For the fourth consecutive month the Toronto and area resale housing market produced declining sales and lower average sale prices. The housing market peaked in February for average sale prices, in March for monthly reported sales. In February the average sale price for the greater Toronto area came in at an incredible (and unsustainable) $1,334,000. Sales in March hit 10,881, which was not a record. The record for March sales was achieved in 2021 when an unbelievable 15,627 homes of all types were reported sold.
In July the average sale price came in at $1,074,754, a 19 percent decline compared to February’s peak. It should be noted that July’s average sale price was still 1.2 percent higher than July 2021’s average sale price of $1,061,724. Sales in July were more than 47 percent lower than a year ago. There were 4,912 properties reported sold throughout the greater Toronto region. Last year 9,339 homes were sold. Compared to the 10,881 properties reported sold in March, sales in July have declined by almost 55 percent.
There is no mystery as to why the market has changed so dramatically in such a very short time period. The housing market, not only in Toronto and surrounding areas, but universally in North America, was supercharged by pandemic forces (the need for space and safety and the ability to work remotely) and historically cheap money. Money is no longer cheap and with society returning to a form of normalcy, the housing landscape is, compared to February and March and all of 2021, unrecognizable. The Bank of Canada’s benchmark rate is currently 2.5 percent. In March it was only 0.25 percent. In only four months it has increased by 900 percent! Mortgage interest rates have correspondingly also increased (although not as dramatically) from approximately 2 percent in March to close to 6 percent today. With the inflation rate in Canada at about 8 percent, it is anticipated that when the Bank of Canada meets in September, another rate hike is expected.
Contrary to the commonly accepted view, the declining average sale prices that the market is experiencing are not making housing in the greater Toronto area any more affordable. In fact, rising financing costs are making buying a home in Toronto less affordable. A recent Ratehub study has indicated that with the stress tests and the higher borrowing costs, a buyer in Canada needs $18,000.00 more in household income per year to buy the average priced house than they would have required in February when the average sale price was $1,334,000. That number is even higher in cities like Toronto and Vancouver.
Two market sectors in the City of Toronto are, to some degree, operating contrary to overall market conditions. Firstly, condominium apartments. Notwithstanding declining average sale prices, condominium apartments continue to sell for strong prices. Overall condominium apartment prices were 7 percent higher than last July – 12 percent higher in the 905 region and 4.3 percent in the City of Toronto. The explanation is obvious. In an increasingly unaffordable housing market, condominium apartments remain the most affordable housing type. In July the average sale price of all condominium apartments sold was $719,000, somewhat higher at $744,000 in the City of Toronto.
Secondly, the City of Toronto’s eastern districts. In July all properties in Toronto’s eastern districts sold in only 15 days and for 102 percent of their asking price. The overall market saw properties selling at 99 percent of their asking price. Also, all eastern district properties sold after only 15 days on the market. This compares very favorably with the 20 days it took properties to sell in the overall Toronto and region marketplace. The explanation for this market phenomenon is less clear. It isn’t price. The average price for all properties sold came in at $1,014,000, marginally less than the overall average sale price of $1,019,000 for all City of Toronto properties reported sold. It would appear that the eastern districts, particularly Riverdale, Leslieville, and the Beaches, are viewed as more desirable than other parts of the City by buyers.
Looking forward we should anticipate that this cycle of declines in sales and average sale prices to continue, however not as dramatically as the declines we have experienced since February and March. Until inflation stabilizes and the Bank of Canada stops increasing its benchmark rate the prevailing housing landscape will remain unchanged.
Have questions about the market, selling or buying?
Contact me any time. I’m happy to answer any questions you may have.
Prepared by Chris Kapches, LLB, President and CEO, Broker, Chestnut Park® Real Estate Limited, Brokerage.
You put in a lot of work to declutter your home and prepare it for showings, you hired a realtor, your realtor staged your place and put together some great marketing materials and you had a week of showings, offer night comes along and you are excited to see how many offers you receive, but, you don’t receive any offers on offer night. You are probably scratching your head wondering how this could have happened.
Although the strategy of listing a property for below market value and holding off offers for a week until your set offer date arrives typically works very well, there are several reasons why it may not work. Below are 5 reasons why you may not have received any offers on your offer night.
