Property Update March 29, 2023

JUST SOLD: 3+1 Beds, 3 Baths, 2-Car Garage on 1 Acre*

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JUST SOLD

496 Centreline Road | Lindsay, ON K9V4R5

After only three-(3) days on the market, the property is now SOLD firm!
Buying and selling a home can be a complicated and stressful process. You need a knowledgeable and skilled agent like me to assist you with the sale of your property or the purchase of a new home.
I will diligently guide you through your real estate transactions from beginning to close.
Contact me today to discuss your real estate needs and in the meantime visit http://QuickHomeValues.ca to get a FREE Home Market Evaluation!

Gerald Lawrence
Manager – REALTOR®
Mobile (416) 556-0238  | Office (905) 852-4338
Send me an email | Visit my website
COLDWELL BANKER R.M.R. REAL ESTATE, BROKERAGE
        
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www.MultipleListings.ca


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Copyright ©2023 Coldwell Banker Real Estate LLC. Pub 3/23
Market Update March 28, 2023

Prohibition on the Purchase of Residential Property by Non-Canadians Act

 

On January 1, 2023, the federal Prohibition on the Purchase of Residential Property by Non-Canadians Act and associated Regulations (the “Act”) came into force and effect. As the name suggests, the Act bans Non-Canadians, as defined by the Act, from directly or indirectly purchasing certain Residential Property in Canada for a period of two years.

 

NEW AMENDMENTS EFFECTIVE MARCH 27, 2023
Enable more work permit holders to purchase a home to live in while working in Canada.

The amendments will allow those who hold a work permit or are authorized to work in Canada under the Immigration and Refugee Protection Regulations to purchase residential property. Work permit holders are eligible if they have 183 days or more of validity remaining on their work permit or work authorization at time of purchase, and they have not purchased more than one residential property. The current provisions on tax filings and previous work experience in Canada are being repealed.

Repealing existing provision so the prohibition doesn’t apply to vacant land.

We are repealing section 3(2) of the regulations, so the prohibition does not apply to all lands zoned for residential and mixed use. Vacant land zoned for residential and mixed use can now be purchased by non-Canadians and used for any purpose by the purchaser, including residential development.

Exception for development purposes.

This exception allows non-Canadians to purchase residential property for the purpose of development. The amendments also extend the exception currently applicable to publicly traded corporations under the Act, to publicly traded entities formed under the laws of Canada or a province and controlled by a non-Canadian.

Increasing the corporation foreign control threshold from 3% to 10%.
For the purposes of the prohibition, with regards to privately held corporations or privately held entities formed under the laws of Canada or a province and controlled by a non-Canadian, the control threshold has increased from 3% to 10%. This aligns with the definition of ‘specified Canadian Corporation’ in the Underused Housing Tax Act.

March 24, 2023

Stunning Brick Bungalow with Fully Updated Kitchen, Finished Basement, and an Incredible Backyard Oasis Sitting On 1 Acre Near Pigeon Lake!

If you’re looking for a cozy and spacious home in a peaceful neighborhood, this red brick bungalow with 3+1 bedrooms, and 3 bathrooms on a sprawling 1-acre lot with a finished basement is definitely worth considering. Located in the tranquil area of Downeyville, this property has a lot to offer with its impressive backdrop and country setting.

As soon as you step inside the house, you’ll be greeted by the bright and airy living space with an open-concept living and dining area. The bay window and sliding doors provide ample natural light and create a welcoming atmosphere. The floors add a warm touch, and the elegant finishes throughout the home create a relaxed feel.

The fully-finished basement is one of the standout features of this property. It includes a bedroom, a 3-piece bathroom with a urinal, a wet bar, a gym area, a laundry room, and a cozy fireplace. This space is perfect for relaxing, hosting gatherings, or even converting into a separate living space. You’ll have plenty of room for all your hobbies and interests.

When it’s time to unwind, head to the fully fenced backyard. The pergola provides shade and adds character to the space, while the hammock and fire pit offer the perfect place to relax and enjoy the outdoors. The hot tub is an excellent feature that adds relaxation to your lifestyle, while the perennial gardens and adjoining planted forest add a touch of nature to your surroundings. The garden shed provides ample storage for your tools and equipment.

