September 11, 2017

Slightly Improved Go-Train schedule for Newmarket

With all the growth we have seen in York Region and South Simcoe, commuting the Toronto is becoming more and more a challenge, with increased cars on the road. It has become a bit of a daunting commute for those who line in Newmarket that commute to the downtown core of Toronto. Thankfully the powers that be at MetroLink have listened to the residents of Newmarket/Aurora and made a few slight changes to the Barrie Go-Train line and added a few more trains both Southbound and Northbound.

There is now 8 trains leaving for Toronto in the morning, with the first Newmarket departure leaving the GoTrain station, at the Tannery mall on Davis Drive, at 6:03am. The next trains leaves a half hour later, at 6:33am, then there are 4 trains in a row in 15 minute increments (6:48am, 7:03am, 7:18am, 7:33am), and then 2 more trains with a half hour gap at 8:03am & 8:33am (final Southbound train).

Northbound also has a total of 8 trains, with different departure increments from Union Station, beginning at 3:40pm, then 4:10pm, 4:40pm, 5:05pm, 5:35pm, 6:05pm, 6:35pm, 7:05pm.

See the pictures to view the departure and corresponding arrival times.

The Newmarket GoTrain station is located at the Tannery Mall, which has a municipal address of 465 Davis Drive, Newmarket. There is 265 parking spaces and has wheel chair accessible train access. If you miss the train, there is also a GoBus that comes by the station, but is not as frequent.

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September 8, 2017

Fall Home Maintenance List

This Fall Home Maintenance Checklist is brought to you by one of my trusted Home Inspectors, Steve Lawson, of Pillar To Post Home Inspections. 

The days are getting noticeably shorter, and maybe there’s a nip in the air – sure signs that fall is on its way. Now is the perfect time to get your home in shape before winter rolls in, while the weather is still pleasant enough for spending time outdoors.

Seal it up: Caulk and seal around exterior door and window frames. Look for gaps where pipes or wiring enter the home and caulk those as well. Not only does heat escape from these openings, but water can enter and may eventually cause mold problems and even structural damage.

Look up: Check the roof for missing or damaged shingles. Winter weather can cause serious damage to a vulnerable roof, leading to a greater chance of further damage inside the home. Although you should always have a qualified professional inspect and repair the roof, you can do a preliminary survey from the ground using binoculars.

Clear it out: Clear gutters and eaves troughs of leaves, sticks, and other debris. Consider installing leaf guards if your gutters can accommodate them – they are real time savers and can prevent damage from clogged gutters. Check the seams between sections of gutter, as well as between the gutter and downspouts, and make any necessary adjustments or repairs.

No hose: In climates with freezing weather, drain garden hoses and store them indoors to protect them from the elements. Shut off outdoor faucets and make sure exterior pipes are drained of water. Faucets and pipes can easily freeze and burst, causing leaks and potentially serious water damage.

Warm up time: Have the furnace inspected to ensure it’s safe and in good working order. Most utility companies will provide basic inspections at no charge, but there can often be a long waiting list come fall and winter. Replace disposable furnace air filters or clean the permanent type according to the manufacturer’s instructions. Using a clean filter will help the furnace run more efficiently, saving you money and energy.

Light that fire: If you enjoy the crackle of a wood-burning fireplace on a chilly fall evening, have the firebox and chimney professionally cleaned before lighting a fire this season. Creosote, a byproduct of wood burning, can build up to dangerous levels and cause a serious chimney fire if not removed

Happy Fall!!!

 

For more information on Steve Lawson:

 

The Pillar To Post Difference
  • The Pillar To Post Inspection Report is generated on site at the completion of the inspection, so your client won’t have to wait for the results.
  • All Pillar To Post inspectors carry E&O insurance to protect you, the referring agent.
  • Three different Home Inspection Packages to choose from that allow your client to select the range of services they prefer – click here to learn more.
  • As North America’s leading home inspection company, Pillar To Post is committed to providing the highest quality service to real estate professionals and their clients.

Steve Lawson
Certified Home Inspector

[email protected]
pillartopost.com/barrie
(800) 396-7678
Each office is independently owned and operated.

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August 17, 2017

August mid-month sales report: Newmarket Prices are higher!

