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Why Now is the Ideal Time to Buy a Home in Central Oshawa

Central Oshawa is on the brink of a remarkable transformation, and for prospective homebuyers, there couldn't be a more opportune moment to invest in this thriving community. 

Here's why:

Reason 1: Massive New Development

Central Oshawa is set to undergo a monumental redevelopment with plans for a sprawling 17.7-acre project situated directly south of the forthcoming Central Oshawa GO Train Station. This ambitious venture will see the emergence of 8-15 new buildings, encompassing a staggering 5,600 residential units and 70,000 square feet of retail and commercial space, all nestled alongside an inviting urban park. The scale of this development is unprecedented and promises to infuse the area with newfound vitality and dynamism.

Black and White CAD rendering of buildings slated for development in Central Oshawa.

The proposed project represents a significant step towards establishing Central Oshawa as a vibrant, mixed-use, transit-oriented neighborhood. With future regional rapid transit connectivity in the pipeline, the stage is set for a wave of community investment and growth. The inclusion of residential towers, street-level commercial establishments, and expansive green spaces underscores a commitment to fostering a diverse and sustainable urban environment.

SEE THE AREA ON OUR INSTAGRAM FEED

Reason 2: New Central Oshawa GO Train Station

As part of the Lakeshore East Expansion Project, Central Oshawa is slated to welcome a brand-new GO Train Station. This station will be nestled between Simcoe St. S. and Ritson Rd. S., will serve as a pivotal multi-modal transportation hub, offering seamless connectivity for commuters and residents alike. With rush hour service every 30 minutes, commuters can look forward to trimming 15 minutes off their daily travel time, enhancing both convenience and accessibility.

2 Trains at a Go Station.

Moreover, the new station is poised to catalyze revitalization efforts in the surrounding area, positioning Central Oshawa as a thriving transit-oriented hub. From providing a vital link to the regional transit system to accommodating the diverse needs of students and the workforce, this station promises to be a transformative addition to the community.

Map showing the project footprint for the Oshawa Segment of the Lakeshore East Go Train extension.

Summary:

In summary, the impending redevelopment of Central Oshawa heralds a new era of opportunity and growth for prospective homeowners. With the prospect of a vibrant mixed-use community taking shape and enhanced transit infrastructure on the horizon, Central Oshawa is primed to emerge as a sought-after destination for residents and investors alike. By seizing the opportunity to invest in this burgeoning locale now, homeowners stand to benefit from the immense value appreciation and enriched quality of life that this transformative redevelopment promises to deliver. The time to embrace the promise of Central Oshawa's future is now.


Connect with our team to learn about your buying options in Central Oshawa, what home values are like, and how you can take advantage of this opportunity as a homeowner or investor. Contact US


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January Market Update

In January 2024, the average selling price of homes across the GTA experienced a one percent year-over-year decline, settling at $1,026,703 according to The MLS® Home Price Index Composite.

Home sales increased compared to the same month in 2023. This rise was partly due to certain homebuyers taking advantage of lower interest rates linked to fixed-rate mortgages.

New property listings also saw a year-over-year increase, the growth rate was lower than that of home sales resulting in tighter market conditions, compared to the previous year, suggesting the possibility of renewed price growth as we transition into the spring market.

The increased demand, coupled with a more modest increase in available homes, may contribute to a potential uptick in housing prices.

Durham & Toronto Market Insights

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

January 2024 Market Stats Durham


January 2024 Market Stats Toronto



Reflecting on last month's post


Last month we proposed the ways our housing market could go in 2024 largely hinging on the potential for mortgage rates to come down based on a reduction in the Bank of Canada's (BoC) policy and that of the fixed-rate bond market.


Well if January is any indication a return to a Seller's Market is imminent. With the BoC pausing rates for the 4th consecutive decision in January and fixed rates looking more favorable buyers have gotten a head start on the Spring Market.


What we are seeing on the ground

In a market characterized by both increased sales and a surge in property listings, home buyers and sellers find themselves navigating a dynamic and competitive landscape.