Overall, this red brick bungalow is a must-see for anyone looking for a comfortable and convenient home with an abundance of flora and fauna. The combination of functional, spacious living areas, decently sized bedrooms, and beautiful outdoor space make this property an excellent investment for families or anyone who loves to entertain.

Book a showing today and see for yourself all that this property has to offer!

Neighbourhood News

The real estate market inside scoop for the community you love. See homes that are for sale and have recently sold. Find out if home sales in your neighbourhood are trending up or down. See what homes around you are currently selling for.

March 7, 2023

February 2023 Real Estate Market Update Videos

Durham Region Real Estate Market Update

York Region Real Estate Market Update

Greater Toronto Area Real Estate Market Update

Township Of Uxbridge Real Estate Market Update

Town Of Whitchurch-Stouffville Real Estate Market Update

Town Of Ajax Real Estate Market Update

City Of Pickering Real Estate Market Update

Town Of Whitby Real Estate Market Update

City Of Oshawa Real Estate Market Update

City Of Markham Real Estate Market Update

Town Of Newmarket Real Estate Market Update

Town Of Aurora Real Estate Market Update

City Of Vaughan Real Estate Market Update

Municipality Of Clarington Real Estate Market Update

Town Of Caledon Real Estate Market Update

City Of Barrie Real Estate Market Update

City Of Brampton Real Estate Market Update

City Of Mississauga Real Estate Market Update

March 4, 2023

February 2022 Real Estate Market Update For The Greater Toronto Area

GTA HOME SALES AND LISTINGS DROP IN FEBRUARY Uptick in Homebuying Expected Later This Year TORONTO, ONTARIO, MARCH 3, 2023 – February sales in the Greater Toronto Area (GTA) were down substantially from the pre-rate hike levels of early 2022. However, the number of new listings also dropped substantially year-over-year. The result was that the average selling price and MLS® HPI continued to level off after trending lower through the spring and summer of last year.

“It has been almost a year since the Bank of Canada started raising interest rates. Home prices have dropped over the last year from the record peak in February 2022, mitigating the impact of higher borrowing costs. Many homebuyers have also decided to purchase a lower-priced home to help offset higher borrowing costs. The share of home purchases below one million dollars is up substantially compared to this time last year,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.

GTA REALTORS® reported 4,783 sales through TRREB’s MLS® System in February 2023 – down 47 per cent compared to February 2022, the last full month before the onset of interest rate hikes. The number of new listings entered into the system was down by a similar annual rate of 40.9 per cent to 8,367.

“New listings continued to drop year-over-year in the GTA. Recently released Ipsos polling suggests buying intentions have picked up for 2023. This increased demand will run up against a constrained supply of listings and lead to increased competition between buyers. This will eventually lead to renewed price growth in many segments of the market, especially those catering to first-time buyers facing increased rental costs,” said TRREB Chief Market Analyst Jason Mercer.

The average selling price for February 2023 was $1,095,617 – down 17.9 per cent compared to February 2022. Some of this decline is attributable to the fact that the share of sales below $1,000,000 was 57 per cent in February 2023 versus only 38 per cent a year earlier. On a monthly basis, the average price followed the regular seasonal trend, increasing relative to January 2023. The MLS® Home Price Index (HPI) Composite Benchmark was down year-over-year by a similar annual rate of 17.7 per cent, but was also up on a monthly basis.

“As we move toward a June mayoral by-election in Toronto, housing supply will once again be front and centre in the policy debate. New and innovative solutions, including the City of Toronto’s initiative to allow duplexes, triplexes and fourplexes in all neighbourhoods citywide, need to come to fruition if we are to achieve an adequate and diverse housing supply that will support record population growth in the years to come,” said TRREB Chief Executive Officer John DiMichele.

 

February 25, 2023

Open House Weekend – Executive Home in Gated Community

 

52 Wyndance Way
February 21, 2023

JUST LISTED: 52 Wyndance Way, Uxbridge (The Estates Of Wyndance)

52 Wyndance Way CBGL 2 Pg Flyer

Coldwell Banker Global Luxury Just Listed Flyer

 

February 6, 2023

January 2023 Market Update

GTA REAL ESTATE MARKET STARTS THE NEW YEAR THE SAME AS IT ENDED LAST YEAR

January 2023 MarketWatch by TRREB

Monthly MarketWatch Report for January 2023 by TRREB

TORONTO, ONTARIO, FEBRUARY 3, 2023 – As we moved from 2022 into 2023, the Greater Toronto Area (GTA) housing market unfolded as expected. The number of January sales and the overall average selling price were similar to December 2022. On a year-over-year basis, both sales and prices were down markedly, continuing to highlight the impact of higher borrowing costs on affordability over the last year.

