November Real Estate Trends in Toronto

Toronto Real Estate Board President Garry Bhaura announced the continuation of moderate price growth in November 2018 compared to November 2017. The MLS® Home Price Index (HPI) Composite Benchmark was up by 2.7 per cent year-over-year. The average selling price was up by 3.5 per cent year-over-year to $788,345.

Greater Toronto Area REALTORS® reported 6,251 residential transactions through TREB's MLS® System in November 2018. This result was down by 14.7 per cent compared to November 2017, when we saw a temporary upward shift in demand as the market was distorted by the looming OSFI-mandated stress test at the end of last year.

"New listings were actually down more than sales on a year-over-year basis in November. This suggests that, in many neighbourhoods, competition between buyers may have increased. Relatively tight market conditions over the past few months have provided the foundation for renewed price growth," said Mr. Bhaura.

On a preliminary seasonally adjusted basis, sales were down by 3.4 per cent compared to October 2018. The average selling price after preliminary seasonal adjustment was down by 0.8 per cent compared to October 2018.

"Home types with lower average price points have been associated with stronger rates of price growth over the past few months. Given the impact of the OSFI-mandated mortgage stress test and higher borrowing costs on affordability, it makes sense that the condo apartment and semi-detached market segments experienced relatively stronger rates of price growth in November, as market conditions in these segments remained tight or tightened respectively over the past year," said Jason Mercer, TREB's Director of Market Analysis.

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Your October Real Estate Stats

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Greater Toronto Area REALTORS® reported 7,492 sales through TREB's MLS® System in October 2018 – a six per cent increase compared to October 2017. On a preliminary seasonally adjusted basis, sales were down by one per cent compared to September 2018.

The average sale price for October 2018 was up 3.5 per cent on a year-over-year basis to $807,340. After preliminary seasonal adjustment, the average selling price was up one per cent compared to September 2018. The MLS® Home Price Index (HPI) Composite Benchmark was up by 2.6 per cent compared to October 2017. Price growth continued to be driven be the condominium apartment and higher density low-rise market segments.

"Annual sales growth has been positive since the late spring. While the OSFI stress test and higher borrowing costs have kept sales below 2016's record pace, many households in the Greater Toronto Area remain upbeat on home ownership as a quality long-term investment. A strong regional economy and steady population growth will continue to support the demand for housing ownership as we move into 2019," said Mr. Bhaura.

There were 14,431 new Listings entered into TREB's MLS® System in October 2018 – down 2.7 per cent compared to October 2017. The fact that sales were up and new listings were down year-over-year in October suggests that market conditions became tighter.

"Annual sales growth has outstripped annual growth in new listings for the last five months, underpinning the fact that listings supply remains an issue in the Greater Toronto Area. With municipal elections in the rear view mirror, all levels of government need to concentrate on policies that could remove impediments to a better-supplied housing market, including facilitating the development of a broader array of medium density housing choices," said Jason Mercer, TREB's Director of Market Analysis.

Your GTA market stats for September 2018

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Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported 6,455 sales through TREB's MLS® System in September 2018 – up 1.9 per cent compared to September 2017. The average selling price for September 2018 sales was up by 2.9 per cent over the same period to $796,786.

New listings entered into TREB's MLS® System in September 2018 amounted to 15,920 – down by 3.1 per cent compared to September 2017.

With sales up year-over-year and new listings down,
market conditions became tighter.
Many buyers may have found it more difficult
to find a home meeting their needs.

"It is healthy to see sales and prices in many areas across the Greater Toronto Area up a bit, compared to last year's lows. At the same, however, it is important to remember that TREB's market area is made up of over 500 communities. Market conditions have obviously unfolded differently across these communities. This is why it's important to work with a REALTOR® who is familiar with local market conditions in your areas of interest," said Mr. Bhaura.

"While higher borrowing costs and tougher mortgage qualification rules have kept sales levels off the record pace set in 2016, many households remain positive about home ownership as a quality long-term investment. As the GTA population continues to grow, the real challenge in the housing market will be supply rather than demand. The Toronto Real Estate Board is especially concerned with issues affecting housing supply as we move towards municipal elections across the region," added Mr. Bhaura.