For Buyers

The spike in listings provides buyers with a broader array of options, but the heightened demand, particularly in the lower price range, has resulted in more properties receiving multiple offers. Despite the competitive atmosphere, there remains ample opportunity for savvy buyers to find a suitable property and engage in negotiations.

For Sellers

Sellers, on the other hand, are benefiting from the renewed demand, potentially receiving more attractive offers. Overall, the market's equilibrium between increased sales and listings creates an environment where both buyers and sellers must adapt to changing dynamics while recognizing opportunities for successful transactions.


MORE MARKET INSIGHTS (add stats for Markham/Stouffville & Port Hope/Cobourg)

January 2024 Market Stats Markham Stouffeville


January 2024 Market Stats Port Hope and Cobourg
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What’s next: A Reflection on 2023 and a look ahead to 2024

2023 Summary for the GTA

Home sales were down in 2023 buyers who stuck it out through higher interest rates in 2023 benefited from more choice and more negotiating power which resulted in paying lower prices when compared to 2023. 

  • Home Sales saw a 12.1 per cent dip compared to 2022.

  • Average sold prices across home types in 2023 saw a 5.4 per cent decline compared to 2022 bringing average sold price down to $1,126,604.

Outlook for 2024

There is little consensus on the future of the real estate market in 2024. Aside from the fact that most experts expect some relief in the Bank of Canada’s Policy rate which should help with borrowing costs for homeowners and would-be buyers. Experts are divided on exactly when, how many and how big an impact interest rate cuts will have. 

The main factors affecting real estate forecasts in 2024.

  • When and how much will the BoC reduce its policy rate in 2024? (2024 BoC announcement schedule)

  • Will changes in variable and fixed rate mortgages be enough to bring buyers back?

  • How will homeowners up for renewal deal with rising financing costs?

2 Potential Outcomes and Everything in Between

A Return to a Sellers Market

If interest rates do come down in 2024 we will see more buyers enter the market. The question is, how many rate cuts could we see and how low could rates go? In March of 2023 a mere pause at 4.5% sent us back into a brief Sellers Market. If that happens again buyers who stay on the fence will regret it. It’s unlikely that we see the kind of pandemic sales we saw but it remains possible that the combination of high immigration, rising rent costs and lower interest rates increases competition for homes in 2024.

A Balanced Market

An environment with modestly lower interest rates could yield a continuation of the current balanced market. This is especially true if inventory remains at 3-4 months worth. Sellers looking to downsize, move up or relocate may be more likely to move when interest rates drop and sellers who are renewing mortgages at a cost that may be too high might decide to sell. This would bring more homes on the market and offset any increases in demand. This seems like the safe bet and most likely outcome to us.

For the Doom Scrollers

The other possibility is for those who love bad news. According to RateHub.ca 80% of all mortgages that were outstanding as of March 2022 will come up for renewal in 2024. That means those borrowers will be renewing at a much higher rate. Per Statistics Canada, mortgage interest payments have soared by nearly 90% since March 2022. Some are forecasting a high volume of distressed sales which if enough homes come on the market without buyers continue to put downward pressure on home prices throughout 2024. This inventory of course would have to outpace demand from new buyers entering the market as interest rates come down. Another factor of note is that for 2024 alone this pool only represents 14% of all mortgages in Canada which relative to the total number of homeowners is very small and Canada’s mortgage stress test will have buffered some of the risk for many of these homeowners.

Our Point of View

For our part the most likely scenario is a balanced market where the push/pull effect of higher interest rates pushing some buyers off and some sellers in while immigration and a slow reduction in interest rates bolster demand could offset one another enough to balance the market in 2024. 

That said if interest rates become too attractive and more buyers enter the market we could see competition for homes pick-up in 2024.

What do you think will happen in 2024?


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December Market Update

The average home price was $1,084,692 in December up 3.2% year-over-year across the GTA in December and flat month-over-month.

Active listings were up compared to 2022 yet down 38.12% vs. November this year. However, a reduction in listings in December is normal through the holiday season. 

Days on Market increased as well both year-over-year and month-over-month.

With 3 months of inventory, the GTA Housing Market was balanced in December 2023.

Durham & Toronto Market Insights

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

December 2023 Market Stats Durham


December 2023 Market Stats Toronto


What we are seeing on the ground. 

