If you are planning to undertake a move in the coming

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1 trebtalk Buying a new home BY BILL JOHNSTON If you are planning to undertake a move in the coming months, you have probably considered whether to choose new or resale housing. Both options have advantages. Resale housing for example, offers a clear sense of a community s character and often, household projects that are necessary at the outset have already been completed. New construction, meanwhile, is designed using the latest building techniques, which can translate into functional floor plans and improved energy efficiency. By choosing to work with a Greater Toronto Realtor in your search for a newly constructed home, information on virtually all developments throughout the GTA will be at your disposal. Through an agreement with RealNet Canada Inc., Greater Toronto Realtors have access to a database of new-home listings that encompasses 99 per cent of all developments greater than 15 units in size throughout the GTA. Updated on a monthly basis, the database provides coverage in both the residential development and commercial real estate investment markets, and includes more than 35,000 current records. From condominium apartments in the heart of the city to a detached home in the 905 region and everything in between, your Greater Toronto Realtor can give you full details on all of the new construction offerings in today s market. A search of the RealNet database begins with general criteria such as housing type, location and price range. Once results are displayed, a considerable depth of information becomes available. The number of available units remaining, square footage and occupancy dates are among the specifics your Realtor can gather. Condominium buyers can obtain additional information on maintenance fees, storage lockers and parking availability. If you re interested in single-family dwellings, details like lot size, elevation and exterior finish are available. RealNet also offers Greater Toronto Realtor detailed statistical reports on the entire new-home market. Key information is highlighted including the number of product offerings, the previous month s sales, remaining inventory, average size, average price and average 12-month absorption by housing type. By gaining the widest perspective on current market conditions and available new housing options, your Realtor can help you gain an accurate measure of your preferred builder s value proposition, giving you greater objectivity throughout the process. When it s time to negotiate with a builder, enlisting the help of your Realtor will give you a clear understanding of your agreement, helping you to avoid pitfalls and potentially saving you money. Your Realtor will demonstrate their value in many other ways as well, by advising you on government programs for homebuyers, offering specifics on neighbourhood amenities and managing the overall process to provide for a smooth transition. To learn more about working with a Greater Toronto Realtor to buy your next home visit TorontoRealEstateBoard.com. Bill Johnston is president of the Toronto Real Estate Board, a professional association that represents 31,000 Realtors in the Greater Toronto Area. torontorealestateboard.com

2 Central (c1-c15) MARCH ,213 3,457 1,859 $566, MARCH ,019 2,864 1,799 $585, % change There were 1,799 sales in the Toronto Real Estate Board (TREB) central in March a three-per-cent decrease in comparison to March The average price for these transactions was $585,706, which represents a three-per-cent increase relative to March The central continue to lead the GTA in terms of the average price level. Central area market conditions became tighter compared to last year, with sales accounting for a larger share of listings. With this in mind, it was not surprising to see sellers receiving offers equal to their asking price, says Jason Mercer, TREB s senior manager of market analysis. On average, homes were on the market for 22 days before selling, slightly below the average for the TREB market area as a whole. Condominium apartments account for a large share of listings in some of TREB s central. Over the last year, some of these experienced a jump in condo apartment listings as new projects completed. Even with more supply, market conditions have remained tight enough to promote strong year-over-year price growth. In March, for example, the average selling price for a condominium apartment in the City of Toronto grew by eight per cent to over $352,000, Mercer says.

3 west (w1-w29) MARCH ,052 7,057 4,054 $396, MARCH ,158 5,671 3,476 $420, % change There were 3,476 sales in the Toronto Real Estate Board (TREB) west in March a 14-per-cent decrease compared to The average price for March transactions $420,437, representing a six-per-cent increase in comparison to last year. TREB s west encompass a diversity of housing types, from dense of nodes of condominium apartments in areas like Mississauga City Centre to single-detached homes on very large parcels of land. This diversity of housing types has attracted buyers with many different housing needs, says Jason Mercer, TREB s senior manager of market analysis. On average, homes sold in March were on the market for just over three weeks time and sold for 98 per cent of the asking price. The fact that sellers are receiving offers close to their asking price in under a month s time is further evidence that there is currently quite a bit of competition between buyers, thereby supporting the strong but sustainable rates of price growth reported over the past few months, Mercer continues.

4 East (E1-E21) MARCH ,005 4,164 2,293 $346, MARCH ,509 3,387 2,013 $352, % change In March, there were 2,013 transactions reported in the Toronto Real Estate Board s (TREB) east. This result represents a 12-per-cent decline compared to last year. The average price for these transactions was $352,226, representing a two-per-cent increase compared to the average of $346,989 reported last year. Many of TREB s in the eastern GTA represent pockets of value for homebuyers looking to purchase some form of lowrise housing, particularly single-detached houses, says Jason Mercer, TREB s senior manager of market analysis. The number of homes listed for sale (new listings) in TREB s east dropped by 19 per cent in comparison to March of While March sales were down compared to last year, the number of new listings actually declined at a much greater rate. This means market conditions have tightened up. If this trend continues, the rate of annual average price growth could accelerate, Mercer says.

5 North (N01-N24) MARCH ,414 4,236 2,224 $484, MARCH ,930 3,393 1,974 $506, % change There were 1,974 resale transactions in the Toronto Real Estate Board s (TREB) north in March This represents an 11-per-cent decline compared to March The average selling price for these transactions was $506,929 up five per cent from the average of $484,956 in March While sales were down from last year s record pace, so too were the number of homes listed for sale in March. This means that market conditions remained tight, keeping the rate of average annual price growth at the top end TREB s forecast range for 2011, says Jason Mercer, TREB s senior manager of market analysis. Homes that sold through the Toronto Multiple Listing Service system in March were on the market for an average of 24 days in TREB s north. An average selling period of less than one month is further evidence that market conditions have remained tight so far this year, Mercer continues.