Wednesday, April 27, 2016

Vancouver Housing Market Heading Towards Problematic Conditions Due To Soaring Home Prices



Toronto Harbourfront Condos For Sale/Rent Downtown
Toronto Harbourfront Condos Sale/Rent

Canada's Federal Housing Agency Warns About Vancouver Soaring Home Prices.

Vancouver's Housing Market due to higher average prices is outstripping economic fundamentals in the region.

The single-detached average Home prices are now at levels much higher than can be supported by economic, demographic and financial fundamentals.

The average income Vancouver Home buyer can just not afford a Home and now must turn to Condos as an alternate or move to the suburbs for some financial relief.

The Canadian Mortgage and Housing Corporation notes that demand for Homes remains very strong but inventories of both new and resale Vancouver Homes have been declining resulting in higher prices.

Vancouver Home sales hit an all-time record in March, soaring 56% above the ten year average.

In Toronto the Canadian Mortgage and Housing Corporation pointed to the growing price gap between single-family Toronto Homes and Condos.

View the latest Toronto Harbourfront Condos for sale.

Iris Li, Toronto Condos Realtor specializes in Toronto Downtown Condo Listings, both new and resale.

Let us help you find that luxury new or resale Toronto Condominium.

Call/Text Iris Today!


www.BuySellTorontoRealEstate.Com


Friday, April 22, 2016

Three Reasons Why Toronto And Vancouver Home Prices Continue To Rise


Toronto Harbourfront Condos Downtown Toronto
Toronto Harbourfront Condos Sale/Rent

 Three Reasons Fueling Higher Home Prices In Toronto And Vancouver


Anyone trying to buy a Toronto Home in the last several months understands just how many home buyers want the same house, especially detached.

Toronto Homes listed at below market prices usually end up selling for $100,000+ over asking price and in short order as well.

Affordability for Home buyers in Toronto and Vancouver is the worst ever according to several industry professionals.

  • Average price of a Toronto Area Home 10 years ago $375,000, now $910,375 increase 2.5 times the average price
  • Average price of a Vancouver Area Home now $1,342,500 increasing 112% from 10 years ago
Here are Three Reasons Why Toronto And Vancouver Home Prices Rise

Tight Supply:

In Toronto active listings dropped 21% in march while Metro Vancouver residential listings dropped 41% compared to a year ago.

Interest Rates:

The Bank of Canada is keeping the lending rates near the lowest levels in years.

Foreign Buyers:

Foreign buyers are making big purchases according to The Canada Mortgage and Housing Corporation. The National Bank estimates Chinese buyers represent 33% of Vancouver Housing Market purchases.

View the latest Toronto Harbourfront Condos for sale.

Iris Li, Toronto Condos Realtor specializes in Toronto Downtown Condo Listings, both new and resale.

Let us help you find that luxury new or resale Toronto Condominium.


Call/Text Iris Today!


www.BuySellTorontoRealEstate.Com

 


Sunday, April 17, 2016

Yonge And Bloor Condos For Sale/Rent Toronto

Yonge And Bloor Condos For Sale/Rent
Yonge And Bloor Condos For Sale/Rent

Yonge and Bloor Condos-Average Sale Price and Lease Price


Today, we viewed 150 Condos for sale and rent in the ever popular Yonge and Bloor area and pulled up some average prices.

  • Yonge Bloor Condos For Sale: Average price $1,039,584
  • Yonge Bloor Condos For Lease: Average price $2,879.98
The asking price for these Condos was a high of $12,900,000 and a low of $318,000.

The asking lease rates were a high of $15,000 and a low of $1,820.

I will try and do the Yorkville area next for comparison.

View the latest Yonge and Bloor Condos For Sale/Rent.



Iris Li, Toronto Condos Realtor specializes in Yonge And Eglinton Condos For Sale both new and resale.

Let us help you find that luxury new or resale Toronto Condominium.


Call/Text Iris Today!


Related: 

Toronto Downtown Condos Average Price March 2016

Wednesday, April 06, 2016

Toronto Condo/Home Average Price March 2016

 
Chaz Condos Yorkville For Sale/Rent
Chaz Condos For Sale/Rent



Detached Toronto Homes prices in the City of Toronto increased by 12.4% in March, for an average price of $1,174,358.

Average Price growth for Toronto MLS listings continued for low-rise Toronto Homes due to -20.7% fewer listings compared to March 2015.



Toronto Condo sales increased by 20.7% with the average price reaching $416,251 rising 4.3% as well, from the same time last year.

The average price for all Toronto Home types including Detached,Semi-Detached,Townhouses and Condos was $688,181, up 12.1% compared to March 2015.

Toronto Home Types Average Price March 2016:


  • Toronto Detached Homes- $1,174,358 Up 12.4%
  • Toronto Semi-Detached Homes - $817,611, Up 12.9%
  • Toronto Townhouses- $623,534, Up 13.9%
  • Toronto Condos-$416,251, Up 4.3%




Iris Li, Toronto Condos Realtor specializes in Yonge And Eglinton Condos For Sale both new and resale.

