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NEWS JULY 2015
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  TORONTO, July 7 , 2015. Home sales reported by Greater Toronto Area REALTORS® were up by 18.4 % compared to the same period last year. The average selling price for transactions was up by 12.3% .


Average price by major home type.
  416 905
Detached $1,051,912 $738,016
Semi-Detached $761,819 $496,740
Townhouse $539,259 $459,004
Condo $418,599 $324,388
     
"It is encouraging to see that new listings have edged upward so far this year, as homeowners have reacted to strong home price growth and have looked to take advantage of increased equity in their homes. However, the annual rate of sales growth continues to far outstrip listings growth, which means that there remains a lot of willing buyers in the marketplace who haven’t found a home that meets their needs. As long as this situation persists, expect home prices to trend strongly upward” said Jason Mercer, TREB’s Director of Market Analysis.
     
  Pension Board invests into Toronto market
The Canada Pension Plan Investment Board (CPPIB) is at it again, this time investing $105 million in one of Toronto’s hottest neighbourhoods for real estate.
The investment, which bought them a 60 per cent stake in Minto High Park Village properties, signals the organization’s entry into the multi-family real estate market.
The CPPIB found the deal intriguing because there was a limited supply of high-quality rental properties. With population growth and declining homeownership, it was a win-win situation.
The CPPIB plans to groom a relationship with Minto Properties, which owns 40 per cent and will continue to oversee the management and leasing of rental properties. There are three towers and 750 rental units, according to an article in the National Post.
     
  Greek referendum - opportunities to Buy low

Greece’s move to reject European creditors with its decision to vote ‘NO’ against austerity could present an important buying opportunity for investors, according to an industry CEO. “This predicted stock market sell-off and the resulting drop in prices will, of course, create an important buying opportunity, especially for investors with a longer-term perspective,” Nigel Green, founder and chief executive of deVere Group, said in a release to CREW.

Greece is currently very cheap and if you look at the statistics, buying a property today in Greece is like buying at year 2000 prices.

 
  Don't panic as global oil prices collapse

Reduced concern about falling house prices due to the oil crash is losing steam, according to the latest poll from the Bloomberg Nanos Canadian Confidence Index, as consumer confidence grows.

“Real estate remains the one positive driver of consumer sentiment in Canada,” said Nanos Research Group Chairman Nik Nanos. “Any negative changes in the real estate market would have a material downward impact on the confidence in the Canadian economy.”

The comments come as consumer confidence reached a five-week high, rising from 56.6 to 56.8, which according to Nanos, is the most optimistic reading since May and close to the previous high of 56.9.
 
       
   
   

 

 

 

 

Konstantin Kichtchenko Sales Representative Accsell Realty Inc., Brokerage 416-477-2300 5155 Spectrum Way, Mississauga, Ont