"Generally speaking, annual rates of price growth have been stronger for higher density home types in 2018, including condominium apartments, townhouses and semi-detached houses. In many neighbourhoods, these home types provide more affordable home ownership options. This is why a policy focus on increasing mid-density housing options throughout the GTA is important," said Jason Mercer, TREB's Director of Market Analysis.

TURNING SELLER OBJECTIONS INTO LISTINGS

Listing appointments can be intimidating as you face hard questions from potential clients as well as the possibility of failure. According to Dianna Kokoszka and Tony DiCello of KW MAPS Coaching, the key to overcoming objections and succeeding with listing appointments is all about mindset. Kokoszka, who last year secured listings from all of her 150-plus appointments, says that you must go into the meeting thinking: This listing is mine if I choose to take it.

"You’re already at a yes – they invited you into their home,” she explains. “Only you can make it a no. So think about this: When you’re there, will you leave at a yes or a no, and do you have the skills to make certain it’s a yes?”

Prepare

Before the appointment, you should brainstorm questions for the homeowner, Kokoszka says – though this should not be an interrogation. It should be structured so that each question leads to the next, with all of them eventually leading to a listing contract.

Kokoszka also suggests arriving to a potential client’s home 15 minutes early and turning off your devices to calm your “drunk monkey”; i.e., the one that hoots inside your head about failure. Instead, channel positivity and a confident mindset.

Approve and Handle Objections

DiCello stresses that objections are nothing more than a client who needs more information and that you should not take those personally. “It’s not a challenge to your listing presentation, it’s not a challenge to you,” DiCello says. “It’s just unanswered questions.”

Kokoszka agrees. She says that instead of pushing back, it’s best to approve of their objections with a statement like, “I can appreciate that, it sounds like you want to net the most money.” Then, isolate the objections. If your commission is at issue and they’ve found another agent who will go lower, for example, Kokoszka suggests highlighting that the best companies hire the best negotiators. Then say:

“That other agent gave their own money away without you even asking. And what concerns me is how fast are they going to give your money away? They’re not an Olympian, and I am, so sign the contract and let me work for you.”

If the client hesitates, try asking if they would be okay with their boss cutting their salary despite working just as hard. “If you truly believe you’re the best, why wouldn’t you fight for what it is you want?”

Don’t Rush

Too often, DiCello says, we don’t close because we leave the appointment way too soon. Sometimes we’re bored with the conversation or thinking about what we’re going to do afterward. Other times, we simply don’t know how to close.

Kokoszka says this extra time spent is well worth it. Stay longer with potential clients than other agents might, and always close before walking out the door. This strategy worked for Kokoszka once when she was up against another reputable agent. She gave him a call afterward and he asked her how she did it. “And I said, ‘I stayed and you left. That listing was yours. I had to work like the dickens to take it.’”

Be the Local Expert

Oftentimes, clients will want to meet with other agents after meeting with you, but Kokoszka suggests responding with this line: “Tony, I appreciate that. You want to make certain you have the best agent; that's what it sounds like. I am sitting here and I will answer that.”

Then offer to call those agents yourself. Explain that potential clients you meet with always end up going with you, and that the sooner you can call the other agents, the better, because those agents likely will still be willing to deliver a buyer. You can even make the call in front of the homeowner and offer to split the commission with the other agent if they have a buyer.

Make sure to bring evidence that you are a local expert. You can use the KW Local Expert flier, filledwith your transaction statistics… or you can make your own marketing piece that shows how you are outperforming the market.

Keller Williams Referred Agents sell homes in LESS TIME, at a HIGHER PERCENTAGE OF ASKING than any other major brokerage in the city… and isn’t that what clients want?

If you don’t have your own stats, you can always use the office stats to show that you’re part of a team with a history of success. Then pose to the client: “You do want the person who sells houses for more money, in the least amount of time, right?” When they answer ‘yes,’ it’s very easy to say, ‘Sign the contract.’”

For more information or to get access to our great training and tools, call us today at 416 572 1016

Your August Real Estate Roundup

The numbers are in!

And, as always, the numbers tell a story.

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Sales are up and prices are up over last year.. so we should celebrate, right?

