Steven Maislin's blog

September 2024

Dear Friend,

There is nothing spectacular or unexpected in the August real estate market statistics. 4,975 homes sold, and 22,653 homes are available for sale, which means that only 1 in 4 homes is selling. This increased inventory has impacted the length of time a well-priced home (within 5% of market value) sells, 28 days, up from 20 days a year ago. Despite these factors, the average price for homes sold in the GTA stands at $1,121,832, down from $1,126,258 ($4,426 or 0.39%). In other words, on average, prices have remained stable. Yes, some areas and price ranges have...

August 2024

Dear Friend,

I hope you are enjoying the summer and getting a chance to see the Olympics, Canada has been doing great and making us all proud!

The real estate market was as expected, 5,391homes sold a little bit more (3.3%) than last year, and as of July 30, the average sales price stands at $1,127,525, up $1,261 (.1%) over the start of the year. The 20-30% drop in home prices bandied about has not occurred. Everyone was concerned that the higher interest rates would cause more foreclosures, however the banks have been flexible in handling renewals, allowing 30-year...

July 2024

Dear Friend,

Oops, I was wrong! I predicted we would have 7,000 homes sold in June, and the actual amount was 6,213, close as they say, but no cigar. Despite slower activity, buyers are out, and they are buying. In June, the average home sold for 100% of the asking price within 20 days of pricing the home at market value. More interesting information is that after the first six months of 2024, the average home price was $1,130,744, up .4% since the start of the year, signifying that prices are not dropping as naysayers have predicted.

Those are average prices! Several...

June 2024

Dear Friend,

Finally, the Bank of Canada has dropped borrowing rates by .25%, not a huge amount but a step in the right direction. Experts predict that interest rates will continue to drop over the next two years.

Without a doubt, many home buyers have held off their decision to buy, waiting for clear signs of declining mortgage rates. As borrowing costs decrease over the next 24 months, more buyers, including many first-time buyers, are expected to enter the market. Another benefit of lower borrowing rates and more first-time buyers entering the market is that this will...

Dear Friend,

I hope this letter finds you well. As you may know, the Toronto real estate market has seen some exciting trends lately. In April, the Toronto Real Estate Board reported 7,114 sales, slightly higher than the 7,000 sales predicted by my brokerage. With the warmer weather, more homes are coming on the market, and we are seeing the start of the spring estate market. However, with only 18,088 homes for sale and an anticipated 7,500 sales, there are less than three homes available for every buyer. This has led to sellers receiving above asking prices for homes listed at market...

Dear Friends and Family,

As many of you know, I’ve been participating in the Scotiabank Pro-Am for Alzheimer’s for an incredible 18 years. What started in my forties has become a cherished tradition as I approach my vibrant 69 years young.

This unique 2-day hockey tournament in Toronto brings together NHL Alumni and passionate hockey enthusiasts like me. But it’s more than just a game—it’s a powerful force for Alzheimer’s research and care.

Why do I lace up my skates year after year? The funds we raise directly impact the groundbreaking work at Baycrest Foundation, one of the world’s top...

Dear Friend,

Get ready, get set…….The "spring" market is almost upon us!

Traditionally, buyers start coming out as the weather grows milder. The number of sales in March (6,560) increased over the previous month, and we will see another rise in the number of sales in April. As of the end of March, there were 13,120 homes for sale, but with the anticipated 8,000 to 9,000 sales, April buyers will face limited choices and competition, which means multiple offers and a rise in prices.

Buyers ask me, "Is it too late? Should I have bought it last year?". The truth is that the best time to...

March 2024 

Dear Friend, 

Spring is in the air! Buyers were out enjoying the springlike weather and buying homes! Realtors sold 5,607 homes in February, up 17.9% over February 2023, and the average price edged up slightly by a little over 1% to $1,108,720. While some have celebrated that more listings came on the market, the listing inventory stands at 9,643, with two homes for sale for every buyer. Buyers in March are experiencing less choice and stiffer competition when buying, which always results in higher prices. 

Keep in mind that these are average numbers. The GTA is a large market...

March 2024 

Dear Friend, 

Spring is in the air! Buyers were out enjoying the springlike weather and buying homes! Realtors sold 5,607 homes in February, up 17.9% over February 2023, and the average price edged up slightly by a little over 1% to $1,108,720. While some have celebrated that more listings came on the market, the listing inventory stands at 9,643, with two homes for sale for every buyer. Buyers in March are experiencing less choice and stiffer competition when buying, which always results in higher prices. 

Keep in mind that these are average numbers. The GTA is a large market...

February 2024

Dear Friend

A great start to 2024!  Despite the winter weather and the higher-than-usual borrowing rates, January’s 4,223 sales were 37% higher than January 2023's. The desire for home ownership remains high! Unfortunately, while the number of new listings was up, they were only up 6%, highlighting tighter market conditions and raising the spectre of bidding wars to come. When?  Well, it has already started to a lesser degree, but it will really become headline news as the Bank of Canada starts cutting its borrowing rates, likely in the second half of...