For Buyers

When a market is more balanced and not favouring one side or the other negotiations become more important for buyers and sellers. We continue to see offers accepted with conditions included. It’s become the norm for offers to include Home Inspection and Financing clauses. Beyond understanding the market value for homes and what to offer, Buyers need to go in with the right clauses to give them peace of mind. Sellers need to evaluate offers on more than just price and ensure their agent is qualifying buyers as best as possible when considering an offer.

For Sellers

Many sellers terminated their listings in December as the buyer pool shrunk with the holiday season and our expectation is many will relist in the new year. We have noticed several listings have gone through price changes or were terminated and relisted with new pricing in the last quarter of 2023. For sellers, this is where it is key to know the value of your home, how much you need to get to make the move you want, and what pricing strategy will be most effective in your local market.

MORE MARKET INSIGHTS (add stats for Markham/Stouffville & Port Hope/Cobourg)


December 2023 Market Stats Markham Stouffville
December 2023 Market Stats Northumberland
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GTA Real Estate Update: November 2023 Market Update

The market continued to favour buyers in November despite a slight dip in months of inventory relative to October. Prices were up 0.3% year-over-year but down 3.89% month-over-month. The current average price of a home in the GTA sits at $1,082,179.

November 2023 TRREB GTA Market Update at a Glance

We had 16.5% more new listings relative to November ‘22 although not surprisingly fewer homes (10,545) came on the market in last month relative to October (14,397) as buyers and sellers turned their attention to the holiday season. As a result sales were down 8.82% month over month. Sales were down 6% from November ‘22.

Durham & Toronto Market Insights

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

November 2023 Market Stats Durham


November 2023 Market Stats Toronto

What does this mean for buyers and sellers?

Buyers

Buyers remain in a strong negotiating position with inventory to choose from and the ability to negotiate favourable terms when presenting offers. Now remains to be a good time to buy. Pricing has been trending downward and with indications pointing to interest rates coming down as early as Q2 2024 buyers who purchase now will be ahead of the curve when those on the sidelines re-enter the market.

Sellers

Fewer properties came online in November meaning sellers today have slightly less competition then they did through October albeit more than a year ago. It continues to be important to price properties effectively to attract buyers who can offer the best possible price and terms. Preparing a home and presenting it to best showcase its strengths is key.

New Legislation

Another big change impacting Real Estate is the release of new regulations governing Realtors®. TRESA or the Trust in Real Estate Services Act replaced previous regulations on December 1, 2023. Among several changes will be a new Open Offer Process available to sellers when listing their property. Read more about this process and it’s impact on buyers and sellers here [insert link to other blog post].

Planning a Move

Whether you are considering upgrading, downsizing or relocating now may be a better time then you think. Purchasing a home in the next 60-90 days may be your ideal time to get a home at the best possible price. Even though mortgage rates are high, making a purchase before they go down and more buyers step back into the market can put you at an advantage. Just be sure to explore your options with qualified professionals including well informed Realtors® like ourselves, lenders, etc. 

Interest Rates and Their Impact:

On December 6th the Bank of Canada held its policy rate for a third straight time indicating we may be at the end of a cycle of increasing rates. Recently, bond yields, which underpin fixed rate mortgages have been trending lower which has provided some short term relief for those looking at fixed rate mortgages. 

A look ahead

As more and more financial experts begin forecasting a move by the Bank of Canada to lower its policy rate in 2024 in response to the changing economy and a growing number of upcoming mortgage renewals, the outlook is better for existing homeowners and those looking to get into the market.

MORE MARKET INSIGHTS

November 2023 Market Stats Markham Stouffville


November 2023 Market Stats Northumberland
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TRESA: What you need to know about the New Open Offer Process

The Open Offer Process

How will more transparency change the offer process?

As housing costs have risen and inventory remains well below demand, multiple offer situations have increased dramatically. Buyers and sellers have demanded more transparency.

In response to that the government has introduced an Open Offer Process with new legislation under TRESA coming into effect on December 1, 2023.

So what does this mean going forward?

