Property Update • January 8, 2023

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

by Gerald Lawrence

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.

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!

by Gerald Lawrence

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!

Market Update • January 5, 2023

A Look Back At The 2022 GTA Housing Market

by Gerald Lawrence

Sign Up for Neighborhood News Today!

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.

Sign Up for Neighborhood News Today!

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.

Sign Up for Neighborhood News Today!

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.

Sign Up for Neighborhood News Today!

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.

Sign Up for Neighborhood News Today!

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.

Sign Up for Neighborhood News Today!

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.

Sign Up for Neighborhood News Today!

Market Update • December 6, 2022

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

by Gerald Lawrence

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

November 11, 2022

October 2022 Market Statistics

by Gerald Lawrence

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.

Market Update • October 25, 2022

Canadian Housing Market Snapshot For September 2022

by Gerald Lawrence

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.

Feel free to visit www.QuickHomeValues.ca for a No Obligation, FREE Home Evaluation! You can also call for a comprehensive Comparative Market Evaluation for any property you own with an updated report every 3 months at no cost.