1) Priced Incorrectly
Once you have decided to work with a licensed, full-time, Toronto real estate agent, your agent should spend the time to look into the recent sales that have taken place in your neighbourhood. This will allow them to determine certain trends such as the average sale price for your area, average number of days on market along with other valuable market statistics that will assist with selling your home for the most amount of money in the least amount of time. If your real estate agent determines that homes in your area are listing for lower than their market value and are setting offer dates to review any and all offers, they may suggest doing the same with your property. Should you and your real estate agent come to an agreement to use this approach, it is crucial that your property is listed at the right price. By listing your property too high or too low, you may scare off potential buyers. If your agent is experienced, they should be able to determine the appropriate list price that isn’t too low or too high.
2) Timing
Historically speaking, some months such as December, January and August are some of the slowest months in real estate. If you are listing your home during one of these months, the odds of you not receiving any offers is increased. Buyers are typically busy with the seasonal holidays or vacationing during these months which means there are less eyes that will see your property once it hits MLS. In addition to this, even during other months, you need to keep in mind the statutory holidays and long weekends as you will want to work around these in order to ensure that you get as many potential buyers though your home as possible. Unless your local market it extremely hot, just like Toronto was a couple of years ago when properties sold any time of year for well over their list price, most properties don’t show as well as during the cold grey winter months as they do during the spring/early summer and early fall months. This can play a part in a buyer’s decision to put an offer on your home or not.
3) Needed Repairs
Whether it be a list of needed repairs in your pre-list home inspection that is provided to potential buyers, or it’s visible needed repairs that potential buyers see during their showing, depending on the buyers, any needed repairs that aren’t already addressed may scare off potential buyers. It’s important to address as many issues with your home as feasibly possible prior to listing your home for sale.
4) New Competition
Even if your home is in top showing condition and you have done everything necessary to ensure your home attracts as many buyers as possible, if a comparable home comes to market which is perceived to be more desirable at a similar price with the same offer date, you may miss out on receiving offers on your offer date. Should this scenario happen, you may want to discuss your options with your agent, including the possibility of changing your offer date.
5) Announcements
As we have all witnessed over the last couple of months, announcements such as interest rate hikes can play a large part in dictating the amount of demand there is. Announcements such as rate hikes and government announcements relating to new policies that affect the market can create uncertainty and make buyers second guess making a purchase. Should there be a big announcement soon after you list your home for sale, there is a good chance that the amount of demand may be put on pause until there is more certainty.
Above are just some of the reasons why you may not receive an offer on your offer night. With the help of an experienced Toronto real estate agent, you should be able to come up with a solution to this hurdle and sell your home.
If you aren’t currently working with an agent and have questions about the market, selling your home or any other real estate questions, contact me any time. I’m always happy to answer your questions and concerns and to assist you with achieving your specific real estate objectives.
*This is not intended to solicit individuals currently under contract with another real estate agent or real estate brokerage.
Not unexpectedly June produced a substantial negative variance when compared to the numbers that the Toronto and Region residential resale market produced in June of 2021. Rising mortgage interest rates have over the last three months caused sales to drop fairly precipitously, and although sales prices are off from their high of February of this year, they remain higher than average sale prices achieved last June.
In June 6,474 properties were reported sold, a 41 percent decline from the 11,053 properties reported sold last June. The average sale price came in at $1,146,254, more than 5 percent higher than the average sale price of $1,088,991 achieved last June. Having said that, a review of what’s been happening since February, both as to sales and average sale price, gives a more accurate description of where the Toronto and Region residential sales market is going.
In February 9,044 properties were reported sold achieving an eye-popping sale price of $1,334,142. One could safely say that February was the height of the pandemic, liquidity-induced resale market. March produced more sales (10,902) but could not sustain the unprecedented average price. March’s average sale price dropped to $1,299,468. Higher mortgage interest rates kicked in April and since then both sales and average sales prices have declined dramatically.
