While the overall demand for housing remained buoyed by record immigration in 2023, more of this demand was pointed at the rental market. The number of Greater Toronto Area (GTA) home sales in 2023 came in at less than 70,000 due to affordability issues brought about by high mortgage rates.

There were 65,982 home sales reported through TRREB’s MLS® System in 2023 – a 12.1 per cent dip compared to 2022. Despite an uptick during the spring and summer, the number of new listings also declined in 2023. The trend for listings has been largely flat-to-down over the past decade, which is problematic in the face of a steadily growing population. On a seasonally adjusted monthly basis, sales increased compared to November, while new listings declined for the third straight month.

The average selling price for all home types in 2023 was $1,126,604, representing a 5.4 per cent decline compared to 2022. On a seasonally adjusted monthly basis, the average selling price edged higher, while the MLS® Home Price Index Composite edged lower.

While the housing market faces challenges with affordability, high mortgage rates, and a dip in sales, we are committed to making a difference for you. Contact me today to discuss a winning plan!

Read Full TRREB Market Stats Report

Despite the high interest rates and the “nervous” predictions of how prices will be impacted, sales stats were similar to last year, both in terms of numbers and prices.

Toronto area realtors sold almost 4,700 homes in October, with the average home taking just 21 days to sell. Year to date the average sale price stands at $1,136,681 down 4.7% from the start of the year, but that’s not significant as one realizes the “mix “of homes sold favours less expensive homes due to the higher cost of borrowing.

The difference that I see today versus a year ago, is that the stock of homes for sale, the inventory, is now at almost 20,000, roughly 4 months’ supply and the highest we have seen for some time. This reflects the fact that while people want to buy, high borrowing rates and fear of the unknown is keeping them on the sidelines. This 4-month’s of inventory represents a great buying opportunity for those in a position to make a move.

Predictions of a drastic drop in prices just haven’t materialized. These predictions have been circulating since the year 2,000 whenever there has been a blip in stabilizing factors such as the financial system meltdown (U.S.) in 2008, mortgage policy changes to qualifying buyers in 2016 and tight inventory.  Today’s 4 months of inventory not only allows for more choice, it reduces competition and multiple offers.

Predictions for next year are that rates will decline, immigration will increase and with it will come buyer competition and a return to bidding wars. If you can, I  recommend getting off the sidelines and move up or renovate. Give me a call, lets chat about the excellent opportunities in this market and how they affect you specifically.

If you know someone thinking of buying or selling, please help us all connect. I will do my utmost for them, even if it’s only advice. I truly appreciate your continued support in making my business successful and at the same time helping someone you care about!

Have a great rest of November.

Read Full Market Stats Report

TRREB: 2023/July GTA REAL ESTATE MARKET MORE BALANCED IN JULY TORONTO, ONTARIO,

Greater Toronto Area (GTA) home sales, new listings and home prices were up in July 2023 in comparison to July 2022. On a seasonally adjusted basis, the market experienced more balance in July compared to June, with sales trending lower while new listings were up. Home sales continued to be above last year’s levels in July, which suggests that many households have adjusted to higher borrowing costs. It does appear that the sales momentum that we experienced earlier in the spring has stalled however, since the Bank of Canada continued to raise rates.

Compounding the impact of these higher rates has been the persistent lack of listings for people to purchase compared to previous years,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron. GTA REALTORS® reported 5,250 sales through TRREB’s MLS® System in July 2023, representing a 7.8 per cent increase compared to July 2022. Over the same period, new listings were also up, but by a greater annual rate of 11.5 per cent. The MLS® Home Price Index Composite benchmark was up by 1.3 per cent year-over-year. The average selling price was also up by 4.2 per cent to $1,118,374 over the same timeframe. On a seasonally adjusted monthly basis, the number of sales trended lower for the second straight month, whereas new listings trended upward. The seasonally adjusted average selling price edged lower while the MLS® HPI Composite benchmark edged higher.

