bubble

Wednesday May 7, 2014

Wednesday May 7, 2014By Graeme MacKay, The Hamilton Spectator – Wednesday May 7, 2014

Average price of single home in Toronto shoots up 13% to $965,000

It’s a record likely to be shattered by summer: The average sale price of a detached home in the City of Toronto hit $965,670 in April.

That number is expected to exceed $1 million over the coming weeks as the GTA continues to feel the effects of a shortage of new listings that helped drive up the average price of detached homes in the 416 region by 13.2 per cent from April of 2013.

The average sale price of home in the GTA — taking into account everything from detached homes to semis, townhouses and condos — hit $577,898 last month, according to figures released Tuesday by the Toronto Real Estate Board.

Sales were up just 1.8 per cent, year over year.

Leading the real estate pack in terms of price growth were semi-detached houses. The average sale price across the GTA was up 11.6 per cent over April 2013. The 18 per cent jump in prices just in the City of Toronto sent the average sale price of a semi to $702,332, according to the TREB figures.

Next in line were detached homes, where prices were up 11.3 per cent across the GTA — 9.6 per cent in the 905, where the average sale price was $645,179 in April.

Active listings, however, even for the first month of peak spring market, were down 8.4 per cent, a persistent problem that has been driving intense competition and significant price growth, largely in 416 neighbourhoods close to the core and transit lines.

TREB president Dianne Usher blamed Toronto’s double land transfer tax for the fact that more folks are choosing to stay put and renovate rather than sell.

As well, “above-trend home sales in the years leading up to the recession have meant that many households who purchased during this period simply aren’t ready to move again.”
But also skewing the numbers is the desperation of buyers, frantic to get into the Toronto market before prices shoot further out of sight.

One house, in North Toronto, reached a ludicrous new level in late April when 72 people — double the previous record for a bidding war for a house in the 416 region — registered offers on a Glencairn Ave. fixer-upper. (Source: Toronto Star)

 

Friday February 13, 2009

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Friday February 13, 2009

McGuinty asks reporters to keep away five feet

It’s not you, it’s me.

That popular break-up refrain appeared to be Ontario Premier Dalton McGuinty’s explanation Thursday as he defended his need for some “breathing space” — namely that reporters stand at least five feet away when posing questions.

In his first availability with the media since his office instituted the rule, McGuinty spoke of his “love” for the press gallery, called them “wonderful,” but asked for a little room to breathe all the same.

“I love them like my brothers and sisters, but not even my brothers and sisters want to stand as close to me as they do,” McGuinty said as he attempted to make light of the situation.

“What I’ve asked of my friends in the gallery is that I have a little bit more breathing space.”

The premier tried to claim that he was “fully supported in this by all the people who operate cameras here” until a veteran Queen’s Park cameraman loudly voiced his objection to the premier’s statement.

“There’s a bit of a divide and conquer tactic here,” said McGuinty, “which is obviously failing.”

The opposition parties wondered what McGuinty was “afraid of,” and suggested his new objection to the same close proximity question and answer sessions — called scrums — that he’s participated in for the past five years has more to do with the recession than anything else. (Source: CTV News)