Dave Debriefs

A Quiet Place

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With daylight savings time taking place last Sunday and darkness setting in before 5:30pm, winter will soon be upon us.  Toronto’s real estate market is feeling the chill with transactions dropping by 50% from a year ago.  Inventory is tight providing some price support as affordability is made more difficult against a backdrop of rising interest rates. While…

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Cautious Pessimism

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September’s real estate results were down from the same month a year ago.  Transactions decreased by 49% from last September as prices slumped in the detached and semi-detached markets. With higher interest rates, (the Bank of Canada increased the prime rate from 2.45% to 5.45% since the beginning of 2022) and the expectation of higher interest rates to…

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Sold, For Not Over Asking

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Toronto’s August 2022 sales transactions were 37% lower than August 2021 due to higher borrowing costs and inflationary pressures in food and transportation sectors.  Average prices are moving in different directions as more expensive freehold properties saw a dip in prices compared to a year ago while the condo market is showing resilience with higher…

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Downshifting into Summer

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Toronto’s July sales fell by 44% compared to a year ago.  Prices for detached properties fell by 7% while prices for lower priced condo apartments and semis increased as interest rate increases took hold.  The shift from a seller’s market to more balanced market is apparent as fewer properties are being sold above the asking…

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What Are Buyers Waiting For?

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Toronto’s June transaction volume was 37% lower than June 2021.  While prices were higher by 7% compared to last year, the month-on-month prices have been slipping.  Part of this is due to seasonality as June prices are typically lower than May but the increase in interest rates (combined with food and energy prices) is making…

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Has Waiting and Seeing Paid Off?

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Inflation is top of mind as the Bank of Canada increased the overnight rate by 125 basis points since the beginning of 2022.  Toronto’s May 2022 market cooled with sales volumes declining by 35% year over year and 11% month on month from April 2022.  Despite the lower volumes, average prices in May 2022 were…

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The Sky Has Not Fallen

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Higher interest rates amidst increasing inflation were the drivers behind a drop in Toronto’s April real estate sales.  With these macroeconomic factors taking center stage, supply remained relatively tight as listings were down 18%.  Sales volumes decreased by 36% compared to last April, while prices increased by 14%. A lot of ink has been spilled about the 36%…

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Unintended Consequences And A New Hope?

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Toronto’s March real estate market was the third strongest ever.  Sales volumes dropped compared to record setting March 2021.  Prices increased by double-digits as Toronto’s sellers still held the balance of power due to limited supply. Last week, the federal government presented the 2022 federal budget where housing affordability was a major consideration. With strong immigration targets and Canadians already…

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March Musings

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Toronto’s February 2022 real estate market experienced fewer sales compared to the all-time record in February 2021.  Meanwhile, prices were the 2nd highest ever for the month of February as competition between buyers remained tight resulting in double digit price growth across all market segments.   Price increases were the result of strong demand despite a backdrop of inflationary…

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You Can’t Buy What’s Not Available

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It’s déjà vu all over again as we begin the year with Toronto’s real estate prices raging hot.  Amidst a backdrop of fewer listings (according to Toronto Real Estate Board Market Watch January 2022 report, GTA saw the lowest level of listings in more than 2 decades), prices shot up 24% compared to January 2021. February is a month of forecasts…

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