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Greater Toronto Real Estate Prices Shatter Records in These Areas – RE/MAX News



The Toronto real estate market has returned with a vengeance since the two-month reprieve at the start of the coronavirus pandemic. Homebuyer demand is fierce and homeowners are cashing in on skyrocketing valuations. Many have returned to the market in search of either the home of their dreams or the opportunity to cash in on some serious profit. After all, the average selling price for a home in Toronto is $1.045 million.

Record-setting sales activity and prices are expanding to the surrounding Toronto area, whether it is north of the city or east of the metropolis. Across the Greater Toronto Area (GTA), housing prices and residential sales are going through the roof, despite the COVID-19 public health crisis still occurring.

Historically low interest rates, evolving consumer trends, strengthening demand, and the fear of missing out are driving this bullish Toronto real estate market. But are some places performing better than others? While the entire region is doing well, it is worth pointing out three Greater Toronto real estate areas to highlight just how incredible the situation has become over the last year.

Home Prices are Shattering Records in These Greater Toronto Real Estate Areas


Burlington has seen eye-popping growth in real estate prices and sales this past year. Burlington could start to recover from ultra-low inventory levels amid increased listings, but this might not be enough to alleviate the dramatic surge in housing valuations.

According to the REALTORS® Association of Hamilton and Burlington (RAHB), residential sales increased 54 per cent in February month-over-month, to 1,271 transactions. Higher transactions were seen across multiple properties: single-family (+14.9 per cent), townhomes (+11.9 per cent), and apartment-style condo units (31.3 per cent).

The average price advanced 7.7% to $848,719. Here were how the three main property classifications performed in February:

  • Single-family: +33.5 per cent to $848,719
  • Townhomes: +25.5 per cent to $730,073
  • Apartment-style condos: +12.5 per cent to $515,217

“There are several pandemic-related factors which have contributed to the high demand for housing combined with the low supply levels we have experienced in our market area,” said RAHB President Donna Bacher in a news release. “The good news is the number of new listings broke a 10-year record for February and our active listings increased by 28 per cent from January 2021. As we recover from these ultra-low inventory numbers, buyers should start to see more selection and a bit less competition. Additionally, new listing numbers should stay strong and inventory levels should continue to increase to a more normal level as more of the RAHB market area moves out of lockdown and control zones.”


The Aurora real estate market has been skyrocketing over the last year. Located just north of Toronto, it has benefited from families that no longer want to reside within the major urban centre, but still want to be close to Toronto’s amenities.

In February, residential sales climbed 47.5 per cent to 118 units, with growth seen in both single-family detached and townhome properties.

Prices did take a breather in February, falling 2.52 per cent month-over-month. However, real estate prices remained above the $1 million mark, with average prices coming in at $1.238 million. These prices might start to cool down, too, even with spring on the horizon, because of supply.

  • New listings: +96 per cent to 196
  • Active listings: +49.39 per cent to 124
  • Months of inventory: 1.8


Pickering remains a very attractive place in the Greater Toronto Area (GTA), especially for young families looking to plant roots. It maintains plenty of amenities while still being relatively close to downtown Toronto via the impressive public transit infrastructure.

But homebuyers are realizing this, too. Therefore, they are scooping up the limited housing stocks on the open market. This is reflected in the sky-high valuation of homes across the city.

Residential sales soared 105.61 per cent to 183 in February. But it was the price growth that crossed a record threshold. The average price for a home in Pickering rose 0.83 per cent to $1,008,209. But while this is impressive for the area, Pickering might see some easing as new supply comes online.

  • New listings: +52.2 per cent to 239
  • Active listings: +22.98 per cent to 107
  • Months of inventory: 1.0

No Signs of Slowing Down?

The Canadian Real Estate Association (CREA) recently published a report suggesting that record home sales would continue this year, anticipating that 701,000 properties will change hands and the national average home price would increase 16.5 per cent to $665,000. This, according to CREA, will be the case coast to coast.