“Home sales and selling prices appear to have found some support in recent months. This coupled with the Bank of Canada announcement that interest rate hikes are likely on hold for the foreseeable future will prompt some buyers to move off the sidelines in the coming months. Record population growth and tight labour market conditions will continue to support housing demand moving forward,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.

GTA REALTORS® reported 3,100 sales through TRREB’s MLS® System in January 2023 – in line with the December 2022 result of 3,110, but down 44.6 per cent from January 2022. The average selling price for January 2023 at $1,038,668 was slightly lower than the December 2022 result and down by 16.4 per cent compared to the January 2022 average price reported before the onset of Bank of Canada interest rate hikes. The MLS® Home Price Index (HPI) Composite Benchmark was in line with the December result, but down by 14.2 per cent compared to January 2022.

“Home prices declined over the past year as homebuyers sought to mitigate the impact of substantially higher borrowing costs. While short-term borrowing costs increased again in January, negotiated medium-term mortgage rates, like the five-year fixed rate, have actually started to trend lower compared to the end of last year. The expectation is that this trend will continue, further helping with affordability as we move through 2023,” said TRREB Chief Market Analyst Jason Mercer.

“All three levels of government have announced policies to enhance housing affordability over the long term, including many initiatives focussed on increasing housing supply in the ownership and rental markets. Most recently, we were encouraged to see Toronto City Council support the Mayor’s 2023 Housing Action Plan as part of the City’s overall $2 billion commitment to housing initiatives,” said TRREB CEO John DiMichele.

Property UpdateProperty UpdateProperty UpdateProperty UpdateProperty UpdateProperty Update February 5, 2023

Just Listed: End Unit Townhouse in the heart of downtown

Just Listed For Sale In North Durham Region

Click Here To See This Listing With All Pictures & More Information

This Luxurious End-Unit Overlooking Green Space On 2 Sides Is Completely Finished From Top To Bottom With Upgrades & Luxury Finishes! An Entertainer’s Dream, Enjoy The Brightly Lit Kitchen & Living Room With 9Ft Ceilings, Custom Island, Ss Appliances, Quartz Counters, Gas Fireplace, Shiplap Accent Walls In Entryway & Living Room And Custom Motorized Blinds. The Primary Bedroom Features A Shiplap Wall, Custom Bathroom With Stunning Shower, His & Hers Sinks And Heated Floors Along With A Custom Walk-In Closet! Even The 2nd Floor Laundry Room Has Been Upgraded To Include Upper Cabinets. The Second & Third Bedrooms Share A Jack & Jill 5 Piece Bathroom, With One Bedroom Having Double Closets And The Other Having A Walk-In. Fully Finished Basement With Potlights, Heated Floors, 3 Pc Bathroom, French Doors With Built-In Blinds Which Lead Out Onto The Landscaped Backyard With A Covered Patio With Potlights, Fan And A Shed.

Bedrooms 3
Bathrooms 4
Square Footage 1500-2000
Garage Spaces 1

Click Here To See This Listing With All Pictures & More Information

The Full-Width Deck Has A Like New Blaze Bbq With Natural Gas, 100% Waterproof Tufdeck Flooring, A Remote Retractable Awning Which Overlooks Green Space. The Garage Is Fully Heated & Insulated, Including The Door, With Epoxy Finished Floor.

 

 

 

February 1, 2023

Rental Report: POPULATION GROWTH AND HIGH INTEREST RATES DRIVE RENTAL DEMAND IN GTA

 

TORONTO, ONTARIO, January 31, 2023 – Average condominium apartment rents continued to increase by double-digit annual rates in the fourth quarter of 2022. However, while market conditions remained tight enough to support very strong rent growth, there was more balance in the rental marketplace compared to the same period a year earlier in 2021.