Not yet.

If you’ve been paying attention, you know that we experienced a late Summer slump after the mad Spring rush... and this skews our impression of the market stats.

In reality, listing inventory is down, and while sales are up over last year, the number of units sold are down as compared to the last few years.

This kind of information can be tricky to deliver to your clients. But your clients need to know about not just trends over the last year... but also how the market has been trending historically.

Context is everything.

This kind of knowledge will help you provide the best possible service to your clients and help you to manage expectations regarding purchase AND sale prices.

For the kind of great training that helps you become a master of your business, check out our training calendar, or call today for your FREE 1/2 hour business consultation to learn how to have these discussions with your clients!

Great Agents Need GREAT Training

Fight the 4th Quarter dip!


Traditionally, October to January is the slowest time for most real estate agents.

But for agents who have really mastered their business, this period is 'pro time.' Pro time is the time that great agents can really surge ahead of the competition and take advantage of the perceived 'slow down.'

pro time for Keller Williams Real Estate Agents

January - March is typically when agents commit to their New Years goals and start ramping up their business to set themselves up for months 3 - 9 (March to September).

But when you step up during 'pro time,' you're the agent who's finishing off the year with a BANG not a WHIMPER!

Join us for a month of incredible training designed to set you up for success in Q4... and well into 2019!


What Can The JUNE 2018 Real Estate Numbers Tell Us?

Hey Toronto... we've heard you talking.

A recently announced interest in rate hike by The Bank of Canada brings the current prime rate up to 1.5% from 1.25%, marking the fourth such hike since last summer... and people are asking what this might mean in terms of real estate.

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What else do we know? Home prices and home sales are both up overall as compared to June  2017. The numbers are up over last June, but seem lower as compared to last Spring's incredible real estate rush.

And the public is confused.

Many Home Sellers are still attached to home prices they saw last Spring... and many buyers are looking at the market, seeing a slight slow down, and deciding they want to watch how the market moves before making a decision.

But there are always markets within markets. Condo sales are showing no sign of slowing, and prices are up, while the move-up market is showing some slowing once you get outside of Toronto Central.

All of this can be incredibly confusing for both buyers and sellers alike, and it takes a knowledgeable agent to guide clients through this changing market.

Part of the challenge is that the Toronto Real Estate Board covers a huge amount of geographic space and this means that what is true in one area isn't always true in the rest of the GTA.

If you're thinking of buying or selling, please feel free to reach out at any time. Our knowledgeable agents are armed with the tools and training to help make sense of the market and ensure that their buyers aren't overpaying... and that their selling clients net the most money for their home sale.

And if you're a real estate agent looking to grow your business and learn the skills and scripts to calmly and confidently guide your clients through on of their biggest transactions, take a look at our training calendar at whykwru.ca - our classes are FREE and open to agents from any brokerage.

Call us today at 416-572-1016. We'd love to help you!

Our July Calendar is ON FIRE! (it's better if you pronounce it 'fi-yah'... trust us)

Are you noticing the change?


Aside from humidity, there's something in the air these days... the real estate landscape in Toronto is shifting. Some neighbourhood numbers are up, some are down; some housing types are moving fast, others are slow. The rules of the last few years don't apply right now, and agents who can't keep up can't last.

The business is changing and we are entering a high-skills market. Buyers and sellers need an agent who can negotiate this changing market and guide them through the hype and misinformation.

With that in mind, we've built a month of classes designed to prepare agents for this shift... and to help them build the skills and gather the knowledge they need!

As always, our training is open to agents from ALL brokerages... so come, check it out!

Our July Featured Classes

Our North York Office

Our Downtown Toronto Office

Our London Office

Or you can download our calendars

 

Education and culture count

Month after month, Keller Williams Referred Urban agents find themselves among the most productive real estate agents in Toronto.

In April 2018, according to independent market statistics, KWRU agents sold homes 32% faster than the average. In addition, they also sold homes at a Sold to Ask ratio that was 3.64% higher than the average.

Our agents are netting their sellers an average of $27,216 more per home sold.

Selling their clients' homes faster, for more money, with the least amount of hassle... that's what you can expect from a Keller Willilams Referred Urban Realty agent.

