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Toronto Real Estate Market Report – August 2023
Toronto Real Estate Market Report – August 2023
What will the Fall real estate market look like?
We will know in the coming weeks. But it’s safe to assume that there will be an influx of sellers and buyers. We expect to see many condo landlords selling these condos, which may soften this segment. Will the interest rate hikes over the last 18 months begin to sink their teeth into the consumer’s psyche? The reality is that the rates are staying the same for a while, and when they do, it won’t be drastic but marginal lowering as early as 2024. “Higher” interest rates, even though these are more in line with historic mortgage rates, are here to stay for some time.
Balanced is a term that Toronto last used in relation to our market a very long time ago. The market will balance out after the first few weeks of eager buyers.
We are seeing the rental market on fire right now. Nearly everything coming to market is in competition. This is a clear indication that the higher interest rates have taken would-be buyers out of the real estate market for now.
We are eagerly awaiting what the Fall market holds for Toronto.
Toronto Real Estate Market Report – July 2023
A Mixed Bag Summer Of Real Estate
The summer is always slower than the Spring and the Fall. That being said, this summer has been a mix of hot and cool. Depending on the area, the pricing strategy, and the state of repairs. Riverdale, for instance, has been strong. While the Annex has been slower, in fact, it gets our opportunity of the month award – there are some good buying opportunities in the Annex and South Annex. The value is superior to East-end homes, for example.
When an agent stumbles with this listing strategy, the seller suffers. We see this as one of the biggest issues facing sellers. When you have 72,000 Realtors in Toronto, you need to be decerning. It’s too easy to become a Realtor. But it’s challenging to become a skilled Realtor, and it’s too much effort for the masses. This isn’t about harping on the average Realtor in Toronto; this is about peeling back the reasons why some houses aren’t selling effectively (for more money and less time on the market.) Errors in pricing and listing strategy are deals killers, sorry sellers. Also, houses that are ready to move into are on fire compared to those that are tired and need work, those that are sitting. Why? People can’t afford the additional borrowing costs to renovate, find good tradespeople and pay for the higher cost of goods. This is why turn-key homes sell for “too much” to many of us.
We expect several sellers to hit the market in the Fall. So there could be a window of opportunity for the discerning buyer. Understand the market and snipe the worthwhile properties. We are still believers in Toronto real estate for the long term. There could (should) be bumps ahead, but we don’t see these lasting years and years like in the 90s. More likely a year or two remaining at most. There is too much buyer interest in Toronto housing for the market.
Annex Neighbourhood Real Estate Market Report – July 2023
There were only 6 transactions in July. The Annex has been very slow over the last couple of months. We are seeing some excellent buying opportunities for those in the market for century houses. Yes, the Summer real estate market is always slower than the Spring and Fall; however, there seems to be a shift […]
Annex Neighbourhood Real Estate Market Report – June 2023
There were 20 transactions. The Annex appears to be hovering with a relatively balanced amount of sales, despite being lower than we would normally see annually. It has been a while since we saw this much activity. Note that our overall annual markers will provide a better sense of value increase, which you can reach […]
Toronto Real Estate Market Report – June 2023
Toronto Real Estate Market Report – June 2023
Be Discerning With The Media
Discernment and judgement are two very powerful forms of understanding and digging deeper into meaning and whether an issue makes sense. We often see headlines in the media (and other real estate agents, for that matter) claiming that the market has dropped or housing sales are down, or a correction is upon us again. In contrast, other outlets may state that there is still a substantial uptick in activity.
Cabbagetown Neighbourhood Guide
Cabbagetown is one of Toronto’s exceptional neighbourhoods. The exquisite century homes have an architecture that predates nearly all of Toronto’s neighbourhoods. Add in the tree-lined streets and the fact that Cabbagetown is tucked away from most of the main transportation arteries of Toronto’s downtown core, and you have a preserved historic hood that is the […]
