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  TORONTO, September 4 , 2015. Home sales reported by Greater Toronto Area REALTORS® were up by 5.7 % compared to the same period last year. The average selling price for transactions was up by 10.0% .

Average price by major home type.
  416 905
Detached $1,017,652 $733,577
Semi-Detached $662,968 $492,428
Townhouse $524,136 $451,311
Condo $406,599 $319,764
"A record year for home sales continued to unfold in August as competition between buyers exerted upward pressure on selling prices. It was encouraging to see annual growth in new listings outstrip annual growth in sales, but we will need to see this for a number of months before market conditions become more balanced” said Jason Mercer, TREB’s Director of Market Analysis.
  Toronto, Vancouver real estate hot pockets; rest of Canadian housing mostly stable

TORONTO — The cost of owning a home has been holding steady in most parts of Canada, but affordability declined during the second quarter in the two most expensive markets, Vancouver and Toronto, a report by Royal Bank says.

In its latest analysis of housing trends, RBC also said Monday it expects prices will continue to rise in Toronto and Vancouver in the short term because of tight supplies of detached homes for sale.

The bank said supply and demand are more balanced in other Canadian markets and affordability has been close to the long-term average since 1985.
  New Housing Construction starts surge to highest since 2012

Canadian housing starts rose 12 per cent in August to the highest level since September 2012 and GTA house, condominium and rental apartment construction surged.

Starts in Ontario’s urban areas almost doubled, jumping 89 per cent to 92,422 units in the month, while multi-unit starts rose to 142,927 across Canada

  Beware of who you rent to: What you can do to avoid tenants from hell

99 per cent of people who lease will be problem free — but you have to keep your eye on the one per cent.

In last weekend’s National Post, was a story about couple rented out Toronto home for $4,000 per month.

The couple moved to other country and when they came back they discovered that their tenant had built a series of partitions in the house to create 16 units, leaving them vulnerable to fines for having an illegal rooming house.On entering the house, which had previously nice home, the couple was greeted with the stench of dog faeces, flies swarming everywhere, and a mess that cost $$$ to clear up!

Even if you use a real estate agent to find you a tenant, you still need to manage the property in the future. If you are doing it on your own, that means actually going to the property and seeing it in person.





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