And if you're wondering how they do it... it's no secret. Our culture of sharing means that agents are constantly helping each other, leading training, and taking training. Surrounding themselves with other top producing agents, and learning from them means that our agents are constantly growing... and the numbers prove this!

Just look at these numbers from April 2018

 
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If you're interested in how KWRU can help you transform your business and help you earn MORE money and take control of your time and your real estate career, don't hesitate to reach out.

And check out our training calendar. Our courses are open to agents from any brokerage and are free to attend.

Make it a great day!

KELLE is your Real Estate personal assistant

You may have heard about KELLE... and if not, let me fill you in.

KELLE is Keller Williams' very own artificial intelligence platform, designed to help our agents manage their businesses. Imagine if Siri, or Alexa, or Google Home were designed JUST for real estate... That's what we're talking about!

 

 

KELLE is a new addition to the KW Family, and 'she' is growing like crazy... and the industry is taking note.

Check out this great article from realtor.com about how KELLE is set to change the real estate game.  READ THE ARTICLE HERE.

And for more information about KELLE, or any of Keller Williams Referred Urban's technologies or training options, give us a call today at 416-572-1016.

 

Brand New And Never Lived In Home That Is Over 3000 Sqft!

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Welcome To
26 Ria Crt


Arguably One Of The Best Deals In King City For A Brand New And Never Lived In Home That Is Over 3000 Sqft! Located In The Exclusive Castles Of King Neighbourhood On A Quiet Court This Home Situated On Premium Extra Deep Pool Size Lot With A Walk Up Basement. Loaded With Upgrades Including Soaring 10Ft Ceilings, 8Ft Doors On Both Levels, Quartz Counters In All The Bathrooms, Frameless Glass Showers, A Main Floor Office, Upgraded 12X24 Tile, Grohe Faucets 2 Wolf Ovens+Wolf Microwave And A Subzero Fridge, Crown Mouldings, Premium Lot Upgrade And Wide Plank Floors Throughout. Full Size Windows In The Basement.
One Of The Best Quiet Streets In The Area.


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Contemporary Town Home Living At It's Finest!

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Welcome To
217 Manning Ave


Freehold Contemporary Town Home Living At It's Finest! Situated In Desirable Trinity Bellwoods. Steps To The Trendiest Shops, Restaurants & Cafes Of College, Dundas & Queen Street West. A Professionally Designed, Contemporary Living Space With An Abundance Of Natural Light. Open Concept Main Floor That's Ideal For Entertaining. Extensive Custom Built-Ins And Upgrades Throughout. High Ceilings And High End Finishes Throughout. Spacious Master Bedroom With Walkout To Private Balcony. Amazing Outdoor Terrace Off Kitchen W/Gas Hook-Up. Underground Garage. Easy Access To Ttc And Subway.


Area: Dundas/Manning
Price: $1,649,000
MLS Number: C4066211
Sales Representative: STEPHANIE NAUSE


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Incredibly Unique Home In Scarborough

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Welcome To
49 Bow Valley Dr


Remarkably Exceptional. That's The Best Way To Describe This Incredibly Unique Home, One Of The Most Desirable Properties In Scarborough Overlooking Curran Hall Ravine. When It Comes To Family Living, It Does Not Get Any Better. The Upgrades And Abundance Of Phenomenal Features Are What Make This Spacious Detached Home Really Special. Along With The Ravine, Enjoy The Walk Out To Sundeck, Skylights, Two Fireplaces And Expansive Finished Basement. Welcome Home.


Area: Orton Bark & Brimorton
Price: $899,000
MLS Number: E4067090
Sales Representative: AMY YOUNGREN


Custom Home On A Large Corner Lot Built In Burlington

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Welcome To
546 Sandcherry Dr


Welcome To This Custom Losani 3 Bedroom, 2 Storey Home On A Large Corner Lot Built In Beautiful Garden Trails, Situated Within The R.B.G Forest,
The Only Area Of It's Kind In Burlington.
Quality Upgrades Throughout Eat In Kitchen, Finished Basement With Built In Shelving. Quick & Easy Access To All Essential Amenities: Schools, Grocery, Shopping, Restaurants And More! 10 Min Drive To Go Station. Landscaped For Easy Care With In Ground Sprinkler Fridge, Gas New Roof & New Fence. Gas Hook In Backyard For Gas B.B.Q. 


