E.B.Dungey Realty Ltd. Brokerage

TREB President’s Column as it appears every Friday in the Toronto Sun’s Resale Homes and Condos section.

January 20, 2015 — According to an annual study released recently by researchers from York University and the Canadian Alliance to End Homelessness, approximately 235,000 Canadians find themselves homeless each year, at a cost of $7 billion to the economy. One of the key factors contributing to the issue, suggests the State of Homelessness in Canada report, is a limited supply of affordable housing units.

Recognizing that residents who reach their full potential through happy, healthy lifestyles contribute to the long-term prosperity of our region, Greater Toronto REALTORS® are deeply committed to fostering opportunities all along the housing continuum, including those that relate to affordable housing.

In support of National Housing Day on November 21, the Toronto Real Estate Board, in cooperation with Toronto Community Housing Corporation (TCHC), Habitat for Humanity Greater Toronto Area, the City of Toronto Affordable Housing Office, and Evergreen City Works, brought together a panel of experts for a discussion that took a fresh look at affordable housing issues.

Held at Scadding Court Community Centre, the event began with a community breakfast and culminated with a tour of Alexandra Park’s revitalization project, which is undergoing a large-scale revitalization effort that will include bringing 1,540 new market units, 5,700 metres of retail space and improved pedestrian areas to the neighbourhood. An initiative spearheaded by Toronto Community Housing Corporation and Tridel, it illustrates the successful outcomes that can be achieved when partnerships to develop affordable housing solutions are formed between government, private enterprise and community residents.

Habitat for Humanity GTA’s Chief Executive Officer (CEO) Ene Underwood moderated the exchange of ideas between panelists Greg Spearn, Interim President and CEO of TCHC; Sean Gadon, Director of the City of Toronto’s Affordable Housing Office; Joe Vaccarro, CEO of the Ontario Home Builders’ Association; and Steve Rohacek, Senior Vice President of Municipal Business Development and Lending for Infrastructure Ontario.

The discussion, which focused on the innovation, partnerships and political leadership needed to facilitate affordable housing solutions, generated thought-provoking ideas and information. From new materials that make construction more cost-effective to ideas for greater cohesiveness among social housing organizations, panellists shared their thoughts on how to create more affordable housing opportunities within our city.

One sentiment that rang clear was the need for all levels of government to take ownership of the issue and work together towards solutions. Similarly, it was agreed that more opportunities to streamline regulations and to develop partnerships with private enterprise are needed.

Equally important is the central role that local residents play in revitalization efforts because by engaging stakeholders in the community to guide the process, developers can invest properly in the lives and future of people at the heart of affordable housing communities. Shared space for start-up businesses and community birthing facilities are just two examples of how revitalization efforts can contribute to a healthy economy while serving the needs of the community.

While Greater Toronto REALTORS® focus their efforts on bringing shelter to the people of our city, there are countless opportunities for you to make your mark in building a better GTA, and I encourage you to pursue them. To learn more about the many ways Greater Toronto REALTORS® are working to make a difference, please visit www.TorontoRealEstateBoard.com

Paul Etherington is President of the Toronto Real Estate Board, a professional association that represents 40,000 REALTORS® in the Greater Toronto Area.

Follow TREB on www.twitter.com/TREBhome, www.Facebook.com/TorontoRealEstateBoard and www.youtube.com/TREBChannel

Article source: http://www.torontorealestateboard.com/market_news/president_columns/pres_sun_col/index.htm

TORONTO, January 16, 2015 — Toronto Real Estate Board President Paul Etherington announced that fourth quarter 2014 condominium apartment rental transactions though the TorontoMLS system were up by 17 per cent to 5,036 compared to the fourth quarter of 2013.  Over the same period, the number of condominium apartments listed on TorontoMLS was also up, but by a lesser annual rate. 

“We have seen record condominium apartment completions over the last two years.  Many of these new apartments are owned by investors who have chosen to rent them out.  The increased supply of rental condos has been met by increased demand for these units, as renter households turn to the condominium apartment segment to find modern units in popular neighbourhoods,” said Mr. Etherington. 

“Increased rental demand has resulted from steady population growth in the Greater Toronto Area, as newcomers have been attracted to the region by its economic and ethno-cultural diversity,” continued Etherington. 

Average rents for popular one-bedroom and two-bedroom apartments were basically flat in the fourth quarter when compared to the same period in 2013.  The average one-bedroom rent was up by $10 year-over-year to $1609.  Over the same period, the average two-bedroom rent remained the same. 

