E.B.Dungey Realty Ltd. Brokerage

TORONTO, October 18, 2018 — Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® continued to report robust average annual rent increases for condominium apartments during the third quarter 2018 compared to Q3 2017.  The overall number of lease transactions for condominium apartments was also up by 5.8 per cent year-over-year to 9,215 in Q3 2018.

“Sustained population growth and low unemployment continued to drive demand for condominium apartment rentals in the GTA in the third quarter. Recent major investment announcements positively impacting the GTA economy will only further cement the demand for rental housing, as people move to the GTA to take advantage of quality job opportunities,” said Mr. Bhaura.

“Policy makers, including those running for election at the municipal level, need to identify and fix existing policies that are hampering the ability to bring more rental supply on line.  These same policy makers also have to develop new policies that could promote the development of more rental units moving forward,” added Mr. Bhaura.

The average one bedroom condominium apartment rent increased by 9.5 per cent on a year-over-year basis to $2,163 in Q3 2018. The number of one-bedroom condominium apartments leased through TREB’s MLS® system totaled 5,344 –  up 10.3 per cent compared to Q3 2017.

The average two-bedroom condominium apartment rent increased by 8.3 per cent on a year-over-year basis to $2,822 in Q3 2018. The number of two-bedroom condominium apartments leased through TREB’s MLS® System amounted to 3,289 – a 1.7 per cent decrease compared to Q3 2017.

“Average rents are continuing to increase at annual rates far beyond the rate of inflation in the GTA as rental demand remains very strong relative to the supply of units available. We will need to see a sustained period of time within which growth in the number of rental units listed outstrips growth in the number of units leased before we see the rental market return to balance. Policies like the 2017 expanded rent control provisions contained in the Fair Housing Plan will hinder sustained growth in the supply of rental units,” said Jason Mercer, TREB’s Director of Market Analysis.

Article source: http://www.trebhome.com/market_news/release_market_updates/news2018/nr_rental_report_Q3-2018.htm

TORONTO, October 19, 2018 — With municipal elections only days away, the Toronto Real Estate Board (TREB) has released recommendations on what newly elected councillors, mayors, and regional chairs across the Greater Toronto Area (GTA) can do to ensure housing affordability and choice for home buyers and renters.

TREB has also released the results of responses received from over 200 municipal election candidates from across the GTA. Candidates were asked to respond to a TREB survey asking for their views on key housing issues that are the subject of TREB’s recommendations. 

Both the policy briefs and candidate survey responses can be viewed at UnlockMyHousingOptions.com.

“A recent poll conducted by Ipsos Public Affairs showed that housing affordability was a top-of-mind issue for voters in this election. Housing affordability is a priority for voters, and they want it to be a priority for the incoming municipal councils. Based on the candidate survey responses that TREB received, it appears that housing affordability is also a priority for many candidates,” said Garry Bhaura, President of the Toronto Real Estate Board.

TREB sent a survey regarding housing-related issues to Toronto and GTA municipal candidates, and received responses from over 200 of them:

• 95% of responding candidates in Toronto, and 86% of responding GTA candidates, indicated that, if elected, they would advocate for updating municipal zoning by-laws and policies to encourage more medium density housing.
• 85% of responding Toronto candidates indicated that they would be willing to consider reforms to the Toronto Land Transfer Tax to adjust it for inflation. 84% of responding GTA candidates indicated that they would, if elected, oppose proposals for any new municipal land transfer tax.
• 85% of responding Toronto candidates, and 79% of responding GTA candidates, indicated that they would support efforts to reduce planning approval times and red tape to facilitate new housing supply.
• 97% of responding Toronto candidates, and 96% of responding GTA candidates, indicated that they would, if elected, advocate for funding from senior levels of government for infrastructure investments.

