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Real Estate Market Update: November 2020

GTA real estate remained remarkably strong in November with 8,766 sales – an increase of 24.3 per cent year over year – and a 13.3 per cent increase in the average selling price – the highest rate of price appreciation for the month since November 2016. Detached homes, once again, lead the market in sales and saw an increase in average price of 15.2 per cent over November 2019. Most popular were detached homes in the 905 area with sales up by over 33 per cent year over year and accounting for 38 per cent of November’s total sales of all property types. The number of condo sales was typical for the month of November and up slightly from this time last year. However, the 416 area saw prices soften slightly, as the number of new condo listings swelled to nearly double that of November last year.

This Award Recognizes your Outstanding Business Achievements, Dedication, and Exemplary Leadership

Dear Mr. Regan:

I am writing to extend my warmest congratulations on your recent recognition as one of Canada’s Top Growing Companies for 2020 as presented by The Globe and Mail. This award recognizes your outstanding business achievements, dedication, and exemplary leadership.

The Government of Canada will continue to support small businesses and the millions of Canadians who work for them as we face the unprecedented challenges posed by the COVID‑19 pandemic. It is especially encouraging to hear about businesses that have adapted, innovated, and even expanded despite significant challenges these past several months.

As Minister of Innovation, Science and Industry, I make it a priority to engage regularly with Canada’s business and industrial leaders. The relationships forged have been integral in shaping our efforts to help Canadian businesses to grow, innovate, and export. In my role, I will continue to help businesses like yours to innovate, expand, and create good‑quality jobs and wealth for Canadians.

Our government is committed to providing innovative businesses with assistance and opportunities to start up, scale up, and access new markets through a variety of programs that offer financial support and advisory services. Once again, I congratulate you on being named one of the top 400 boldest, most ambitious entrepreneurial businesses in the country.

Please accept my best wishes for continued success in your endeavours.

Real Estate Market Update: October 2020

October 2020 sales reached record levels with 10,563 home sales representing a 25.1 per cent increase compared to October 2019. The number of new listings added to the market this October was a record 36.4 per cent over the same month last year and the highest increase for the month for the past 20 years. Condos accounted for almost 35 per cent of the 17,802 new listings that came on the market. A closer look at the location of these new listings reveals that of the 6,193 condos listed, 72.6 per cent were in the 416. In terms of the 5,263 detached home sales in October, 76.6 per cent were in the 905. These stats reflect the influence that COVID-19 is having on the ability to work from home and the resulting demand for larger ground-oriented dwellings outside the city core.

Real Estate Market Update: September 2020

Low interest rates, the ability to work from home for many, the desire for bigger spaces, and pent up demand were a potent combination for September 2020 GTA real estate sales. The month was the fourth in a row where both GTA home sales and prices have set new records with sales up by 42 per cent and average prices up by 14 per cent inclusive of all property types compared to September 2019. Again, the star of the month was detached homes. Year over year, the average price increase of 12.9 per cent for a detached home was about twice that for condos at 6.6 per cent. September 2020 total sales of detached homes grew by 54.7 per cent over the same period last year compared to 14.6 per cent for condos. Increased listing inventory of all property types helped fuel September’s sales activity. Compared to the past five year average, new listings entering the market were up by 28.9 per cent. Despite this increase, the GTA is still a tight market – average Listing Days On Market were down by 27 per cent compared to the five year average. This speed in the sales cycle kept September’s number of Active Listings to a modest 6.4 per cent increase over what September has seen for the past 5 years.

A Mix of Work and Play – and Good Hires – Helps Drive The Regan Team’s Success

Matthew Regan was working up to 15 hours a day as a real estate agent a decade ago when his office manager sat him down for a talk.

“Her name was Tammy Snow and she said I was being a jerk, turning into somebody who just works all the time and that no one likes,” recounts Mr. Regan, the broker and chief executive officer of The Regan Team (officially Royal LePage Regan Real Estate) in Toronto. “The irony of all this is I was Tammy’s boss. But I had a tremendous amount of respect for her and valued her opinion.”

He also knew she was right.

Mr. Regan started his first business at age 12, mowing lawns. At age 18, in the summer leading into his first year of university, he earned $55,000 cutting roughly 75 lawns a week.

“I was never afraid of hard work,” he says. I suppose you would say the entrepreneurial spirit was running high even back then.”

At age 20, Mr. Regan decided university wasn’t for him and left to get his real estate licence, following in his father’s footsteps.

He was making good money in real estate in his early 20s, “but I really had no life,” Mr. Regan recalls.

It was the frank discussion with Ms. Snow, and some encouragement from colleagues like Allison Addison, now the company’s director of sales, that gave Mr. Regan the courage to let go of some of his work.

“Between Tammy and Allison, they gave me the confidence to delegate and begin to trust the people around me. It set the wheels in motion for compounding growth in the years to come,” says Mr. Regan, now 36.

“The success of this team can be found in one common denominator: It’s people.”