The number of condominium apartment rental transactions reported through the Toronto Regional Real Estate Board’s (TRREB) MLS® System was down on a year-over-year basis by 19.9 per cent in the fourth quarter of 2022. The number of rental listings was also down over the same period, but by a lesser annual rate of 11.8 per cent. The fact that the number of units leased was down by more than the number of units listed suggests that would-be renters benefitted from more choice compared to a year ago.

“Strong population growth based on record immigration and robust job creation across a diversity of economic sectors drove rental demand in 2022. In addition, aggressive interest rate hikes by the Bank of Canada impacted affordability for many households, prompting a shift from homeownership to rental. All of these factors will continue to support strong rental demand in 2023,” said TRREB President Paul Baron.

The average rent for a one-bedroom condominium apartment increased by 19 per cent to $2,503 in the fourth quarter of 2022. Over the same period, the average two-bedroom rent increased by 14.1 per cent to $3,178.

“Tight rental market conditions and strong rent increases will be the norm more often than not for the foreseeable future. On one hand, we will continue to experience strong rental demand in the GTA based on solid fundamentals. On the other hand, the persistent supply shortage will continue to result in strong competition between would-be renters, exerting upward pressure on rents. The solution is no secret: we need to see new policies pointed on more supply to translate into shovels in the ground for many years to come,” said TRREB Chief Market Analyst Jason Mercer.

 

February 1, 2023

TRREB: GTA CONDO SALES DOWN WHILE PRICES REMAIN FLAT

TORONTO, ONTARIO, January 31, 2023 – Selling prices for condominium apartments bucked the overall downward trend in the housing market during the fourth quarter of 2022. The average selling price in Q4 2022 stayed in line with the average in Q4 2021.

“While condo market conditions have become more balanced over the past year, there has been enough demand relative to supply to support selling prices. On average, the condo market segment is the most affordable. Therefore, it makes sense that we didn’t see the same type of price adjustment, in the face of higher borrowing costs, compared to other more expensive segments like detached homes,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.

Total condo apartment sales amounted to 3,582 in Q4 2022 – down 54.1 per cent compared to Q4 2021. New listings were also down on a year-over-year basis by 14.3 per cent. The average Q4 2022 selling price was $710,520, which was slightly higher than the Q4 2021 average of $710,246. Looking at individual Greater Toronto Area (GTA) regions, a similar trend played itself out, with average selling prices remaining flat compared to last year.

Condo apartments remain an important segment of the market. They are the key entry point for many first-time buyers. Investor-owned condos are also an important source of rental supply in many parts of the GTA. As immigration into Canada continues at a record pace for the foreseeable future, the GTA will welcome many new households. This should see the demand for condos, in both the ownership and rental markets, strengthen moving forward,” said TRREB Chief Market Analyst Jason Mercer.

 

Neighbourhood News

The real estate market inside scoop for the community you love. See homes that are for sale and have recently sold. Find out if home sales in your neighbourhood are trending up or down. See what homes around you are currently selling for.

January 23, 2023

Just Sold! – 13 Hickory Drive

 

See the full listing and sold price by clicking on my website link here.
Buying and selling a home can be a complicated and stressful process. You need a knowledgeable and skilled agent like me to assist you with the sale of your property or the purchase of a new home.
I will diligently guide you through your real estate transactions from beginning to close.
Contact me today to discuss your real estate needs and in the meantime, check out your own Neighbhourhood News or for any other postal code in Canada!
Neighbourhood News

The real estate market inside scoop for the community you love. See homes that are for sale and have recently sold. Find out if home sales in your neighbourhood are trending up or down. See what homes around you are currently selling for.

January 12, 2023

December 2022 Peterborough & Kawartha Lakes Market Update

January 8, 2023

Executive Home in Newer Subdivision of Rockwood (Guelph/Eramosa) Near Conservation For Sale

I am pleased to announce my listing at 13 Hickory Drive in Rockwood. This bungalow with loft is truly a must-see, with 3+2 bedrooms, 4 bathrooms, and a finished basement. The home also features a 2-car attached garage, providing plenty of space for all your storage needs.

Click This Picture To See 101 HDR Photos, 3-D Interactive Matterport Virtual Tour And More Details Of The Home!

