Toronto Residential Realtors. Service Beyond The Status Quo
Toronto’s January real estate market started with a whimper. Sales transactions were down signifcantly across all housing types as the central bank increased interest rates for the eighth time since the beginning of 2022. Toronto’s average property price dipped under $1M for the first time since February 2021 as freehold prices declined by over 20% compared to January 2022. Despite the gloom in January,…
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Toronto’s real estate market continued to slump in December. Sales volumes fell by 50% compared to Dec 2021 as higher interest rates made affordability more difficult. New listings were down as many sellers are waiting to see if consumer confidence improves in the spring. On an annual basis, 2022 started off with a bang but sales slowed as…
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Toronto’s November real estate market continued to be sluggish. Prices dropped across the different market segments as anticipation of a seventh interest rate increase in 2022 came to fruition last week. Total transactions in Toronto fell by 50% compared to a year ago. This trend is concerning as highlighted in last month’s newsletter when we showed Toronto’s 2022 second half…
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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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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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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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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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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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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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While this update is meant to be real-estate related, on a larger scale, nothing is more important than the freedoms we have as a result of the lives lost and affected from defending their country. I was at a sporting event yesterday where everything stopped at 11am. The participants came together and took off their hats. We…
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