As the above-noted chart indicates, since February the average sale price has declined by $185,000, or 14 percent, and since March, sales have declined by more than 40 percent. These declines can be charted in direct relationship to the increase in mortgage interest rates. Although declines in both sales and average sale prices will continue as the Bank of Canada raises its benchmark rate in its effort to fight inflation, those declines will be more moderate going forward, unless the Bank of Canada raises rates so high that it tips the Canadian economy into recession.
Interestingly, June’s numbers continue to demonstrate that the demand in the Toronto and Region resale market has not dissipated with rising mortgage interest rates. In June, all properties (on average) sold in just 15 days, only 2 days more than the 13 days it took last year. (This number may not be entirely accurate since it does not reflect properties that were listed and cancelled, then re-listed at a lower price). Also, all properties reported across the region sold for 100 percent of their asking (also not an entirely accurate number) and in the City of Toronto at 101 percent of their asking price.
Regardless of the precise accuracy of these numbers they clearly demonstrate that there are many buyers in the marketplace searching to buy homes. As more immigrants settle in the greater Toronto area the demand will continue to grow and create the same market pressures that manifested themselves before and during the pandemic. They won’t be fully apparent until the Bank of Canada has inflation under some control and mortgage interests rates stop rising.
It should be noted that whereas during the pandemic (not that it is no longer with us) properties in Toronto’s 905 region sold faster and at higher prices than homes in the City of Toronto. That pattern has been reserved. As health and travel restrictions have eased, buyers are no longer looking for the space and safety that ground-level properties in the 905 offered. In June every housing type in the City of Toronto – detached, semi-detached, townhouse, and condominium apartments – achieved average sale prices substantially higher than corresponding counterparts in the 905 regions. Secondary markets – markets within 200 kilometers from Toronto – are similarly experiencing downturns both in average sale prices and sales.
The number of new listings coming to market will also have a substantial impact on both sales and average sale prices. In June 16,347 new listings came to market. This compares favourably with the 16,193 that came to market last year. However, due to declining sales, we enter July with 16,093 properties available to buyers, 42.5 percent more than June last year. If this continues buyers will have more choice, sale prices will be negotiated in the buyers’ favour, and more properties will languish on the market until they are sold or the listings cancelled.
Early indications in July are that the slide in sales and average sale prices will continue. Buyers are waiting to see how high the Bank of Canada will raise rates, and as a result how much lower prices will drop.
Have questions about the market, selling or buying?
Contact me any time. I’m happy to answer any questions you may have.
Prepared by Chris Kapches, LLB, President and CEO, Broker, Chestnut Park® Real Estate Limited, Brokerage.
Some common thoughts that may go through your head once you’ve decided to list your home for sale and have considered holding an open house are:
These are all common and valid concerns, I mean, who really likes the idea of random people walking through their home and looking at all of their belongings.
Unfortunately, the reality is, if you want to sell your home for the most amount of money in the least amount of time, your home will require as much exposure as possible. Allowing open houses ensures that you have covered every base when it comes to marketing your home for sale, even if doing so makes you feel a little uneasy. By allowing open houses, you are not only allowing potential buyers through your home but you are also allowing word of mouth marketing to take place among people who have visited your home and their friends and network.
Now, as much as the thought of allowing open houses may be stressful, your realtor should take several steps to make the process as comfortable and successful for you as possible. An experienced realtor will often take the following steps below when conducting an open house at your home to ensure your home is secure, tidy and well marketed:
Massive open house signage in your surrounding area
We all see open house signs while driving around the city on the weekend, but how many signs should your realtor put out? The answer is as many as possible. In order to ensure your home receives the attention it deserves and requires to sell, you need to make sure your home stands out from the competition. Putting out more signs than the average open house does just that.
Open house online & print marketing
An experienced agent will go above and beyond simply setting up open house signs to market your open house event. It’s important that you spread the word about your open house far and wide and to as many potential buyers as possible. There are a variety of ways of achieving this with the use of online and print marketing methods such as open house invites, flyers, online social media ads, evites and other creative advertising methods.
“Please remove shoes” signage and requests
A good agent will set up a “Please remove shoes” sign at the front entrance of your home and request all visitors to remove their shoes upon entering. This helps with reducing any potential mess or damage to your floors.