Area: Unsworth Ave. And Plains Rd
Price: $799,000
MLS Number: W4068506
Sales Representative: Andrew Doumont


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Ontario's New Standard Lease and It's Impact

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Ontario's New Standard Lease and
It's Impact With Ken Yim


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The Ontario Government released a new standardized lease agreement for private residential leases

which includes; single and semi-detached houses, apartment buildings, rented condos and secondary units.

Effective April 30th, 2018, all leases used by a landlord must be the new standardized lease. For any lease that is signed after this date that is not the standard lease, the tenant will have the right to ask the landlord for a standardized lease in writing.

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The landlord is required to provide one within 21 days of the request.

If one is not provided, the tenant can withhold one months rent.

Flexibility is Key

When the Government announced that they were creating a standardized lease, OREA worked closely with the Ministry of Housing and participated in their consultations. It was important for OREA to ensure that landlords and tenants be given some flexibility in the terms of the lease. This is why we were pleased that the government included an "additional items" section in the standardized lease.

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Join Ken Yim as he explains more about the new standardized lease and answers your most important Leasing questions!


One-Of-A-Kind Converted Church Loft

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Welcome To
384 Sunnyside Ave


One-Of-A-Kind Converted Church Loft In Highly Coveted & Rarely Offered Abbey Lofts! Exceptional, Functional Large Layout; 2+1 Bed & 2 Bath W/Flexibility To Convert To 1, 2 Or 3 Beds.

Exposed Brick, Original Stained Glass, High Ceilings & Hardwood Floors Thru-Out. Open-Concept Living With Fireplace & Walk Out To Private Terrace.

Kitchen Features Large Centre Island With Wine Storage, Granite Counters & S/S Appl. Spacious Master Features Walk In Closet, 5 Piece Ensuite & Marble Shower & Clawfoot Tub.



Area: Roncesvalles / Howard Park
Price: $1,389,000
MLS Number: W4058984
Sales Representative:  Monte Burris

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Let's look back on Real Estate in February

Let's take a little look back at February: home sales are, on average, down. As are home prices.

But if you look back at last year's late winter/ spring market, there was a major buying rush which temporarily inflated prices and sales. And then once Spring was over, the numbers leveled out in a way that more closely matches the overall trends.

In addition, within these average numbers, there is a lot more going on: condo sales are very strong, and prices are rising; certain neighbourhoods and markets are slowing down, while others are still red hot.

If you ever have questions about what you're seeing in the market, give us a call at any time. We're here to help.

The Three "L" Blueprints

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Join Us
Tuesday, March 13, 2018
1:00 PM - 2:30 PM


Leads, Listings and Leverage

Get an inside look at the challenges and opportunities agents are taking on in today’s marketplace, and the measures they are taking to move their businesses forward.

As we set out to prepare for the second edition of The Millionaire Real Estate Agent to come out, Austin takes a fresh look at the issues agents face on a day-to-day basis with the Three L's - Leads, Listings and Leverage.

He will take you through the blueprint of building a business on the most important pieces of the MREA Models!


Stunning Home Backing Onto Green Space

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Welcome To
147 Worthview Dr


Arguably The Best Lot & Value In The Neighbourhood Backing Onto Green Space On Two Sides And A Fronting Park!
Flooded With Natural Light, This Home Features A Walkout Basement With Full Size Windows, Wood Floors Throughout, 4 Extra-Large Bedrooms With Spa Like Bathrooms, Large Side And Rear Windows, Soaring High Ceilings, Landscaping With Additional Trees & A Stone Back Yard Patio!
A Chef's Kitchen With Granite Counters And Stainless Steel Appliances.

With Over 3000 Sqft Of Space Not Including The Basement, This Home Has A Fantastic Layout With No Wasted Space.
Enjoy The Utmost Of Privacy With No Neighbors Directly Behind You, Next To You On The East Side Or In Front Of You!


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