“Uncertainty surrounding the direction of borrowing costs, jobs and the overall economy has impacted home sales over the last two months. Over the long term, the demand for ownership housing will remain strong on the back of record population growth. However, many homebuyers will continue to be on the sidelines in the short term until the direction of monetary policy and the economy becomes clearer,” said TRREB Chief Market Analyst Jason Mercer.

Housing availability continues to be out of synch with public policy. The federal and provincial governments need to connect better. Targeting record levels of federal immigration for the foreseeable future while lacking provincially in housing supply is a route to frustration an even pain as will fail to meet housing needs for owners and renters. We see very little tangible progress in order to accommodate this growth. While population growth is imperative for Canada’s economic development, it will be unsustainable if people can’t find an affordable place to live. All three levels of government need to be on the same page to fix this problem,” said TRREB CEO John DiMichele.

As you can see by the above numbers there is success to be had for both Buyers and Sellers and I am here to make that happen for you or someone you care about. For straight talk that leads to the right results at the right time, connect with me and let’s see if it’s your time. Let me Make a Difference for You!!

Read Full Market Stats Report

This was the opening paragraph of my newsletter exactly 1 year ago:

“Despite the psychological impact of higher borrowing costs, the whispered fear of the “R” word and supposed experts expounding on the falling sky, 6,474 homes sold throughout the GTA. While this number was down from last year’s record-breaking levels, it shows the continued strength of the market and the consumers’ appetite for real estate.”

Sound Familiar?

We can all agree that the real estate market is in a constant state of flux. One year down and the other up. But the long term trend is always….UP! Can we also agree that the hunger and desire for home ownership is the underlying driver of this trend?

This June’s sales came in at 7,481 homes sold in the GTA on the Toronto Regional Real Estate Board. That is up 16.5% over June of 2022. Even with the continuing uncertainty surrounding the Bank of Canada’s outlook on inflation and interest rates, buyers were out and active and the average home price increased again. High demand and low listing inventory of homes available for sale continues to be the headline.

Are we heading for a perfect storm for the housing market, a storm that will continue to drive prices even higher than they have been before. Let’s review the elements of this coming storm:

1. A resilient economy that refuses to slow down despite sharp increases in borrowing costs.

2. A serious lack of homes for sale

3. Fewer homes being built as builders slow down construction due to higher borrowing costs.

4. Government red tape slowing building permit approvals.

5. Anticipated population growth of 1,500,000 new immigrants to Canada by 2025.

6. Generation Z (those born from 1995 on) representing 20% of the population and looking to get out of their parents’ homes and explore life.

And those who can’t afford to buy will be renting. Not everyone can expect to, or perhaps even want to be, owners.

As a Realtor, I am constantly asked, “How can people afford today’s prices?” Well, to be blunt, in the same way I did 45 years ago. We worked hard, saved all we could making home ownership our number 1 goal. We could not afford to buy in Toronto so bought in the suburbs, at that time Thornhill. Today those choices are more like Bradford or even Innisfil, Oshawa and others outside of the city, where prices are more affordable.

How high can prices go? Look at New York, Paris, or London to get a preview of Toronto’s future. My recommendation has not changed over the last several years. This is a great time to buy-in to the market, upgrade your home  or perhaps buy an investment property. From where I sit, it’s the best route to building for the future and enjoying life at the same time. Sure, there will be stress, but I heard it said: “No Pain….No Gain!!”

If you are considering these options remember, you have a friend in real estate! I encourage you to contact me and let me guide you to making great choices for you and your family. Let’s explore your options together! Have a great rest of the summer and remember, I am….

Your Point Man in Real Estate and I am here....

To Make A Difference For You or someone you care about!

Read Full Market Stats Report

The Greater Toronto Area (GTA) housing market continued to improve from a sales perspective in May 2023. Unfortunately, the supply of homes for sale did not keep up with the demand for ownership housing. Sales as a share of new listings were up dramatically compared to a year ago. This is a clear signal that competition between buyers increased substantially compared to last year, resulting in the average selling price reaching almost $1.2 million last month.

