Taghouse prices up

Posted October 20, 2015 Mortgage News

Fall 2015 housing market remains hot!

The stats are in… House prices are up 6.1% in September compared with Sept 2014. In fact, house prices were up across the country except Alberta, Saskatchewan and PEI.

Now, what’s the first thought that popped into your head? Did you ask, ‘when will house prices collapse or go downs?’. That’s probably what most of us are thinking. The answer is, no one really knows.

The Canadian real estate market has proven to be as resilient as Justin Trudeau. Our new PM took a lot of personal attacks but somehow, he managed to survive and win… a majority govt. (not saying I want or don’t want him there… I’ll keep my personal politics private… for now anyways). Continue reading “Fall 2015 housing market remains hot!”

Posted February 26, 2014 Mortgage Rates

158% of List price! Housing market is hot!

Last month a house in Toronto’s west end made headlines when it sold for $200,000 above it’s $639,900 list price. That’s 131% of the asking price. Earlier this week, I shared some astonishing sales from the weekend. Two houses sold for 138% and 129% of asking price. Both homes were in the $1,000,000 plus price range.

Yesterday, this house at 3 Ross St, in Toronto was listed for $829,000. It sold for $1,308,880. That’s 158% of asking price or $479,880. This semi-detached house is located in the College and Spadina area of Toronto. It sits on a 20′ x 116′ lot.

We can debate whether these are sales tactics (you know, list way below market price to attract buyers and create a buying frenzy) or if this means the market has gone crazy. To me, this just reaffirms my belief that this is a seller’s market. There is a pent-up demand for housing. And when the supply is low, higher prices usually follow.

Interesting, yesterday, a report from Tourism Toronto showed in 2103, 9.22million hotel rooms were booked. Up 2.8% from 2012. I’m not sure there is a direct correlation between the visitors and house prices but Toronto has certainly become a world-class city. Maybe our prices reflect that, too?

Your best interest is my only interest. Like this article? Share with a friend. I reply to all questions and I welcome your comments.

Steve Garganis 416 224 0114 steve@mortgagenow.ca

Posted February 25, 2014 Mortgage News

2 sales in GTA this weekend went for 128% and 138% of List price!!

Wow, who said the housing market was slowing down? Check this out.. 2 sales from this past weekend in Toronto show the market is red hot!

This house at 455 Manning St is located in the College and Bathurst area of Toronto. It was listed for sale at $749,900. And it sold for whopping $1,035,000 or 138% of list price! This is a 2.5 storey semi-detached home with a 19′ x 126′ lot. Wait, it gets better. The description says, and I quote “Attention Renovators/Investors/Handymen”. A quick look at pics inside leave much to be desired. This place is need of some serious home improvements. All I can say is WOW!

How about this one at 362 Lippincott Street located in the Bathurst and Bloor area of Toronto. Listed at $895,001 and selling for $1,150,000. That’s 128% of list price. The lot is 17′ x 101′. This is a 100 yr old semi-detached Victorian with major updates and renos. It certainly looks nicer than the first. But selling for 128% of list price? I’ll repeat myself, WOW!! Continue reading “2 sales in GTA this weekend went for 128% and 138% of List price!!”