Prices are on the rise again!
We are more than half way through August, and average prices are on higher than they were in July for Detached, Semi-Detached & Attached/Townhomes!
Volume is still well below where is was on August 17 2016, except with townhomes which has the same sales-date, but the prices have all bounced higher after a slow July.
The following is all based on data reported to the Toronto Real Estate Board (TREB) as of 1:20pm on August 17, 2017:
Detached Homes:
So far to date this month there has been 23 sales reported, with an average sales price of $9353,682, which is up by more than $46,000 from the Average sale price in July this year. Now, these sales are quite a bit less than the 54 that were reported this time last year (Reported Sold between August 1 – August 17), but the average price is still higher by more than $47,000 than the 2016 numbers, indicating that while confidence may be coming back to the value of real estate, it’s not in the same level of urgency as it was last summer.
We also need to keep in mind that the average sale price is down by almost $250,000 from it’s April peak, which was a sharp correction as it represented a near 20% drop in the average sale price over the course of 3+ months.
I do predict detached homes to close out the month around 50 sales, which is still significantly lower than the 109 that happened in August 2016, but with 8 properties currently showing a status of Sold Conditionally (SC Status) I hope that prediction is a conservative one and the actual sales are far greater!
Semi-Detached Homes:
The mid month numbers for Semi’s look crazy, but I think thats because July was so slow! So far this month there has been 8 units reported sold this month, which is already 2 more than all of July 2017. The Average sale price is also sitting around $645,000 right now, which is more than $104,000 than the average sale price in July this year for the whole month.
Sales are strong, especially when we compare the figures against the figures of August 17 2016, where there were 6 sales reported to date, with an average price of $611,000.
Last month we had 6 sales for the whole month that were all older semi’s… this month, nearly all 8 sales have been more modern semi’s and give us a better idea of the values.
Again, July 2017 was a very slow month, and when looking at a chart, it will show a big valley that will need clarification as to why the big price drop that month.
While I do no predict we will match the August 2016 total sales for the month of 18 sales, I think we will get close, between 16-18 total sales and the average price to remain close to $645,000.
There are currently 3 Semi’s with a SC status.
Attached/Townhomes:
The sales figures for townhomes is also looking really good in comparison to July 2017. with 7 sales already reported, compared to 8 in all of July, the volume of sales shows that there is still good demand for this housing stock. The average price is also up from July this year by over $26,000, with an average sales price sitting at $681,143. That is over $92,000 higher than the average sales price in August 2016 ($588,671) when there were 14 sales for the whole month.
I am Predicting Sales should be around 13-15 sales for the whole month with the average sales price staying close to the $680,000 mark.
If you would like to receive my exclusive Market report, called “THE MARKET: Newmarket’s Monthly Residential Real Estate Report” directly in your inbox each and every month, CLICK HERE.
I promise you will never be spammed by me 😉

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April 4, 2017

March 2017 Market Stats

The Stats are in for March, and there is some interesting things to look at. Here is a quick breakdown of the numbers for freehold detached homes in Newmarket:

Average Sale Price: $1,142,903
Median Sale Price: $1,105,000
Average Days on Market: 7
Number of Sales: 187
Number of New Listings: 308

While the Average Sale price for the month was up by $312,875 over March 2016 (37.69%), it was actually down from the Average Sale price in February 2017 by $36,895, which was $1,179,798. I’m not convinced this means prices peaked in February, but when you factor in the number of new listings coming online, there is a possibility of new inventory relieving the upward pressure on prices.

March is usually the beginning of the selling season, which makes sense why the number of sales was up by 45 total number of sales fin March 2016, and it actually translated to a Sales/New Listing ratio of 60.71%, which indicated it’s still a Sellers Market. March 2016 had 142 sales and March 2015 had 123 sales, so 187 seems to be in line with the current market forces.

The worrisome figure for me is the # of new listings of 308. 2016’s busiest month for new listings was June with 224, so to be well above this figure in March may indicate a flood of listings coming to the market soon, which may water down the offerings and cause some downward pressure on prices as home owners try to ‘cash in’ on the record high prices we are experiencing.

Some Neighbourhood data to report:

Highest Average Sale Price increase from 2016: Central Newmarket Area
This community saw prices increase by 66.55% over March 2016. now, it should be noted that this community in the Toronto Real Estate Board (TREB) includes both ‘Old Newmarket’ as well as ‘Quaker Hill’ neighbourhoods.  Both areas have very different housing types, but share the central geographic location of being in the middle of Newmarket and are both quite desirable. the average sale price in this TREB community was $1,008,615 and had an impressive 32 sales, which was the highest number of sales of all TREB communities too in Newmarket.