GTA REALTORS® reported 9,012 sales through TRREB’s MLS® System in May 2023 – a 24.7 per cent increase compared to May 2022. Conversely, new listings were down by 18.7 per cent over the same period. On a month-over-month seasonally adjusted basis, sales were up by 5.2 per cent compared to April 2023.

The MLS® Home Price Index (HPI) composite benchmark was down by 6.9 per cent year-over-year in May 2023, but up by 3.2 per cent on a seasonally adjusted monthly basis compared to April 2023. The average selling price, at $1,196,101, represented a small 1.2 per cent decline relative to May 2022. On a seasonally adjusted monthly basis, the average selling price was up by 3.5 per cent compared to April 2023.

Sam Chaim⁠ - Your Point Man in Real Estate
Making A Difference For You
Re/Max Realtron⁠
(416) 543-7252⁠
sam@samchaim.com⁠

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The Greater Toronto Area (GTA) housing market continued to tighten in April 2023. On a year-over-year basis, sales edged lower compared to April 2022, but new listings were down by more than one-third. Fewer listings relative to sales meant there was more competition between buyers, supporting an improvement in selling prices since the beginning of this year.

Are you eager to know how this could potentially impact your decision to buy or sell a home? Don't wait, drop me a message via email or phone!

Sam Chaim⁠ - Your Point Man in Real Estate
Making A Difference For You
Re/Max Realtron⁠
(416) 543-7252⁠
sam@samchaim.com⁠

Read Full Market Stats Package

The Spring Market is in full bloom!

March numbers are in, and the results are flabbergasting to most observers! It seems that GTA buyers have already adjusted to the increase in borrowing costs, much quicker than imagined, and have been out purchasing.

Toronto Real Estate Board members reported the sale of 6,896 homes, 47.5 % more than February! Low priced homes lead the sales with 70.5% selling for under $1,250,000 (52.5% were under $1,000,000). Despite those facts, the average sale price for March stood at $1,108,606, a small 1.1% increase over the previous month, but a positive indication for the future.

The biggest challenge remains that of supply of homes available for sale. Unfortunately, prices will continue to increase as the competition for homes is fierce! With a limited inventory of 11,184 homes for sale and projected sales in April to be about 9,500, bidding wars for homes will continue with the resulting increase in prices.

But….. don’t be fooled when a novice or part time agent says, “a house sells itself” or “sold over asking”. It’s maximizing value that counts and that depends on the realtor they choose. The price a seller gets for their home is a function of correct pricing, the number of buyers a realtor exposes a home to and the negotiating abilities of the realtor. Let’s not forget protecting your legal interest, but that’s another story!

We are in puzzling times. Consider higher borrowing costs, anticipation of a recession… which seems slow to develop, lower prices and fewer sales than a year ago. Many people are in a quandary, they don’t know what to expect or to do. This is where I come in.

Understanding your needs and objectives is my priority. This leads to uncomplicating  the market and guiding you to make the best decisions for you and your family’s future. As a full time, professional realtor, working for a worldwide brand like RE/MAX!....you will find success. With your patience and my experience  opportunity will come knocking!

If you have any questions about the market or what the future holds for GTA real estate, give me a call, let’s talk, I am here for you or someone you care about!

Sam Chaim⁠ - Your Point Man in Real Estate
Making A Difference For You
Re/Max Realtron⁠
416-543-7252⁠
sam@samchaim.com⁠

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February sales were down from the pre-rate hike levels of early 2022 in addition to the number of new listings also dropping year-over-year.  The average selling price and MLS® HPI continued to level off after trending lower through the spring and summer of last year.

4,783 sales were reported through TRREB’s MLS® System, down 47% compared to February 2022, the last full month before the onset of interest rate hikes. The number of new listings entered into the system was down by a similar annual rate of 40.9% to 8,367. The average selling price was $1,095,617 – down 17.9% compared to February 2022. 

Some of this decline is attributable to the fact that the share of sales below $1,000,000 was 57% in February 2023 versus only 38% a year earlier. On a monthly basis, the average price followed the regular seasonal trend, increasing relative to January 2023. 

