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Real estate prices in trendy Toronto areas drop by 30 per cent: report – NOW Toronto

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A report on price declines arrives just as Toronto real estate lobbyists are pushing back against proposed tax hikes on luxury properties


Housing in some of the most coveted neighbourhoods in Toronto dropped as low as 30 per cent in value over the past year, according to a February 2021 report from real estate platform Strata.

The dip in sale prices can be chalked up to the influx of condos in Toronto and an exodus exacerbated by the pandemic to suburban real estate where buyers can afford green space, the report states.

The Annex was the hardest hit with 29.96 per cent, followed by the Bloor-Yonge area, Yorkville and Casa Loma falling 11 to 12 per cent.

According to Strata, rental values in these areas also took a plunge: Annex rentals fell 11.5 per cent while the drops in Bloor-Yonge, Yorkville, Casa Loma and the Bay St. Corridor are all around 20 per cent.

Meanwhile, according to the Canada Mortgage and Housing Corporation’s 2020 rental market report, average prices for a two-bedroom went up 3.6 per cent in 2020 to $1,165.

“I have investor clients who were once so proud to own a property in a luxury neighbourhood,” says Strata real estate agent Sam Massoudi, in the report. “But they had no idea a pandemic like this was going to hit and drive immigration out of the city. So now some of them have sold. For those who didn’t, they’re renting these places out for very cheap. That’s why we’re seeing such low rents in some luxury areas.”

The Strata report arrives just as the Toronto Regional Real Estate Board (TRREB) is expressing opposition to a potential Municipal Land Transfer Tax (MLTT) hike on the most expensive homes in the city.

According to a statement TRREB published on Friday, February 12, they are concerned the City Council will consider increasing the MLTT on homes that cost over $2 million to make up for lost revenues during the pandemic.

These concerns stem from deliberations by the City’s Budget Committee that were voted down in the past.

“We have an affordable housing crisis,” Councillor Brad Bradford told CTV News, explaining that the city is looking for where they can generate revenue for the things Toronto needs. “We certainly have a lot of issues related to transportation and mobility.”

“TRREB understands and appreciates the budgetary challenges faced by the City of Toronto,” TRREB president Lisa Patel says in the statement, “but addressing those challenges in a way that would make housing even less affordable is the wrong path forward.”

According to TRREB, the average price for a home in the city of Toronto in January was $866,331. That average break down as $1,581,400 for detached, $1,204,857 for semi-detached, $814,396 for townhomes, and $624,886 for condos.

TRREB echoes sentiments expressed by the Ontario Real Estate Association’s CEO Tim Hudak last fall. They say a hefty land transfer tax on pricier homes would discourage those buyers who are looking to move up to bigger spaces within the city, and discourage them from listing their own more slightly affordable homes.

TRREB is raising these concerns days after releasing a 2021 outlook report that projected real estate sales in the Greater Toronto, South Simcoe County and Orangeville areas to reach 105,000, which they call “a near-record.”

TRREB also anticipates the average price for all home types in the Greater Toronto Area to surpass the $1,000,000 in 2021. That average was $967,885 in January, a 15.5 per cent hike over the year before.

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Toronto woman says she was sexually harassed by real estate agent while looking for an apartment – CP24 Toronto's Breaking News

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A Toronto woman is sharing her story after she says she was sexually harassed by a real estate agent while looking for a rental apartment in the city.

Originally from Belleville, Ont., Alyssa Graham made the move to downtown Toronto in 2014 and has been living there ever since.

Graham said she started searching for a new place in mid-January, with plans to move in on Feb. 1.

“This certain property that I wanted was listed on Zolo.ca. So I just reached out to them and asked them if it was still available,” Graham told CTV News Toronto.

From there, Graham said she was paired up with a real estate agent who was “very confident” he could find her a place by her desired move-in date.

And while her first pick for a rental property fell through, Graham said she agreed to work with the agent on a go-forward basis.

That’s when things started to get weird, she said.

Realtor

Graham said she noticed that some of the texts and phone conversations with the agent were “rather flirty.”

“I answered the phone and I said ‘hello’ and he said ‘you sound so sexy when you answer the phone.’”

Nonetheless, Graham said she agreed to meet the agent for a showing at another unit as she was desperate for housing, chalking up his unorthodox approach to being part of his “spiel.”

“This was our first time meeting. He kept calling it a date, he kept asking when we were going to make out, he offered to pay $500 a month in rent for me.”

“When we were leaving the unit, he shut all the lights off and the door was locked. We’re in a pitch-black apartment, I can’t even see my hand in front of me. I’m trying to find a door to get out, but I can’t see anything.”

When the real estate agent eventually did turn the lights back on, Graham said she was eager to remove herself from the situation, but that he continued his advances.

Graham explained that following the showing, the agent was insistent on driving her home and that he would “not take no for an answer.”

She said she apprehensively accepted the offer and was dropped off at a nearby hotel, where she had been staying while in between apartments.

“He dropped me off and was like ‘so can I get a kiss?’” she said. Graham quickly refused and then made her way into the hotel.