The Open Offer Process does not mean all multiple offers will be disclosed from here on out. Sellers will be the ones to decide what if anything they will disclose in the offer process.

Here are the key takeaways:

  1. Sellers initiate the Open Offer Process

  2. Sellers can initiate this at any time in the offer process

  3. Sellers decide what to disclose (ex; price, terms, etc.)

  4. Sellers do not have to disclose that information from all offers received

  5. If offer details are being disclosed, all buyers must receive the information

  6. Sellers must not disclose any personal identifying information about buyers

  7. Sellers must still disclose the number of registered offers to all interested parties

How does this impact you as a Seller?

Sellers can now determine whether they would like to sell their home under the traditional blind bidding process in which buyers are only notified how many offers are registered, or they can choose to disclose select information about one or more offers to all buyers involved. There are advantages and risks to this process but it can open up a myriad of options for sellers and become a powerful negotiating tool to encourage buyers to submit their highest and best offer.

How does this impact you as a Buyer?

For Buyers, it provides some extra consideration when drafting an offer. Knowing that the price or terms of your offer may be disclosed to other buyers can affect your decision to make an offer in the first place. Given the seller determines the process and that they have complete control of when and if they disclose offer information you need to go into each offer fully informed. 

As with Sellers, there are advantages and disadvantages of knowing the terms of competing offers. Knowing how your offer stacks up against competitors can help you negotiate, but you may not always have a complete picture. Sellers are not obliged to provide information on all the competing offers nor are they obliged to provide all the terms on a given offer. 

So how can you come out on top?

This is where working with an experienced Realtor and negotiator is essential. You need someone in your corner who understands the strategies being deployed and can use the available information to help you make strong and secure decisions. We are laser-focused on helping our clients achieve their goals through powerful negotiations and providing valuable insights to help you every step of the way.

Call to book a free Real Estate Consultation with us - 905-995-3372

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3 Ways to Keep Your Gutters Clean This Fall

As the leaves start to change color and fall from the trees, it's a sure sign that autumn has arrived. While many of us enjoy the beauty of the season, it also brings a unique set of challenges for homeowners. One of these challenges is keeping your gutters clean and free from debris. Clogged gutters can lead to a host of problems, including water damage, mold growth, and even structural damage to your home. To help you maintain your gutters this fall, we've put together three effective ways to keep them clean and functional.

1. Regular Gutter Cleaning

The most fundamental way to keep your gutters clean in the fall is through regular maintenance. Set a schedule for gutter cleaning, ensuring that you check and clean them at least twice during the season. The ideal times to do this are in early autumn before leaves start falling in earnest and again after most of the leaves have fallen. Here's how to go about it:

a. Gather the right tools: You'll need a sturdy ladder, a pair of gloves, a scoop or trowel for removing debris, a bucket or bag for collecting the debris, and a garden hose with a nozzle attachment.

b. Safety first: Before you begin, make sure your ladder is on stable ground and that you have someone nearby to assist if needed.

c. Remove debris: Climb the ladder and scoop out leaves, twigs, and other debris from the gutters. Work your way along the gutter, paying special attention to corners and downspouts.

d. Check for blockages: Make sure that downspouts are clear of obstructions. Use the garden hose to flush out any remaining debris, allowing water to flow freely.

e. Inspect for damage: While cleaning, take the opportunity to inspect your gutters for any signs of damage, such as rust, loose brackets, or sagging sections. Address these issues promptly to avoid costly repairs later on.


2. Install Gutter Guards

To make your life easier and reduce the frequency of gutter cleaning, consider installing gutter guards. Gutter guards are designed to keep leaves and debris out of your gutters while allowing water to flow through freely. There are various types of gutter guards available, including:

a. Mesh guards: These are made of a fine wire or plastic mesh that allows water to pass through while keeping leaves and debris out.

b. Reverse-curve guards: These are designed to encourage leaves to blow off the roof, leaving your gutters clear.

c. Bottle brush guards: These consist of bristles that let water flow while preventing debris from entering.

Before choosing a gutter guard, consider your specific needs, the type of trees around your home, and your budget. While they can be a significant upfront investment, they can save you time and effort in the long run by reducing the frequency of gutter cleaning.


