Fourth Quarter TRREB stats are in!⁣

As we are getting ready to wind down and enjoy time with our families and friends to celebrate the end of 2022, we would like to reflect on an eventful year that has brought on new opportunities, challenges, and milestones. Our partnerships grew stronger, and our team’s connection became richer. With our innovative collaboration among valued partners like yourselves, we can send off another successful year of launches and ongoing sales. Representing over 50 communities and 4,500 units with developments across the GTHA, we proudly sold Hamilton, Burlington, Halton, Cottage Country, and Toronto. We are very grateful for your relationship and look forward to another victorious year together.

Summer recap 2022!⁣

Made to Measure Going Forward. The bank of Canada continues quantitative tightening with another announcement to kick off the Fall market. This year’s fifth hike, up to 75 basis points, equates to a 3.25% interest rate. Potential buyers must now qualify near 7% with the existing stress test measures. These increases and national headlines have our clients asking similar questions; What’s the market temperature check? Who is still buying? What’s the brokers feedback? How are incentives changing? And when should we launch? The reality of our current market is that there isn’t a one-size-fits-all recommendation.

July TRREB stats!⁣

Each project has its unique set of advantages and obstacles, and when appropriately positioned with compelling incentives and pricing packages, success is attainable, even during the dog days of summer. It’s no secret the market is much different than in Q1 2022. The current purchaser climate is rapidly transforming and the industry needs to adjust accordingly.

August TRREB stats!⁣

September TRREB stats!⁣

Though today’s pace is unlike what the market experienced over the last five years, the cycle continues as “what goes up, must come down”, and interest rates are no exception. Luckily, with nearly five decades of industry knowledge at Milborne Group, we successfully support clients in navigating through these cycles with unmeasurable insight that only experience can offer. Stay in tune with us for more market updates.

May TRREB stats are in!⁣

The new purchaser mindset. Heading into summer 2022 brings on further increases in interest rates and continued speculation about the market’s direction. The pace of sale, absorption, and overall strength of the market is a reflection of consumer confidence and expectations. As we engage with these active buyers, there are certain common characteristics that thread this “New purchaser” group, and their decision-making together. Purchasers have become more analytical in their approach, placing a larger emphasis on project comparison throughout the city and beyond. Options have become less segmented to one area or type of building.

June TRREB stats!⁣

We are finding that the purchaser has become less emotional in the decision-making process, and the dance between the resale market and new construction is more fluid. As such, the total offering of a new project launch will determine its success. The perceived value of each submarket, the best pricing available, the incentive package, the extended deposit program, and the overall brand recognition are playing a more critical role in client response, sales absorption and velocity. This is the time to put your best foot forward and deliver a AAA offering across the board.

April TRREB stats are in!⁣

The news of 15,000+ members of Ontario’s construction industry on strike has brought on inquiries about how it will affect the market. As these workers are crucial to this prime building season, we expect disputes to be settled as soon as possible. However, if construction wages increase, the cost to build follows. As Toronto maintains its $1,600/PSF – $2,100/PSF average, coupled with its recent years of downturn in construction versus population ratio, opportunities for affordable housing are more attainable in the GTA submarkets. Hamilton is a prime example, an area experiencing a renaissance with less than an hour’s drive or a 60-minute GO Train ride from the Metropolitan city.

Hamilton is a prime example, an area experiencing a renaissance with less than an hour’s drive or a 60-minute GO Train ride from the Metropolitan city. Hamilton is buzzing with the arts, culture and hospitality sectors in resurgence. Milborne highlights Hamilton as the place to be with its upcoming launches central to the downtown core, future LRT line and developing waterfront. With several thousand units emerging in this vibrant city with a vision, it’s easy to say Hamilton is next!

March TRREB stats are in!⁣

The Q1 preconstruction market delivered 50% more units year-over-year with new launches in high demand from downtown core to Halton, Peel, Durham Region and Hamilton. Milborne believes this desirability will continue with the chronic imbalance of demand exceeding supply in the province. Ontario needs 1.5 million new homes over the next 10 years to keep up with population growth. Our market is tempered by the government’s demand-side solutions such as rising interest rates and the effects on the economy from the war in Ukraine. However, the housing market is woefully undersupplied, as two-thirds of Canada’s housing shortage is in Ontario.

