Steven  Maislin

Steven Maislin

Broker

RE/MAX Realtron Realty Inc., Brokerage*

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Steven Maislin's blog

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...

June 2023 Dear Friend,

June 2023

 

Dear Friend,

 

The demand for housing continues to be strong! GTA realtors reported the sale of 9,012 homes in May, up 24% from last May’s 7,226. Sadly, new listings were down by 18.7% over the same period, and as we all know, it’s all about supply and demand. This shortage of homes for sale resulted in multiple offers on well-priced properties, bringing the average sale price in May up to $1,196,101. This scenario is repeated in rental properties where bidding wars on rental units are no longer unusual.

April 2023 Dear Friend

April 2023

Dear Friend

March numbers are in, and the results are stunning to most observers! It seems that GTA buyers have adjusted to the increase in borrowing costs much quicker than imagined and have been out-purchasing! Toronto Real Estate Board members reported the sale of 6,896 homes, 47.5 % more than in February! The Spring market is in full bloom!

 

February 2023 Dear friend,

February 2023
Dear friend,
No great surprises as the Toronto Real Estate Board unveiled the January sales
numbers.
3,100 homes sold out of 9,299 homes available for sale. Throughout the GTA, houses, on average, sold in 29 days, provided they were priced within 5% of real value. (This
is where a professional agent can help clients by doing realistic CMA and being
honest with their sellers.)
The primary factor impacting the residential real estate market is the Bank of Canada’s

January 2023 Dear Friend,

January 2023

Dear Friend,

October 2022 Dear Friend,

November 2022

Dear Friend,

Despite another rate hike from the bank of Canada, activity remained similar to last month, with 4,961 sales taking place and homes available for purchase staying around the 13,000 mark. This shortage of homes kept the average price stable, similar to last month, at $1,089,428 and is 9.9% higher than the end of 2021. 

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