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.
The Bank of Canada’s most recent messaging suggests that they are reaching the end of their tightening cycle and bond yields dipped. As a result, they are implying that fixed mortgage rates may trend lower moving forward, which would help affordability and, thus, sales.
While this seems like good news, it makes me nervous. So few homes are available for sale, and any slight uptick in demand could lead to a repeat of rapid price increases as we have experienced before. However, despite short-term economic uncertainty, there is no doubt that in the medium-to-long term, the demand for housing will rebound and rebound quickly due to the shortages that are so evident.
This is a challenging real estate market to navigate. It is highly regional, with some areas selling very quickly while others are languishing. In this market, significant opportunities exist to upgrade your home or, now that there’s been a rapid increase in rental rates, a chance to buy an investment property. But, regardless of your needs, you need to deal with a robust and experienced realtor and a worldwide company that can help you navigate and win in this market. I genuinely feel I am that realtor.
While the increase in borrowing costs has knocked some buyers out of the ability to purchase property, many others who can qualify have chosen to sit on the sidelines and wait and see what happens. That is a mistake. If you’re unsure, or if you know of someone who needs to talk about the market, please give me a call. I’ll be happy to sit down with you and chat. Let’s assess if now is the time for you to sit back or move forward. My job is not to sell you a house or your home, my job is to help you solve any real estate questions you may have, and sometimes that means recommending you do nothing. Whatever the case, give me a call, and let’s talk; after all, you have a friend in real estate!
Have a great November!
Your Friend in Real Estate
Steven Maislin, ABR, SRS, SRES, IRES, RENE, Broker
stevenmaislin.com
Text/Cell: 416-410-6000
Email: Steven@Maislin.com
Board-Certified Specialties
ABR: Accredited Buyer Representative
SRS: Seller Representative Specialist
SRES: Seniors Real Estate Specialist
IRES: International Real Estate Society
RENE: Real Estate Negotiation Expert
RE/MAX Realtron Realty Inc., Brokerage
Telephone: 416-222-2600
182 Sheppard Ave West, Toronto, On. M2N1M8 Canada
P.S I’m never too busy for your referrals!