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How to Renovate Your House on a Budget

Sitting down and planning a home renovation can quickly become overwhelming when costs start adding up. Even with a budget, you’ll likely find yourself going over which is why it’s crucial to add in that 10-20% contingency fund. It’s totally possible to renovate affordably if you invest a bit of time and effort. Here’s how to renovate your home on a budget without sacrificing quality.

Increase Efficiency, Not Size

Storage can be a problem and needing to renovate to gain more can be costly. Recognizing and equipping the room for maximum utility will save you from having to remove walls entirely. If it’s vital to enlarge the size of the room, inquire if it’s at all possible to remove a wall instead of creating an addition. This helps will that brand-new feeling and improves flow without costing a ton. Be sure to check if the wall you want to remove is wall-bearing (if so, it will be more difficult to move and will cost you).

Refinish Instead of Replace

As a homeowner, it’s easy to get caught up on the cosmetics and when something looks worn down and old, instinct is to rip it down and start over. There is, however, ways to refresh a space without completely redoing it. A fresh coat of paint goes a long way; you can add an accent wall with a splash of a fun colour or keep things neutral throughout with lively décor.

Kitchen backsplashes have become increasingly easier for homeowners to install themselves which would help revamp the space. A runner down the hallway or on stairs can hide large marks and give new life to high-traffic areas. Fresh caulking around a tub can go a long way in making your bathroom look new and old furniture can be spruced up by refinishing the wood or reupholstering the material. The possibilities truly are endless.

Reuse and Recycle

What you’re tired of in one space might refresh another. Kitchen cabinets can be used in a basement kitchenette or in the garage and knobs and light switches are easily interchangeable. Simple rearranging can completely change the look and feel of a room without costing a dime.

If you are willing to put in a little time, to reap big savings, search online or thrift stores for items at a fraction the price.

Are there disadvantages of recycling? Several contractors will not work with salvaged items, or homeowner-supplied items in general, because they don’t want to assume the liability if something goes wrong. However, if you are doing most or all of the work yourself, you can find plenty of materials simply by looking around a little bit

DIY When Possible

It’s always worth doing at least some of the work yourself. There are plenty of jobs that can be done, such as demolition, painting, sanding, or insulating to save yourself some money.

But before you begin, make sure you have a plan. If you are not specific about what you want both with yourself and any contractors, you will end up costing yourself more money by potentially performing renovations that you don’t end up loving.

Reach out with any questions anytime! It would be a privilege to serve as your Realtor.

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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Source: How to Renovate Your House on a Budget | Re/Max | February 17th, 2023

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Before heading into the long weekend...

I want to say a massive THANK YOU to the most incredible clients in Thornhill & Toronto!

The year has had a good start and as we approach the Spring market, I can feel it getting busier. You deserve the best experience and being prepared prior to listing will help keep you ahead of the curve when the Spring market arrives.

What’s in it for you?

  • A Fun Client-First Experience
  • Quality Advice
  • Home Staging w/ Erin Lazer (www.spacestyle.ca)
  • Professional Photography & Videography
  • Refined Listing & Marketing Strategy
  • Systems to keep you updated & in charge


When you’re ready, call/text (416) 543-7252, send me a DM, or email sam@samchaim.ca. I love to help!

Happy Family Day and as always....To A Good Life!

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January 2023 - Toronto Real Estate Housing Market Update

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

Watch Video
Read Full Market Stats Report

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Buying a Historic Home: What You Should Know

For homeowners, a historic home is a unique opportunity to live in a local piece of history. They do, however, have issues that newly constructed homes do not have. Committing to a historic home is a big decision and you should be informed of the care that will be required.


What is a Historic Home?

They’re 50+-year-old residential buildings with some sort of heritage value and include private homes, commercial buildings that consist of residential units, landmarks, and entire districts or neighborhoods depending on criteria. The criteria is at least 50 years old (with some exceptions) and meet 1 of 4 criteria:

- It is connected to significant historical events.
- It is connected to the lives of one or more significant individuals.
- It is considered an embodiment of a particular master or historic style.
- It has provided or is likely to provide important historical information.

Historic buildings can be found everywhere and some neighborhoods are even designated as historic areas. They can be a competitive market so as a homebuyer you’ll want your finances in order prior to house hunting.

Benefits of Owning a Historic Home

  1. You’ll be the owner of a piece of history and for some homebuyers, it’s an emotional investment.

  2. Passion for history, architecture, and one-of-a-kind features is appealing to some.

  3. You’ll be a part of a community committed to preservation. Buying a home in a historic area means joining a community of homeowners aiming to preserve the character and history of the district, even with costs and certain limited property rights.

  4. Financial assistance is available for renovations. There are programs available to help fund them

  5. Look into a Home Equity Line of Credit (HELOC), purchase plus renovations mortgage, a second mortgage, or refinancing your mortgage.

Things to Consider Before You Buy

  1. Get ready for hard work! The older the home, the more often than not means it was built before modern construction techniques. Lots of love, care, and regular maintenance will be necessary.

  2. Get ready to pay more! Historic districts have higher price tags and even higher prices when modern amenities like central air conditioning have been added; even at a good price, you’ll likely invest in upgrades and renovations and materials will be more expensive.

  3. Restrictions on Renovations. Historic homes have their own real estate laws and regulations designed to preserve local history, such as not changing the interior layout, preserving outdoor spaces, and only using certain materials on the house’s exterior. With the stipulations, you may find it more difficult to do maintenance and renovations.

  4. You Can’t Modernize Everything. Historic homes have lasted through numerous decades and owners, there will often be a clash of décor elements inside the house. Preservation laws that impact interior and exterior elements often don’t apply to décor.

Historic homes are not for everyone but bring a ton of satisfaction if you’re up for a challenge! An experienced, reliable home inspector with experience working with historical homes goes a long way and will be able to detect signs that you and I might miss.

Reach out anytime with questions or for a referral! It would be a privilege to serve as your Realtor.

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
Source: Buying a Historic Home: What You Should Know | Re/Max | January 10th, 2023
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What Is A Balanced Market?

In recent years, home sellers have had the advantage but since the market conditions are expected to shift, questions may be arising about what a balanced market is. During the peak of the pandemic, cities across Canada experienced extremely high home prices, from single-family residential properties in highly populated areas to townhomes in rural communities.

Homebuyers had to overcome bidding wars which resulted in some buyers ditching best practices, including home inspections. The market swiftly changed to a seller’s market due to unprecedentedly low mortgage rates. The Bank of Canada (BoC) continues to raise interest rates and the housing market in Canada is moving towards a balanced market. So, what does this mean?

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
Source: What Is A Balanced Market? | Re/Max | January 14th, 2023

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5 Reasons Home's Don’t Sell

Most home sellers have two main objectives: to sell quickly and for the highest price. The beauty of owning real estate (whether it’s a principal residence or an investment property) is that historically, it has yielded solid returns to Canadians who are in it for the long haul. Indeed, equity gains in Canadian real estate have been notable in some particularly hot markets, with the proceeds used to fund everything from the purchase of a bigger and better home, to retirement, travel, an investment strategy, or life’s next big milestone – whatever that may be.

A number of major cities across Canada have experienced tight market conditions over the last few years, but a slew of interest rate increases in 2022 have eased demand, prompting a market shift in many Canadian regions. In fact, balanced conditions are expected to occur in 60% of Canadian housing markets this year. This means sellers are unlikely to see the same frantic buyer competition that defined Canadian housing markets during the pandemic.

There are many possible reasons houses don’t sell, ranging from broader economic and market conditions, right down to the condition of the property itself. Here are some of the most common reasons houses don’t sell, and how to avoid them.

Reasons Houses Don’t Sell

1. Wrong Listing Price

To you, your home may be priceless. After all, you have an emotional attachment to the place you call “home.” However, to a buyer, that is not the case. Ultimately, it doesn’t really matter what the homeowner, or even the listing agent, thinks a house is worth. The only thing that matters is what the buyer is willing to pay.