Robert Hogue, a senior economist at Royal Bank of Canada, told CTV News that the red-hot housing market is no longer a big-city issue. This, he says, has now also become a small-town issue.

“Typically, housing markets are really kind of working in isolation relative to other parts of the country; this time it’s all synchronized, very hot everywhere,” Hogue said. “It puts a lot of pressure on affordability locally and that I think it is going to be quite a challenge going forward. This is no longer just a big-city kind of Toronto, Vancouver story; this is a small-town issue now.”

Whether you live in the city of Toronto or reside in the outskirts of The Six, the real estate market will continue to be on fire. Until interest rates begin to normalize or new supply is injected into the sector, this will be the case for at least the rest of 2021.

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Hot real estate market sparks warnings to potential buyers as complaints to regulator double



As home sales in the province continue on a dizzying trajectory, the province’s real estate watchdog and regulator are warning buyers to be wary of what they may be getting into.

The Real Estate Council of B.C. (RECBC) and the Office of the Superintendent of Real Estate said that in the first three months of 2021, they have seen an increase in inquiries and complaints.

Calls to the regulator were up 42 per cent over the previous year, while complaints, such as how offers were made and accepted, were double the number received in the same period in 2020.

“Buying a home is one of life’s biggest financial decisions. There are potential risks at the best of times, but with the added pressure and stress of the current market conditions, those risks are amplified,” Micheal Noseworthy, superintendent of real estate, said in a statement.



The Real Estate Board of Greater Vancouver says sales in the region have continued at a record-setting pace.

Residential home sales covered by the board totalled 5,708 in March 2021, up 126.1 per cent from March 2020, when the COVID-19 pandemic hit, and up 53.2 per cent from February of this year.

Rural and suburban areas have experienced the biggest spikes.

For the past two weeks, Jay Park has been in the middle of the buying frenzy.

He and his partner are trying to upgrade from their one-bedroom apartment to a two-bedroom condo or townhouse in Vancouver.

“I wish we had done this a month or two ago,” he said.


A condo tower under construction is pictured in downtown Vancouver in February 2020. (THE CANADIAN PRESS/Darryl Dyck)


Park put an offer on a $1-million condo, $4,000 above asking price.

“To entice the [seller], we put in a subject-free offer, but it wasn’t successful,” he said. “They accepted $110,000 over asking price that was also subject-free.”

The hot market has led to bidding wars. Some would-be buyers have even lined up outside for days to try to get a jump on a property.

Erin Seeley, the CEO of the council, is warning buyers to do their research and be aware of risks before making an offer.

“It’s really important that buyers have engaged with their lender before they’re making offers so they know how to stay within a reasonable budget,” she said.

Seeley said some of the complaints the council has heard from buyers is that they weren’t aware the seller has a right to take an early offer.

“And the seller was really in the driver’s seat about setting the pricing,” she said.


Demand continues to outstrip supply for housing in cities like Vancouver. (Rafferty Baker/CBC)


Aaron Jasper, a Vancouver realtor, advises clients to avoid cash offers and to include finance clauses even if it may mean they lose a deal.

“There’s a lot of frustration among buyers, feeling pressure to take some risk,” he said.

“You’re better to be delayed perhaps a year getting into the market as opposed to being completely financially ruined.”

Jasper also says realtors are limited in the advice they can give to clients on legal matters, home inspections, potential deficiencies with homes, and financing.

‘Caught up in the craziness’

Other tips from the council include seeking professional advice before making a subject-free offer or proceeding without a home inspection, and speaking to a professional to determine how market conditions may be affecting prices.

Meantime, people like Jay Park say they are still keen to buy. Park has more viewings scheduled and is optimistic.

“It’s a very exciting time for us, but I also don’t want to get caught up in the craziness and make a purchase that’s above our means.”

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Black Press Media introduces one of Western Canada's best real estate platforms helping home buyers Find. Love. Live. that new home – Aldergrove Star



Need an agent who knows the community?

