Oshawa Realtor

News You Can Use

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 – ...

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Fall Rental Report from TRREB

TRREB: Strong Population Growth Driving Rental Demand in Q3 2023

TORONTO, ONTARIO, October 26, 2023 – Demand for and supply of rental condominium apartments continued to grow in the Greater Toronto Area (GTA) during the third quarter of 2023, as reported by REALTORS® through TRREB’s MLS® System.

Over 14,400 condominium apartments were leased through TRREB’s MLS® System in the third quarter of 2023, an increase of almost eight per cent compared to Q3 2022. Over the same period, the supply of units for rent was up by more than 22 per cent.

Strong population growth and high borrowing costs continued to drive demand for GTA rental housing in the third quarter. Would-be first-time buyers, who have seen affordability erode over the past year-and-a-half due to high mortgage rates, have remained in the rental market. Many new permanent and temporary residents have also turned to the rental market for housing. Renters can expect this trend to continue for the foreseeable future, underpinning the need for a sustainable pipeline of rental housing supply,” said TRREB President Paul Baron.

The average lease rate for a one-bedroom condominium apartment in Q3 2023 was $2,633 – up 6.1 per cent compared to Q2 2022. The average lease rate for a two-bedroom condominium apartment in Q3 2023 was $3,430 – up 7.8 per cent compared to Q2 2022.

The supply of units for rent has increased at a faster pace than rental transactions over the past year. Many investor-owned units have been listed for rent, in response to very strong rent growth and, quite possibly, the actual or potential introduction of tighter regulations surrounding vacant units and short-term rentals. However, despite a better-supplied market, competition between renters has remained strong enough to sustain above-inflation rent increases,” saidTRREB Chief Market Analyst Jason Mercer.

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Ontario woman says using 'cash for houses' company was costly mistake

I normally wouldn't post a news report verbatim however with the limitations on sharing news I felt this was a better method to get the word out.  

We are increasingly seeing these kinds of quick fix ideas proliferating.  Unfortunately over the years the real estate industry has from time to time been the focus of negative publicity due to bad actors.  In any industry you will find them I think.  However in our industry we have checks and balances, Broker oversight, Errors and Omissions Insurance, RECO and provincial and federal legislation to control the industry.  Will this prevent bad actors?  Not necessarily however there is client protections in place to mitigate risk.  By far our industry is populated with caring and principled people.  We truly look out for the client's best interest, I certainly do.  The below story is yet another cautionary tale that tells us "If it seems too good to be true it generally is"


Unlicensed real estate entrepreneurs have no professional responsibilities — unlike Realtors

Laurie Thompson admits she needed to sell her townhouse in Smithville, Ont., fast.

The pandemic had done a number on her finances — the bar where she worked had shut down, twice — and rising interest rates meant her monthly mortgage payments of $2,000 were going to almost double last January. Thompson was facing foreclosure.

"I was desperate," she told Go Public. 

Thompson had seen street signs and posters in her neighbourhood — companies offering to pay quick cash for houses. She'd even received what appeared to be a hand-written flyer in the mail, advertising a hassle-free cash sale — no renovating, open houses, or Realtor commissions. 

She hit the internet and found a company with positive reviews and attractive promises called Honest Home Buyers Incorporated (HHBI), based in nearby Hamilton.

"The website said, 'Cash in your hand [quickly],'" said Thompson. 

The website promised other advantages, too  — "more cash" in a seller's pocket, a quick closing date, no Realtor fees and it claimed homeowners sometimes get a cheque "the very same day!"


A screengrab from Honest Home Buyers website. Text on the screen explains in point form how their process works.
 
The Honest Home Buyers website promises quick 'cash in your hands' — but doesn’t clarify that the cash sellers get up front is just a deposit, not the full sale price of the home. (honesthomebuyers.ca)

Thompson knew this option meant she wouldn't be offered top dollar, but figured it was worth getting the house sold, quickly. 

"You're not going to get fair value from a company that's paying you in 72 hours," she said. "But … I didn't want it to sit on the market for three to four months."

