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Bank of Canada Holds it's Overnight Rate at 5%

Higher interest rates are working to ease price pressures in Canada and inflation is coming down, though progress to the 2% target is slow. The Bank projects that inflation will stay around 3½% until the middle of 2024, returning to target in 2025.

Source. Bank of Canada, Monetary Policy Report. October 2023


Are you waiting for interest rates to come down before making a purchase? This might not be a wise move. The Toronto real estate market is very competitive and there are many potential buyers with the same idea. When rates start dropping, you can bet that the market will change fast and we could be right back where we've been in the past with bidding wars causing home values to skyrocket. Talk to a mortgage specialist and determine what monthly payments you can afford and go with a term that will allow you to take advantage of future rate drops. You'll be paying higher carrying costs out of the gate, but you'll likely save on the purchase price and land transfer taxes. If prices do appreciate quickly once rates start dropping, you'll already be building equity. 

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New property listed in Lynde Creek, Whitby

I have listed a new property at 1042 Mcquay BLVD in Whitby. See details here

This stunning Monarch-built home on a premium Ravine lot in sought-after Queen's Common is perfect for a multi-generational or growing family. Tastefully appointed with hardwood flooring throughout the main floor laundry and garage access. Offering four generous-sized bedrooms, including a Primary suite with a walk-in closet and en-suite bath. Spacious principal rooms with a magnificent eat-in kitchen featuring a butler's pantry with a walk-out to a large covered deck. Family room with study overlooking your incredibly private landscaped yard with stunning ravine views and in-ground pool. Complete with a finished walk-out basement, which includes a second kitchen, family room with gas fireplace, and 4-piece washroom. This property is near transit, highways, and all your much-needed amenities. This Must-See home is sure to meet your needs and then some.

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Open House. Open House on Saturday, October 21, 2023 1:00 PM - 3:00 PM

Please visit our Open House at 1042 Mcquay BLVD in Whitby. See details here

Open House on Saturday, October 21, 2023 1:00 PM - 3:00 PM

This stunning Monarch-built home on a premium Ravine lot in sought-after Queen's Commons is perfect for a multi-generational or growing family. Tastefully appointed with hardwood flooring throughout the main floor laundry and garage access. Offering four generous-sized bedrooms, including a Primary suite with a walk-in closet and en-suite bath. Spacious principal rooms with a magnificent eat-in kitchen featuring a butler's pantry with a walk-out to a large covered deck. Family room with study overlooking your incredibly private landscaped yard with stunning ravine views and in-ground pool. Complete with a finished walk-out basement, which includes a second kitchen, family room with gas fireplace, and 4-piece washroom. This property is near transit, highways, and all your much-needed amenities. This Must-See home is sure to meet your needs and then some.

Read

Open House. Open House on Sunday, October 22, 2023 2:00 PM - 4:00 PM

Please visit our Open House at 1042 Mcquay BLVD in Whitby. See details here

Open House on Sunday, October 22, 2023 2:00 PM - 4:00 PM

This stunning Monarch-built home on a premium Ravine lot in sought-after Queen's Commons is perfect for a multi-generational or growing family. Tastefully appointed with hardwood flooring throughout the main floor laundry and garage access. Offering four generous-sized bedrooms, including a Primary suite with a walk-in closet and en-suite bath. Spacious principal rooms with a magnificent eat-in kitchen featuring a butler's pantry with a walk-out to a large covered deck. Family room with study overlooking your incredibly private landscaped yard with stunning ravine views and in-ground pool. Complete with a finished walk-out basement, which includes a second kitchen, family room with gas fireplace, and 4-piece washroom. This property is near transit, highways, and all your much-needed amenities. This Must-See home is sure to meet your needs and then some.

Read

Open House. Open House on Saturday, October 14, 2023 1:00 PM - 3:00 PM

Please visit our Open House at 1042 Mcquay BLVD in Whitby. See details here

Open House on Saturday, October 14, 2023 1:00 PM - 3:00 PM

This stunning Monarch-built home on a premium Ravine lot in sought-after Queen's Commons is perfect for a multi-generational or growing family. Tastefully appointed with hardwood flooring throughout the main floor laundry and garage access. Offering four generous-sized bedrooms, including a Primary suite with a walk-in closet and en-suite bath. Spacious principal rooms with a magnificent eat-in kitchen featuring a butler's pantry with a walk-out to a large covered deck. Family room with study overlooking your incredibly private landscaped yard with stunning ravine views and in-ground pool. Complete with a finished walk-out basement, which includes a second kitchen, family room with gas fireplace, and 4-piece washroom. This property is near transit, highways, and all your much-needed amenities. This Must-See home is sure to meet your needs and then some.