The MLS® Home Price Index (HPI) Composite Benchmark was down year-over-year by a similar annual rate of 17.7%, but was also up on a monthly basis. 

Sam Chaim⁠ - Your Point Man in Real Estate
Making A Difference For You
Re/Max Realtron⁠
416-543-7252⁠
sam@samchaim.com⁠

Read Full Market Stats Report

No great surprises in January as the Toronto Real Estate Board reported 3,100 homes sold out of 9,299 homes available for sale. Throughout the GTA, homes on average sold in 29 days provided they were priced within 5% of realistic value. As volumes decrease averages become a poor determinant of values. Therefore diving into your home area’s values becomes more critical. And that is where I can help. Let me do a realistic valuation and guide to the best strategy as a Seller or a Buyer.

Consider the following: prices have fallen from their high and have for now leveled off a true buying signal. Will they fall further? Possibly. But with the shortage of available homes and immigration ramping up, how likely do you think that is? Supply and demand still determine the market. Interest rates appear to have peaked so if you need financing consider a shorter-term mortgage to start and adjust to a lower rate in a year or 2. Another option is to ask a Seller to take back a mortgage. With rates up, that becomes attractive for the Seller, and you can possibly bridge your financing needs.

There are great opportunities in this market if you can get past your fears. Because It’s a great time to buy an investment property, to upgrade your home or trade in your condominium for that white picket fence in suburbia. Two such opportunities are on this page (see below).  And for Sellers, keep things in perspective. The fall from last year's highs is not your losses. We are still well ahead of pre-pandemic values.

There is never an obligation when you contact me with questions or to “pick my brain”. I am here to guide you, or someone you know, through the process and find it very gratifying to be helpful with good decision-making. So let me Make A Difference For You or someone you care about and get you to your next step.

To A Good Life
Sam

Sam Chaim⁠ - Your Point Man in Real Estate
Making A Difference For You
Re/Max Realtron⁠
(416) 543-7252⁠
sam@samchaim.com⁠

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The target for the overnight rate increased to 4.5%, with the Bank Rate at 4.75% and the deposit rate at 4.5%. Quantitative tightening will continue. Inflation remains high and broadly based globally, but is trending down in several countries, reflecting lower energy prices and improvements to supply chains. 

In the US and Europe, slowing economies are proving to be more resilient than at the time of the Bank’s October Monetary Policy Report (MPR). China’s lifting of COVID-19 restrictions revised the growth forecast and poses an upside risk to commodity prices. Russia’s war on Ukraine is still a source of uncertainty and financial conditions remain restrictive. The Canadian dollar has been relatively stable against the US dollar.

It’s estimated that the global economy grew about 3.5% in 2022, but will slow to about 2% in 2023 and then grow to 2.5% in 2024. Economic growth in Canada is stronger and the economy remains in excess demand. The labour market is tight as the unemployment rate is near historic lows. Businesses, however, are reporting ongoing difficulty finding workers. There’s evidence that the restrictive monetary policy is slowing activity, especially household spending. Services and business investments are expected too slow in addition to weaker foreign demand helping to allow supply to catch up with demand.

It’s estimated that Canada’s economy grew by 3.6% in 2022 but is expected to stall through to the middle of 2023, and then picking up again later in the year. GDP is expected to grow 1% in 2023 and 2% in 2024. Inflation has declined from 8.1% in June to 6.3% in December, reflecting lower gasoline prices and durable goods. 

Canadians are still feeling the hardship of high inflation in their essential household expenses, with persistent price increases for food and shelter. Short-term inflation is expected to remain elevated but inflation is projected to come down significantly this year.

Governing Council decided to increase the policy interest rate by a further 25 basis points. Governing Council is prepared to increase the policy rate further if needed to return inflation to the 2% target, and remains resolute in its commitment to restoring price stability for Canadians.

Reach out with your questions in regards to how this impacts your home buying or selling decision.

To A Good Life!