Today, The Regan Team is one of the fastest-growing real estate agencies in the country, with 35 full-time and part-time people doing business in the Metro Toronto area. He says the company ranked sixth in revenue among Royal LePage’s 18,500 agents in Canada in 2019 and ninth out among 55,000 agents among the Toronto Real Estate Board the same year in sales volume.

The company is on track to reach a record 200 transactions in 2020 compared to 158 last year, Mr. Regan says, with sales volumes of more than $200-million and revenue of about $5-million. He gives kudos to the sales partners and a special shout out to Rosa Viviano, the agency’s broker of record.

“Rosa has a way of getting things done. She makes a difficult job look easy,” he says. “Our sales partners are the most talented, self-motivated, hard-working and caring group of people I’ve seen in the industry. What they do isn’t easy. They are the best of the best and without them, our company growth isn’t possible.”

Mr. Regan says the company’s success to date results from him trusting the people within the company and hiring the right people that fit within the company’s culture. “It’s something we’ve worked hard to build,” he says.

His advice to others in the real estate industry: “Surround yourself with like-minded, talented people who you trust to sell your own mother’s house.”

VIEW ARTICLE ON THE GLOBE AND MAIL

Globe Content Studio; A mix of work and play — and good hires — helps drive The Regan Team’s success, September 25, 2020; The Globe and Mail: Report on Business; https://www.theglobeandmail.com/business/adv/article-a-mix-of-work-and-play-and-good-hires-helps-drive-the-regan-teams/

Real Estate Market Update: August 2020

For the third consecutive month, home sales and prices have set new monthly records. August 2020’s total sales of 10,775 was 40 per cent more than the same period last year, with the average price of $951,404 representing an increase of over 20 per cent year over year. Detached properties showed the most substantial gains with the average selling price up by 19.9 per cent. Semi-detached homes were a close second with the average selling price up by 18 per cent year over year. While there’s much speculation about home buyers with work from home options due to the pandemic shopping outside of the city of Toronto for properties with more space, the division of sales between the 416 and 905 areas in August this year has stayed consistent with August 2019. In both years, 905 area detached home sales made up 80 per cent of total sales for that property type and 905 area semi-detached sales were approximately 70 per cent of that property type’s total sales.

Real Estate Market Update: July 2020

1,081 homes changed hands last month making July 2020 a record-breaking month for Toronto real estate. This was a jump of 29.5 per cent compared to July 2019. Detached homes were July’s property type leader with sales across the GTA up by 43.7 per cent year over year with the number of detached homes in the 905 coming in at a massive volume of 4,531 units. July sale prices in the city of Toronto had a 25.5 per cent price gain for an average of $1.54 million. The increased option of working from home due to the COVID-19 pandemic and the desire for homes that have space to accommodate home offices have been pointed to as drivers for this summer momentum. The level of activity in July also points to the spring market’s deep freeze having only delayed demand that is now pushing new sales records.

Real Estate Market Update: June 2020

As the phased reopening of the economy continues, seasonally adjusted resale activity in the GTA in June surged to an 84 per cent increase over May’s sales. Year over year figures were also strong. The average sale price of a home in the GTA increased by 11.9 per cent in June compared to the same month in 2019. The 8,701 homes sold last month were just 1.4 per cent shy of June 2019’s sales. The demand specifically for detached homes translated into over 50 per cent of June’s total sales, with almost 45 per cent of all detached home sales being above the $1 million price point.

How to Choose Colours

Use the Colour Wheel In general, analogous colour schemes—colours next to each other on the colour wheel, such as blue and green—are more casual and relaxing, and work best in informal or private spaces. This is a good strategy for a bedroom, where you want to rest & recover. Whatever colour scheme you choose, put something black in every room. The black breaks up all the rest of the colours in the room. Try a black lampshade, a black vase or a black picture frame. Use the Rule of 60-30-10 When decorating a space, divide the colours in the space into components of 60 percent of a dominant colour, 30 percent of a secondary colour and 10 percent of an accent colour. The walls will most likely be the majority, the upholstery would represent the secondary colour & accessories such as a floral arrangement or throw pillows would make up the rest. The colours are properly balanced and there is a shot of colour (the 10 percent colour) for interest. Choose a Colour Scheme from the Largest Pattern in the Space If you’ve got patterned upholstery, an Oriental rug or large piece of artwork, pluck colours you like from the pattern. For a neutral wall paint colour, look to the pattern’s whites and beiges. source: www.hgtv.com – How to Choose a Colour Scheme

Real Estate Market Update: May 2020

Substantial month over month recovery in May

On a month over month basis, both actual and seasonally adjusted sales in May 2020 were up substantially compared to April 2020, with an actual sales increase of 55.2%. New listings were up by 47.5% in May compared to April and active listings were up by almost 9%. Prices in May also held up – regaining the drop experienced in April, increasing year over year by 3% and being only 5% off the February pre-pandemic high point this year. With the Bank of Canada’s new Governor, Tiff Macklem, keeping the key interest rate unchanged at one-quarter per cent on June 3, and trimming previous estimates for the economic downturn, there is reason to be optimistic that April was the bottoming out of COVID-19’s impact on the market.