RBC Economics Research - Housing Affordability report for city of Toronto

This is a latest edition of housing affordability and some inside information about the housing market in Ontario and specifically in Toronto. I have gathered the important information related to the housing sector in Ontario & Toronto 

Here is the table summary for across Canada for the month of November :

Mortgage carrying costs 

RBC Housing Affordability Measure captures the proportion of median pre-tax household income required to service the cost of a mortgage on an existing housing unit at going market prices, including principal and interest, property taxes and utilities; the modified measure Source: Statistics Canada, Royal LePage, RBC Economics Research M

Average price of homes sold on the MLS system 

Home sales-to-new listings ratio

Exclusive Condominium Unit for Sale/Lease in Richmond Hill
150 East beaver Creek Rd

Luxury Four Season Garden Condominium by Catalia Development 

East Beaver Creek Park - Hwy 7 & East Beaver Creak Park

3 Units available for assignment in the Phase 1 

Building View :

Site Plan :  

Building Amenities : Buildings Amenities : Lounge area close to a fireplace or green wall ideal for relaxation while waiting for friends; Complete fitness facility with state-of the art equipment complemented with a tranquil yoga room; Indoor swimming pool and whirlpool spa; Separate men’s and women’s sauna rooms and changing facilities; Designer–decorated guest suite for the convenience of out of town guests; An elegant party room equipped with a stylish wet bar, fireplace and an outdoor barbecue patio situated in breathtaking landscape.

Unit 1 - 3 Bedroom, 2 Bathroom + 2 Balconies - Hollywood Plan - 1304 sq ft with 2 massive balcony - $30 K Upgrade - 2 Parking & 1 Locker on the 3 rd floor - View SE - Corner Unit 

3rd bedroom has entrance to the balcony. Both of the bathroom have been upgraded. Lot of windows all around the unit. Full open concept Kitchen with fully upgraded top of the line KitchenAid appliances.

Master bedroom has en suite bathroom and 2 walk in closet.

Asking Price For Sale : $579,000.00
Asking Price For Lease : $2,700.00

Occupancy for November 2013 - Closing March 2014 - 2.5% Commission  

Unit 2 - 2 Bedroom + Den & 2 Bathroom - Lincoln Plan - 1095 sq ft with a patio  - 1 Parking & 1 Locker - Ground floor facing South -

Den has a door and can be used as a 3rd bedroom.

Asking Price For Sale : $450,000.00
Asking Price For Lease : $2,300.00

Occupancy for November 2013 - Closing March 2014 - 2.5% Commission  

Unit 3 - 2 Bedroom 2 Bathroom - Harlow Plan - 839 sq ft with patio - 1 Parking & 1 Locker - Ground floor facing North to the Garden

Asking Price For Sale : $350,000.00
Asking Price For Lease : $1,900.00 

Unit 4 & 5 - 1 Bedroom + 1 Bathroom + 1 Balcony - Nevada Plan - 535 sq ft - 1 Parking + 1 Locker - 2nd floor - South View - Laundry room with closets & storage space

For Lease Only : $1,450.00

Occupancy for December 2013 - Closing March 2014

2.5% Commission for the sale transactions
1/2 month commission for the Lease transactions

Floor Plan Attached

Contact:Arash Fatemi 416.910.4726

afatemi@royallepagecommercial.com

Richmond Hill Housing Report 

• Pre-Construction report : 

1. Detached <=40 ft lot : Total detached home sales year to date was 82 unit with average size of 2,610 sq ft and average price of $833,000.00. There are still 75 unit remaining in the builders inventory list.
2. Detached >=40 ft lot : Total detached home sales year to date was 71 unit with the average size of 3,572 sq ft and average price of $1,141,000.00. There are still 69 unit left in the builders inventory list. 
3. Townhouse : Total year to date sales was 314 unit with 280 unit remaining. Average size of 1,992 sq ft and average price of $594,000.00

• Re-Sale report : 

• Detached : 

a.  2 Story : 176 Unit sold in total for the month of October. Out of 176 unit there were 138         unit 2 Story homes sold. Report month of October  : 

Field	Count	Mean	Median	Mode	Low	High
		(Average)
List Price	138	$956,504	$799,900	$699,900	$469,000	$4,799,000
Original Price	138	$962,881	$799,000	$799,000	$469,000	$4,799,000
Sold Price	138	$930,412	$803,900	$645,000	$497,600	$4,100,000
%Difference	138	98	98	98	85	123
Taxes	134	$5,632	$4,999	$5,300	$2,912.20	$24,000
Bedrooms	138	4	4	4	3	6
Washrooms	138	4	4	4	2	8
Days on Market	135	28	20	6	1	176

b. Others : There were total 38 sales in the month of October which includes : Bungalows, Back & Front splits. Below is the chart. 

