Money Lull in Toronto’s housing gives buyers the upper hand

15:51  13 february  2018
15:51  13 february  2018 Source:   Toronto Star

What did the neighbours pay? Whitby homebuyers just found out the answer: a lot less

  What did the neighbours pay? Whitby homebuyers just found out the answer: a lot less Some Whitby home buyers are upset after neighbouring lots in a new development went on sale at much lower price. Planned homes in a new Whitby subdivision are on sale for up to $90,000 less than similar homes in the same development were a year ago.

More neighbourhoods are back in balance and buyers have the upper hand in others, says Zoocasa.

The dip in Toronto ' s housing market means there's a different dynamic at play between sellers and buyers this year. An analysis by Zoocasa shows more neighbourhoods have become buyer 's www.thestar.com/business/2018/02/12/ lull - in -torontos- housing - gives - buyers - the - upper - hand .html.

The condo market, which saw double-digit sales increases in Toronto last month, according to the Toronto Real Estate Board, continues to be tight as prices and sales of ground-level homes have dwindled.© Rene Johnston The condo market, which saw double-digit sales increases in Toronto last month, according to the Toronto Real Estate Board, continues to be tight as prices and sales of ground-level homes have dwindled.

The dip in Toronto's housing market means there's a different dynamic at play between sellers and buyers this year.

An analysis by Zoocasa shows more neighbourhoods have become buyer's markets — areas where there is enough competition among sellers that buyers have more choice and more room for negotiation — conditions that simply weren't on the table in heated January 2017.

There are still seller's markets for detached and semi-detached houses, but the number of buyer's markets more than doubled from five in January 2017 to 11 last month, according to the analysis.

Toronto region home prices down 4.1% in January

  Toronto region home prices down 4.1% in January The Toronto Real Estate Board (TREB) is warning the City of Toronto to diminish its reliance on land transfer tax to fund city services in the wake of a distinctly chilly January in home sales across the region.The average Toronto area home price dropped 4.1 per cent year over year last month to $736,783. The number of sales in the Toronto region also fell 22 per cent compared to last January.Most of the price drop occurred on the back of detached houses. Those homes sold for 9.1 per cent less year over year region-wide, with an average cost of $970,823.The biggest price hit occurred in the 905 areas where detached home prices fell 12 per cent compared to January 2017, selling for $897,048 on average.

00:00 Lull in Toronto ’ s housing gives buyers the upper hand . 00:00 Leafs win gives Lightning something to think about. 00:00 Toronto historian says alleged serial murderer Bruce McArthur could’ve been killing since 1970s.

00:00 Lull in Toronto ’ s housing gives buyers the upper hand . 00:00 Toronto sets property tax increase, but critics fear it’s a fairy tale. 00:00 Liberals review jury selection process after Boushie verdict uproar.

The online real estate brokerage found that the number of neighbourhoods that qualified as seller's markets dropped from 17 to nine in the same period.

Zoocasa took the map used in the real estate industry's Multiple Listings Service (MLS) map of the City of Toronto and, in each area, compared the ratio of homes sold to the new listings.

In areas where 60 per cent of listed homes were sold, the neighbourhood is classified as a seller's market. Where fewer than 40 per cent sold, Zoocasa says it is a buyer's market. Those in the middle are considered balanced.

But some of the areas that fall within those categories had so few sales or listings that Zoocasa doesn't consider them to be statistically significant, said Penelope Graham, managing editor with Zoocasa.

Foreign homebuyer tax? Not the best fix for Vancouver, Toronto: CMHC

  Foreign homebuyer tax? Not the best fix for Vancouver, Toronto: CMHC Not enough new homes is the main reason behind home price surges in both cities, according to a new report by Canada's mortgage insurance agency.Want to fix the unaffordability crisis in Canada's two largest cities? Building more new homes may be a better way to go about it than taxing foreign buyers, the Canada Mortgage and Housing Corporation said Wednesday.

00:00 Lull in Toronto ’ s housing gives buyers the upper hand . 00:00 Leafs win gives Lightning something to think about. 00:00 Toronto historian says alleged serial murderer Bruce McArthur could’ve been killing since 1970s.

The Toronto Real Estate Board (TREB) expects the lull that has fallen over the housing market since April will continue with single-digit year-over-year price increases for the duration of 2017. Although detached homes are taking longer to sell, given that buyers have so many more choices, Steven

She also cautions that buyers shouldn't necessarily expect fire sale prices on detached and semi-detached houses in neighbourhoods that have evolved from seller's to buyer's markets, including Willowdale, Leaside, Thorncliffe, Centennial Scarborough, West Hill, Eglinton West and Rockcliffe-Smythe.

"Just because a neighbourhood is considered a buyer's market, it doesn't necessarily mean you're going to find a house there for a bargain. It simply means that a lower proportion of new homes listed for sale are selling. It doesn't necessarily mean that prices have followed suit. Historically house prices are very sticky," said Graham.

Zoocasa's study shows buyers could have a slightly more difficult time finding a house in Rosedale-Moore Park, Miliken and Agincourt, areas that went from buyer's markets to more balanced conditions.

The analysis confirms the broader market trends too, she said. Sales and prices have softened somewhat for detached and semi-detached houses and there's slightly less demand for some of the hot east-end neighbourhoods.

Former Browns WR Massaquoi lost 4 fingers in ATV accident

  Former Browns WR Massaquoi lost 4 fingers in ATV accident CLEVELAND - Former Browns wide receiver Mohamed Massaquoi has divulged that he lost most of his left hand in an all-terrain vehicle crash last April. Massaquoi, who starred at Georgia before he was drafted by Cleveland in the second round in 2009, revealed his prosthetic and details of his misfortune in a video posted Monday on The Players Tribune. Massaquoi was riding ATVs with friends when he said he took a turn too sharply and crashed. The 31-year-old said it felt as if an explosion had gone off in his hand, and he was initially unaware of the severity of his injury.

00:00 Lull in Toronto ’ s housing gives buyers the upper hand . 00:00 Toronto sets property tax increase, but critics fear it’s a fairy tale. 00:00 Liberals review jury selection process after Boushie verdict uproar.

A Doctor Asked Dying Children What Gives Life Meaning The average sales price for all housing types in Toronto was 3,915 in June, down nearly 14 per cent from a peak of 0,791 in April. Buyers now have the upper hand .

"The areas where we're really seeing an increase in balanced conditions were ones that were really dependent on detached sales — detached and single-family homes make up the majority of housing types in these areas that have seen the greatest change," she said.

Graham said the new mortgage stress test rules that took effect Jan. 1 and the lingering chill of the Ontario government's Fair Housing Plan in April have reduced the pool of house buyers.

The condo market, which saw double-digit sales increases in Toronto last month, according to the Toronto Real Estate Board, continues to be tight as prices and sales of ground-level homes have dwindled.

Zoocasa found that buyers are still likely to face competition for condos in Riverdale, which has turned from a buyer's into a seller's market.

It has also become a little more difficult to buy a condo in Morningside and Woburn in the east end of the city and Rexdale-Kipling, West Humber-Claireville to the west. Those areas have gone from a balanced market to a seller's market, says Zoocasa.

Silicon Valley is so expensive, people who make $400,000 a year think they are middle class .
The Palo Alto Weekly recently posed the question, "How do you define your social class?" to residents of a ritzy Silicon Valley city.TSLA

—   Share news in the SOC. Networks

Topical videos:

This is interesting!