Highest Median Sale Price: Stonehaven-Wyndam
It should come as no surprise that this is the most expensive section of Newmarket. it’s always been that way. The Median sale price of this community was $1,481,250. Pretty hard to believe that the Median sale price of this community has jumped from $913,500 in March 2015 to where it is today! But big homes near the highway are in demand and sell.

Lowest Median Sale Price: Huron Heights-Leslie Valley
When it comes to detached homes, this is the most affordable community in Newmarket right now. With a median sale price of $930,000 (which was down from $1,004,000 in February 2017), this community may be the one for those looking for an affordable detached home. I expect this number to fluctuate a bit as there is a wide variety of housing options in this community.

Overall:
All in all, this market is hard to read. Since the March break ended we have seen some odd things happening in the market place with some homes not getting the action that was expected and others still getting many offers. I think it’s safe to say we are still in a time of uncertainty with which direction things are going, but one thing sure remains to be true, the demand for Newmarket is as strong as it’s ever been, which may have a lot to do with the repeated accolades from many different magazine and internet rankings that consistently put Newmarket near the top of what ever they are rating for quality of life of Canadians.

While I do not forecast a drastic drop in prices I do strongly feel that the increased supply of homes to the market may cause a levelling out or even minor correction of values that may have spiked a little pre-maturely ahead of a trend line.

 

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February 3, 2017

January 2017 Market Stats... holy cow!

2017-01-31-market-stats

The numbers are in for January 2017, and it’s little surprising to see the amount of sales and the average price for a detached house finally cracked $1,000,000 for the first time ever in Newmarket’s history.

**All numbers and prices reflected in this post are for freehold detached homes only**

January is typically a slow month in real estate, as families are on vacation, and people are just getting into the flow of the new year… this year is very different with a very competitive buying environment with multiple offers on almost everything!

37 of the 50 sales were at 100% of asking, or higher! The highest ratio was 151% for a very nicely renovated 3-bedroom bungalow on Srigley street which backed onto a conservation area. It sold for $340,000 over it’s $659,900 asking price! wow!!!

The question I get asked a lot is, when will it change to be more favourable for Buyers? To which I usually reply, “Remember, it’s still only January. This is typically one of the slowest months for new listings, second only to December. March-June are the very busy months for inventory levels. This is a supply and demand crisis, which has fueled the price surge… Have patience.”

Here is a look at the look at the sales/new listing numbers from 2015 & 2016
Click here to view the data

new-sold-2017-01

The above graph shows that the peak months for new listings coming to the market is between March & June…. but those are also the most active months for sales too…

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October 4, 2016

2 big changes coming to the Mortgage market soon!

mortgage-changes-2016-10-4

On October 3, Department of Finance Minister, Bill Morneau, announced changes coming to the housing/mortgage market in an attempt to cool the red hot markets of Toronto & Vancouver, which will likely have an impact on the whole Canadian Market in an adverse way. The big notable changes are:

1) Effective Oct. 17, the qualification rate currently 4.64% will now apply to all insured mortgages (even high- and low-LTV -greater than 20% equity-  5-year fixed terms , which is not the case today).

2) Regulators are banning a wide array of mortgages from being insured, effective Nov. 30.

What Does this mean to Canadians?

  • An income of $100,000 today, with no debt, at a rate of 2.39% qualifies for a $541,000 mortgage, but under the new rules, they will qualify for only $423,000 ($118,000 less).
  • The maximum amortization for any insured mortgage will be 25 years

The other notable change is that foreign investors will pay more in tax on their investments, which could also cause a diminished demand on the housing market.

It may be a little too early still to see what the impact will be, but I think it’s fair to say that this will likely be seen as very UNFAIR to those living outside the Toronto & Vancouver markets.

For more on this, click here

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June 24, 2016

2016 Summer Go Train Schedule to and From Newmarket

GoTrain_summer 2016

Looking to get to and From Toronto this summer for a weekend getaway?

Here is the weekend schedule for the for the Go Train this summer.

For a complete look at the schedule, visit: GoTransit.com

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June 16, 2016

TBT June 2006 Market Data

Ever wonder how people can afford to move up in this current market… might have to do with a lot of them buying when the prices were a lot lower.

Here is a look at what the prices looked like in June 2006 (10 years ago).

Click on the image below to see a breakdown of the market by segment.

2006.06_DATA

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May 30, 2016

Will Chinese Capital Continue to Pour Into Canadian Real Estate?

Why Are People Taking So Much Money Out of China?