Sanitizing station
As I write this blog, we are still dealing with the affects of covid19 and people are much more attentive to their hand hygiene than they were prior to the pandemic. Your realtor will likely set up a sanitization station near the front entrance of your home and ask visitors to sanitize their hands prior to viewing your home.
Limit Touching
As mentioned above, due to covid19, many sellers don’t like the idea of random people coming into their home and touching everything. With that being said, buyers will want to view as much of your home as possible. How else will they know if they can fit their attire into your primary bedroom closet? Your agent will likely ask visitors to limit the touching of surfaces while in the home and will assist by opening doors and closets for visitors as needed.
Keep an eye on visitors
During all open houses, your agent will ask visitors to sign in to keep track of who visits your home and will also keep an eye on visitors during their visit. Keep in mind that there may be times when your agent won’t be able to watch each and every visitor at the same time as they view different areas of your home. It is important to remove and or store any valuable items prior to allowing open houses or showings.
I’ve personally seen some agents install wireless wifi security cameras throughout the interior of the home while showing properties to my clients. Although this may be tempting to do, it often distracts potential buyers from focusing on your home’s beautiful features as they are too busy with the thought of being watched and listened to. Remember, you want to make visitors feel as comfortable while they are in your home and help them visualize themselves living there, you want them to feel at home.
Prepare the home before doors open
Your agent will come to your home prior to your open house beginning to ensure that all of the lights are turned on and that the rest of your home is in perfect showing condition. It’s important to make sure you put away all dirty dishes, laundry, pet toys and food as well as any other clutter prior to the open house.
Although the thought of having an open house may be a little intimidating, with the help of an experienced realtor, the process should really be quite straight forward. By not holding open houses, you are limiting your exposure to potential buyers could very likely limit your final sale price and possibly extend the number of days that your home has to be listed for.
Are you thinking about listing your home or do you have questions about the current market?
Contact me any time with your real estate questions or to request a free home evaluation to find out how much your home may be worth. I’m happy to help and to answer any real estate questions you may have.
There were no surprises in the May residential resale market data. As a result of rising mortgage interest rates, a process that started in March, the number of properties sold has declined, and average sale prices have moved downward from the record-breaking highs of February.
During the month of February 9,052 homes were reported sold with the Toronto and area’s average sale price coming in at an eye-popping, unsustainable, $1,333,399. In May 7,283 properties were reported sold, with an average sale price of $1,212,806. Since February, sales have declined by more than 19 percent, and the average sale price for all properties sold, including condominium apartments, has slipped by 9 percent.
It should be noted that even with this decline, the average sale price in May remains 9.4 percent higher than that achieved last May ($1,084,124).
A notable shift in market dynamics is the change in activity in the 905 region as compared to the 416 (City of Toronto). Throughout the first two years of the pandemic, more sales were taking place and average sale prices were rising faster in the 905 region. This is no longer the case. During the month of May, the average sale price for all properties sold in the 905 region came in at $1,212,806, 1.7 percent less than the City of Toronto’s average sale of $1,233,748. The ratio of sales has also shifted. Last year the 905 region accounted for 66 percent of all properties reported sold. This May, only 62 percent of all properties changing hands were in the 905 region.
These results are not surprising. As more of the greater Toronto area’s population has been vaccinated against the Covid virus, and as the City of Toronto with its many amenities has opened up, the forces driving buyers to move to the 905 region, the need for more space, ground-level housing, and a sense of safety in less dense communities have begun to wane.
May’s market performance should not be misinterpreted as a market “correction”. Most of the economic factors that drove the resale market through the pandemic, and even before, are still at play, primarily the lack of supply and immigration to southern Ontario. Separate and apart from declining average sale prices and unit sales, the market continues to behave as it did before mortgage interest rates began to rise.
In May 18,679 new properties came to market, marginally higher than the 18,593 that came to market last year. All 7,283 properties that changed hands in May did so after spending only 12 days (on average) on the market, marginally higher than the 11 days it took for properties to sell last May. All properties reported sold, sold for 103 percent of their asking price, 104 percent in the City of Toronto. Semi-detached properties in the City of Toronto sold in only 9 days and at 111 percent of their asking price. Semi-detached properties in Toronto’s eastern trading districts sold at 117 percent of their asking price and shockingly after only 8 days on the market.