“Average rents can be influenced by both changes in market conditions and changes in the type and geography of apartments rented from one period to the next.  Over the next few months, if we continue to see the growth in rental transactions outstrip the growth in units listed for rent, we will likely see a new upward trend in average rents,” said Jason Mercer, TREB’s Director of Market Analysis.

Article source: http://www.torontorealestateboard.com/market_news/release_market_updates/news2015/nr_rental_report_Q4-2014.htm

TORONTO, January 16, 2015 — Toronto Real Estate Board President Paul Etherington announced that there were 4,975 condominium apartment sales reported through the TorontoMLS system in the fourth quarter of 2014. This result was up by 8.3 per cent compared to the fourth quarter of 2013. 

“Demand for condominium apartments remained strong in the fourth quarter of 2014.  While the supply of condominium apartments listed for sale grew in the fourth quarter, including a large number of newly completed units, the number of sales grew at a faster pace.  Competition between buyers increased in the condo market over the past year,” said Mr. Etherington. 

“Interest in ownership housing in the GTA, including demand from first-time buyers in the condo market, is extremely strong.  The majority of households understand that a home purchase represents a quality long-term investment,” said Mr. Etherington. 

The average TorontoMLS selling price for a condominium apartment in the fourth quarter of 2014 was $367,199 – up 3.8 per cent compared to the average of $353,799 reported for the same period in 2013.

“Despite very strong condominium apartment completions over the last two years, we have not experienced a glut in inventory.  The number of buyers has more than kept up with the number of units available for sale.  This is why we continued to experience above-inflation average price growth in the condo segment,” said Jason Mercer, TREB’s Director of Market Analysis.

Article source: http://www.torontorealestateboard.com/market_news/release_market_updates/news2015/nr_condo_report_Q4-2014.htm

TORONTO, January 16, 2015 — Toronto Real Estate Board President Paul Etherington
announced that Greater Toronto Area REALTORS® reported 1,409 sales through the
TorontoMLS system during the first 14 days of January 2015. This result was up by 9.8
per cent compared to the same period in 2014. Sales were up on a year-over-year
basis for many of the low-rise home types and for condominium apartments as well.

“Despite the cold weather, home buyers remained quite active during the first two
weeks of the New Year. Households continued to take advantage of the diversity of
affordable housing options available throughout the Greater Toronto Area,” said Mr.
Etherington.

The average selling price for January mid-month transactions, at $510,532, was down
slightly in comparison to the same period last year.

“The slight dip in the average selling price reflects the fact that we saw a different mix of
homes sold this year compared to last year during the first two weeks of January, as
evidenced by a lower average listing price. The month-end MLS® HPI Composite
Benchmark price and the average selling price will provide a clearer view on prices,”
said Jason Mercer, TREB’s Director of Market Analysis.

Article source: http://www.torontorealestateboard.com/market_news/release_market_updates/news2015/nr_mid_month_0115.htm

TORONTO, January 13, 2014 — Greater Toronto REALTORS® kick off 2015 by providing grants to 60 different shelter-related charities throughout the Greater Toronto Area. 

“For the past seven consecutive years Greater Toronto REALTORS® have voted overwhelmingly in favour of participating in the Ontario REALTORS Care® Foundation’s ‘Every REALTOR®’ campaign,” said Toronto Real Estate Board President Paul Etherington. “The decision, which allowed the Toronto Real Estate Board to donate $485,410 to the Ontario REALTORS Care® Foundation on their behalf, is just one example of our Members’ commitment to fostering quality of life in the communities in which they live and work.” 

As a result of the Greater Toronto REALTORS’® donation, grants were provided to the following shelter-based charitable organizations:

360 Kids (Formerly Pathways for
Children, Youth, Families)

A.I.S. Accommodation, Information
Support

Belmont House Foundation

C.H.A.T.S. – Community Home
Assistance To Seniors – New

CAMH Foundation

Casey House

Christie Refugee Welcome Centre

Covenant House

Delisle Youth Services

Dorothy Ley Hospice/ Mississauga

Elspeth Heyworth Centre For
Women- New

Emily’s House – New

Ernestine’s Women’s Shelter/ Etobicoke

Eva’s Initiatives

Fife House – New

Fred Victor

Furniture Bank

Good Neighbours
Club – New

Habitat For Humanity Greater
Toronto Area

Horizons For Youth

Houselink Community Homes

Humewood House – New

Inn From The Cold

Interval House

Joanne’s House / Durham

Kennedy House Youth Services

Kinsa Foundation – New

Loft Community Services

Matthew House

Na-Me-Res

Nazareth House

New Leaf: Living And Learning

Our Place / Mississauga

People In Transition “My
Sister’s Place”

