Dave Debriefs

From Buyer’s Market to Seller’s Market

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…

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Choose Wisely

Toronto sales picked up in March as transactions were 45% higher February.  When compared to 2022, prices in Toronto were down 13% compared to year ago.  This is to be expected as prices in Q1 2022 were historic highs.  Transactions are also down 37% as buyers adjust to higher interest rates. I mentioned last month…

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Bottomed Out or Bull Trap?

Toronto’s real estate market showed signs of life.  Transactions were down ~45% from pre-rate hike levels of early 2022 while prices fell ~12% compared to last February. Although these results are down, they followed the cautious optimism I wrote about last month and it feels like we’ve hit the bottom of this downturn in terms…

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Photo by Austin Chan on Unsplash

Cautious Optimism

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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Photo by Bernard Hermant

Knock Knock?… No One’s Here

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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The Market Needs Metamucil

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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A Quiet Place

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

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

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

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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