3. Trim Overhanging Trees

Another proactive way to prevent excessive debris from entering your gutters is to trim overhanging tree branches. Trees shed leaves and twigs during the fall, and if they're directly above your roof, these materials will inevitably find their way into your gutters. Regular tree maintenance can help reduce the amount of debris that lands in your gutters. Hire a professional arborist or use appropriate tools and safety gear to safely trim branches away from your roof and gutters.


Maintaining clean and functional gutters during the fall is essential to protect your home from water damage and other issues. By following these three key strategies – regular gutter cleaning, installing gutter guards, and trimming overhanging trees – you can ensure that your gutters stay debris-free and in good working order. Don't wait until the last leaf has fallen; start implementing these practices to keep your gutters clean and your home safe this autumn.


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Get Ready for Festive Fun: Santa Claus Parades in Toronto and the Durham Region

The holiday season is just around the corner, and what better way to kick off the festivities than by attending a Santa Claus parade? These heartwarming events bring communities together, spreading cheer and joy to people of all ages. In the next two months, there are several Santa Claus parades scheduled in Toronto and the Durham Region that you won't want to miss. Let's take a closer look at what's in store:

1. Dates and Times

Mark your calendars for the following Santa Claus parades:


  • Bowmanville Santa Claus Parade on November 18th at 10:30 am. The parade will wind through downtown Bowmanville along King St. Learn more.

  • Santa’s Parade of Lights in Oshawa on November 18th at 6:00 pm. The parade route starts at King St. and Stevenson Rd. Learn more.

  • Santa’s Spectacle of Lights in Ajax on November 25th at 6:00 pm. The parade kicks off at Bayly St. and Mackenzie Ave. and ends at Ajax Town Hall. Learn more.

  • Pickering Santa Claus Parade on November 25th at 10:00 am. Beginning at Dixie and Glenanna and ending in Pickering’s City Centre.

  • Downtown Toronto's Original Santa Claus Parade on November 26th at 12:30 pm, celebrating its 119th year with a new route. You can watch it on CTV. Learn more.

  • Port Perry Scugog Santa Claus Parade on December 2nd at 5:00 pm. The parade theme is "Christmas Movies." Learn more.

  • Whitby Santa Claus Parade on December 2nd at 10:00 am. The route runs through the heart of downtown Whitby. Learn more.

2. Unique Features and Themes

One of the highlights of this year's parades is the Scugog Santa Claus Parade's exciting theme, "Christmas at the Movies." Attendees can look forward to seeing floats inspired by their favorite holiday films. [Find movie inspiration here]

Pickering’s parade theme is Holiday Storytime, where groups are invited to represent pop culture or cultural stories about the holidays in their float design. 

3. Getting Involved

You can get involved in these parades as a spectator or participant. Many events accept donations to fund the parade or support local charities. If you're interested in participating, consider entering a float or volunteering as a marcher, marshal, or crowd supervisor. Check the parade's website for details on how to get involved.

4. Notable Sponsors and Organizations

These parades are not only a celebration of the holiday spirit but also an opportunity for community organizations and businesses to showcase themselves. For example, the Whitby Santa Claus Parade is organized by the Optimist Club of Brooklin and features over 50 organizations spreading holiday joy along the route.

5. Popular Traditions

Kids will be delighted to receive candy canes from costumed characters, local firefighters, and parade participants. These events also showcase a wide array of community organizations, from dance troupes to sports teams, allowing you to see how you can get involved in your local community.

6. Historical Facts

Did you know that the Toronto Santa Claus Parade has a rich history, running for an impressive 119 years? Even during the challenges of the COVID-19 pandemic, the parade continued virtually, maintaining its tradition of spreading holiday joy.

7. Parade Day Tips

As you prepare to attend these parades, keep in mind the following tips:

  • Dress appropriately for the weather.

  • Bring blankets or lawn chairs for seating.

  • Consider bringing non-perishable food donations to support local charities.

  • Don't forget to bring a letter for Santa!

  • Pack snacks and warm beverages to keep everyone in your group comfortable during the parade.