This is not a market correction. Rather this data reflects a market attempting to come to grips with higher rates, with more to come. Higher mortgage interest rates have had a psychological as well as an economic impact on the market, particularly on those buyers that are mortgage-rate sensitive and struggling with affordability.
Based on May’s performance it would appear that condominium apartment sales will outperform ground-level sales, detached and semi-detached properties. May saw 1,264 condominium apartment sales in the City of Toronto. They sold at an average sale price approaching $800,000. All these apartments sold at 103 percent of their asking price and in only 15 days, only 2 days longer than it took to sell last year. The average sale price for all condominium apartments reported sold last May in the City of Toronto was only $766,462.
At the other end of the market spectrum, properties having a sale price of $2 Million or more, the decline in sales was also not as severe as the overall market. Whereas the overall market declined by almost 39 percent, year-over-year, month-over-month, sales of $2 Million plus properties only declined by a little more than 22 percent, making it clear that not all sectors of the housing market are responding similarly to rising mortgage interest rates.
Looking forward, higher mortgage interest rates will cause average sale prices to decline, but marginally, plateauing during the summer months. The greater Toronto area, and in particular the City of Toronto, has a very high employment rate, and demand remains strong. Unless the Bank of Canada raises the benchmark rate to the point that it drives the currently strong economy into recession, the lack of supply and increasing demand will keep the market strong, and unfortunately unaffordable. When inflation subsides, and the benchmark rate declines, economic conditions and the housing landscape will be very similar to the tight market that existed just before the pandemic became a factor. So what we are witnessing is a hiatus in the housing market, not a correction.
Have questions about the market, selling or buying?
Contact me any time. I’m happy to answer any questions you may have.
Prepared by Chris Kapches, LLB, President and CEO, Broker, Chestnut Park® Real Estate Limited, Brokerage.
You might think to yourself that obtaining a permit is nothing but a pain in the butt and that you can probably complete the work without obtaining a permit or a bylaw officer ever finding out that you did the work. However, there are several costly issues that you could run into if you don’t obtain a permit. Below are 5 reasons why you should get a building permit.
1) If you’re trying to tackle the project on your own, obtaining a permit will often require a bylaw officer to visit your home. The bylaw officer will be able to provide you with helpful information in regards to what you need to do in order to comply with your local building codes.
2) By following your local building code and having your work inspected throughout the process of your renovation, you will be ensuring that not only your family is safe living in the home but also future families who may end up living in your home once you have moved.
3) If you are hiring a contractor or builder to complete the work, obtaining a building permit will ensure that your contractor or builder is completing the work properly and safely and will ensure they are meeting all local building codes. If you aren’t experienced in construction and aren’t familiar with your local building codes, you won’t be able to determine if your contractor is meeting all of the local building codes.
4) If you complete a project without obtaining a work permit and your home is damaged during the renovation, your insurance company may not agree to assist you with recouping your losses.
5) The TOP REASON to obtain a permit is to avoid having issues with selling your home or running into legal issues after you have sold your home. Many experienced real estate agents will include reps and warranties in their offer which state that you as the seller obtained all necessary permits to complete any projects during the time you have lived in your home. Depending on the way this rep and warranty is written, you as the seller could potentially be held responsible for the cost of any work required or any losses incurred by the buyer should they ever need to fix any work you completed without obtaining a permit. For example, if you were to add a deck to your backyard without obtaining a permit and a bylaw officer informs the buyers of your home at a later date that they need to either fix or replace the deck with one that meets the local codes, you could be held responsible for the costs associated. With the pricing of decks being easily $20K+, not obtaining a permit can be a costly mistake.
As you can see from the above, there are many valid reasons to obtain a permit for your renovation or new build project.
You can start your Toronto building permit application by clicking HERE
Are you thinking about completing upgrades to your home before you sell and are wondering which upgrades will provide you with the highest return? Feel free to contact me for a complimentary consultation. As a full-time, award winning Toronto real estate agent with over 15 years of previous experience as the owner of a design and build firm, I know what projects will provide you with the highest return when it comes time to sell.