The agent then called her asking if he should come up to her room and offered to “get a place for the night” if she was interested, Graham alleges.

After a number of unanswered texts and phone calls from the agent later — where Graham says he claimed that he couldn’t help being attracted to his client — Graham said she decided to report the incident to his employer, Zolo.

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“I told them everything that happened, that I don’t think he submitted any offers for me, that he wasted a month of time, cost me money, scared me, made me incredibly uncomfortable, etc.” Graham said.

Graham admits that she was originally nervous to submit the complaint as it would likely result in his termination and that the agent was aware of where she was living.

She said she was assured by the company that she “should be fine” because Zolo has “screenings for things like that.”

“We would have caught that,” she said she was told.

In a statement issued to CTV News Toronto on Thursday , Zolo president Mustafa Abbasi said the company acted quickly to address the issue.

“In January 2021, Zolo received a complaint from a customer regarding their interaction with an agent. We acted swiftly and in accordance with our zero-tolerance policy, terminating the agent effective immediately, within 24 hours of receiving the complaint,” the statement reads.

But Graham said that weeks later, the agent reached back out to her asking for her to retract her complaint so that he could be reinstated.

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She refused, but agreed to speak with his boss in exchange for compensation for the money paid to cover her hotel expenses.

“We signed a contract for this, which was also sent to his boss, and I spoke with his boss, and they reinstated him.”

Graham said the agent agreed to pay her $1,500 to cover those expenses, of which he has paid $150.

“I’ve contacted him about the payments countless times, which I don’t like doing as this man made me feel very uncomfortable in the past, he’s now claiming he’s not paying me and has blocked my emails and texts,” she said.

However, in a follow up statement to CTV News Toronto, Abbasi claimed that the agent was not reinstated following his termination adding that he is “no longer affiliated with Zolo in any way.”

With relief, Graham said she was finally able to find an apartment with a female real estate agent and is set to move out of the hotel on March 1. But she says that the “nightmare” experience has left its mark.

“With COVID-19, it’s been hard for everyone, but I’ve had some pretty rough days and he [the real estate agent] knows about those too and he was still giving me the runaround and I guess, just saw me as a piece of ass.”

“I thought I was talking to someone who was genuinely trying to help me, and it turned out not to be the case whatsoever.” 

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Vancouver real estate: home across Trout Lake listed $1.7 million, sells $870000 over asking for $2.6 million – The Georgia Straight

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The Straight has previously reported about homes selling over $500,000 on top of their listed price.

If some thought nothing is ever going to beat that, here’s a surprise.

A home in East Vancouver recently sold $872,134 over its original asking price.

The top-up alone is enough to buy a townhouse or perhaps two condos.

The two-storey home at 3285 Victoria Drive sold on February 24 after eight days on the market.

Oakwyn Realty Ltd. listed the five-bedroom, four-bath residence on February 16.

The listing price was $1,728,000.

A buyer picked up the property for $2,600,134 million.

The transaction was tracked by Zealty.ca, a real-estate information site owned and operated by Holywell Properties.

Holywell’s managing broker Adam Major informed the Straight about the sale of Victoria Drive.

According to Major, the deal for the home located across from Trout Lake is a “candidate for craziest individual deal”.

B.C. Assessment placed the 2021 value of the property at $1,741,000 as of July 1, 2020.

There may be buyers out there who have a fear of missing out as the market continues to sizzle.

They may be tempted to enter into bidding wars.

Major’s advice: don’t.

“For buyers, I would recommend caution,” he said.

The market may have become too hot that the government could decide to do something about it.

“There is a risk that the federal government steps in to cool the housing market,” Major said.

Bank of Canada governor Tiff Macklem has observed “excess exuberance” in the country’s housing market.

“What we get worried about is when we start to see extrapolated expectations, when we start to see people expecting the kind of unsustainable price increases we’ve seen recently go on indefinitely,” Macklem said on February 24 at a meeting with chambers of commerce in Edmonton and Calgary.

The central bank dropped its interest-setting rate to 0.25 percent on March 27, 2020 to ease the impact of the COVID-19 pandemic on the economic.

The bank has maintained the rate, which is the lowest, and indicated that it will stay at that level until 2023.

“We are starting to see some early signs of excess exuberance, but we’re a long way from where we were in 2016-2017 when things were really hot,” bank governor Macklem said on February 24.

Holywell’s Major noted that the central may be “only six months late” in issuing a “warning about the housing market overheating”.

“But better late than never.  At some point, the rules could change and it could happen overnight,” Major said.

Major cited the case of New Zealand.

In April 2020, the Reserve Bank of New Zealand lifted lending restrictions to prop up the economy amid the COVID-19 pandemic.

The measure eased credit flow, and led to strong sales in the country’s housing market, with price increases setting new records.

Moving to cool the market, New Zealand’s central bank decided to reimpose so-called loan-to-value ratio (LVR) restrictions.

Starting in March 2021, banks can allocate only 20 percent of their residential mortgage lending to owner-occupiers with a down payment of 20 percent.

