Toronto housing boom spreads to suburbs
Bidding wars have spread beyond the boundaries of Toronto’s core to the 905, Globe Real Estate’s home value survey confirms. According to the Globe and Mail, real estate agents have been passing along anecdotes about the spirited competition taking place in parts of the Greater Toronto Area that, in the past, had lots of houses to choose from. John Pasalis, president of Realosophy Realty Inc., says the data have revealed some surprisingly hot pockets in Oakville, Thornhill and Durham region, for example.
“It’s pretty clear this isn’t a Toronto phenomenon.” Pasalis says contests are also taking place in all segments of the market up to and even past the $2-million mark. A lot of people seem to think that only first-time buyers get drawn into multiple offers, he says, but that’s no longer the case. “I don’t think people realize the demand is everywhere.” The spring survey of home values, tailored exclusively for Globe Real Estate by Realosophy, shows that prices jumped about eight per cent in the GTA in the first quarter compared with the same period in 2014.
BMO: Parents playing increasing role in home sales
A Bank of Montreal report suggests first-time home buyers are increasingly turning to the “Bank of Mom and Dad.” According to the Financial Post, BMO’s 2015 Home Buying Report found that 42 per cent of first-time buyers told an online survey that they expected their parents or relatives to help pay for their first home. That’s up 12 per cent from last year’s report. The bank also said 40 per cent of the first-time buyers said they couldn’t afford a home without financial help from family. The study found the first-timers were anticipating a down-payment of about $59,413 on average and had a budget of $312,700 for the purchase — slightly less than last year’s average price of $316,100.
The bank also found that 42 per cent of current home-owners surveyed said they were looking for family help with the purchase. Their average budget was $473,000 and their average down-payment was $123,214.
The BMO report is based on online interviews with a random sample of 2,007 people aged 18 years or more between Feb. 24 and March 5.
Vancouver looks to cool land assembly trend
According to the Vancouver Sun's Barbara Yaffe, if you happen to own a detached house on a busy street in Vancouver, you might be inclined to get friendly with your neighbours in the hopes that it could pay off, big time.
“Land assembly” has become all the rage in this city, with realtors and groups of homeowners luring developers to purchase groupings of residences along arterial roads.
Trouble is, the city is being extremely selective about which land parcels it is prepared to rezone. Read more about what's happening here: Read more here.