Sam Chaim⁠ - Your Point Man in Real Estate⁠
Making A Difference For You⁠
Re/Max Realtron⁠
(416) 543-7252⁠
sam@samchaim.com

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“The bulk of the downward adjustment to sales reacting to the sharp rise in borrowing costs may be in the rearview mirror,” says Shaun Cathcart, CREA’s Senior Economist, as home sales were up 1.3% on a month-over-month basis in December 2022.

Wondering how this impacts your home buying or selling decision? Are you interested in moving out of the province? Connect with me to discuss your options and for a trusted referral.⁠

To A Good Life!

Sam Chaim⁠ - Your Point Man in Real Estate
Making A Difference For You
Re/Max Realtron⁠
(416) 543-7252⁠
sam@samchaim.com⁠

It’s a new year so with this first newsletter let me once again wish you only good things in the coming year for you and your family. 2022 was a successful year due to the tremendous support extended by you, my clients, and friends. I am most grateful as once again I reached the Remax Platinum award level, top 2% in North America.

We’ve all been touched and even paused by world & economic events of the past year, yet it’s a time to look ahead. A refreshed calendar presents a new year filled with new possibilities and opportunities.

There are also new challenges in 2023. December’s sales of 3,117 brought 2022 to a close with a total of 75,140 homes sold at an average price of $1,189,850. This compares to 2021’s average price of $1,095,333. While the average price is up from a year ago, it does not tell the whole story. In fact, prices have been adjusting downward since they rose by 25%-28% in last year’s February/March timeframe.

Looking forward, two major factors should be considered and understood:

1- as we entered 2022, a buying frenzy occurred. Buyers were convinced prices would continue to skyrocket and decided to get into the market regardless of price and so prices rose an unsustainable +25%.

2- the Bank of Canada is singularly focussed on squashing inflation by dramatically raising interest rates. This has eliminated many buyers from qualifying for financing but at the same time created uncertainty and a fear of what is to come. Some Buyers and Sellers have decided to sit back and see how the market responds, impacting both demand and price growth.

At the risk of repeating myself it needs to be said, that the reality of the market in Toronto is created by the housing shortage that won’t be alleviated in the short term, (our listing inventory is only at 8,692,), and rents have increased by 12%-15% while renters are now more consistently facing bidding wars. With an estimated 1.2 million new LEGAL immigrants (plus others seeking asylum) poised to come to Canada in the next 3 years, it doesn’t take a market expert to understand what will happen to home prices in the GTA. Also to be considered is the psychological impact the uncertainty brings as the financing challenge is understandably worrisome for most.

Over the last 15 years we have had ultra-low interest rates. We have either forgotten, or new buyers are unaware, that those rates are truly remarkable. In the 1970’s, mortgage rates fluctuated between 8%-12% and people bought! In the 1980’s they were between 14%-23% and yes, people financed even at 23%. I was one of those in 1981 at 18.75%! Between 1990 - 2008 interest rates were between 8%-14% and people still bought! Point being, it takes time for buyers to adjust to a new reality and those who do will be smiling down the road, just as I did.

I can’t speak to what might happen in other parts of Canada, but I don’t share the negative outlook for Toronto. I believe buyers will soon adjust to the new mortgage rates as they have adjusted to the increases in home prices over the past years. Great opportunities exist in the real estate market right now. The fortunate ones are those who need little or no financing. For them, this is a definite time to buy with the lower prices being the bonus. Even if we are not sure we have hit the bottom of this cycle, in my opinion, yes, I am going out on a limb, we are close.

Whether to upgrade your existing home, right size your lifestyle or buy an investment property, now is a great time to jump in while others are on the sidelines.

As we begin this new year, I look forward to connecting with you and invite your calls whenever you’d like to know “what are they asking?” or “how much did it sell for?” or "my friend is thinking of a move. Can you help them?". Let's connect and set you on the right path.

Best wishes for a great 2023 and….

To A Good Life!

