#NoMatterWhat Is the message for this year’s Terry Fox Run on September 15th.
Once again, Lainey and Lola will be lacing up their sneakers and taking part in The Beaches Terry Fox Run.
‘We Are Shaped by the Obstacles We Face’, is the title for the new Legacy Art Project installation that was opened on Queen’s Quay in October 2023. It is a ‘public space dedicated to the spirit of courage, determination, and action that Terry Fox embodied...throughout the Marathon of Hope in 1980’.
Please consider a donation as Lainey & Lola walk, jog, run in an effort to continue the fight against cancer. Click here to access their Donation Page. Thank you in advance for your support!
With August being a historically slow month for sales, and assumptions throughout the month about a potential rate increase in September compounding things, we saw some very interesting statistics throughout Toronto and the GTA last month. Thankfully, the Bank of Canada held the overnight rate, and now we can look ahead to what will likely be a more robust fall market as a result.
There area few stand out points to consider for August: - The number of new listings increased year over year across the city. This was a combination of sellers trying to get on the market ahead of the rate announcement and the last spring market still trickling down to push sellers onto the market after purchasing late in the spring. - Two areas that saw a huge increase in new listings year over year will likely continue to feel the affect on prices, well into the fall. Downtown condo market saw an increase of just over 40% and Durham almost 20%. Interestingly, the Beaches neighbourhood saw a decrease of almost 15% new listings. - There was a moderate decrease of about 2.5% in prices across the city year over year, noting that August of 2022 was before the peak of the down market in 2022. Again, likely indictivie of some higher numbers coming out in previous months this year and buyers taking a small step back and sellers being eager to move inventory before September's Bank of Canada announcement. - Finally, The GTA and Durham saw little change in the number of sales year over year, down 0.05% and 3.72% respectively, but the Beaches saw just over 46% more sales than the previous year.
So, not all neighbourhoods are experiencing the same effects of the market, and this is why it's important not to rely on just statistics. Dedicated, experienced and hands on professionals are what make the difference between information and knowledge.
Give us a call to talk about what is happening in your neighbourhood!
In the current real estate market, we're seeing an interesting dynamic unfold. New listings are outpacing the number of sales, this is giving buyers more options and is therefore putting downward pressure on average sales prices. This is particularly evident in the condo market, where an increase in inventory has led to lower sales prices. If you've been thinking about getting into the condo market, now might be the perfect time. This window of opportunity won't last forever.
With the latest decrease in interest rates and the potential for further cuts, there is a possibility we might see a shift in the market this fall. However, our outlook suggests that while we may see more activity, it will likely be a gradual. We don't anticipate significant movement in prices until next spring once inventory has levelled out, which means the market will likely remain buyer-friendly or balanced until then.
It's important to note that the entry-level condo market is currently feeling the most pressure, which has a unique effect on average prices. As more top-end listings make up a larger portion of sales, the average price can appear skewed. This is why it's crucial to look beyond the statistics and consider all the factors at play. The average price might actually be a bit lower than it appears when factoring in the broader market dynamics.
For buyers, the current market conditions present a unique opportunity. We don't expect to be in this position for much longer, so now is the time to act. If you're selling and buying, we can help you maximize your buying power while staying within your budget. And if you're solely focused on selling, it's never been more important to present and position your property effectively to get the best possible price.
Whether you're looking to buy, sell, or both, we're here to help you navigate the market and make the most of the opportunities available. Let's bring your dreams home!
Following the incredible deluge of rain that fell in the City of Toronto last week, many people were impacted with flooded basements and water damage. However, rain isn’t the only way that our homes can be damaged by water, burst pipes and water leaks can also result in flooding.
Here are a couple of articles about protecting your home. - “Helping clients prevent costly surprises: How to avoid water damage and maintain insurance coverage”. RealEstateMagazine.ca
- City of Toronto: Basement Flooding Protection Subsidy Program - “During heavy rain, the sewers can become overloaded. It is essential that homeowners take appropriate action to reduce the risk of basement flooding. Owners of a single-family, duplex, triplex or fourplex residential home can apply online for a subsidy of up to $3,400 per property to install flood protection devices. Eligible work includes: installation of a backwater valve; installation of a sump pump; severance and capping of a home’s storm sewer or external weeping tile connection. Disconnecting the downspouts from your property’s eavestrough system is not eligible for a subsidy.” Check your eligibility for the program at: Toronto.ca - Basement Flooding Protection Subsidy Program
It is more important than ever to team up with a Realtor who knows what is happening and has the experience to guide you through to your best opportunities! When trying to understand the Toronto real estate market, know that at LTHOME you have a Collective of Experience, Knowledge and Skill to help you successfully navigate the market and your next journey in buying or selling a home.
Our team is smart about how we approach each situation and home, both from the buying and the selling side. Making sure that we are strategic and using every tool to your advantage, from fine tuned negotiation skills, neighbourhood knowledge, a team of professionals supporting us and even connections with our colleagues across the city.
This website may only be used by consumers that have a bona fide interest in the purchase, sale, or lease of real estate of the type being offered via the website.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of the PropTx MLS®. The data is deemed reliable but is not guaranteed to be accurate.
