Steven  Maislin

Steven Maislin

Broker

RE/MAX Realtron Realty Inc., Brokerage*

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Steven Maislin's blog

February 2024 Dear Friend,

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...

February 2024 Dear Friend,

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...

February 2024 Dear Friend,

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...

January 2024 Dear Friend,

January 2024

 

Dear Friend, Happy New Year!                                                                     

 

In my opinion, the Toronto real estate market had quite surprising results in 2023.

 

We entered the year with threats of a recession, increasing borrowing rates, and predictions of many homes going under the power of sale. That did not happen. Yes, the constant borrowing rates increased, and the naysayers did impact the market, but certainly to a minor extent. The GTA market ended the year with almost 70,000 sales, and while there was an impact on home...

December 2023 Dear Friend,

December 2023

Dear Friend,

Wow, it's a real shocker as buyers reaffirm the strength of the Toronto real estate market! Toronto realtors sold 4236 homes, a similar amount to the previous November, and the average home price was only down 2% from November 2022! Given the high interest rates and predictions of home prices falling drastically, the November numbers prove that the Toronto real estate market is robust!

These numbers reaffirm people's strong desire to own their own homes, confidence in the economy, and long-term confidence in the real estate market.

In November, homes...

November 2023 Dear Friend

November 2023

Dear Friend,

Well, I am surprised but not astonished. Despite the high-interest rates and the "nervous" predictions of how prices will be impacted, sales stats were similar to last year in terms of numbers and prices.

Toronto area realtors sold almost 4,700 homes in October, with the average home taking just 21 days to sell. The average sale price to date stands at $1,136,681, down 4.7% from the start of the year, but that's not significant as one realizes that the "mix "of homes sold favours less expensive homes due to the higher cost of borrowing.

The difference...

August 2023  Dear Friend updated

 

August 2023 

Dear Friend, 

Another decent month of sales in July as Toronto Realtors reported the sale of 5,250 homes. While there were 8% more sales than last July, the Bank of Canada’s increase in borrowing rates impacted many buyers’ ability to buy homes, but those who could afford the new rates jumped into the market. 

The inventory of homes for sale remains tight, with only three homes for every buyer. This demand was reflected in July’s sales prices as the average home in the GTA sold at 102% of the asking price, showing that buyers are willing to commit and buy...

October 2023 Dear Friend

 

October 2023

 

Dear Friend,

 

The Toronto real estate numbers are in, and while I am disappointed that there were only 4,642 homes sold, I am not surprised, given the lack of confidence as to whether the Bank of Canada will implement another rate hike in October. Whenever there is uncertainty, people tend to sit on the sidelines and decide not to decide. 

 

While there is a lack of uncertainty about whether the “last rate hike” will happen or not (If unemployment numbers go up significantly, the rate will not go up and vice versa), there is no uncertainty about...

September 2023 Dear Friend,

 

September 2023

 

Dear Friend,

 

The August numbers are in, and it was not a bad month of sales, considering it was summer, and there was the looming concern of another increase in borrowing rates. Five thousand two hundred ninety-four homes sold in August, similar to a year ago and with 15,497 homes available for sale, it’s a tight real estate market. One out of three homes are selling, which is still a seller’s market where buyers don’t have many options. While the desire amongst buyers to purchase is high, the fear of a recession and increases in borrowing rates are...

July 2023 Dear Friend,

July 2023

Dear Friend,

The hunger and desire for home ownership were evident in June’s sales activity, as 7,481 homes sold on the Toronto Real Estate Board, up 16.5% over June 2022. Despite the uncertainty surrounding the Bank of Canada’s outlook on inflation and interest rates, buyers were out and active, and the average home price increased due to the high demand and low listing inventory of homes available for sale. We seem to be heading for a perfect storm for the housing market, a battery that will continue to drive prices even higher than before. Let’s review the elements of...

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