This week, TREB also released three new policy briefs on “missing middle” housing supply, housing-related municipal red tape, and infrastructure needs for housing supply , in addition to a brief issued earlier in the campaign on the impact of municipal land transfer taxes. TREB’s recommendations call for newly elected municipal councils to support the creation of much needed housing supply and options.  Specifically, TREB is calling on councils to

• review municipal zoning by-laws and consider changes to allow for more mid-density development such as townhomes.
• resist community opposition and work with neighbourhoods  by improving communication strategies to articulate the ability of mid-density developments to be seamlessly integrated into existing neighbourhoods.
• prevent any new municipal land transfer taxes in the rest of the GTA.
• reform the Toronto Land Transfer Tax to adjust the first-time home buyer rebate, and the threshold price at which the higher tax rate kicks in, for inflation, so both keep pace with the current average home price in Toronto now sitting at around $800,000.
• conduct reviews of municipal planning approval processes for new housing applications with a goal of streamlining and shortening the process.
• recognize the importance of infrastructure as it relates to housing supply and affordability, and move ahead with critical projects and investments such as regional transit as a key part of strategies targeted to addressing housing needs.

More detail on TREB’s recommendations, including the full policy briefs, are available at UnlockMyHousingOptions.com.

The individual responses on housing issues from the GTA candidates that TREB surveyed have been posted on UnlockMyHousingOptions.com. 

“TREB applauds candidates who put their names forward to be a part of the municipal election campaign, and we thank the over 200 candidates who took the time to respond to our survey. I invite you to visit UnlockMyHousingOptions.com to view how candidates responded and see how their responses compare to TREB’s position on issues of housing supply and choice. We look forward to working with those elected on October 22, 2018,” said Bhaura.

About the GTA Municipal Elections Poll

For this survey, a sample of 1,503 GTA residents from the Ipsos i-Say panel was interviewed from August 20 to 23, 2018. Quotas and weighting were employed to ensure that the sample’s composition reflects the overall population according to census information. The precision of online polls is measured using credibility interval. In this case, the results are accurate to within +/- 2.9 percentage points, 19 times out of 20, of what the results would have been had all adults in the GTA been polled. Credibility intervals are wider among subsets of the population.

About the Toronto Real Estate Board (TREB)

The Toronto Real Estate Board is a not-for-profit corporation founded in 1920 by a small group of real estate practitioners. Today, as Canada’s largest real estate board, TREB serves more than 50,000 licensed real estate Brokers and Salespersons in and about the Greater Toronto Area. TREB is the collective voice for both its commercial and residential REALTOR® Members and operates under the direction of an elected voluntary Board of 16 Directors.

Article source: http://www.trebhome.com/market_news/release_market_updates/news2018/nr_treb_ipsos_poll_4.htm

TORONTO, October 18, 2018 — Toronto Real Estate Board President Garry Bhaura announced that the average selling price for condominium apartments reported sold by Greater Toronto Area REALTORS® through TREB’s MLS ® System in the third quarter of 2018 was up by 8.4 per cent year-over-year to $552,269.  The MLS® Home Price Index (HPI) Apartment Benchmark Price was up by 10.1 per cent year-over-year to $506,300 in September 2018.

The highest average condominium apartment selling price was in the City of Toronto, at $594, 039.  This result was up 9.7% compared to Q3 2017. The MLS® HPI Apartment Benchmark Price for the City of Toronto was up by 11.5 per cent year-over-year to $535,600 in September 2018.

“Condominium apartments represent a relatively affordable home ownership option in the Greater Toronto Area, particularly for first-time buyers.  Looking forward, strong demand for condo apartments should continue as people move to the GTA to take advantage of quality job opportunities, including those jobs associated with recent investment announcements from well-known tech companies,” said Mr. Bhaura.

Total condominium apartment sales reported through TREB’s MLS® System amounted to 5,781 in Q3 2018 – up two per cent from 5,667 sales reported in Q3 2017. Conversely the number of new listings was down 2.1 per cent on a year-over-year basis.  The combination of increasing sales and decreasing new listings year-over-year points to tighter market conditions, supporting the current strong annual rates of price growth.

“Recent survey results from Ipsos revealed that the vast majority of young people in the GTA are concerned about home ownership. Nearly 92% of respondents agreed that the goal of home ownership is becoming more difficult for younger people in the city. With these insights in mind, it makes sense that relatively more affordable home ownership alternatives like condo apartments have been very popular with home buyers over the past year,” said Jason Mercer, TREB’s Director of Market Analysis.