Or, is it time to look for a new place to live, but you don’t know what’s on the market?

Whatever the real estate need is for residents in the communities of British Columbia, Yukon & Alberta, there’s a new way to do that one-stop shopping – by visiting Today’s Home.

The slogan for the site is “Find. Love. Live.”

“We want people to find their dream home, love it, and live in it,” said group publisher Lisa Farquharson.

Building on the success of Black Press Media’s niche digital platforms – Today’s Home brings the same wealth of knowledge and local expertise to the search for a home, be it buying, selling, or even just daydreaming about what changes you can make in the future.

Search hundreds of listings that local real estate agents have available.

The listings cover properties around the region, from a one-bedroom, one-bath condo for $339,900 to million-dollar acreages throughout the province of BC, Yukon, Central Alberta and beyond.

Click on a listing, and see not only the realtor handling the property sale, but links to his or her other listings and social media feeds. With the click of a mouse, take a virtual tour of the property, find the property’s walking score, and learn about nearby amenities.

There are links available to schedule a showing, or send the agent a comment or question.

Want to share a listing? When you click on the share button, you’ll actually send an attractive digital flyer of the prospective property, not just a link.

There’s even a button to help determine how much you have to spend, courtesy of the convenient mortgage calculator.

Plus, scroll down the page on Today’s Home and find a list of expert local real estate professionals who can answer questions or help with that home sale, Farquharson explained.

Today’s Home offers the advantage of the massive reach that Black Press Media has built throughout Western Canada with its network of community newspapers and online products. That allows the public to tailor real estate searches based on location, price, and other key factors while allowing real estate professionals to gain unprecedented audience reach with their listings.

Today’s Home will dovetail into the media company’s existing print real estate publications.

“Black Press Media has real estate solutions in print and now we can add in the digital component,” Farquharson said.

Watch for expansion of the Today’s Home platform in the near future, she added. That will come as Black Press Media adds a new component – the development community. Developers will be able to reach a huge audience when their projects are ready for presentation.

For information on Today’s Home, contact group publisher Lisa Farquharson at 604-994-1020 or via email.

Happy house hunting!

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PGIM Real Estate, Revera Affiliate Target UK Market in Newly Formed JV



Real Estate Sales In September

PGIM Real Estate has been active in recent months providing capital to facilitate blockbuster senior housing acquisitions. Now the firm is looking to capitalize on demand for senior housing in the United Kingdom.

The Madison, New Jersey-based real estate investor and lender announced this week it is entering into a joint venture with Signature Senior Lifestyle, an affiliate of Revera, to develop and operate senior housing communities around greater London

Mississauga, Ontario-based Revera serves 20,000 older adults in long-term care homes and retirement residences in Canada. It is also the majority shareholder of Sunrise Senior Living, one of the largest senior housing providers in the U.S. The company operates a portfolio of 12 communities in the U.K. under the Signature Senior Lifestyle brand, with one community in development that is slated to open in autumn 2021.


The JV has one development underway — a senior housing community, or “prime care” home, in southwest London. PGIM worked with Elevation Partners, a London-based investor and asset manager in U.K. health care real estate, in sourcing, structuring and executing the venture. Additionally, PGIM will retain the firm to leverage its expertise.

PGIM and Revera did not respond to requests for comment from Senior Housing News regarding details about its development pipeline.

London is emerging as a future hotbed of senior housing development, spurred by favorable demographic growth trends and a lack of available supply, and the PGIM-Revera venture will find competition.


Maplewood Senior Living CEO Gregory Smith told SHN last month that demand for U.K. senior housing is comparable to major U.S. markets such as New York and San Francisco, where supply has historically been constrained.

Maplewood and its investment partner, Omega Healthcare Investors (NYSE: OHI) are looking to expand its luxury Inspir brand to the U.K., and identified five suburban markets around London with high barriers to entry that are favorable for the brand’s growth.

Revera CEO Tom Wellner sees similar untapped upside potential for senior housing in the U.K.

Source: – Senior Housing News

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