Oshawa Realtor

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Greater Toronto Area real estate markets hit hardest by interest rate hikes

Posted by Steven Greenidge on Dec 03, 2023

In a recent article ByGraeme Frisque Mississauga News we see the breakdown of the local markets and how ...

The man alleged to be behind a high-interest mortgage scam, is living large on social media

Posted by Steven Greenidge on Nov 28, 2023

This man, alleged to be behind a high-interest mortgage scam, is living large on social media Anas Ayyoub, ...

Decoding the Deal

Posted by Steven Greenidge on Nov 28, 2023

Decoding the deal Assess Financial Components The financial components of the offer are the first thing ...

Buying a Pre-Construction Condo

Posted by Steven Greenidge on Nov 12, 2023

Toronto Pre-Con Info

October Stats from the Toronto Region Real Estate Board

Posted by Steven Greenidge on Nov 05, 2023

Hi , The Toronto Region Real Estate Board has released the latest numbers for October. I have created ...

Fall Rental Report from TRREB

Posted by Steven Greenidge on Oct 26, 2023

TRREB: Strong Population Growth Driving Rental Demand in Q3 2023 TORONTO, ONTARIO, October 26, 2023 – ...


Weekly Stats from Re/Max Metropolis for July 17

Weekly Stats from Re/Max Metropolis.

Listing number and sale pricing remain in tandem which is keeping sale pricing fairly steady. Overall unit sales are low which is normal for the summer season which is a normal seasonal trend.
I am seeing many homes being sold under their purchase price which is a significant development. BUYERS: Keep your eyes open.
SELLERS: A sale is very possible at market price.
Let's Talk.


June Numbers, Lack of Listings Has Effect.


TRREB Urges Governments to Accelerate Action on Housing Supply

TORONTO, ONTARIO, July 6, 2023 – Home sales and the average selling price in the Greater Toronto Area (GTA) in June 2023 remained above last year’s levels. Seasonally adjusted sales dipped on a month-over-month basis. The seasonally adjusted average selling price and the MLS® Home Price Index (HPI) Composite benchmark were up compared to the previous month.

“The demand for ownership housing is stronger than last year, despite higher borrowing costs. With this said, home sales were hampered last month by uncertainty surrounding the Bank of Canada’s outlook on inflation and interest rates. Furthermore, a persistent lack of inventory likely sidelined some willing buyers because they couldn't find a home meeting their needs. Simply put, you can't buy what is not available,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.

GTA REALTORS® reported 7,481 sales through TRREB’s MLS® System in June 2023 – up 16.5 per cent compared to June 2022. The number of listings was down by three per cent over the same period.

The year-over-year increase in sales coupled with the decrease in new listings mean market conditions were tighter this past June relative to the same period last year. The average selling price was up by 3.2 per cent to $1,182,120. The MLS® HPI Composite benchmark was still down by 1.9 per cent on a year- over-year basis – the lowest annual rate of decline in 2023. On a month-over-month basis the seasonally adjusted average price and MLS® HPI Composite benchmark were up.

“A resilient economy, tight labour market and record population growth kept home sales well above last year’s lows. Looking forward, the Bank of Canada’s interest rate decision this month and its guidance on inflation and borrowing costs for the remainder of 2023 will help us understand how much sales and price will recover beyond current levels,” said TRREB Chief Market Analyst Jason Mercer.

“GTA municipalities continue to lag in bringing new housing online at a pace sufficient to make up for the current deficit and keep up with record population growth. Leaders at all levels of government, including the new mayor-elect of Toronto, have committed to rectifying the housing supply crisis. We need to see these commitments coming to fruition immediately, or we will continue to fall further behind each month,” stressed TRREB CEO John DiMichele.

“In addition to the impact of the listing shortage, housing affordability is also hampered on an ongoing basis by taxation and fees associated with home sales and construction as well as the general level of taxation impacting households today. Going forward, we need to look at all of the factors influencing the household balance sheet and people’s ability to house themselves,” continued DiMichele.


Crazy Times, Where are we headed?

Crazy times!

We have seen a large change of interest rate since the the deep discounted rates over the past 2 years.  How is this affecting the market?  Well there are 2 factors affecting the market.  We still have apparent high demand for housing which is keeping prices steady for the moment.  The second factor that is pushing the pricing down is the cost of borrowing.  We will see the pricing fluctuate with the above factors as the year continues.  We are seeing more listings coming up over the past week which will give more variety and push pricing down a bit.  With the higher interest rates we are seeing properties coming to the market where the seller is in financial trouble.  Either in a power of sale, foreclosure or just a lower price sale compelled by poor a financial situation.  These properties generally come to market in a less than ideal state.  This is where an imagination comes in on the part of the buyer.  These properties aren't staged or clean for that matter so one needs to have a vision of what the property could be.  They are generally sold as is so there are no warranties on appliances or systems.  Again this is a bit of a gamble for the buyer but hopefully we make up for that risk in the purchase price.  
What will the Summer and Fall Market look like?  In short.  We will need to be careful and analyze properties before making a purchase.
Research is key!  As a Realtor I can show you the sales history of a prospective property and ensure you make the best decision possible. 

Where are rates going?

There is a strong rumour that there will be another rate hike in July.  We don't know yet however it is a possibility.  There is however strong indications that there won't be rate decreases until next year.  This will be a big factor in the overall market.  
With the fluctuation of market pricing and rates we can get lost in the long range picture of what our real estate goals are.  The goal is to stop paying a landlord or building your real estate portfolio.  The most important factor here is that Real Estate is a long term investment.  
What am I saying?  Am i trying to convince you to buy?  Not in the least!
The most important thing to keep in mind is that research is vital in your search now more than ever.
Let's talk.
Durham Region Real Estate