It’s no secret that living by the beach has its perks. From the incredible sunrises to the sound of waves crashing against the shore, there are plenty of reasons why people choose to live near the water. As someone who lives and works in The Beaches area, one of the reasons I love living in this beautiful community is the easy access to the beach and Lake Ontario. During the summer months, it’s often easy to forget that you are in Toronto and not on vacation somewhere south of the border, for that very same reason, it’s easy to forget about the dangers that come along with swimming in the Lake.
Unfortunately, as beautiful and inviting as the lake is, it’s beauty is often a disguise for the dangers that come along with swimming in it. As you are likely aware, every summer there seems to be at least one or two drownings in Lake Ontario, if not more. In 2020, there was a total of 244 drownings in Ontario and many likely could have been prevented with proper water safety education and practice. As a parent of two young children, it breaks my heart to think about how the parents must feel when they receive the worst possible news a parent can receive. For that reason, I have put together this post in order to hopefully help prevent more innocent people from drowning.
I must first clarify that I am not a lifeguard or swim instructor. The information being provided in this blog has been sourced from other online sources and should be taken with caution. It is important to speak to a certified swim instructor or a lifeguard for more information about rip currents or to ask any questions you may have. For further questions or concerns, try speaking with the Lifesaving Society
For those of you who live in The Beaches or Upper Beaches or those of you who are experienced swimmers, you are likely already aware that rip currents are one of the biggest threats to swimmers in Lake Ontario. For those of you who are not aware of what a rip current is, the videos below provide good examples. Although you may associate rip currents with oceans and not lakes, it is a known fact that Lake Ontario and Woodbine Beach can produce some very strong rip currents as well as strong general currents. Unfortunately, there have been several cases of swimmers drowning due to the strong currents in the lake.
Below are three videos which explain what a rip current is and what you should do if you find yourself stuck in one. The 5 main takeaways relating to surviving a rip current are listed below but it is important to watch the videos in full.
If you see someone caught in a rip current, the best thing you can do is throw them something that floats such as a life jacket, noodle, paddle board, beach ball, boogie board, life saver, literally anything that floats and get a lifeguard right away. Do NOT try to swim out to the victim to help as this increases the odds of you drowning which isn’t helpful to the victim or yourself.
Hopefully this information is helpful. Make sure you share this important information with your children before the swim season begins.
Wishing you and your family a safe summer.
As forecast, the rising mortgage interest rates (not to mention other factors at play, like the war in the Ukraine, inflation, and ongoing supply chain problems) had a direct impact on the number of residential properties reported sold in April. At the end of April, the five-year fixed mortgage rate was 4.19 percent. In February the five-year rate was 2.79 percent, an increase of more than 50 percent in a mere two months. Coupled with the mortgage stress test that all borrowers must undergo when qualifying, it is not surprising that many buyers, particularly first-time buyers, have been forced out of the market. Those who qualify may have had to lower their price-point expectations.
One should not interpret the decline in sales as an indication that the Toronto and area residential resale market is softening or becoming more affordable. Properties sold at lightning speed in April and at strong prices. Prices were lower than the record achieved in February ($1,334,408), but still 15 percent higher than the average sale price of $1,090,414 delivered last year. This April the average sale price came in at $1,254,436, a 6 percent decline from February’s record number.
In April 8,008 properties were reported sold, down 41 percent from the 13,613 properties that changed hands last April. Sales reported in April 2021 remains the second highest monthly total on record, only behind the 15,613 reported in March of last year. It is important to note that since last April’s reported sales, no month has come close to April’s numbers. The best month after April last year was May, reporting 11,903 sales, and 10,939 properties reported sold in March of this year. Most months reported sales well under 10,000. This April’s sales are consistent with reported sales since the record peak early in 2021.
Days on market and sales to list prices are the litmus test of the strength or weakness in the market. April’s results clearly demonstrate the continued strength in the Toronto and area marketplace. In April all properties reported sold, including 2,173 condominium apartments, sold in only 11 days. Depending on housing type and location, properties were reported sold in even less time. For example, all detached properties throughout the greater Toronto area sold in only 10 days, while all semi-detached properties sold in only 9 days. Semi-detached properties in Toronto’s eastern districts continued to amaze, selling in only 7 days.
