Toronto Real Estate The Year in Review

Toronto Real Estate Stats and Graphes

http://communications3.torontomls.net/auth2/mediafiles/Market-Year-in-Review/pdf/2019-YearInReview_interactive_2Col.pdf 

What do you think will happen?

Toronto Real Estate Board says;

TREB President Garry Bhaura announced that Greater Toronto Area REALTORS® reported 4,009 home sales through TREB’s MLS® in January 2019 – up by 0.6 per cent compared to January 2018. On a preliminary seasonally adjusted basis, sales were up by 3.4 per cent compared to December 2018.
“It is encouraging to see the slight increase in January transactions on a year-overyear basis, even with the inclement weather experienced in the GTA region during the last week of the month. The fact that the number of transactions edged upwards is in line with TREB’s forecast for higher sales in calendar year 2019,” http://www.trebhome.com/market_news/market_watch/2019/mw1901.pdf

 Garth Turner says:

But here’s the reality. As reported here ten days ago, the current average detached 416 price of $1.174 million is 13.3% lower than it was exactly 12 months ago. Someone needing to sell would have a loss of more than $180,000 plus $47,138 in land transfer tax (paid when they bought) and another $58,700 in commission. The total hit = $285,800, or 21%. The average detached house in the heart of the GTA is changing hands for 12% less than in the Spring of last year and a 25.6% below what it commanded the previous year. https://www.greaterfool.ca/2019/02/15/the-fraud/

Real Estate is local

We need to look neighbourhood by neighbourhood, street by street.

Not all are down.... 

Where do you get your real estate advice?   Over the fence from Wilson? 

3D Tours - Virtual OPEN HOUSE

3D Virtual OPEN HOUSES are possible with a Matterport Camera and HOSTING by Matterport  

Sample Condo 

http://Bit.Ly/PenthouseView

or Best Display of a Luxury Home in Mississauga

http://bit.ly/LuxuryVT

If a picture speaks a thousand words imagine the impact of a Matterport 3D Tour with 360°  views. Your condo available to thousands of new Buyers, shared by enthusiasm and social media. 

Virtual tours are hosted for a minimum 6 month period, so that you can use them in additional eBlast Marketing.

[Tours] can be embedded into a website or blog you control,  resized, like you would a YouTube video; they can be linked to TREB Virtual Tours. 

Cost is a minimum of $150 for the first 1,000 square feet then 15 cents psf there after.

Trimming of the model is onsite. (ESTABLISH WINDOW DOORS AND MIRRORS)  Time for scan is approximately one hour per 1,000 square feet.  More open space, timing is faster.  Additional Rooms take more time and more scans. Any camera position can be loaded as 360 degree camera view or high res image.

Floor plans are available at $50 per property.  (turn around 48 Hours) 

Bookings require good daytime lighting. ( near noon is best )

If you would like to schedule a scan contact http://DigitalImagingToronto.ca

If you would like this included with your listing call 647.218.2414 

*Not intended to solicit properties currently under contract 

Consumers Can have all the Data; Competition Bureau

The Competition Bureau has been outspoken about Real Estate practices and access to data.  The solution of a VOW may not bring the intended effects.  The Toronto Real Estate Board went for the Hail Mary pass with a procedural Charter Challenge... 

Realtors will send you the history of a street or condo building when requested with merely your Name and Telephone Number directly to your email.  Defending privacy doesn't ring true.

But Vistnes argues more open access would put more information — and power — in the hands of consumers and bring an end to costly and questionable real estate practices.
Making commission agreements public, for instance, might discourage realtors who now refuse to take potential buyers through homes where the owner has negotiated a lower commission, pushing them instead to other homes that may be less ideal but have better payoff.
It would also be more obvious when an agent is engaging in “gaming” — removing a property that’s been languishing on MLS for weeks and reposting it a day later to create the illusion of a new listing, says the report. That can be a red flag to buyers that a home is overpriced.
Consumers would also be able to tell when a realtor has acted as both the listing and the buying agent, a “conflict of interest” that occurs in about 10 per cent of all GTA transactions, says Vistnes, who analyzed several years of TREB’s MLS data.
By denying a new generation of Internet-savvy homeowners and buyers access to information, as travel agents did years ago, realtors remain the only real “gateway” to critical property details, says Vistnes.
“VOWs are not simply a vehicle by which consumers can access raw MLS data and conduct searches. Brokers can also offer VOW-based tools through which consumers can then analyze those data,” says the report.
“VOWs often attract buyers by offering a convenient means to search listings, to learn details about individual listings, to learn how home prices differ by neighbourhood, to see how quickly homes are selling and the extent to which final prices differ from the list prices and, in some cases, by offering a commission rebate.” http://www.moneyville.ca/article/1260564--toronto-real-estate-board-accused-of-abusing-its-power-and-hurting-consumers-in-case-before-competition-tribunal?utm_source=twitterfeed&utm_medium=twitter&fb_action_ids=3909060159869&fb_action_types=og.recommends&fb_source=aggregation&fb_aggregation_id=288381481237582

There are inaccuracies; 

Realtors acting for both parties are indeed in a conflict of interest. You sign for and specifically acknowledge whether you are receiving Customer Service or Buyer Representation.  The solution is to  Bring your own agent!   Yet, Consumers, feel they will SAVE by using only the Listing Agent. Client or Customer?  

Posting and reposting listings to the MLS system is easily solved when you use your own agent to search the property history and provide an impartial CMA when purchasing the home. 

Undisclosed  closing costs are dealt with in a detailed summary of costs, expenses and proposed funding costs available here.  This is used with each transaction. 

Commission rebates sound wonderful;  What about those listings posted by REALTORS who post one penny or one dollar to selling broker?  The Sellers set the commission payable to selling broker when they list the house.  Listing agents do not necessarily "SPLIT" listing fees equally. No. They may discount their fees to induce you [listings] into a transaction.  We can show you those too....   

Lenders will not permit you to add your purchase expenses, surveys, loan application fees, appraisals,  lawyers fees, land transfer taxes, taxes on CMHC insurance to the purchase price of the  house in addition to Real Estate fees that you committed to in the Buyers Representation Agreement. What do we do when the commission is ZERO? *

I cannot rebate money that is not offered or available.

* It is not my responsibility to explain your options to you as an unrepresented Seller or Mere Listing.  My duty is to get the best deal for my client.

VOWs will permit; an out of Territory Agent to post your home for sale  IE  Windsor or London or Burlington Posted to MLS.ca.  They then field those inquiries.  That listing may or may not appear on the Toronto System.  Are all potential Buyers viewing your home?  

More power into the hands of the consumers Yes!  I am in favour of the VOW's. I will post my VOW shortly.  I am also favour of real Brick and Mortar offices where complaints or disputes can be aired, meetings take place, and  live telephone answering occurs.  Those appointment front desks are the lifeblood of getting your listing seen and showings booked.  What services will I continue to provide? 

Personally I think it permits Brokerages /Agents to provide a lower level of service under the pretense of SAVINGS.   More data requires context.   Context needs insight and experience.  That's what I provide.  Add your comments...