Moreover, banks can lend not more than five percent to investors with a down payment of less than 30 percent. Starting on May 1, the deposit requirement for investors will increase to 40 percent.

Back of 3285 Victoria Drive.

Here at home, Holywell’s Major said that the last week in February 2021 was the “busiest for weekly sales since 2019” in markets served by the Greater Vancouver, Fraser Valley, and Chilliwack real estate boards.

According to Major, 1,998 sales were reported in the combined areas of the three real estate boards.

“In the last week of February 2020, there were 1,109 sales, so we are up 82 percent over the same week last year,” he said.

Zealty.ca tracking also indicates that the last week of February 2021 was the highest since January 15, 2021.

Major also noted that the Canada Mortage and Housing Corporation has been “awfully quiet”.

He recalled that CMHC predicted at the beginning of the pandemic in 2020 that housing prices would fall 18 percent.

“The exact opposite happened,” Major said.

He speculated that an increase to down payment requirements by CMHC could be come “any day”.

So again for buyers out there, caution is the word.

“Are you sure you want to win a bidding war on a teardown in the sticks to wake up to the next morning to discover the feds changed the rules so nobody else makes the same mistake?” Major said. 

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Vancouver real estate: home across Trout Lake listed $1.7 million, sells $870000 over asking for $2.6 million – The Georgia Straight

Published

 on


The Straight has previously reported about homes selling over $500,000 on top of their listed price.

If some thought nothing is ever going to beat that, here’s a surprise.

A home in East Vancouver recently sold $872,134 over its original asking price.

The top-up alone is enough to buy a townhouse or perhaps two condos.

The two-storey home at 3285 Victoria Drive sold on February 24 after eight days on the market.

Oakwyn Realty Ltd. listed the five-bedroom, four-bath residence on February 16.

The listing price was $1,728,000.

A buyer picked up the property for $2,600,134 million.

The transaction was tracked by Zealty.ca, a real-estate information site owned and operated by Holywell Properties.

Holywell’s managing broker Adam Major informed the Straight about the sale of Victoria Drive.

According to Major, the deal for the home located across from Trout Lake is a “candidate for craziest individual deal”.

B.C. Assessment placed the 2021 value of the property at $1,741,000 as of July 1, 2020.

There may be buyers out there who have a fear of missing out as the market continues to sizzle.

They may be tempted to enter into bidding wars.

Major’s advice: don’t.

“For buyers, I would recommend caution,” he said.

The market may have become too hot that the government could decide to do something about it.

“There is a risk that the federal government steps in to cool the housing market,” Major said.

Bank of Canada governor Tiff Macklem has observed “excess exuberance” in the country’s housing market.

“What we get worried about is when we start to see extrapolated expectations, when we start to see people expecting the kind of unsustainable price increases we’ve seen recently go on indefinitely,” Macklem said on February 24 at a meeting with chambers of commerce in Edmonton and Calgary.

The central bank dropped its interest-setting rate to 0.25 percent on March 27, 2020 to ease the impact of the COVID-19 pandemic on the economic.

The bank has maintained the rate, which is the lowest, and indicated that it will stay at that level until 2023.

“We are starting to see some early signs of excess exuberance, but we’re a long way from where we were in 2016-2017 when things were really hot,” bank governor Macklem said on February 24.

Holywell’s Major noted that the central may be “only six months late” in issuing a “warning about the housing market overheating”.

“But better late than never.  At some point, the rules could change and it could happen overnight,” Major said.

Major cited the case of New Zealand.

In April 2020, the Reserve Bank of New Zealand lifted lending restrictions to prop up the economy amid the COVID-19 pandemic.

The measure eased credit flow, and led to strong sales in the country’s housing market, with price increases setting new records.

Moving to cool the market, New Zealand’s central bank decided to reimpose so-called loan-to-value ratio (LVR) restrictions.

Starting in March 2021, banks can allocate only 20 percent of their residential mortgage lending to owner-occupiers with a down payment of 20 percent.

Moreover, banks can lend not more than five percent to investors with a down payment of less than 30 percent. Starting on May 1, the deposit requirement for investors will increase to 40 percent.

Back of 3285 Victoria Drive.

Here at home, Holywell’s Major said that the last week in February 2021 was the “busiest for weekly sales since 2019” in markets served by the Greater Vancouver, Fraser Valley, and Chilliwack real estate boards.

According to Major, 1,998 sales were reported in the combined areas of the three real estate boards.

“In the last week of February 2020, there were 1,109 sales, so we are up 82 percent over the same week last year,” he said.

Zealty.ca tracking also indicates that the last week of February 2021 was the highest since January 15, 2021.

Major also noted that the Canada Mortage and Housing Corporation has been “awfully quiet”.

He recalled that CMHC predicted at the beginning of the pandemic in 2020 that housing prices would fall 18 percent.

“The exact opposite happened,” Major said.

He speculated that an increase to down payment requirements by CMHC could be come “any day”.

So again for buyers out there, caution is the word.

“Are you sure you want to win a bidding war on a teardown in the sticks to wake up to the next morning to discover the feds changed the rules so nobody else makes the same mistake?” Major said. 

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