Field	Count	Mean	Median	Mode	Low	High
		(Average)
List Price	38	$856,326	$708,950	$599,900	$369,000	$2,488,000
Original Price	38	$866,015	$708,950	$599,900	$369,000	$2,488,000
Sold Price	38	$819,918	$681,450	$572,000	$390,000	$2,250,000
%Difference	38	97	97	94	90	108
Taxes	37	$4,561	$4,094	n/a	$2,426.09	$8,903.77
Bedrooms	38	3	3	3	1	5
Washrooms	38	3	2	2	1	5
Days on Market	38	28	20	5	1	138

• Attached : There were in total 36 sales for the month of October 2013. This is all townhouses.

Field	Count	Mean	Median	Mode	Low	High
		(Average)
List Price	36	$553,822	$547,450	$599,000	$429,900	$698,000
Original Price	36	$556,431	$566,500	$599,000	$429,900	$698,000
Sold Price	36	$545,544	$545,400	$516,000	$425,000	$707,000
%Difference	36	99	98	99	90	108
Taxes	34	$3,379	$3,399	n/a	$1,200	$4,296.64
Bedrooms	36	3	3	3	3	4
Washrooms	36	3	3	3	2	4
Days on Market	36	19	14	9	2	61

How to benefit from  these reports : 

For the buyer : 

• When considering buying a house, always ask your Realtor to check and see how many days the house has been in the market. If it is more than the average days based on the specific neighborhood and the housing type you are considering then you have more leverage to play with the Seller.

For the Seller :

• If your house has been in the market for more than the average number of days for other houses compare to yours in the immediate neighborhood and similar type homes, you need to re-adjust your prices. Sometimes is not the price only, it is the presentation and the cleanliness of the house

These information are provided for the consumers to be updated at all time of what is going on in the specific market, We can produce same reports for any market if you require. Please send me an email and I shall forward you the specific requested neighborhood.

Tip of the day : Make an informed decision based on the facts not talks.

Richmond Hill Condo market Updates mid November 

Pre-Construction :

There has been total 440 unit condo sold in Richmond Hill from the beginning of the year between all the active 14 projects.

Average unit size has been around 800 sq ft and average price of $415,000 per unit based on the existing pre-construction sales.

The average price per sq ft is about $515 for pre-constructions. There are in total about just under 1000 unit left in the builders inventory across Richmond Hill for condo unit.

Re-Sale :

Below is the Treb Stats for the month of October for Richmond Hill Condo sales of 71 unit

October 1st - October 31	Count	Mean	Median	Mode	Low	High
		(Average)
List Price	71	$333,608	$324,900	$329,900	$204,900	$679,900
Original Price	71	$336,018	$325,000	$249,900	$204,900	$679,900
Sold Price	71	$324,320	$317,000	$305,000	$193,000	$638,000
%Difference	71	97	98	98	90	100
Taxes	68	$2,339	$2,233	$2,120	$1,470	$5,461.35
Bedrooms	71	2	2	2	1	4
Washrooms	71	2	2	2	1	3
Days on Market	71	33	24	20	5	154
November 1st - 15th	Count	Mean	Median	Mode	Low	High
		(Average)
List Price	18	$350,517	$347,000	n/a	$214,000	$499,800
Original Price	18	$350,794	$347,000	n/a	$199,900	$499,800
Sold Price	18	$342,317	$343,000	n/a	$205,000	$490,000
%Difference	18	98	98	98	92	103
Taxes	18	$2,375	$2,453	$1,445	$1,444.94	$3,227
Bedrooms	18	2	2	2	1	3
Washrooms	18	2	2	2	1	4
Days on Market	18	31	23	n/a	3	95