China is experiencing the largest episode of capital flight in history, encouraged by the slowdown in economic activity, the plunge in the stock market and the surprise devaluation of the currency–the Chinese yuan (also called the renminbi) last August. Chinese businesses and consumers are moving money abroad where its value might hold up. Last year, some $700 billion to $1 trillion (U.S.) is estimated to have fled China (see chart below). The dream of many Chinese to have their children educated overse as is another cause of long-term capital outflows. Finally, the flows are driven by a belief that it will only get harder to move money offshore.

Capital controls already exist. Individuals are limited to the equivalent of $50,000 a year, though there are multiple ways to get around the restrictions. The Chinese government is ramping up efforts to stem the flood of money with new rules making it harder for foreign companies in China to repatriate earnings and for investors to move yuan overseas.

In recent days, the yuan has come under renewed downward pressure with mounting expectation of Fed rate hike. The biggest problem for China so far is perception. Capital flight signals a loss of confidence in the government’s ability to run the economy. The perception is made worse in China by the government’s opacity and by the economy’s difficult transition from reliance on big infrastructure and exports to consumer spending.

Much of that Chinese money is moving into housing, not only in Toronto and Vancouver, but also into real estate in Australia, New Zealand and the United States. The Chinese are now the number-one foreign purchaser of U.S. residential real estate–surpassing Canadian inflows this year. This is stimulating the housing markets, especially in New York, Los Angeles, San Francisco and Seattle. Chicago, Miami and Las Vegas are also seeing significant investment.

House prices in Vancouver have surged exponentially with the rising outflow of Chinese capital looking for a home. To a lesser degree, the same is true in Toronto, blowing up a bubble in already overheated housing markets. Can this continue? No one knows, but there are varying opinions whether this is a sustainable force for price appreciation or will China’s efforts to crack down on capital outflow be successful, removing one of the linchpins of the Vancouver and Toronto housing markets.

The answer to that question is not simple. Some believe the Chinese money ball will only grow, bouncing its way around the world. Many believe that China doesn’t need to stop the capital outflow, but just to contain it. Historically, governments cannot effectively control capital outflow. However, everything about China breaks historical norms, and the government is working hard to make foreign exchange transactions more difficult. This poses a significant downside risk to Canada’s strongest housing markets.

In another example, the capital outflow from Russia has been proportionately much larger and some of that capital has also found its way into Toronto housing.

Can The Vancouver and Toronto Housing Boom Last?

The media continue to put the spotlight on the Vancouver and Toronto housing booms and the role played by foreigners to drive up prices. Affordability issues are of great concern and questions continue to arise regarding the sustainability of the housing bubble. Not only are many first-time homebuyers shut out of the housing market, but the supply of listings is held down by the affordability issue as well. Many existing homeowners cannot afford to move up as foreign capital has mainly boosted the luxury housing market. Reportedly, the foreign buyer is far less price sensitive than Canadians, boosting the priced of multi-million dollar homes.

The Canadian government and regulatory response to this foreign inflow of money is evolving. The media have recently highlighted the potential for money laundering and the lax enforcement of anti-money laundering initiatives in the real estate sector. But it appears that most of the Chinese purchase of Canadian housing is not for money laundering purposes, meaning garnered through illegal activity or to support terrorism. Moreover, Canadian real estate players are not responsible for enforcing Chinese law. According to a spokesman for the Financial Crimes Enforcement Network, an agency of the U.S. Treasury Department, banks are required to “conduct enhanced due diligence on foreign correspondent accounts.”

Meanwhile, Chinese officials have intensified a crackdown on what are known in China as underground banks, which Chinese nationals often use to shift money in and out of the country. Those money-transfer agents, however, remain rampant despite repeated enforcement efforts, according to the state-controlled Xinhua News Agency. While determined individuals can always find a way to move money, including untraceable bitcoin transactions, a slowdown in the volume of Chinese capital moving into Canadian housing is a meaningful risk factor for the hottest markets in Canada.

 

Dr. Sherry Cooper
Chief Economist, Dominion Lending Centres

For more info, or questions, contact:
Leo Falkovsky, Manager Mortgage Dept.
Mortgage Broker
License No. M09000003
DLC- Mortgage Loans Canada Inc.
Brokerage Lic. 10100
8854 Yonge St. Richmond Hill, ON L4C 0T4
(905) 731-2000 – Office

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April 11, 2016

Darcy hits the Top 100 Agents in Canada

We are thrilled to announce that Darcy has been named as one of Canada’s Top 100 agents in Canada, according to Real Estate Professional (REP) magazine, which is an industry trade magazine for Realtors. 

To see a copy of the magazine, you can read it here:

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