Read

Open House. Open House on Sunday, October 15, 2023 2:00 PM - 4:00 PM

Please visit our Open House at 1042 Mcquay BLVD in Whitby. See details here

Open House on Sunday, October 15, 2023 2:00 PM - 4:00 PM

This stunning Monarch-built home on a premium Ravine lot in sought-after Queen's Commons is perfect for a multi-generational or growing family. Tastefully appointed with hardwood flooring throughout the main floor laundry and garage access. Offering four generous-sized bedrooms, including a Primary suite with a walk-in closet and en-suite bath. Spacious principal rooms with a magnificent eat-in kitchen featuring a butler's pantry with a walk-out to a large covered deck. Family room with study overlooking your incredibly private landscaped yard with stunning ravine views and in-ground pool. Complete with a finished walk-out basement, which includes a second kitchen, family room with gas fireplace, and 4-piece washroom. This property is near transit, highways, and all your much-needed amenities. This Must-See home is sure to meet your needs and then some.

Read

Hello, dear readers! As your trusted real estate expert, we're back with the latest scoop on the Greater Toronto Area (GTA) real estate market for September 2023. Let's get right into it:

Staying Cool:

The GTA real estate market maintained its cool demeanor in September, following the trends set during the summer months. The impact of interest rates continued to affect buyers.

TRREB September 2023 Stats


Durham & Toronto Market Insights

Every city/town is unique as are the communities within them. Scroll through to find your town.

September 2023 Market Stats Durham
September 2023 Market Stats Toronto

Home Sales:

In September, 4,642 homes were sold in the GTA, marking a 12.1% drop from August and a 7.1% decline from the previous year. Detached homes and condo apartments continued to be the top choices for buyers. The dip in sales was more noticeable for ground-oriented homes, particularly semi-detached houses and townhouses.

Home Prices:

The average selling price for homes in the GTA was around $1,129,428. This is a 3% increase compared to the previous year and a 3.4% uptick from August. However, it's important to note that this doesn't necessarily indicate a reversal of the downward trend seen over the summer, given the rising inventory and declining sales.

Inventory Levels: 

The GTA's current month of inventory stands at 3.94 months, signaling a balanced market. New listings increased by 44% compared to the previous year and by 32% from August. Interestingly, this contrasts with the pricing trends. More homes are available, but fewer are selling, despite slightly higher prices month-over-month. In the Durham Region, the market remains more competitive, with only 2.6 months of inventory.

Days on Market:

Homes are spending an average of 20 days on the market. In Durham Region, it took approximately 25 days for homes to sell, and in Toronto, that number was around 30 days. It's worth mentioning that we're noticing many listings terminating and relisting, which can extend these timeframes.

Interest Rates and Their Impact:

Bank of Canada Governor Tiff Macklem noted, "The fight against inflation is not over." Despite taking a "wait and see" approach in September, the impact of the nine consecutive interest rate hikes since April 2022 continues to affect buyer purchasing power. Moreover, the Bank of Canada hasn't ruled out another interest rate hike in October, with the next announcement scheduled for Oct. 25th.

Pricing Strategies:

Pricing plays a significant role in this market, especially in the Durham Region. An overpriced home can struggle to gain interest, while an underpriced one may not attract the right offer. As demand eases due to rising borrowing costs, many sellers are finding it challenging to establish the right pricing strategy. Some homes miss offer dates, terminate listings, and relist, sometimes more than once before they sell. Accurate pricing backed by data is crucial for an efficient sale.

External Factors:

The market is still influenced by the same external factors, primarily interest rates and their impact on buying power, coupled with the heightened demand driven by population growth in the GTA.

Local Market Variations:

Every market experienced significant inventory increases, but some key markets saw substantial price swings. For example, Ajax witnessed a 7.3% increase in the average price of semis, while Clarington saw a 7.5% decrease in detached prices and an 8% increase in condo pricing. These shifts are often due to fewer sales and specific property sales impacting the average price month-over-month.

What's Next:

In the short term, what happens next largely depends on the Bank of Canada's decision in its Oct. 25 announcement. If inventory continues to rise, we can expect the market to remain cool in the latter half of 2023. While mortgage affordability remains a challenge for buyers, they may have more negotiating power. Financing and inspection conditions are becoming more common in offers, and sellers will continue to adapt to a more competitive market. Preparing your home effectively, including setting a well-thought-out list price, will be crucial for attracting the right buyers.


The GTA real estate market keeps evolving, and we'll keep you updated. If you have any questions or need assistance with your real estate endeavors, don't hesitate to reach out. We're here to guide you through the ever-changing world of real estate!


MORE MARKET INSIGHTS

September 2023 Market Stats Markham Stouffville
September 2023 Market Stats Northumberland
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New property listed in Lynde Creek, Whitby

I have listed a new property at 1042 Mcquay BLVD in Whitby. See details here

This stunning Monarch-built home on a premium Ravine lot in sought-after Queen's Commons is perfect for a multi-generational or growing family. Tastefully appointed with hardwood flooring throughout the main floor laundry and garage access. Offering four generous-sized bedrooms, including a Primary suite with a walk-in closet and en-suite bath. Spacious principal rooms with a magnificent eat-in kitchen featuring a butler's pantry with a walk-out to a large covered deck. Family room with study overlooking your incredibly private landscaped yard with stunning ravine views and in-ground pool. Complete with a finished walk-out basement, which includes a second kitchen, family room with gas fireplace, and 4-piece washroom. This property is near transit, highways, and all your much-needed amenities. This Must-See home is sure to meet your needs and then some.

Read
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