You are going to fall in love with this fully renovated 3 bedroom semi on premium Benson Ave in Wychwood! Located directly across the street from the historic Wychwood barns & park and walking distance to TTC, restaurants & shops. Stunning & bright open concept main floor with modern metal and glass railings, hardwood flooring & pot lights throughout. Gourmet chef’s kitchen with breakfast bar, built-in stainless steel appliances, quartz countertops & ample custom cabinetry. Walk-out to deck, deep garden & rear detached garage. Main floor powder room. Generous primary bedroom suite features wall-to-wall built-in closets & large south-facing bay window. 2 additional bedrooms with double closets, windows, pot lighting & hardwood flooring. Renovated 4pc family bathroom with bluetooth/LED mirror & built-in vanity for storage. The fully finished lower level features a large recreation room (23’7″ x 11’7″) with above-grade windows, pot lighting & engineered hardwood flooring. Separate area ideal for home office.
Come view everything this home has to offer in person this Saturday October 28 (2pm – 4pm)
Listed at $1,649,000
Contact me for more information or to book a private showing.
416-294-3776 (Call or Text)
braden@chestnutpark.com
If you’ve been following the Toronto real estate market, you will likely be aware of the number of key interest rate hikes that the Bank of Canada has implemented since its first rate hike on March 2, 2022. If you haven’t been paying attention to the Toronto real estate market, interest rates or the economy in general, below is an timeline of how we went from a 0.25% overnight interest rate to a 5% interest rate as well as a statement from the Bank of Canada regarding its most recent decision to hold the overnight rate at 5% for the second time in a row. It’s hard for anyone to predict 100% what the future holds in regards to rates, but many in the lending and real estate industries are suspecting that we could begin to see a decrease in the overnight rate in the second half of 2024 or potentially sooner. With that being said, it is unlikely we will see an overnight rate as low as 0.25% any time in the near future. The days of essentially free money are long gone.
The Bank of Canada released the following statement below regarding their decision to hold the overnight rate at 5% and the economy in general:
“The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening.
The global economy is slowing and growth is forecast to moderate further as past increases in policy rates and the recent surge in global bond yields weigh on demand. The Bank projects global GDP growth of 2.9% this year, 2.3% in 2024 and 2.6% in 2025. While this global growth outlook is little changed from the July Monetary Policy Report (MPR), the composition has shifted, with the US economy proving stronger and economic activity in China weaker than expected. Growth in the euro area has slowed further. Inflation has been easing in most economies, as supply bottlenecks resolve and weaker demand relieves price pressures. However, with underlying inflation persisting, central banks continue to be vigilant. Oil prices are higher than was assumed in July, and the war in Israel and Gaza is a new source of geopolitical uncertainty.
In Canada, there is growing evidence that past interest rate increases are dampening economic activity and relieving price pressures. Consumption has been subdued, with softer demand for housing, durable goods and many services. Weaker demand and higher borrowing costs are weighing on business investment. The surge in Canada’s population is easing labour market pressures in some sectors while adding to housing demand and consumption. In the labour market, recent job gains have been below labour force growth and job vacancies have continued to ease. However, the labour market remains on the tight side and wage pressures persist. Overall, a range of indicators suggest that supply and demand in the economy are now approaching balance.
After averaging 1% over the past year, economic growth is expected to continue to be weak for the next year before increasing in late 2024 and through 2025. The near-term weakness in growth reflects both the broadening impact of past increases in interest rates and slower foreign demand. The subsequent pickup is driven by household spending as well as stronger exports and business investment in response to improving foreign demand. Spending by governments contributes materially to growth over the forecast horizon. Overall, the Bank expects the Canadian economy to grow by 1.2% this year, 0.9% in 2024 and 2.5% in 2025.
CPI inflation has been volatile in recent months—2.8% in June, 4.0% in August, and 3.8% in September. Higher interest rates are moderating inflation in many goods that people buy on credit, and this is spreading to services. Food inflation is easing from very high rates. However, in addition to elevated mortgage interest costs, inflation in rent and other housing costs remains high. Near-term inflation expectations and corporate pricing behaviour are normalizing only gradually, and wages are still growing around 4% to 5%. The Bank’s preferred measures of core inflation show little downward momentum.
In the Bank’s October projection, CPI inflation is expected to average about 3½% through the middle of next year before gradually easing to 2% in 2025. Inflation returns to target about the same time as in the July projection, but the near-term path is higher because of energy prices and ongoing persistence in core inflation.
With clearer signs that monetary policy is moderating spending and relieving price pressures, Governing Council decided to hold the policy rate at 5% and to continue to normalize the Bank’s balance sheet. However, Governing Council is concerned that progress towards price stability is slow and inflationary risks have increased, and is prepared to raise the policy rate further if needed. Governing Council wants to see downward momentum in core inflation, and continues to be focused on the balance between demand and supply in the economy, inflation expectations, wage growth and corporate pricing behaviour. The Bank remains resolute in its commitment to restoring price stability for Canadians.
The next scheduled date for announcing the overnight rate target is December 6, 2023. The Bank will publish its next full outlook for the economy and inflation, including risks to the projection, in the MPR on January 24, 2024.”
Are you thinking of making a move or have questions about the market in general?
Contact me any time with your questions and to discuss your specific real estate plans and how I can help you.
WARMTH + CALM
Thoughtfully designed and meticulously executed!
289 Springdale Blvd! The feeling of home; warmth + calm! Thoughtfully designed and meticulously executed! This extensive renovation focuses on the function + ease of daily living with great attention to natural light + aesthetics. All completed with permits! Conveniently located on on coveted, quiet Springdale, just a short stroll from the Danforth and East Lynn Park. This solid brick detached home features an open concept main floor with gracious sized living room and dining room that opens into the spacious kitchen featuring centre island with stool seating, waterfall Quartz countertops + backsplash, pot filler, pantry and gas cooking! The main floor boasts the ever sought after powder room and mudroom space and with rear sliding door access to sunny South facing backyard.
