Blog

Monthly Letter June 2023

6/15/2023

Dear Friend, The demand for housing continues to be strong! GTA realtors reported the sale of 9,012 homes in May, up 24% from last May’s 7,226. Sadly, new listings were down by 18.7% over the same period and as we all know it’s all about supply and demand. This shortage of homes for sale resulted in multiple offers on well-priced properties and brought the average sale price in May up...

Monthly Letter May 2023

6/15/2023

If you like old movies, the way I do, then you’ll remember the lines from the movie, the music man: Well, ya got trouble, my friend, right here I say, trouble right here in River City. We got troubles in Toronto! While we had a strong month of sales with 7,531 homes sold, the shockingly low inventory of 10,373 homes for sale is once again resulting in multiple offers and price increases....

Monthly Letter April 2023

6/15/2023

Dear Friend March numbers are in, and the results are flabbergasting to most observers! It seems that GTA buyers have adjusted to the increase in borrowing costs much quicker than imagined and have been out purchasing! Toronto Real Estate Board members reported the sale of 6,896 homes, 47.5 % more than February! The Spring market is in full bloom! First time buyers lead the sales with 70.5% of h...

Monthly Letter March 2023

6/15/2023

Dear Friend,   I love March! While winter is not yet done, (always a couple of snowstorms left including winter’s last gasp late March or early April), the days are longer, and we are in the home stretch heading for spring and warmer weather!   As is usual for this time of year, buyers are starting to come out of winter hibernation and the number of monthly sales is starting to inc...

Monthly Letter February 2023

6/15/2023

Dear friend, No great surprises as the Toronto Real Estate Board unveiled the January sales numbers. 3,100 homes sold out of 9,299 homes available for sale. Throughout the GTA, homes on average sold in 29 days provided they were priced within 5% of realistic value. (This is where a professional agent can help their clients by doing realistic CMA and being honest with their sellers.) The major f...

Monthly Letter January 2023

6/15/2023

Dear Friend, December’s 3,117 sales ended 2022 with a total of 75,140 homes sold at an average price of $1,189,850, compared to 2021’s average price of $1,095,333. While the average price is up from a year ago, it does not tell the whole story. In fact, prices have been adjusting downward since they rose by 25%-28% in last year’s February/March timeframe. Two major factors co...

Monthly Letter December 2022

6/15/2023

Dear Friend,   Toronto real estate board members sold 4544 homes in November.  In an average market, we would expect about 6,000 homes to be sold, so while we are down from that number it’s still a pretty good month given the multiple increases in borrowing rates. The number of available homes for sale remains very low at just under 12,000 which is maintaining current prices levels...

Monthly Letter November 2022

6/15/2023

Dear Friend,   Despite another rate hike from the bank of Canada, activity remained similar to last month with 4,961 sales taking place, and homes available for sale staying around the 13,000 mark. This shortage of homes kept the average price stable, similar to last month, at $1,089,428, and is 9.9% higher than the end of 2021.    The Bank of Canada’s most recent messaging su...

Monthly Letter October 2022

6/15/2023

Dear Friend,   Despite higher borrowing costs, 5,038 homes sold in September, down from last year’s record levels. Sales took place in all areas with all types of homes throughout the GTA, bringing the average sale price year-to-date to $1,212,963, up 10.7% since the start of the year.   It’s confusing, isn’t it? Prices are supposed to be down but yet are up?  This...

Monthly Letter September 2022

6/15/2023

Dear Friend With 5,627 homes sold, August marked a slight increase over July in terms of number of homes sold as well as the average sale price. The average sale price YTD is now at $1,224,216, compared to 2021’s average price of $1 095,339.  Before you start to celebrate that the recession is over and prices are starting to rise again, please don’t! What August’s data sho...