Monthly Archives: January 2011

GTA Market Report – Jan. 24, 2011

Toronto Home Sales Chart

Signs of “early spring”

Three weeks into 2011, and the January housing market is giving all the signs of the typical “early spring.” In demand areas like central Toronto, the new listings are being reviewed anxiously by buyers looking for the first perfect home of the season.

In one of our Toronto neighbourhood searches, seven homes have sold in the last three weeks, at sale prices ranging from 100% of asking, to 12% over asking price. In another, broader search, we saw that 13 out of 25 homes sold went over their asking price, during the last seven days.

These results are not unusual in spring markets. Our chart (above) shows a projection of what GTA sale prices may look like during the next 12 months. The dotted line is simply a projection of average month-to-month changes… the real figures will doubtless vary, with some months going higher and others lower.

Mortgage update

Interest rates continue to be low. The federal government’s recent rule-tightening will remind home buyers to be prudent, while directly affecting only a small percentage of borrowers. Given the mixed signals coming from the US economy, it’s a good bet that higher rates – when they do come – will be seen as a welcome sign of brighter days ahead.

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Real estate basics: The Sign

This winter, as you may know, our brokerage has rebranded itself, with a new name, new graphics, and a new focus on core values. In keeping with the theme of renewal, we’ll be posting some occasional pieces that drill down to explore the bedrock of real estate practice…

Here’s a short video that helps explain what we look for in that iconic emblem of real estate, the sign. Enjoy!

Transit deserts and the “three cities”

 

Map 2. Transit deserts w City 3 overlay

Researchers at the U of T’s Martin Prosperity Institute have used a unique “transit scoring” system to compare Toronto neighbourhoods’ access to public transit. The results were then overlayed with the income levels mapped in the recent “Three Cities” report headed by Prof. David Hulchanski. The results show that Toronto’s poorest neighbourhoods are also the city’s “transit deserts.” This is pretty convincing evidence that investing in a greater distribution of public transit services should be one of Toronto’s top priorities. 

You can read the MPI’s transit report here, and the our summary of the Three Cities report here.