Not only did all properties sell at the speed of light, but they did so at prices substantially higher than their asking price. All properties were (on average) sold at 107 percent of their asking price. In the City of Toronto, sales came in at 108 percent of their asking price, including condominium apartments. In Toronto’s eastern districts all properties sold at 113 percent of their asking price.
The clearest indication that the Toronto marketplace has not weakened and has not become more affordable is the performance of the condominium apartment sector. In April 2,173 condominium apartments were reported sold, 65 percent of them in the City of Toronto. The average sale price for all condominium apartments sold was $780,000. In the City of Toronto, the average selling price was $820,000, and in Toronto’s central districts, where 64 percent of all condominium apartment sales take place, the average sale price came in at an eye-popping $881,451. With average sale prices well above $1,000 per square foot, a buyer should expect substantially less than 800 square feet of living space for $881,451.
Rising mortgage interest rates should not cause market observers to lose focus on the fact that resale inventory levels remain historically low. In April months of inventory were only 0.9 for the entire greater Toronto area, and as in the case of days on market and sale to list price performance, even less depending on location and property type. Last year’s months of inventory were 1.3 months. With large numbers of immigrants making their homes in the greater Toronto area, the demand side of the market will continue. Almost 50 percent of more than 400,000 immigrants coming to Canada in 2021 relocated in Ontario and the greater Toronto area.
As we move into the late spring and summer months, and as interest rates continue to rise, we can anticipate negative variances compared to corresponding months in 2021. Notwithstanding these variances, and as this report has pointed out, the resale market will remain strong and as unaffordable as it has been since the beginning of the pandemic.
Have questions about the market, selling or buying?
Contact me any time. I’m happy to answer any questions you may have.
Prepared by Chris Kapches, LLB, President and CEO, Broker, Chestnut Park® Real Estate Limited, Brokerage.
Should I buy a house or condo? is a common question amongst buyers. When it comes to making one of the biggest decisions in your life, whether buying a house or condo, there are a lot of things to consider.
Which is the right choice for you? Here’s a look at some of the pros and cons of each option:
What Are The Benefits Of Buying A House Vs A Condo:
When it comes to finding a place to call home, there are a lot of factors to consider. For most people, the decision boils down to one simple question: should I buy a house or condo?
While both options have their pros and cons, there are a few key benefits that come with owning a house. For starters, houses typically offer more space than condos. If you have a growing family or frequently entertain guests, this can be a major selling point. In addition, houses usually come with private outdoor spaces like yards and patios. This gives you a place to relax and enjoy the outdoors without having to share it with your neighbours. Finally, historically speaking, houses in Toronto tend to appreciate in value at a higher rate than condos. So if you’re looking for an investment property that will give you a good return down the road, buying a house is likely the better way to go.
What Are The Benefits Of Buying A Condo Vs A House:
When you’re in the market for a new home, you have a lot of different options to choose from. One option you might consider is a condo. But what exactly is a condo, and how does it differ from a traditional house? For starters, condos are usually part of a larger development or community. This means that you’ll have access to shared amenities like pools, gyms, and playgrounds which you may not have access to in a freehold home. You’ll also be responsible for paying monthly dues, which go towards maintaining these common areas. Another key difference is that with a condo, you’ll typically only own the space inside your unit along with your parking and locker (this isn’t always the case though). The exterior and any shared areas are owned by the Condo Association. This can be an advantage if you don’t want the responsibility of maintaining a yard or making repairs to the outside of your home. When it comes to price, condos typically cost less than houses in comparable neighbourhoods. So if you’re looking for an affordable option, a condo might be right for you. There are also a number of other benefits that come with owning a condo, like added security and the convenience of simply locking your front door when you leave for vacation. So if you’re weighing your options between buying a condo or a freehold home, be sure to keep all of this in mind.
Below is a list of some of the top Toronto neighbourhoods for both homes and condos. You can click on each link to view the current available listings for each neighbourhood. Unfortunately, not all available listings will appear, so if you don’t see anything that meets your criteria or budget, contact me and I will set you up on a no obligation automatic email update that will send you a custom list of newly available properties that meet your specific criteria each day as they come to market. You will often receive new listings before they show up other sites such as REALTOR.ca, giving you a head start against other buyers. The best part is that this service is that it’s completely free for you.
Top Toronto Neighbourhoods To Consider For Homes
Top Toronto Neighbourhoods To Consider For Condos
Are you thinking about making a move, do you have questions about the current market? Contact me any time with your questions or to discuss how I can help you achieve your specific real estate objectives. I’m always happy to help.
It’s that time of year, the time of year when the air is getting warmer, the days are longer and people are excited about getting outside after a long winter. Spring and summer are the perfect seasons to enjoy a meal outdoors on a restaurant patio with friends and family. Whether you’re looking for an early morning breakfast, lunch or a romantic evening of drinks under the stars, patios provide the perfect setting to relax and take in the fresh air while enjoying good food and company. As someone who lives and works in The Beaches area, I love the many different patio options available during the summer months. There are many restaurants in The Beaches with great patios and each one has its own unique charm. I’ve included my list of the top 10 patios in The Beaches (in no particular order).
#1 The Stone Lion
The Stone Lion is one of my personal favourites. With two separate spacious patios, outdoor TV’s and great service and food, this is definitely one of the best patios in The Beaches.
1958 Queen Street E
Toronto, ON
416-690-1984
Instagram: @stonelionpub
#2 Riptide Beach Pub
Riptide Beach Pub offers an expansive patio with great food and drinks.
1980 Queen Street E
Toronto, ON
Instagram: @riptidebeachpub
#3 Outrigger
Whether you are looking for pleasant patio to enjoy a weekend breakfast on or you are looking to unwind over some evening cocktails, Outrigger has a great patio for both.
2232 Queen Street E
Toronto, ON
647-748-2232
Instagram: @outriggerto
#4 Beaches Brewing Company
The Beaches Brewing Company is a great place to enjoy some locally brewed beer as well as some delicious pub food. With an open air front and a street level patio that they set up each summer, it’s a great place to enjoy the nice weather.
1953 Queen Street E
Toronto, ON
647-492-3224
Instagram: @beachesbrewco
#5 Gull And Firkin
Whether you are looking for a place to have dinner and drinks or you are looking for a lunch spot. The Gull and Firkin has a great patio that includes several outdoor heaters as the temperatures get cooler later in the year.
1943 Queen Street E
Toronto, ON
416-693-9337
Instagram: @gullandfirkin
#6 Murphy’s Law
With one of the only rooftop patios in The Beaches, Murphy’s Law is a great place to unwind and enjoy food and drinks while enjoying views of the city and the surrounding Beaches neighbourhood.
1702 Queen Street E
Toronto, ON
416-690-5516
Instagram: @murphyslawto
#7 The Beacher Cafe
The Beacher Cafe is one of the most popular spots in The Beaches for brunch. During the spring, summer and fall months, they have a very picturesque patio arrangement that almost has a European feel. They serve breakfast/brunch, lunch and dinner and there is plenty of seating.
2162 Queen Street E
Toronto, ON
416-699-3874
Instagram: @thebeachercafe
#8 Toronto Beach Club
Toronto Beach Club is like being in LA, Toronto and the Mediterranean all at once. If you are looking for gourmet food and upscale atmosphere, this is your spot. Make sure you call ahead of visiting as you may require a reservation.
1681 Lake Shore Blvd E
Toronto, ON
416-694-8844
Instagram: @torontobeachclub
#9 Mira Mira Diner
This stylish diner is a great place for brunch, lunch, diner or simply drinks on the patio with friends or family.
1963 Queen Street E
Toronto, ON
416-792-6472
Instagram: @eatmiramira
#10 Sauvignon Bistro & Bakery
If you are a fan of french cuisine, this is the spot for you. With a charming patio and delicious food and drinks, you won’t be disappointed.
1862 Queen Street E
Toronto, ON
416-686-1998
Instagram: @sauvignonbistro
Hopefully this list of the top 10 patios in The Beaches has been helpful and provides you with some options that you may want to consider trying.
Are you thinking about buying or selling in The Beaches or do you have questions about the current market? Contact me any time with your questions. I’m always happy to help.