So, whether you're in Toronto or the Durham Region, these Santa Claus parades are sure to get you into the holiday spirit. Bundle up, gather your loved ones, and head out to enjoy the festive floats, holiday music, and the magic of Santa himself. Make this holiday season unforgettable with the joy of a Santa Claus parade!

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While the stats show GTA home prices have increased in the month of October 2023 compared to the same time last year, prices remained relatively flat from the previous month. The big change we are seeing is the inventory levels are way up and the sales volume is down.

TRREB October Market Watch Infor Graphic

Durham & Toronto Market Insights

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



What it means for Buyers & Sellers

This presents an opportunity for buyers. You can likely avoid competing on a property and negotiate on price and terms, which hasn't always been an option for successful buyers in recent years. If you own your current home and are looking to move, it may be wise to sell first. This ensures you don't overextend on your purchase and can upgrade/downsize with confidence.

Sellers Need to Match the Market

Homes are taking longer to sell and we are seeing a lot of terminated listings and price adjustments. The properties that are selling are the ones priced correctly to today's market conditions. If you want to get your property sold then the correct pricing and presentation are extremely important.

Impact on New Home & Pre-Construction Sales

Another segment of the market that is feeling the impact of high-interest rates is new home and pre-construction sales. We are noticing that there is a growing number of assignment sales being offered at a discount from the original purchase price. If you are considering purchasing an assignment it is imperative that you have representation and have the contract reviewed thoroughly. 

What's Next

What's next for the real estate market in the GTA, well nobody knows for sure. With so many mortgages set to renew in the next few years, we will certainly be watching and waiting to see what happens with interest rates moving forward.


MORE MARKET INSIGHTS

October 2023 Market Stats Markham Stouffville


October 2023 Market Stats Northumberland

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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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As your trusted real estate expert, I'm here to give you a straightforward rundown of what's been happening in the Greater Toronto Area (GTA) real estate market this past August. Let's dive right in:

Cooling Off, but Steady:

The GTA real estate market continued to cool off in August. A few factors played a role, such as interest rate increases by the Bank of Canada, economic uncertainty, and a shortage of available homes. So, it's been a bit more relaxed for both buyers and sellers lately.

TRREB August 2023 Stats

Durham & Toronto Market Insights

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

August 2023 Market Stats Durhamby Brian Stanton


August 2023 Market Stats Torontoby Brian Stanton


*See insights for Markham/Stouffville & Northumberland at the bottom.

Home Sales:

In August, a total of 5,294 homes were sold across the GTA. This is a bit up from July but down 5.2% compared to last year. The most popular choices among buyers were detached homes and condo apartments.


Home Prices:

The average selling price for a home in the GTA was around $1,082,496. It's up slightly from last year but down 3.2% from July. So, prices have been holding fairly steady, with some fluctuations in condos and semis in the Durham Region.


Inventory Levels:

Right now, we have about 2.2 months of inventory. Technically, this means it's still a seller's market (anything below 3 months). But, due to the impact of interest rates, it's more balanced. We did see more listings this year, but overall, we still don't have enough homes for sale.


Days on Market:

Homes are selling faster than they did last year, but it's taking a bit longer than it did in July. On average, homes in Durham Region took 22 days to sell, and in Toronto, it was around 29 days.


Mortgage Rates and Affordability:

Interest rates have gone up ten times since April 2022. That's affecting how much people can afford to borrow. So, affordability is on the minds of many buyers. High demand and low supply are also keeping prices from dropping considerably.


Investor Trends:

We're noticing that condo investors in Toronto are starting to sell their units because of those rising interest rates. This might make condos a better option for homebuyers.


External Factors:

Interest rates are still a big deal. They affect how much people can spend on a home and how motivated sellers are. Plus, we're seeing a lot of new folks moving to the GTA, which is keeping things competitive despite challenges for buyers.


Local Market Variations:

Certain areas, like Whitby, saw a 25.2% increase in condo prices. But don’t be fooled. This was likely because there were fewer sales, and some specific properties affected the average price. We call those sales outliers.


What's Next:

As we head into September and the Fall Market, we usually see more listings and more buyers. The Bank of Canada decided to keep interest rates at 5% for now, so that gives buyers some short-term certainty. We predict a more balanced market in the near future, with financing costs being a bit high for aggressive bidding wars, but still, strong demand and low inventory will keep prices competitive.


