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YourHomeInToronto BLOG
Artfully Uniting Extraordinary Properties with Extraordinary Lives in Toronto
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GTA MARKET WATCH 2015 FIGURES
Posted on Mon, 01 Feb 2016, 02:55:00 PM  in Toronto MLS Market Watch,  Finance,  Toronto Real Estate Update,  Toronto Neighborhoods,  Toronto
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REAL ESTATE MARKET WATCH - GREATER TORONTO FIGURES 2015

 

2015 has been a record year for its 101,299 sales in the Greater Toronto Area. It is the first time in our history that the sales number surpasses the 100,000 units mark. Strong annual sales increases were experienced for all major home types during the year. Consumer confidence where home ownership is viewed as a quality long term investment, coupled with a relatively strong regional economy and low borrowing costs are the key fundamentals for these outstanding figures. 

Last 10 Years GTA Average Price and Units Sold Alex Pino Realtor

 

December sales were the second highest recorded and show an increase of 527 sold units in comparison to 2014. The average selling price for 2015 increased by 9.8 per cent from $566,624 to $622,217. The demand is expected to stay very strong for 2016 as buyers remain upbeat on the purchase of ownership housing.

Average Prices and Units Sold 2015 GTA Alex Pino Realtor

Detailed reports of specific neighbourhoods are available on demand. Please contact Alex Pino, Broker if you would like to receive yours. 

 

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GREATER TORONTO AREA MARKET WATCH END OF YEAR 2014
Posted on Mon, 02 Feb 2015, 07:08:32 PM  in Toronto MLS Market Watch,  Finance,  Toronto Real Estate Update,  Toronto Neighborhoods
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The number of units sold in 2014 was the second highest in the past ten years reaching 92,867 after 2007 that reported 93,193 showing the great importance households have given to Real Estate as it is considered a great long time investment. During the past 10 an average of 86,250 units per year have been sold and the price has been increasing on an average of 6.0% yearly.

Market Watch GTA December 2014 YourHomeInToronto Alex Pino Realtor

The Year Average Price for the Greater Toronto Area had an 8.35% year increase from $523,036 in 2013 to $566,726 in 2014. There has been a shortage of listings for single family homes that resulted in higher prices for the overall available properties.

For 2015, banks are not seeing any changes in borrowing costs so consumers are expected to continue with the trend of investing in Real Estate. Condos are also estimated to continue its popular growth and areas such as Yonge & Eglinton and Yorkville are going to have a whole array of new offerings that are good for consumers who will have lots of choices to select and invest. Townhouses are still a norm on main arteries and are transforming neighbourhoods such as Little Italy.

Following the yearly trend, the beginning of the year started slow having a peak of sales and prices in May and October which are traditionally the highest months for transactions.

Market Watch GTA December 2014 YourHomeInToronto Alex Pino Realtor monthly figures 2014

 Detailed reports of specific neighbourhoods are available on demand. Please contact Alex Pino, Broker if you would like to receive yours.

 

NEW CONDO MARKET

Based on Urbanation Inc., a total of 21,605 new condominium apartments were sold across the Greater Toronto Area during 2014, representing the third best year after 2011 and 2007. A record 20,809 condo units were completed in 2014. These figures are extraordinary and keep Toronto on the world map as a destination for real estate investment
Urbanation Annual Sales New Condos Toronto 2014

 

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ARE YOU READY FOR RETIREMENT?
Posted on Sat, 03 May 2014, 05:03:07 PM  in Business,  Finance,  Toronto Lifestyle,  Toronto
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We would like to highlight an article in the National Post as of May 3, 2014 with data source presented by Clay Gillespie, a Royal Group Financial Advisor and Managing Director. With a simple graph, it is easier to digest the information and though some of the assumptions may need to be reviewed for each particular case, it gives a clear picture of the amount of funds needed for a basic lifestyle in retirement.

The following assumptions were considered:

(1) retirement age of 65

(2) portfolio 60% equity & 40% fixed income

(3) maximum OAS $522 per month

(4) average CPP $633 per month

(5) income indexed at inflation rate.

In short, if you would like to have a $50,000 yearly income once you turn 65, depending on your life expectancy you will need savings at that time of $302,000 to reach age 75, $506,000 to age 85 or $582,000 to age 90.

Your Home In Toronto Retirement Savings for desired $50,000 income Financial Post Alex Pino Realtor

If you aspire to have a yearly income of $70,000, when you turn 65 you will need to have accumulated $471,000 to reach age 75, $788,000 to age 85 or $906,000 to age 90.

Your Home In Toronto Retirement Savings for desired $70,000 income Financial Post Alex Pino Realtor

There are many other aspects we all need to include and it is important to take into consideration the tax exemption provision of the principal residence. As Real Estate Prices have been continuously increasing over the past 12 years, there has been a good portion of home owners who decided to cash out and benefit from price appreciation avoiding capital gain tax, which may be considered double dipping. A little newspaper clipping from this week's activity may trigger some thoughts.

The Star North Toronto fixer upper gets 72 offers

Often times we get carried away by the day to day responsibilities and do not take a moment to plan for the future. 

Regardless of what stage of our lives we are in, if you have not done so, this may be the opportunity to start thinking and doing something about it, as time really flies. 

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Alex Pino, FRI Arch., Broker & Veronica Lord, FRI, Broker
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