Article source: http://www.trebhome.com/market_news/release_market_updates/news2018/nr_condo_report_Q3-2018.htm

TORONTO, October 2, 2018 — In the final set of Greater Toronto Area (GTA) Municipal Election Ipsos poll data released by the Building Industry and Land Development Association (BILD) and the Toronto Real Estate Board (TREB), there is great concern among GTA millennials that they will be unable to afford a home in the GTA; however, there is some optimism from this group regarding their views on housing supply for new residents. 

The concern about affordability is shared by GTA residents who also expressed a lack of confidence about the likelihood their children will be able to remain in the communities where they grew up. However, the results also reveal some optimism among millennials where housing supply for new residents is concerned.

“According to a recent Centre for Urban Research and Land Development study, there are about 730,000 millennials living in the Greater Toronto and Hamilton Area (GTHA) who may be planning to move on from living in their parents’ homes and from sharing a dwelling with roommates in the next ten years, potentially creating 500,000 new households,” said Dave Wilkes, BILD President and CEO.

Key results from the poll are as follows:

• When considering the issues in the upcoming municipal elections, Greater Toronto Area (GTA) residents said that they are concerned with the ability of today’s youth  to afford a home in the GTA, including::

• 94% of respondents between the ages of 18 to 35.
• 84% of respondents between the ages of 35 to 54.
• 80% of respondents age 55 plus.
• 88% of women and 82% of men.

• Interestingly, although millennials are concerned about the ability to own a home, they are also the most optimistic group regarding housing supply, with 41% of them believing that the GTA is well prepared to provide housing for the number of new residents that settle here every year.   That is substantially higher than those age 35 to 54 (31%) and those over 55 (27%).

• When picking a new home, 60% of GTA residents say they value a neighbourhood that is walkable and bikeable, in addition to being within close proximity to shopping, entertainment and government services. This is closely followed by those who prefer access to convenient transit (56%) and close proximity to work and school (54%).

• Nearly 7 out of 10 respondents feel that their children will be unable to afford a home in the community where they grew up. This group of respondents agrees that it is important for young families to be able to afford to live and work within the GTA without having to deal with long commutes.

• When asked, “To what extent do you strongly or somewhat agree or disagree with the following”:
• 92% agree that the dream of home ownership is becoming more difficult to achieve for young people living in my city.
• 86% agree that it is important that young families can afford to live and work within the GTA without having to commute over an hour to get to work.
• 39% agree that there are enough homes being built in my city to help keep housing affordable.
• 33% agree that the GTA is well prepared to provide housing for roughly 115,000 new residents that settle here each year.
• 33% agree that my children (or my friends’ children) will be able to afford a home in my community when they grow up.

“The best public policy is proactive, not reactive. We hope these poll results demonstrate that the time for municipal decision-makers to start thinking about housing choice and supply for all GTA residents who want to own a home is now,” said Garry Bhaura, President of the Toronto Real Estate Board.

“In the next decade, we are likely to be part of a significant housing shift in our region as a large wave of millennials start looking for a place to live of their own,” added Wilkes. “Add the estimated 115,000 new residents that come to the GTA every year and the area will see itself in a housing crisis. I urge voters and candidates to learn more about BILD’s recommendations at www.buildforgrowth.ca.”

“With a municipal election just a few short weeks away, the public has an opportunity to ask candidates to commit to policies that will make it easier to fill their housing needs. GTA home buyers do not have adequate choice in housing available for sale or rent and municipal government policy is one of the key reasons,” said John DiMichele, Chief Executive Officer of TREB. “They can visit UnlockMyHousingOptions.ca for a quick and easy way to send a short message to candidates, and the site does all the work for you,” continued DiMichele.

It is noteworthy that the Home Building Industry and REALTORS® have joined forces on this issue.

About the GTA Municipal Elections Poll

For this survey, a sample of 1,503 GTA residents from the Ipsos i-Say panel was interviewed from August 20 to 23, 2018. Quotas and weighting were employed to ensure that the sample’s composition reflects the overall population according to census information. The precision of online polls is measured using credibility interval. In this case, the results are accurate to within +/- 2.9 percentage points, 19 times out of 20, of what the results would have been had all adults in the GTA been polled. Credibility intervals are wider among subsets of the population.

