Toronto Real Estate Boom, GTA House News, Ontario Home Sales

Toronto commercial real estate report

In April, Toronto real estate board commercial members reported 1,155,944 square feet of leased space, up 148 per cent over the 466, 837 square feet of leased space recorded during April 2009, Commercial Council Chair Garry Lander announced today. “The above average rates of economic growth experienced over the past two quarters has benefitted the GTA commercial real estate market. Both goods producing and services producing sectors have rebounded strongly, resulting in steady employment growth,” Mr. Lander said. “April’s leased space figure, the best monthly result for 2010, points to the fact that GTA businesses are confident that growth will continue and are acquiring the necessary space.” Industrial space in all size categories leased for an average of $4.79 per square foot net (sfn) compared to $5.43/sfn recorded in April 2009. Commercial space leased for an average of $12.34/sfn compared to $14.22 for the same month last year. The average lease rate for office space was $12.78/ sfn compared $12.12/sfn last year.

Toronto real estate board commercial members reported 58 sales of IC&I properties in April, including 23 industrial buildings of all size categories with an average selling price of $53.66 per square foot. Non-MLS sources provided an average selling price of $52.90 per square foot for the same time period.

In America, waiting for wealthy buyers from Russia

American real estate agencies, mastering expensive resort areas in Florida, are planning a campaign to attract Russian millionaires in America.
American Real Estate Agency, mastering expensive resort areas in Florida, are planning a campaign to attract Russian millionaires in America.

There are three major projects – “Amrit”, “Marks” and “regalia” in which Singer Island, as well as in the fashionable neighborhoods of Miami and Golden Beach will be built five-star hotels and residential complexes, calculated on a consistent audience.

U.S. realtors do not hide that they would like to see among our guests as much as possible the Russians.

Main developer of the project “Amrit” Dilip Barot said that already met in Moscow with a group of Russian realtors, who have shown great interest in the project. According to Barot, it is not only about how to sell the rich Russian real estate in Florida. “We do not exclude the possibility of the Russian market and are willing to invest money in Russia”, – said Dilip Barot.

Developers of the project, “Marks” plan by 2009 to complete construction in the heart of Miami, 67-storey skyscraper, which should become the second tallest building in the city. It will house luxury apartments cost from $ 900 thousand and five-star hotel with expensive shops.

“We expect to attract wealthy Russians who were willing to buy for himself a second home in Miami or Miami Beach – said Bonnie Bernstein, director of sales and marketing for the company Boymelgreen Developers.

The Americans are not worried about that, those buyers may be people who acquire real estate in Florida, launder money earned by criminal means. “If you are working on real estate market, you can not ignore such a serious factor, as the invasion of wealthy Russian,” – said the representative of a real estate development companies.

GTA real estate agents report Mid-April resale market figures

Greater Toronto Area real estate agents reported 4,601 sales through the Multiple Listing Service during the first two weeks of April.This represented a 25 per cent increase compared to the 3,681 sales recorded during the same period in 2009. New listings increased by 48 per cent annually to 9,512.

“The fact that annual growth in new listings outstripped growth in sales suggests that the GTA existing home market is becoming better supplied,” said Toronto Real Estate Board President Tom Lebour. “Home owners are reacting to strong sales and price growth by listing their homes in greater numbers. They are confident they will receive offers in line with their asking price.”

The average price for April mid-month transactions was $430,271 – up 12 per cent compared to the average of $383,361 recorded during the first 14 days of April 2009. “The average annual rate of price increase has declined and we are shortly going to see a return to sustainable single-digit rates of growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “As home buyers experience more choice in the marketplace, there will be less upward pressure on the average selling price in the GTA.”

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