What's the Takeaway

In a nutshell, the GTA real estate market is still active, but it's finding a more balanced groove. If you're buying or selling, make sure to stay updated with these trends, and feel free to reach out if you have any questions or need assistance. We're here to help you navigate the ever-changing real estate landscape!


MORE MARKET INSIGHTS

August 2023 Market Stats Markham Stouffvilleby Brian Stanton
August 2023 Market Stats Northumberlandby Brian Stanton


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A Smooth Back-to-School Transition: 5 Home Tips for Busy Parents
As the summer days start to wind down, it's time to shift gears and prepare for the upcoming back-to-school season. Whether you're a seasoned parent or new to the school routine, creating a smooth transition can make all the difference. As a realtor who understands the importance of a well-organized home, I'm here to share five valuable tips to help you get your home and family ready for the back-to-school hustle.
 

Establish a Homework Haven:

One of the keys to a successful school year is creating a designated homework space. Set up a quiet and well-lit area where your children can concentrate on their studies. Stock it with essential supplies such as notebooks, pens, and a comfortable chair. Personalizing the space with your child's artwork or motivational quotes can make it even more inviting. A well-organized homework station not only boosts productivity but also encourages a positive attitude toward learning. Our daughter has a nice desk and area she helped curate to her taste which she loves working at.
 

Streamline Morning Routines:

Mornings can often be chaotic as everyone rushes to get ready for school. Make mornings smoother by organizing your home to support efficient routines. Create a centralized area for backpacks, lunchboxes, and shoes, so your children can quickly grab what they need before heading out the door. Prepare outfits the night before and set up a breakfast station with easy-to-grab options. Streamlining these routines can save precious time and reduce stress for both parents and children. We have a designated lunchbox home and backpack areas to keep organized in the busy mornings. We put everything away on the weekends but Sunday night its back ready for the week.
 

Optimize Meal Preparation: 

Balancing school and extracurricular activities can leave little time for cooking elaborate meals. Plan your weekly meals ahead of time, and consider batch cooking on weekends. Preparing and freezing portions of meals can be a lifesaver on busy weekdays. Additionally, involve your children in meal planning and preparation – not only does this teach them valuable life skills, but it also strengthens family bonds. At our house left overs keep us going when the week starts getting busy. Cooking some bigger meals and having them on hand throughout the week is extremely helpful.
 

Create a Family Calendar:

A shared family calendar can be a game-changer for staying organized during the school year. Hang a large calendar in a common area, or utilize digital tools for a more eco-friendly approach. Include school schedules, extracurricular activities, appointments, and important dates. Having a visual overview of everyone's commitments helps prevent conflicts and ensures that everyone is on the same page. My wife Jen has been looking at the best ways to implement this. We've recently just put up a very general 30-day calendar on the fridge and we're testing out how to manage the kid's activities for now.
 

Foster a Relaxing Evening Routine:

After a long day of learning and activities, it's crucial to wind down and recharge. Establish a calming evening routine that encourages relaxation and family bonding. Consider dedicating time for reading, having a family game night, or engaging in mindful activities. Limit screen time before bedtime to ensure a good night's sleep for everyone – well-rested kids are more focused and ready to tackle the challenges of the next day.
 
I'm the first to say we haven't managed this consistently at our house. Sometimes the kids are rowdy at bedtime and I have found that what I resist persists so leaning in and letting go is the best way to handle things if the kids aren't calming down. I know it can be frustrating especially because we know they'll be tired in the morning. All we can do is try and let the chips fall where they may.
 

Preparing for the back-to-school season doesn't have to be overwhelming. By implementing these five practical tips, you can create an organized and supportive home environment that sets your family up for success. Remember, a well-prepared home can make a significant difference in your child's academic journey and overall well-being. That said kids are kids. They don't always subscribe to our logic. If things don't go as planned that's okay. Life is full of surprises. I believe so long as we stay calm and keep trying our kids will get where they are going and so will we. Here's to a smooth and successful school year ahead!
 
 
 
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