When HHBI owner Mike Chow arrived at Thompson's townhouse for a walkthrough last January, she told him her employment had been sporadic, the mortgage lender wanted her debt paid off immediately and that she was struggling emotionally — a few months earlier, her partner had unexpectedly died from a heart attack.

Chow produced a contract and offered $575,000. Thompson says she peered over his shoulder as he read through it speedily and encouraged her to sign on the spot. 

The whole transaction took about half an hour. Thompson says it likely cost her tens of thousands of dollars in profit, if not more.

Read the Full Article:

https://www.cbc.ca/news/gopublic/cash-for-houses-go-public-1.7003796

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While still in a technical sellers market we have seen a market slowing of the market. Pricing is declining in some micro markets. Now is the time to watch the market closely. For Buyers there will be some interesting opportunities however they require close analysis. For sellers frankly... Now is not the time to sell if you are not compelled to do so. IMO


Let's Talk about your situation.


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Market Snapshop for Oshawa

I just did a quick snapshot for the Oshawa market.  Shocking results!  

Almost half of recent sales have gone under asking.  This is a vital statistic because it is showing that the market has cooled to a point that the low ball bidding war pricing strategy is not working.  

The average days on market have been increasing as well.  These are extremely important to be aware of if you are looking to buy within the next few months.  

Is it a good time to buy?  If you have the ability to buy there are interesting deals to be had right now.  What will he coming months show us?  Hard to say really.  

As I always say the hardest part of securing your next home is Finding the perfect place.  Keep looking!

Let's talk soon.

Steve



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September Numbers from TRREB
 


NEWS RELEASE

TRREB: HIGH INTEREST RATES IMPACTING THE MARKET, BUT POPULATION GROWTH WILL SOON SPUR DEMAND

TORONTO, ONTARIO, October 4, 2023 – The impact of high borrowing costs, high inflation, uncertainty surrounding future Bank of Canada decisions and slower economic growth continued to weigh on Greater Toronto Area (GTA) home sales in September. However, despite the market being better-supplied with listings, the average selling price was up year-over-year.

“The short and medium-term outlooks for the GTA housing market are very different. In the short term, the consensus view is that borrowing costs will remain elevated until mid-2024, after which they will start to trend lower. This suggests that we should start to see a marked uptick in demand for ownership housing in the second half of next year, as lower rates and record population growth spur an increase in buyers,” said TRREB President Paul Baron.

REALTORS® reported 4,642 home sales through TRREB’s MLS® System in September 2023 – down 7.1 per cent compared to September 2022. The year-over-year dip in sales was more pronounced for ground-oriented homes, particularly semi-detached houses and townhouses. On a month-over-month seasonally-adjusted basis, sales were also down slightly.

New listings were up strongly on a year-over-year basis from the extremely low level in September 2022. The number of listings also trended upward on a month-over-month seasonally adjusted basis.

The MLS® Home Price Index (HPI) Composite benchmark was up by 2.4 per cent year-over-year. The average selling price was up by three per cent over the same time period. On a month-over-month seasonally-adjusted basis, both the average selling price and the MLS® HPI Composite benchmark edged lower by less than one per cent.

“GTA home selling prices remain above the trough experienced early in the first quarter of 2023. However, we did experience more balanced market in the summer and early fall, with listings increasing noticeably relative to sales. This suggests that some buyers may benefit from more negotiating power, at least in the short term. This could help offset the impact of high borrowing costs,” said TRREB Chief Market Analyst Jason Mercer.

“TRREB’s annual consumer polling has shown that half of intending home buyers in Toronto will be first- time buyers in any given year. The average price of a condo apartment in Toronto is over $700,000. Yet, the first-time buyer exemption threshold for the City’s upfront land transfer tax has remained at $400,000 for a decade-and-a-half. With this in mind, TRREB applauds Toronto City Council for asking City staff to provide a report on a more appropriate exemption level moving forward,” said TRREB CEO John DiMichele. He further stressed that “many housing and taxation policies are currently set in opposition and we need all levels of government to align policies and work together to solve this housing crisis.”

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Durham Region Real Estate