Sam Chaim⁠ - Your Point Man in Real Estate
Making A Difference For You
Re/Max Realtron⁠
(416) 543-7252⁠
sam@samchaim.com⁠

Watch Video
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“Sales actually popped up from September to October, and the decline in prices on a month-to-month basis got smaller for the fourth month in a row,” says CREA’s Senior Economist, Shaun Cathcart.

Wondering how this impacts your home buying or selling decision? Are you interested in moving out of the province? Connect with me to discuss your options and for a trusted referral.⁠

To A Good Life!

Sam Chaim⁠ - Your Point Man in Real Estate
Making A Difference For You!
Re/Max Realtron⁠
416-543-7252⁠
sam@samchaim.com⁠

Despite another rate hike from the Bank of Canada, activity remained similar to last month with 4,961 sales taking place, and homes available for sale staying around the 13,000 mark. This low number of available homes helped keep the average price stable, more or less flat for the last three months.

Note: This is still 9.9% higher than the end of 2021.

The Bank of Canada’s most recent messaging suggests they are reaching the end of their tightening strategy and bond yields dipped. As a result, fixed mortgage rates may trend lower moving forward which would help affordability and thus sales.

While this seems like good news, I must admit, it makes me nervous. There are so few homes for sale, any kind of small uptick in demand could lead to a repeat of rapid price increases as we have experienced earlier this year. Despite the economic uncertainty, the inventory shortage coupled with continuing strong demand for housing could cause a quick rebound to a hot market.

This is a complicated and somewhat unpredictable real estate market. Yet, it is an ideal time for those looking to benefit as up-sizers or investors

While everyone’s circumstances, wants and needs differ, for most, sitting on the sidelines and waiting is a mistake. If you’re not sure, or if you know of someone who needs to talk about their situation, please give me a call, I’ll be happy to consult objectively! Let’s assess together when the right time is to move forward. My role is not to make a sale, it’s to address any real estate uncertainty you may have and propose your next steps. That may result in a recommendation of “do nothing”.

Regardless of your needs, it's important that you work with a strong, experienced realtor and a worldwide brand that can help you navigate and make great decisions in this market. Take advantage of my combined experience of 17 years in real-estate and 4 decades as a business owner. Give me a call and let’s talk!

To A Good Life!

Sam Chaim⁠ - Your Point Man in Real Estate
Making A Difference For You
Re/Max Realtron⁠
(416) 543-7252⁠
sam@samchaim.com⁠

When the overnight rate is increased, it becomes more expensive to borrow money. The increased costs of borrowing money are shifted from the bank onto the consumer by increasing the Prime Rate.

Pre-Approvals are likely to decrease.

Fixed-Rate Mortgages remain the same.

Adjustable Rate Mortgages will increase according to the new Prime Rate minus your discount. (Expect information in the mail).

Static Variable Mortgages payments remain the same but a portion of interest paid to the lender will change.

Reach out with your questions anytime. I can introduce you to a mortgage broker who would be happy to go over your options with you and help you find a mortgage that you're most comfortable with.

To A Good Life!

Sam Chaim⁠ - Your Point Man in Real Estate
Making A Difference For You!⁠
Re/Max Realtron⁠
416-543-7252⁠
sam@samchaim.com⁠

October 2022 

Dear Friend, 

Borrowing rates are up and so are sales prices while volume is down. Are you surprised? The recent trend continues as 5,038 homes sold in September, down from last year’s record levels. The average sale price also is up 10.7% since the start of the year to $1,212,963. It’s confusing, isn’t it? Prices are supposed to be down but yet are up. This disconnect is because prices increased 28% in February and March this year. Prices are averaging down slowly from those highs, as we expect to end 2022 with a 6-8% price increase over 2021. 

This also explains why despite the negative news and borrowing rate increase the market continues to move forward. Some got lucky a few months ago and sold near the peak but in most of those cases, they also bought at that same peak. Trade-up buyers are seeing this as an opportunity to upgrade before prices make their next charge forward, and they will. Increases of 12-15% in rental rates combined with prices being off their peak have attracted investors back into the market.  