The open-concept main floor boasts a spacious open-concept living room, dining room, and a professionally designed gourmet kitchen, making it the perfect space for entertaining. The kitchen is fully equipped with stainless steel appliances and plenty of counter space as well as a large island. The main floor also includes a master bedroom with a 5-piece ensuite spa-like bathroom and a very large walk-in closet. Contact me today to schedule a showing.

Click This Picture To See 101 HDR Photos, 3-D Interactive Matterport Virtual Tour And More Details Of The Home!

The finished basement with high ceilings is the perfect space for a family room or home office, with two additional bedrooms and a 3-piece bathroom. The cozy fireplace is the focal point in the entertainment room with a large pool table. Contact me today to schedule a showing.

Click This Picture To See 101 HDR Photos, 3-D Interactive Matterport Virtual Tour And More Details Of The Home!

The backyard is viewed from a large covered deck with ample space for extra seating, and a barbecue for summer entertainment. The 2-car attached garage provides ample space for your vehicles with the additional 2 parking spaces in the private driveway. Contact me today to schedule a showing.

Click This Picture To See 101 HDR Photos, 3-D Interactive Matterport Virtual Tour And More Details Of The Home!

Don’t miss out on this amazing opportunity to own a beautiful home in Rockwood. Contact me today to schedule a showing.

Neighbourhood News

The real estate market inside scoop for the community you love. See homes that are for sale and have recently sold. Find out if home sales in your neighbourhood are trending up or down. See what homes around you are currently selling for.

Mortgage Update January 6, 2023

Why Homebuyers must get a Mortgage Pre-Approval NOW!

Click NOW To Get That Mortgage Pre-Approval Without Delay!

If you plan to buy real estate this year at all, get a mortgage pre-approval right now! Don’t wait, do it now and at least have a rate locked in that the lender will honor for up to 120 days even if interest rates go up right after you receive said approval.

The Bank of Canada has plans to make at least two-(2) interest rate announcements this quarter on January 25th and March 8th respectively. We aren’t certain of what will be announced but it’s fair to assume that another rate increase is very possible.

In general, it is a good idea for home buyers to get pre-approved for a mortgage before they start looking for a home. A mortgage pre-approval is a commitment from a lender to provide you with a home loan for a specific amount, based on your financial situation.

It is important because it helps you understand how much you can borrow and what your monthly payments will be. It also gives you a competitive edge when you are making an offer on a home, as it shows the seller that you are a serious and qualified buyer.

If you are considering buying a home, it is a good idea to speak with a lender and get pre-approved for a mortgage as soon as possible. The lender will review your financial situation and help you determine how much you can borrow and what your monthly payments will be. This will give you a better understanding of what you can afford and help you narrow down your search to homes that are within your budget.

In the meantime, start reviewing the market trends for your current or desired neighborhood using a postal code or a drawn area by signing up for the FREE Neighbourhood News Report!
Neighbourhood News
Market UpdateMarket UpdateMarket Update January 5, 2023

A Look Back At The 2022 GTA Housing Market

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Home Sales & Listings Down While Selling Price & Rent Up

 TORONTO, ONTARIO, January 5, 2023 – The Greater Toronto Area (GTA) housing market experienced a marked adjustment in 2022 compared to record levels in 2021. Existing affordability issues brought about by a lack of housing supply were exacerbated by sustained interest rate hikes by the Bank of Canada. 

Interest Rates & Mortgage Stress Test 

“Following a very strong start to the year, home sales trended lower in the spring and summer of 2022, as aggressive Bank of Canada interest rate hikes further hampered housing affordability. With no relief from the Office of Superintendent of Financial Institutions (OSFI) mortgage stress test or other mortgage lending guidelines including amortization periods, home selling prices adjusted downward to mitigate the impact of higher mortgage rates. However, home prices started levelling off in the late summer, suggesting the aggressive early market adjustment may be coming to an end,” said new Toronto Regional Real Estate Board (TRREB) President Paul Baron. 

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Total Number Of Sales With Seasonally Adjusted Figures

10-Year Sales Trend

3 Year Monthly MLS Sales

There were 75,140 sales reported through TRREB’s MLS® System in 2022 – down 38.2 per cent compared to the 2021 record of 121,639. The number of new listings amounted to 152,873 – down 8.2 per cent compared to 166,600 new listings in 2021. Seasonally adjusted monthly data for sales and price data show a marked flattening of the sales and price trends since the late summer. 

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Total Residential Transactions With Seasonally Adjusted Figures

Total Residential Transactions

TRREB MLS Sales

“While home sales and prices dominated the headlines in 2022, the supply of new listings continued to be an issue as well. The number of homes listed for sale in 2022 was down in comparison to 2021. This helps explain why selling prices have found some support in recent months. Lack of supply has also impacted the rental market. As renting has become more popular in this higher interest rate environment, tighter rental market conditions have translated into double-digit average rent increases,” said TRREB Chief Market Analyst Jason Mercer. 

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Average Selling Price With Seasonally Adjusted Figures

Average Selling Price

TRREB Average Selling Price

TRREB Average MLS Sales Price

The average selling price for 2022 was $1,189,850 – up 8.6 per cent compared to $1,095,333 in 2021. This growth was based on a strong start to the year, in terms of year-over-year price growth. The pace of growth moderated from the spring of 2022 onwards. 

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Total New Listings With Seasonally Adjusted Figures

Total New Listings

TRREB New MLS Listings

“As we look forward into 2023, there will be two opposite forces impacting the housing market. On the one hand, we will continue to feel the impact of higher borrowing costs. On the other hand, record levels of immigration will support demand for ownership and rental housing, while we struggle to come to terms with a housing and infrastructure deficit in the Greater Golden Horseshoe. These themes will be discussed in TRREB’s upcoming Market Outlook and Year in Review report to be released in early February,” said TRREB CEO John DiMichele. 

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Property Days and Listing Days On Market

Property & Listing Days on Market

 

TRREB Sales To New Listings Ratio

December 2022 Results 

  • There were 3,117 sales reported through TRREB’s MLS® System in December 2022 – down 48.2 per cent compared to December 2021. 
  • New listings totalled 4,074 – down 21.3 per cent compared to 5,177 in December 2021. 
  • The MLS® Home Price Index Composite benchmark was down 8.9 per cent on a year-over-year basis in December 2022. 
  • The December average selling price, at $1,051,216, was down by 9.2 per cent compared to the December 2021 average of $1,157,837. 

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Neighbourhood News

December 6, 2022

Interest Rate Hikes Drive Down Home Sales and New Listings in November

Know How Much Your Home Is Worth By Visiting: www.QuickHomeValues.ca

Homeownership market activity in November continued to be influenced by the impact of higher borrowing costs on affordability.

What is happening in your community or postal code? Do you want to know what’s trending in another area? Find out using NEIGHBOURHOOD NEWS by entering the postal code!

 

NEWS RELEASE

TRREB CALLS INCREASED BORROWING COSTS ‘SHORT-TERM SHOCK’

TORONTO, ONTARIO, December 6, 2022 – Homeownership market activity in November continued to be influenced by the impact of higher borrowing costs on affordability. Sales were down markedly compared to the same period last year, following the trend that unfolded since the commencement of interest rate hikes in the spring. New listings were also down substantially from last year, and at a very low level historically. The fact that the supply of homes for sale has remained low, has supported average selling prices at the $1.08 to $1.09 million mark since August.

Greater Toronto Area (GTA) REALTORS® reported 4,544 sales through TRREB’s MLS® System in November 2022 – down 49 per cent compared to November 2021, but remaining at a similar level to October especially after considering the recurring seasonal downward trend in the fall. New listings, at 8,880, were down on both a year-over-year basis and month-over-month basis.

“Increased borrowing costs represent a short-term shock to the housing market. Over the medium- to long-term, the demand for ownership housing will pick up strongly. This is because a huge share of record immigration will be pointed at the GTA and the Greater Golden Horseshoe (GGH) in the coming years, and all of these people will require a place to live, with the majority looking to buy. The long-term problem for policymakers will not be inflation and borrowing costs, but rather ensuring we have enough housing to accommodate population growth,” said TRREB President Kevin Crigger.

“We have seen a lot of progress this year on the housing supply and related governance files such as the More Homes Built Faster Act. This is obviously good news. However, we need these new policies to turn into results over the next year. Otherwise, the current market lull will soon be behind us, population growth will be accelerating, and we will have done nothing to account for our growing housing need. The result would be enhanced unaffordability and reduced economic competitiveness,” said TRREB CEO John DiMichele.

