/release_market_updates/news2017/nr_condo_report_Q4-2017.htm

TREB Releases Commercial Market Figures Reported By GTA REALTORS®

Author: Toronto Real Estate Admin / Category: Toronto Realtor

TORONTO, January 4, 2018 — Toronto Real Estate Board President Tim Syrianos announced commercial leasing and sales statistics reported through TREB’s MLS® System for the fourth quarter of 2017.

TREB Commercial Network Members reported 5,985,841 square feet of combined industrial, commercial/retail and office space leased through TREB’s MLS® System.  This result was up from 5,824,485 square feet leased during the last three months of 2016.

The great majority of leased square footage was accounted for by the industrial market segment, at 75 per cent of the total, or approximately 4.5 million square feet.  This result was down slightly compared to Q4 2016.

Average lease rates reported on a per square foot net basis for transactions with pricing disclosed were up for all major market segments.  The average industrial and commercial/retail lease rates remained at similar levels to last year, whereas the average office lease rate was up by a more substantial annual rate.  Much of the growth in the office lease rate was accounted for by a different mix of space leasing in larger size categories compared to 2016.

“The fact that Q4 2017 leasing activity was up compared to last year is a positive sign and is in line with the consensus view that economic growth in Canada will remain relatively strong in the coming year with business investment intentions remaining positive.   Businesses take on new space when they are confident that their business will expand in the future,” said Mr. Syrianos.

Combined industrial, commercial/retail and office sales reported by TREB Commercial Network Members amounted to 211 in Q4 2017 – down from a total of 366 sales reported in Q4 2016. Average sale prices on a per square foot basis for transactions with pricing disclosed were up for the industrial and office market segments and down for the commercial/retail segment.  Year-over-year changes in selling prices were due to both market conditions and changes in the mix of properties sold.  For office properties in particular, a change in the mix of properties sold between Q4 2016 and Q4 2017 was a major factor.

Article source: http://www.trebhome.com/market_news/release_market_updates/news2017/nr_comm_watch_1217.htm

TREB Releases Commercial Market Figures As Reported By GTA REALTORS®

Author: Toronto Real Estate Admin / Category: Toronto Realtor

TORONTO, December 5, 2017 — Toronto Real Estate Board President Tim Syrianos announced that TREB Commercial Network Members reported over 378,000 square feet of combined industrial, commercial/retail and office space leased through TREB’s MLS® System in November 2017.  This result was up by almost 30 per cent compared to November 2016.

Over 70 per cent of leased space was accounted for by the industrial market segment, followed by the commercial/retail and office market segments respectively.

Average lease rates for properties transacted on a per square foot net basis with pricing disclosed were up for all three major market segments. Market conditions are one factor influencing changes in lease rates.  Another factor is the change in the type, size and location of lease transactions over time.  Both of these factors likely played into the year-over-year lease rate increases.

“It was positive news that the amount of space leased in November was up compared to last year.  However, it is important to point out that we do see volatility in the number and size of transactions from month to month.  Over the longer term, demand for commercial space is driven by the prospects for economic growth.  Right now the Canadian economy, and southern Ontario therein, is performing very well from a global perspective.  It makes sense that we would see strong demand for commercial space moving forward, both from existing firms in the GTA and firms who are looking to locate in our diverse economic region,” said Mr. Syrianos.

Total industrial, commercial/retail and office sales reported through TREB’s MLS® System amounted to 50 – down from 55 reported in November 2016.  The mix of sale transactions for the industrial and office segments changed notably between November 2016 and November 2017.  This was the main factor underlying the large annual changes in lease rates for these market segments, rather than a shift in market conditions.

Article source: http://trebhome.com/market_news/release_market_updates/news2017/nr_comm_watch_1117.htm

REALTORS® Recognize National Housing Day by Raising Awareness of Important Housing Issues

Author: Toronto Real Estate Admin / Category: Toronto Realtor

TORONTO, November 22, 2017 — With November 22, 2017 formally recognized as National Housing Day, the Toronto Real Estate Board (TREB) is proud to be doing its part to raise awareness of important housing issues.

“Adequate housing is fundamental to society, and the housing market plays a key role in our local, provincial and federal economies. National Housing Day is an opportunity to have a conversation about important housing issues and needs,” said Tim Syrianos, TREB President.

In this spirit, over the last two days, volunteer TREB Member REALTOR® representatives met with numerous MPPs at Queen’s Park to provide them with information on the state of the housing market, as well as several important public policy issues related to housing.

“TREB believes that it is important to contribute to the development of public policy on housing. That’s why we have made it a priority over the last year to work with all levels of government as they have considered various public policies relevant to housing markets,” added Syrianos.

In recent months, TREB has participated in provincial and municipal housing working groups to help formulate policy intended to keep housing and home ownership affordable and accessible.

“Realtors will continue to contribute to housing policy discussions.  In particular, TREB will be releasing our annual Market Year in Review and Outlook on January 30, 2018. The report will contribute valuable information and dialogue to the important housing issues facing the Greater Toronto Area, including consumer home buying intentions,” said Syrianos.

More information on this report and an associated media event to present the details will be made available in the coming weeks.

