June 2015 newsletter

10 June 2015
Armand Gilks

  Toronto Real Estate News from Armand Gilks June 2015   

Hi Armand,

This is not only a busy time of year for real estate, but also for local neighborhood activities.  We've got Village Day in the Yonge Lawrence area, the Beaches International Jazz Festival and of course the Pan Am & Parapan American Games coming up. Take your pick, or visit all three and enjoy yourself.

The GTA market hit a record for May both in number of sales and average selling prices.  It continues to be a sellers market as about two thirds of sales are still attracting multiple offers. Detailed market stats and the Bosley Insight are included below for more about what's going on with GTA real estate.

Buying a home can be an emotional roller coaster but when you buy your second home, there’s twice as much to consider!  One of our articles this month examines the pros and cons of buying first vs. selling first so that you’ll be able to make a decision that best suits your circumstances.

There are also some BBQ safety tips as well as a few simple ideas for decorating your outdoor space to help you get into the summer spirit.

Thanks so much for checking out this month's newsletter.  Please get in touch if you have any questions or comments regarding the articles, or real estate in general -- it will be great to hear from you!

Sincerely,
Armand

In this issue...
Market Insight for the week ending June 5, 2015 
Hard  to  believe  we  are  half  way  through  2015  already.  If  that  thought  is  de - pressing,  don’t  forget  that the best is yet to come.  Sunshine  and heat waves are  in  our future  and  while  still  sizzling,  there  are  signs  that  Toronto’ s  real estate  market  has backed  off  from  the  frantic  pace  that  was  the  Spring  mar - ket.  That  should  come  as some  relief  to  those  sitting  on  the  sidelines  waiting  for  the  right  time  to  purchase  a  new  home.
 
The  freehold  market  has  reversed  its  month  long  trend  by  recording  nearly 11%  fewer listings   last  week.  Sales  followed   suit  registering   almost  15%fewer transactions  and the  percentage  of  homes  selling  at  or  above  the  list price  was  a more  reasonable 67.7%  compared  to  72%  a  month  ago.  Clearly the  effect  of  less product  is  not causing increased  bidding  wars.  Sales  of freehold  homes  continues  to be robust  but  there  is less  urgency  in the  mar - ket.  The  hotspots  last  week  were  the east  and  west  cores  of the  city  where nearly  80%  of  entry  level homes ($400K-$700K)  sold  in  multiple  offers.
 
Last  week  the  condo  sector  increased  new  listings  by  nearly  1 1%,  one  ofits  largest increases  this  year .  Sales  however  backed  off  by  a  marginal  6%. The  end  result  of  more  listings  and  fewer  sales  meant  that  the  number  of suites  selling  in  multiple offers also  backed  off  to  24%.  This  is  still  a  solid number  and  a  strong  indicator  that  the condo  market  is  extremely  healthy.This  week  the  hotspot  has  shifted  west  where nearly  half  of  condos  sold  in the  west  core  sold  in  multiple  offers.

Check the Market Insight tab on my website  for weekly updates on the market, the latest Bosley Infographic and the top five trending stories of the week.

A New Sales Record for the Month of May 
The Toronto Real Estate Board reported 11,706 sales by Greater Toronto REALTORS® in May 2015.  This result was up by 6.3 per cent in comparison to 11,013 sales reported in May 2014.

For the TREB market area as a whole, sales were up for all major housing types. However, in the City of Toronto, where the supply of low-rise listings has been constrained, sales were down for detached homes.

Record May transactions, coupled with a dip in the number of homes available for sale, resulted in strong price growth.  The MLS® Home Price Index (HPI) Composite Benchmark was up by 8.9 per cent year over year in May.  The MLS® HPI uses benchmark homes to estimate price growth.  This allows for an “apples to apples” comparison of price growth that is not affected by changes in the mix of sales activity.

The average selling price for all home types combined in May 2015 was up by 11 per cent annually to $649,599.  The higher annual rate of average price growth compared to the MLS® HPI Composite Benchmark points to the fact that the proportion of high-end home sales continued to be greater compared to 2014.

The table below shows the breakdown of sales and prices by type of home.


TorontoMLS Sales & Average   Price  By Home Type May 1 - 31

Sales

                        Average Price

416         905       Total             416                  905                       Total







Detached
1,447      4,398       5,845      $1,115,120       $735,915              $829,792
Yr./Yr. % Change
-6.0%
6.4%
3.0%
18.2%
13.6%

14.0%



Semi-Detached
471         805      1,276        $779,523         $493,194              $598,884
Yr./Yr. % Change
0.4%
10.9%
6.8%
13.7%
11.0%

11.1%



Townhouse
487       1,354     1,841        $555,052         $449,705              $477,573
Yr./Yr. % Change
8.7%
7.0%
7.5%
10.2%
10.9%

10.7%

 



Condo Apartment
1,762       757      2,519          $422,947         $319,639              $391,901
Yr./Yr. % Change
12.9%
13.8%
13.2%

5.5%

3.9%

5.0%



Village Day, Yonge Lawrence this Saturday 
VILLAGE DAY 2015 Saturday, June 13th - 10 am to 5 pm
 
   Check out the Bosley Ice Cream trike
        and the Balloon Master at the

   New Bosley office. 
    15 Glenforest Rd.

This  FREE event is presented by the Yonge Lawrence Village BIA on behalf of its member merchants. We get bigger every year, with more crowds enjoying the free festivities.

Download the 2015 Village Day Activity Map Here!

VILLAGE DAY 2015 HIGHLIGHTS


  • VILLAGE-LONG SIDEWALK SALE
    (one of Toronto's biggest)
  • LIVE BANDS AND PERFORMERS
  • KIDS ZONE PLAY AREAS
  • FREE CARICATURES
  • “ALL NEW” JUMPING CASTLES MINI GOLF
  • BALLOONS, FACE PAINTING CLOWNS AND MAGICIANS


Safety Tips for Firing Up the Que 
It’s that time of year when the kitchen starts to edge its way outside!

There’s nothing quite like the mouth-watering aroma of a backyard BBQ but safety is key.  Here are a few tips to keep in mind so that your food sizzles rather than your yard.

  1. Light Up - Always light a gas BBQ with the lid open.  If it doesn't ignite right away, turn the valves off and wait a few minutes before retrying.

  2. Pests' Nests - Insect nests are the number one cause of BBQ fires so make sure you regularly clean out the tubes to prevent blockages.

  3. Keep Back - Position the grill at least ten feet from the house, garage, trees or other combustible materials.  Keep kids and pets well away at all times.

  4. Roll Up Your Sleeves - Make sure apron strings, scarves and other clothes don’t dangle over the grill and always use long handled utensils to avoid burns and splatters.

  5. Turn It Off - Always remember to turn the gas off at both the grill and tank as soon as you’ve finished cooking.

Now that the safety stuff’s out the way, it’s time to think food!  After your steak dinner, why not tantalize your taste buds and delight guests by serving a mouth-watering melody of grilled fruit.  It’s a great way to bring out the fruits’ natural sweetness and the perfect finale to a summer backyard feast!

For more great information click here or on the picture for a link to Inside Out Patio and a great slection of BBQ's.

The Great, Stylish Outdoors 
The trend of extending the indoors outside is as popular as ever!

Extending your indoor space outside will add value, comfort and style to your home.  Here are a few inexpensive ways to transform your yard from dull to dazzling:

  • dress up furniture with bright outdoor pillows
  • hang outdoor solar string lights on tree branches
  • accessorize with candles, lanterns and ornaments
  • add charm with a piece of up-cycled furniture

It’s easy to add some style to your garden without spending a fortune -- just use your imagination!  Not only will you be able to enjoy the great outdoors but it'll also increase your home’s resale value when it comes time to sell.

For great patio furniture and design ideas click here or on the picture to go to Inside Out Patio

Buying First vs. Selling First - What Makes Sense? 
There are pros and cons to both scenarios so it really depends on your situation.
 
If you’re a current homeowner who’s thinking about making a move, you’ll have to decide whether to sell your existing home first or risk carrying two homes at once.

Selling first means you’ll know exactly how much you’ll be able to put towards your next home.  It also allows you to present a much stronger offer as it won't be conditional on the sale of your current home.  Finally, selling first helps eliminate the air of desperation that both buyers and agents can sense.

Once your home sells though, the clock starts ticking.  You'll only have a limited amount of time to find the perfect place.  You don't want to overpay or settle for something less than ideal so you may have to be somewhat flexible when it comes to moving dates.

If you’re looking for a very specific home that only comes up occasionally, you may have to buy first and arrange a longer closing to allow time for your current home to sell.  To avoid carrying both homes at once, make sure it’s priced competitively from the start in order to generate maximum interest.

Local market conditions are also an important factor so determine whether it’s a buyer’s or seller’s market and if prices are rising or falling.  In a buyer’s market where there’s lots of selection, people usually prefer to sell first so they have a bit of breathing room.  In a seller’s market where good homes are hard to find and sell quickly, you may want to buy first in order to lock down your dream home.

There’s really no right answer when it comes to buying first vs. selling first as it depends on your personal circumstances and local market conditions.  Regardless of your situation though, it's important to seek professional advice from a knowledgeable, local real estate agent as market conditions can change rapidly.  Please don’t hesitate to get in touch if you ever need any advice!

The Beaches International Jazz Festival 
Don’t miss the highly anticipated International Beaches Jazz Festival!

Celebrating its 27th year, the Beaches International Jazz Festival takes place between July 10th - 26th.

Unfolding each summer in the heart of the lakeside neighbourhood the celebration of music features a dynamic musical roster, multiple stages and an enticing line-up of gourmet food trucks.

If you’ve never been to the Beaches Jazz Festival then you should definitely check out this not to be missed event.  All of the performances are free so come on out and enjoy the incredible array of talent.  Hope to see you there!



PS Are you tired of scouring the paper and MLS sites looking for homes? Tired of playing telephone tag with agents only to hear the home's already sold? Sit back, relax and let me do the work for you! Just visit my website and sign up for our great new App. You can also sign up for a property matvh search. Whenever a home matching your criteria hits the market, it'll be automatically flagged and emailed to you so you'll never have to worry about missing your dream home. This service is free and there's no obligation! Click here to get started.

Bosley Real Estate Ltd., Brokerage  290 Merton St. Toronto ON M4S 1A9  416.322.8000