About the Building Industry and Land Development Association (BILD)

With 1,500 member companies, BILD is the voice of the home building, land development and professional renovation industry in the Greater Toronto Area. The building and renovation industry provides $33 billion in investment value and employs 271,000 people in the region. BILD is proudly affiliated with the Ontario and Canadian Home Builders’ Associations.

About the Toronto Real Estate Board (TREB)

The Toronto Real Estate Board is a not-for-profit corporation founded in 1920 by a small group of real estate practitioners. Today, as Canada’s largest real estate board, TREB serves more than 50,000 licensed real estate Brokers and Salespersons in and about the Greater Toronto Area. TREB is the collective voice for both its commercial and residential REALTOR® Members and operates under the direction of an elected voluntary Board of 16 Directors.

Article source: http://www.trebhome.com/market_news/release_market_updates/news2018/nr_treb_ipsos_poll_2.htm

TORONTO, October 3, 2018 — Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported 6,455 sales through TREB’s MLS® System in September 2018 – up 1.9 per cent compared to September 2017.  The average selling price for September 2018 sales was up by 2.9 per cent over the same period to $796,786.  The MLS® HPI composite benchmark price was up by two per cent year-over-year.

New listings entered into TREB’s MLS® System in September 2018 amounted to 15,920 – down by 3.1 per cent compared to September 2017.  With sales up year-over-year and new listings down, market conditions became tighter.  Many buyers may have found it more difficult to find a home meeting their needs.

“It is healthy to see sales and prices in many areas across the Greater Toronto Area up a bit, compared to last year’s lows.  At the same, however, it is important to remember that TREB’s market area is made up of over 500 communities.  Market conditions have obviously unfolded differently across these communities.  This is why it’s important to work with a REALTOR® who is familiar with local market conditions in your areas of interest,” said Mr. Bhaura.

“While higher borrowing costs and tougher mortgage qualification rules have kept sales levels off the record pace set in 2016, many households remain positive about home ownership as a quality long-term investment. As the GTA population continues to grow, the real challenge in the housing market will be supply rather than demand. The Toronto Real Estate Board is especially concerned with issues affecting housing supply as we move towards municipal elections across the region,” added Mr. Bhaura.

On a monthly basis, after preliminary seasonal adjustment, sales edged up by 0.2 per cent in September 2018 compared to August 2018.  The average selling price, after preliminary seasonal adjustment, edged lower by 0.5 per cent month-over-month.

“Generally speaking, annual rates of price growth have been stronger for higher density home types in 2018, including condominium apartments, townhouses and semi-detached houses.  In many neighbourhoods, these home types provide more affordable home ownership options.  This is why a policy focus on increasing mid-density housing options throughout the GTA is important,” said Jason Mercer, TREB’s Director of Market Analysis.

Housing Issues in the Upcoming Municipal Elections

With a municipal election just a few weeks away, TREB is continuing to highlight key housing issues for the public to consider when voting and is providing an opportunity for voters to easily communicate about these issues with election candidates through a dedicated web site: UnLockMyHousingOptions.com.

TREB is also hosting an election forum for TREB Members with Toronto Mayoral candidates John Tory and Jennifer Keesmat on real estate and housing issues, on October 3, 2018, at Parkview Manor, beginning at 1:00 p,m. and the media is invited.  Each candidate will be addressing TREB Members and then taking questions, which will be moderated by John Moore, Host, Newstalk 1010.  The candidates will be addressing TREB Members about their views on housing issues.

“Polling done by Ipsos Public Affairs has shown that housing issues are top of mind for voters in this election, so we are excited to be hosting Mayor Tory and Ms. Keesmat to provide them an opportunity to present their views on this issue. TREB has been working hard to highlight housing issues in this election and this event will help to do that,” said  Mr. Bhaura.

Article source: http://www.trebhome.com/market_news/release_market_updates/news2018/nr_market_watch_0918.htm