Article source: http://www.trebhome.com/market_news/release_market_updates/news2017/nr_nhd2017_112217.htm

TREB Provides Input to City Council on Short-Term Rental Housing Regulation

Author: Toronto Real Estate Admin / Category: Toronto Realtor

TORONTO, November 14, 2017 — With the City of Toronto’s Planning and Growth Management Committee holding public hearings, today, on proposals to regulate short-term rental housing accommodations, the Toronto Real Estate Board (TREB) has submitted formal comments on this issue to City Councillors.

“TREB supports innovation in the economy and believes that, with fair and equitable regulatory oversight, the home sharing economy can provide valuable economic benefits; however, it is important to ensure that new practices do not have unintended negative consequences on public policy priorities, and that regulation and taxation is applied in a fair and equitable manner”, said Tim Syrianos, TREB President.

TREB’s submission to Toronto City Councillors supports the principle of the sharing economy, but raised various concerns that it believes should be considered by City Council.  In particular, TREB shares concerns that have been raised by municipalities, and others, about the impact of the home sharing economy on the supply of affordable rental housing, and potential other unintended consequences such as impacts on surrounding property owners and/or tenants.

“The supply of affordable housing in Toronto and across the GTA is one of the most significant issues facing our region. Municipal decision makers must consider this priority when reviewing potential regulation of short-term rental housing. The City’s proposal to limit short-term rental housing to a principal residence is an interesting approach that deserves consideration,” said Syrianos.

TREB has also noted that, in the spirit of fair and equitable taxation and regulation, City Council should consider how best to maintain a level playing field between the home sharing economy and other options.

“There are many angles to consider with regard to the sharing economy and the short-term rental market, not the least of which is fair taxation to ensure that all providers of short-term accommodation are treated equitably,” added Syrianos.

Article source: http://www.trebhome.com/market_news/release_market_updates/news2017/nr_short-term-rental_111417.htm

TREB Releases Monthly Market Figures Reported By GTA REALTORS®

Author: Toronto Real Estate Admin / Category: Toronto Realtor

TORONTO, November 2, 2017 — Toronto Real Estate Board President Tim Syrianos reported 7,118 residential sales through TREB’s MLS® System in October 2017.  This result represented an above-average increase between September and October of almost 12 per cent, pointing to stronger fall market conditions.

On a year-over-year basis, October sales were down compared to 9,715 transactions in October 2016.  Total sales reported through the first 10 months of 2017 amounted to 80,198 – down from 99,233 for the same time period in 2016.

“Every year we generally see a jump in sales between September and October.  However, this year that increase was more pronounced than usual compared to the previous ten years.  So, while the number of transactions was still down relative to last year’s record pace, it certainly does appear that sales momentum is picking up,” said Mr. Syrianos.

The MLS® Home Price Index Composite benchmark price was up by 9.7 per cent on a year-over-year basis in October.  Annual rates of price growth were strongest for townhouses and condominium apartments.  The average selling price for October transactions was $780,104 – up by 2.3 per cent compared to the average of $762,691 in October 2016.

“The housing market in the GTA has been impacted by a number of policy changes at the provincial and federal levels.  Similar to the track followed in the Greater Vancouver Area, it appears that the psychological impact of the Fair Housing Plan, including the tax on foreign buyers, is starting to unwind,” said Jason Mercer, TREB’s Director of Market Analysis.

“TREB will be undertaking its annual consumer polling process over the last two months of 2017.  This polling will include research into the impact of recent and proposed government policy changes on consumer intentions to buy and sell homes in the GTA, including the impacts of the new OSFI guideline and a potential vacancy tax in the City of Toronto.  In addition, TREB continues to work with different levels of government on solutions to the long-term housing supply issues in the region,” added Mr. Syrianos.

Article source: http://www.trebhome.com/market_news/release_market_updates/news2017/nr_market_watch_1017.htm

TREB Releases Q3 Rental Market Figures Reported By GTA REALTORS®

Author: Toronto Real Estate Admin / Category: Toronto Realtor

TORONTO, October 23, 2017 — Toronto Real Estate Board President Tim Syrianos announced that year-over-year increases in average rents for condominium apartments were up very strongly in the third quarter, based on rental transactions reported by Greater Toronto REALTORS® through TREB’s MLS® System.

The average rent for one-bedroom condominium apartments in the TREB market area was up by 11.2 per cent on an annual basis to $1,976 in Q3 2017.  The average two-bedroom condominium apartment rent was up by 7.7 per cent over the same period to $2,607.

“Competition between renters remained very strong for available units in Q3.  It is clear that supply is part of the issue.  Different levels of government have committed to looking at housing supply through the policy lens.  TREB has participated in these policy discussions and looks forward to continuing the dialogue.  To this end, TREB does have concerns that increased rent controls and a possible vacancy tax in the City of Toronto could serve to reduce the supply of available rental units as potential investors look to less-regulated sectors in which to invest,” said Mr. Syrianos.

The number of condominium apartments listed during the third quarter and the number of rental agreements signed were down by similar amounts on a year-over-year basis.

“It is reasonable to assume that the vacancy rate for condominium apartments has trended lower this year.  If the current relationship between rental demand and supply remains in place moving forward, rent increases for available units will continue to trend well-above the rate of inflation.  Economic and demographic trends suggest that rental demand will increase and there are real concerns that the already constrained supply of units for rent could get worse,” said Jason Mercer, TREB’s Director of Market Analysis.

Article source: http://www.trebhome.com/market_news/release_market_updates/news2017/nr_rental_report_Q3-2017.htm