Toronto’s October results showed signs of life as transactions were 37% higher than last October’s. Prices were up for freehold properties while condo prices were slightly off from a year ago.
Transactions were up as the Bank of Canada lowered the key overnight rate for the 4th consecutive meeting with the most recent decrease of 0.50% (compared to 0.25% for the previous 3 decreases). This will be of little solace as year-to-date sales are still the lowest in more than 10 years as buyers have been on the sidelines for much of the year as prices have been stubbornly sticky.
Months of inventory in the freehold market dropped from almost 4 to 2.5 months while the condo market also saw a drop in months of inventory from 7 months to 5 months. The months of inventory have declined as buyers are cautiously entering the market.
In addition, many property owners have taken their properties off the market expecting a stronger spring market due to change in mortgage rules that increase the $1M price cap for insured mortgages to $1.5M and expanding eligibility for 30-year mortgage amortizations to all first time home buyers and buyers of newly-built properties. Meanwhile, interest rates are expected to further decrease between now and Spring 2025.
As for the rest of 2024, I expect that November will see higher sales volumes compared to the past few Novembers especially in the freehold sector. I think the condo sector will see the months of inventory drop closer to 4 months as Q4 2024 prices will be within 2% of Q4 2023 prices.
Shen Shoots the Breeze
We just returned from our first trip to Greece and had an incredible experience. Greece was a safe and affordable place to visit and the Greeks were hospitable and helpful. Most Greeks can understand English although it’s helpful if you learn the Greek alphabet – you already know most of them for your math days. For those who asked for tips, here’s what we recommend:
1. Pack Light and Stick to Carry-On: As mentioned in a previous post, packing light is essential. Many Greek roads are steep and cobblestone-paved, and two of the places we stayed (especially in Santorini) didn’t have direct vehicle access. Even if you have access to a porter’s help, it just makes it easier to carry 2 small pieces of luggage up and down 4 storeys of steep stone stairs. Traveling with only a carry-on also made our seven flights during the two-week trip more efficient and hassle-free.
2. Choose Comfortable Shoes Over Fashion: Leave the uncomfortable shoes, particularly high heels, at home. Unless you’re attending a wedding or special event, you’ll need sturdy walking shoes for the hilly terrain. Although we visited during non-sandal weather, if you bring sandals, make sure they provide arch support.
3. Visiting in the Off-Season: We traveled during one of the quietest times of the year, which is perfect if you want to explore the Greek islands without crowds. While it was too cold for swimming, we enjoyed easy access to beaches, museums, restaurants, and stunning sea views without the usual hustle. For those who want to enjoy the water, we suggest visiting in late September-October or early April-June, as most island museums and activities reopen in April and close by the first week of November.
4. Tipping Practices Vary: Tipping in Greece can be inconsistent. In Athens, some places allow you to add a tip percentage or amount, while others only process the exact total without prompting for a tip. To simplify, we rounded up to the nearest 5 or 10 euros, which felt appropriate.
5. Renting a Car: Renting a car on the islands is easy, especially during the shoulder season when advance reservations aren’t necessary. Just be sure to get an international driver’s license—a quick 15-minute errand at your local CAA. We found a car essential on Crete and Santorini. Taxi rates on Santorini can be steep (e.g., 35 euros for a ride from Fira to Oia), whereas renting a car for 24 hours costs about the same. During the quieter season, parking is easy and free—a great bonus especially as Dave hates paying for parking!
6. Prepare for Hilly Terrain: In my recent post, where Bill Perkins, author of Die With Zero talks about planning for experiences earlier, we realized that this is a great example of doing Greece earlier in life versus later especially when bad hips and sore knees become a reality. We did a lot of walking on slippery cobble-stoned pathways, up city hills, rocky dirt roads, slanted marble lanes – it would be very difficult for someone who has mobility issues to navigate Greece, especially Santorini