Red Door Family Shelter

Regeneration Outreach Community -
New

Ronald McDonald House Toronto

Safehaven – New

Sanctuary

Sandgate Women’s Shelter

Scarborough Women’s Centre

Seeds Of Hope Foundation

Sherbourne Health Centre

Southlake Regional Health Centre
Foundation – New

St. Matthew’s Bracondale
House

Street Haven

Street Health Community Nursing

The Redwood

The Salvation Army – Scarborough

Toronto Community Hostel- New

Toronto Foundation For Student
Success

Variety Children’s Charity – New

Ve’ahavta Foundation

Vitanova Foundation

Women’s Centre Of York Region

Yellow Brick House

York Region Centre For Community
Safety – New

Yorktown Women’s Shelter

Youth Without Shelter

YWCA Of Greater Toronto

Included among this year’s grant recipients was Habitat for Humanity Greater Toronto Area, which is currently building a home sponsored by Greater Toronto REALTORS® in the York Region municipality of Georgina. Greater Toronto REALTORS® have also participated in the construction of the home, setting one family on the path to a better life. 

“Our support of Habitat for Humanity Greater Toronto Area reflects the ideal that everyone should have a place to call their own,” said Mr. Etherington. “As REALTORS® we dedicate our lives to helping people achieve this important goal.”  

Recognizing that young people represent the city’s future, Greater Toronto REALTORS® also support a Children’s Breakfast Program operated in conjunction with the Toronto District School Board’s Toronto Foundation for Student Success.  Through sponsorship and volunteerism in the program they work to provide children in need with nutritious breakfasts to sustain their learning throughout every school day. 

Each year scholarships are also presented to four graduating high school students in the GTA, to be used towards their post-secondary education. In addition, a Ryerson University student is selected annually to receive a summer work placement and award.
 

“Through the Toronto Real Estate Board, brokerage initiatives and individual volunteerism, Greater Toronto REALTORS® routinely demonstrate that they’re dedicated to helping others, and in today’s globally competitive world, their work to build a better city benefits us all,” said Mr. Etherington.

Article source: http://www.torontorealestateboard.com/market_news/release_market_updates/news2015/nr_realtors_care_011315.htm

TORONTO, January 9, 2015 — Housing starts in the Toronto Census Metropolitan Area (CMA) trended lower at 25,509 units in December compared to 25,537 in November according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)¹ of housing starts.

“Toronto housing starts stabilized in December after trending lower for most of the second half of the year. Toronto posted 28,929 new housing starts in 2014, a decline of 14 per cent from 2013, which is mainly attributable to a downturn in condominium apartment pre-construction sales between mid-2012 and mid-2013,” said Andrew Scott, CMHC’s Toronto Senior Market Analyst. “Nonetheless, stronger pre-construction sales in 2014, supportive economic conditions and mortgage rates near historic lows will likely translate into higher starts in 2015 for the GTA”.

CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of the housing market. In some situations, analysing only SAAR data can be misleading in some markets, as they are largely driven by the multiples segment of the markets which can be quite variable from one month to the next.

The stand alone monthly SAAR was 26,398 units in December, up from 24,015 units in November. The increase was the result of more apartment starts this month.

The City of Toronto recorded the highest number of starts in December, made up of mostly apartments. The next highest municipality was Oakville, which saw a large number of apartment units begin construction. This was followed by Milton, where low-rise construction remained on its robust pace.

Preliminary Housing Starts data is also available in English and French at the following link: Preliminary Housing Starts Tables.

As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and advice to Canadian governments, consumers and the housing industry.

¹ All starts figures in this release, other than actual starts and the trend estimate, are seasonally adjusted annual rates (SAAR) — that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels. By removing seasonal ups and downs, seasonal adjustment allows for a comparison from one season to the next and from one month to the next. Reporting monthly figures at annual rates indicates the annual level of starts that would be obtained if the monthly pace was maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.

Information on this release:

Market Analysis Contact:

Andrew Scott
416-218-3460
alscott@cmhc.ca

Media Contact:

Beth Bailey
416-218-3355
bbailey@cmhc.ca

Follow CMHC on Twitter @CMHC_ca

Additional data is available upon request.

Source: CMHC
¹ Census Metropolitan Area
² The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR).
Detailed data available upon request

Source: CMHC

Source: CMHC

Article source: http://www.cmhc.ca/en/corp/nero/nere/2015/2015-01-09-0816b.cfm