Today, the province is 1.2 million homes short of the G7 average. In the last 10 years, the number of housing starts have incrementally increased from 61,000 units (2012) to 81,000+ (2020). With the new Federal measures’ minimal assistance, contributing “$10 Billion to housing over the next 5 years”, the structural imbalance of demand/supply remains and pricing will increase, albeit slower.

We have a number of exciting projects in the pipeline, and we look forward to introducing them to our broker community soon. Stay tuned to our social media accounts to learn more.

The December OREB stats are in!

OREB reported 1,002 residential properties in December through the Board’s Multiple Listing Service System. This is 32.4 per cent increase compared to the 757 sales in December 2019. December’s sales included 292 in the condominium property class, an increase of 29.2 per cent from December 2019.

December’s average sale price for a condominium-class property was $355,982, an increase of 14.4 per cent from this time last year.

“When analyzing the year-end figures, what clearly stood out was the although the number of units sold was only slightly higher than last year, the Total Sales Volume topped a record-breaking $10 billion compared to $8.2 billion at the end of 2019,” states Ottawa Real Estate Board’s 2021 President Debra Wright.

At the end of 2020, average prices increased by 19–20% over this time last year.

Derek Nzeribe, Milborne Director, Ottawa shares his thoughts: “Ottawa displayed a resilient real estate market throughout the pandemic shattering expectations. 2020 prolonged the shortage of new housing product reaching the marketplace. As inventory remained very low and builders raced to get under construction product off the assembly line, demand increased significantly mainly driven by low mortgage rates and a local employment market that remained relatively stable throughout the pandemic. This is what lead to an almost 20% year over year increase in pricing with a record $10.4 billion in sales volume.”

We invite you to stay tuned as we prepare to launch some exciting new projects in Ottawa this year! Stay tuned for updates.

December stats are in! ⁣

The Greater Toronto Area REALTORS® reported over 95,000 home sales in 2020 – the third-best result on record. The average selling price reached a new record of almost $930,000. ⁣

“The Greater Toronto Area housing market followed an unfamiliar path in 2020. Following the steep COVID-induced drop-off in demand during the spring, home sales roared back to record levels throughout the summer and fall. A strong economic rebound in many sectors of the economy, ultra-low borrowing costs and the enhanced use of technology for virtual open houses and showings fuelled and sustained the housing market recovery,” said Lisa Patel, Toronto Regional Real Estate Board (TRREB) President. ⁣

Stay tuned as we continue to highlight the GTA real estate market and the projects that we will be launching soon.

The October stats are in!

Earlier this week, TRREB released their September Stats. Real Estate Board President Lisa Patel announced that sales reported through TRREB’s MLS® System by GTA REALTORS® amounted to 11,083 – a new record for the month of September.

This number is up by 42.3 percent compared to September 2019.

We have several projects launching soon in the GTA and Ottawa areas. We look forward to continuing to work with award-winning developers that provide our community with outstanding homes. Stay tuned to our Instagram page to learn more.

The September stats are in!

GTA REALTORS® reported 10,775 residential sales through TRREB’s MLS® System in August 2020 – up by 40.3 per cent compared to August 2019.’⁣

⁣The market is heating up and it shows through the success of our recent launches! Stay tuned as we continue to launch exciting projects across the GTA this Fall.

June TRREB stats are in!⁣

Toronto Regional Real Estate Board President Lisa Patel announced that Greater Toronto Area REALTORS® reported 8,701 sales through TRREB’s MLS® System in June 2020.⁣

We are confident that Q3 will bring many launches. Stay tuned for our upcoming project announcements!

We have a number of exciting projects in the pipeline, and we look forward to introducing them to our broker community soon. Stay tuned to our social media accounts to learn more.