Bottom line, Toronto and the GTAA is not likely to suffer any sustained value retraction.  Living in and near Toronto there are always people on the move because of personal circumstances and of course immigration bolsters demand on top of that. The area governments are so far behind in creating a path to easing demand it will still take years to change the dynamics. 

You’ll pardon me for beating the same drum again and again but there is a continuing shortage of available homes for sale for trade up buyers while downsizers are staying home longer. Therefore, the future of home valuations in the GTA remains extremely positive if we stay focussed on the long term.

What your best move is, and when to make it, remains a very personal question. So, talk to me about your needs and I promise you the most impartial objective advice. My interest and priority is to help you do what is best for you. Let me guide you through the intricacies and often confusing signals of the current market. Opportunities do exist whether you are buying or selling and the first one to say, “let’s wait,” will be me, if that makes the most sense for you and your family.  The worst decision for you just might be, not to make any decision.  

Let’s talk because you have a friend in the business who cares!

To A Good Life,

Sam Chaim⁠ - Your Point Man in Real Estate
Making A Difference For You!
Re/Max Realtron⁠
416-543-7252⁠
sam@samchaim.com⁠

Did you hear the news? The BoC increased the overnight lending rate by 0.75%, which is another increase for the 5th time in a row. The Prime rate is expected to increase by 0.75% to 5.45% and Variable rate mortgages will increase by 0.75%.

The Bank’s committed to price stability and will continue to do what is required to achieve a 2% inflation target. As the effects of monetary tightening work their way through the economy, the BoC will assess how much higher interest rates need to go to return inflation to its target. The current inflation rate is measured at 7.6% decreasing from 8.1% in the previous month.

The next announcement is scheduled for October 26th and there's certainly hope that October will be more positive.

To A Good Life!

Sam Chaim⁠ - Your Point Man in Real Estate
Making A Difference For You!
Re/Max Realtron⁠
416-543-7252⁠
sam@samchaim.com⁠

With 5,627 homes sold, August marked a slight increase over July in terms of number of homes sold as well as for the average sale price. The average sale price YTD is now at $1,224,216, compared to 2021’s average price of $1 095,339. 

Please don’t expect prices to start to rise again. What August’s data shows is that the real estate market is active with sales and purchases taking place. While listings remain in short supply, buyers show continued willingness to purchase at today’s market prices. Overpriced listings are soon exposed by today’s savvier buyer and those listings will languish.

As always there are areas of strength and weakness in the market. Condominium sales in the 416-area code have strengthened as overall demand has increased due to the higher price points for detached homes and the fact that rents have increased significantly over the last year. Renovated suites in older buildings are typically larger and are selling at significant premiums over those that are unrenovated. Also 905 detached home prices have softened in the outlying areas, but the challenge for first time buyers or those moving further away to upsize will be qualification for financing.

The dream of a private backyard and a white picket fence is deeply rooted in our society which will keep demand up. My prediction is we will see a stabilizing of these conditions moving forward. The volume of transactions may decline but underlying market dynamics, principally demand and low supply, will buoy sales prices.

Predictably, we are reading more and more doomsday comments about significant price declines because among other key factors, interest rates are rising. But the offsetting demand, I expect, will counter that thought. We have seen this wishful thinking before. A well priced property sells in approximately 3 weeks, provided it is priced within 5% of market value. Looking at it with a seasonal perspective, the market is reasonably active in all categories of properties right across the GTA.

If you are interested in finding opportunities in today’s real estate market, you need a knowledgeable broker that can give you the information you need to make a good decision for you and your family. A full time, experienced realtor like me, associated with a great company like RE/MAX Realtron! Give me a call, let’s chat, after all you have a friend in the business who is, you know….the Point Man In Real Estate! 

To A Good Life!

Sam Chaim⁠ - Your Point Man in Real Estate
Making A Difference For You!
Re/Max Realtron⁠
416-543-7252⁠
sam@samchaim.com⁠

Read Full Market Stats Report

Some interesting facts about the real estate market activity in July: