Toronto’s April sales volumes and prices are down from April 2022 which should come as no surprise as 2022 prices were at all-time highs. As mentioned in the last 3 monthly newsletters, the market continues to strengthen as average prices increased for the fifth consecutive month.
Buyers who were on the sidelines are coming back in droves as the pendulum has swung back to a seller’s market with multiple offers being the norm. Months of inventory has gone from 3.5 months in January to 1.6 months in April. The sales to new listings ratio has gone from 38% (Buyer’s market) to 62% (Seller’s market).
Long before this run up when the market was showing signs of life in in February, I commented on whether it could be a bull trap. After successive months of increases, a lot hinges on the June 7, 2023 Bank of Canada interest rate announcement. Stay tuned.
And now, over to Shen…
Shen Shoots the Breeze:
I’m the first to admit that I’m not an interior designer. Some of you have reached out to ask my advice on how to decorate. Perhaps you’ve seen our staging at work and like what we’ve done (we hope so)… While I may not be the best at choosing tile to match your vanity or the best white to paint your walls, these staging tips also translate to your dream home.
- Most people hang their artwork and photos too high – consider how an art gallery hangs their prints – eye level.
- Artwork/photo galleries tend to be on the smaller side. For example, if you’re purchasing a print or mirror, consider the 2/3 ratio – the width of said hanging should be approximately 2/3 width of whatever you’re hanging it over, ie, the sofa, bed or mantel.
- Frame your photos/prints that are sitting in the closet and hang them up. It immediately adds personality to your place – no one can replicate your family photos and it adds interest to your home. Try grouping photos together to create a photo gallery. Don’t just hang a single photo of a family member by themself – it will look like they’re the only object of your affection.
- Purchase plants or even fake flower arrangements and place them on side tables, bathrooms, your foyer table. Homesense has a lot of inventory.
- Purchase a rug for your rooms and again ensure they are to scale and will stand the test of time in colour.
- If your budget allows, consider having winter bedding linen and summer bedding covers. I have flannel sheets and a heavier duvet cover for the cold season. In the summer, I switch to a lighter colour that still compliments my bedroom.
- Purchase cloth shower curtains that compliment your bathroom décor. It’s an immediate colour pick me up. You can keep the plastic ones underneath to keep the cloth from getting wet.
- Do the same for your dining table – I have tablecloths for various seasons.
- Lighting is important. Switch to the soft white lightbulbs. Consider purchasing floor lamps or table lamps to add warmth and depth to your rooms.
- Paint your front door and hang a wreath on the front – it immediately makes your home inviting. I should practice what I preach as our front door is in need of some attention at the moment.