Let us help you find that luxury new or resale Toronto Condominium.


Call/Text Iris Today!

Wednesday, March 16, 2016

Toronto And Vancouver Home Sales Set Record In February


Cinema Towers Condos For Sale Toronto
Cinema Towers Condos For Sale


It was a record pace for both Toronto Home sales and Vancouver Home sales during the month of February, 2016.

Home buyers were out in force pushing the average Toronto Home price up by 11 per cent while Vancouver Home buyers set the record pace by a 27 per cent increase in average Home price.

It appears unseasonably warm weather and low interest rates for Home mortgages kept Home buyers buying.

With so many Home buyers chasing fewer Home, prices continued to rise, so much so that RBC economists have expressed  concern about Housing affordability as Homes fall out of reach of Home buyers with just average incomes.

In the City of Toronto the average price for a single detached Home was $1.2 million, up 16 percent and the average price of a detached Vancouver Home was $1.3 million, up 27 percent.

In Toronto many Home buyers will have to consider Downtown Toronto Condos that are more in the price range of many buyers, both first-time Home buyers and new Residents to Toronto.

Pictured Above: Cinema Tower Condos Toronto.

Iris Li, Toronto Condos Realtor specializes in Yonge And Eglinton Condos For Sale both new and resale.

Let us help you find that luxury new or resale Toronto Condominium.

Call/Text Iris Today!


Related:

Toronto Downtown Condos Average Price February 2016

Friday, March 04, 2016

Toronto Homes And Toronto Condos Average Price February 2016

 
5 St Josephs St Condos For Sale,Toronto
5 St Josephs St Condos For Sale


5 St Josephs St Condos For Sale,Toronto
5 St Josephs St Condos For Sale


Detached Toronto Homes prices in the City of Toronto increased by 16.3% in February, for an average price of $1,211,459.

Average Price growth for Toronto MLS listings continued for low-rise Toronto Homes due to fewer listings.



The biggest Toronto Condo district (C01) increased by 11.9% in average price to $475,106, up $47,831.

The second largest Toronto Condo district (C08) increased by 7.15% in average price to $459,279, up $30,658 from a year ago.


Toronto Condo sales increased by 25.6% with the average price reaching $435,579 rising 17.8% as well, from the same time last year.

The average price for all Toronto Home types including Detached,Semi-Detached,Townhouses and Condos was $685,278, up 14.9% compared to February 2015.



Toronto Home Types Average Price February 2016:


  • Toronto Detached Homes- $1,211,459 Up 16.3%
  • Toronto Semi-Detached Homes - $848,835, Up 20.7%
  • Toronto Townhouses- $578,667, Up 13.9%
  • Toronto Condos-$435,579, Up 17.8%
Iris Li, Toronto Condos Realtor specializes in Yonge And Eglinton Condos For Sale both new and resale.

Let us help you find that luxury new or resale Toronto Condominium.

Call/Text Iris Today!


Related:

Toronto Downtown Condos Average Price February 2016



Tuesday, March 01, 2016

Toronto Home Buyers Turning Towards Condos In Expensive Housing Market


Toronto Downtown Harbourfront Condos For Sale
Toronto Harbourfront Condos For Sale


A recent Bank report showed that Vancouver and Toronto housing markets are fast becoming unaffordable

The cost to carry a Detached Vancouver Home is more than the average household can make in a year.

Toronto is following close behind Vancouver as Toronto Homes increase in price due to fewer listings.

According to the report 32 per cent of pre-tax household income should go to home ownership costs that include mortgage payments, utilities and property taxes.

In Vancouver Home buyers would need $160,000 in qualifying income for an average residential property including Condominiums or $215,000 for a Detached Vancouver Home.

In Toronto based on median income the average single detached Home would take 71 per cent of pre-tax household income.

Iris Li, Toronto Condos Realtor specializes in Yonge And Eglinton Condos For Sale both new and resale.

Let us help you find that luxury new or resale Toronto Condominium.

Call/Text Iris Today!


Related:

Toronto Harbourfront Condos For Sale/Rent

Tuesday, February 16, 2016

The Average Price Of Canadian Homes Soar to $470,297,Up By 17%




Canadian Home average prices soared in January according to the Canadian Real Estate Association.

Toronto Home prices and Vancouver Home prices are leading the total Canadian Home prices higher.

Taking out both Toronto and Vancouver from the totals, the average Canadian Home  price drops to $338,392 in January and the average percentage increase drops to 8%.

Taking out Ontario and British Columbia the results are even weaker with an average Home price of $286,911, a drop of 0.3% from the January results.

Iris Li, Toronto Condos Realtor specializes in Yonge And Eglinton Condos For Sale both new and resale.

Let us help you find that luxury new or resale Toronto Condominium.

Call/Text Iris Today!

Related:

Toronto Downtown Condos Average Price January 2016