The MLS® Home Price Index Composite Benchmark was down by 5.5 per cent year-over-year in November 2022. The average selling price for all home types combined was down by 7.2 per cent year- over-year. Annual price declines continued to be greater for more expensive market segments, including detached and semi-detached houses.

“Selling prices declined from the early year peak as market conditions became more balanced and homebuyers have sought to mitigate the impact of higher borrowing costs. With that being said, the marked downward price trend experienced in the spring has come to an end. Selling prices have flatlined alongside average monthly mortgage payments since the summer,” said TRREB Chief Market Analyst Jason Mercer.

Know How Much Your Home Is Worth By Visiting: www.QuickHomeValues.ca

Uncategorized November 11, 2022

October 2022 Market Statistics

 

November 7, 2022
October Market Report
October 2022 Market Snapshot

Despite the continued housing market transition to a higher borrowing cost environment, the average selling price in the Greater Toronto Area (GTA) found some support near $1.1 million since the late summer. GTA home sales continued to adjust to substantially higher interest rates in October 2022, both on an annual and monthly basis. However, new listings are also down year-over-year and month-over-month. The persistent lack of inventory helps explain why the downward trend in home prices experienced in the spring has flattened over the past three months.

GTA REALTORS® reported 4,961 sales through the Toronto Regional Real Estate Board’s (TRREB) MLS® System in October 2022 – a similar number to September 2022 but down by 49.1 per cent compared to October 2021. Year over-year sales declines were similar across major market segments.

New listings were down by 11.6 per cent year-over-year and reached an October level not seen since 2010. New listings were down on an annual basis more so for mid-density and high-density home types, which helps to explain why prices have held up better in these categories compared to detached houses.

“With new listings at or near historic lows, a moderate uptick in demand from current levels would result in a noticeable tightening in the resale housing market in short order. Obviously, there is still a lot of short-term economic uncertainty. In the medium-to-long-term, however, the demand for housing will rebound. Public policy initiatives like the recently introduced provincial More Homes Built Faster Act and strong mayor provisions will help ensure we see more homes being built to affordably meet the needs of new households,” said TRREB President Kevin Crigger.

The MLS® Home Price Index (HPI) Composite Benchmark was down by 1.3 per cent year-over-year in October 2022. The average selling price for all home types combined, at $1,089,428, was down by 5.7 per cent compared to October 2021. The monthly trends for both the MLS® HPI Composite and the average selling price have flattened in recent months following steeper declines in the spring and early summer.

“Home prices in the GTA have found support in recent months because price declines in the spring and summer mitigated the impact of higher borrowing costs on average monthly mortgage payments. The Bank of Canada’s most recent messaging suggests that they are reaching the end of their tightening cycle. Bond yields dipped as a result, suggesting that fixed mortgage rates may trend lower moving forward, which would help affordability,” said TRREB Chief Market Analyst Jason Mercer.

Gerald Lawrence
Manager – REALTOR®
Mobile (416) 556-0238  | Office (905) 852-4338
Send me an email | Visit my website
Coldwell Banker R.M.R. Real Estate, Brokerage

75 Brock Street West, Uxbridge, ON L9P 1P5
©️2022 Coldwell Banker Real Estate LLC. All Rights Reserved. Each Office Is Independently Owned And Operated. Coldwell Banker and the Coldwell Banker Logo are registered service marks owned by Coldwell Banker LLC.If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully.

 

October 25, 2022

Canadian Housing Market Snapshot For September 2022

Canadian Real Estate Snapshot for September 2022

The Canadian real estate market has seen a shift downwards in many areas for sales activity with many interest rate hikes by the Bank of Canada in response to the recession.

As for the province of Ontario, we have seen a 37.7% decrease in the number of sales compared to the same time last year while only a 5.7% drop in the average price of properties. However, there is an interesting fact to note which is that we have seen the lowest inventory of homes for sale in last 20 years.

In the major metropolitan area of Toronto, we have noticed very strong and sometimes increased prices for condominiums which proves that real estate is local and one should consult a licensed REALTOR® to better understand how the market shifts and current conditions are affections real estate prices where you live.

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