The right listing price will likely be a combination of a few factors, such as the market conditions, the home’s condition and the seller’s circumstances. Home Value Estimators are readily available online and are a great resource to give you a ballpark idea of what your home is worth. I will pull recent sales of comparable homes in the same neighbourhood. Then, based on the condition of the home and how desperate you are to sell, I will recommend a listing price.

The listing price is the first impression homebuyers will have of your home. When a buyer decides to start shopping for a new home, step one is creating a budget. With this number in hand, step two is to browse online listings. Within that price range. Success can come down to a few dollars over or below that specific threshold. This is why it’s important to be realistic when it comes to pricing the home.

While overpricing a home is a concern, so too is underpricing it. Buyers may wrongly assume that a home priced well below market value has something wrong with it, or that the seller is hoping for a bidding war – both turn-offs for homebuyers.

2. Bad Listing Photos

Believe it or not, bad listing photos can be a reason that your house is not selling. Although many homebuyers will still drive around on a Saturday or Sunday afternoon in search of “Open House” signs, most shoppers today take a more targeted approach to their home hunt. They hit the streets armed with a budget, their list of liveable locations, the features their future home should have, and specific addresses of homes for sale that are worth an in-person tour. So, how do you get on that list?

Enter the real estate photographer and this adage: a picture is worth a thousand words. I will arrange for listing photos that will show your home in the best possible light.

On the flip side, don’t be a catfish. Nothing is worse than falling in love with the listing photos and taking the time to attend a showing, only to discover that it isn’t as it's presented. Good and honest listing photos are a critical part of your selling strategy.

3. Didn’t Stage the Property

While it’s important to showcase your listing in a realistic way, it never hurts to do a little primping before putting up the “For Sale” sign. Some buyers have trouble seeing past what a home is and visualizing what it could be. Staging a home can help highlight its best features, minimize the worst, and give prospective homebuyers some inspiration as to how they can use the space.

Remember that as a home seller, you’re not only selling the property but you’re also selling the idea of “home.” This is why putting an empty house on the market can be a big mistake. An empty house may leave the impression that it is smaller than it actually is, or that it’s uncared for.

4. Unfavourable Market Conditions

When it comes to selling your home, there are many things within your control. Others are wild cards, as far as the seller is concerned. Factors such as a growing or declining population, economic conditions, interest rates, housing demand and supply, and even the weather can all be reasons why a home is not selling.

What you can control, however, is when you choose to sell your home. I can help you time the market. I have the market experience to speak to what is happening in the real estate landscape, and to predict what may happen down the road.

While you can’t control things like the job and housing markets, these are still important factors to consider when deciding if now is a good time to sell. Determine when your house is most appealing to homebuyers. The return of spring tends to rouse homebuyers out of hibernation. Similarly, keep your ear to the ground for other circumstances that may affect home-buying trends, such as an upcoming employment boom or new developments in your area that may increase housing demand.

Sometimes it can be tough to pinpoint why a home isn’t selling. At other times, it’s painfully clear. I'll provide important insight into what you’re doing (or not doing) that may help or hinder the sale.

5. Didn’t work with a professional.

Selling a home can be complicated, even under favourable market conditions. Know that market conditions can change quickly, impacted by everything from local, national and international economies, to population fluctuations and even the weather. Especially in uncertain times, a little professional help can go a long way.

While most homebuyers and sellers will only have a limited number of transactions under their belt, an experienced listing agent has handled hundreds of home sales under a variety of market conditions. Let me guide you through the twists and turns of the housing market.

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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January 2023 - Bank of Canada Rate Announcement

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

Watch Video
Read Full Report

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December 2022 - CREA Canadian Housing Market Snapshot

“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

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December 2022 - Toronto Real Estate Housing Market Update

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

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December 2022 - Bank Of Canada Rate Announcement
The Bank of Canada today increased its target for the overnight rate to 4.25%, with the Bank Rate at 4.5% and the deposit rate at 4.25%. The Bank is also continuing its policy of quantitative tightening.⁠
Inflation around the world remains high and broadly based. Global economic growth is slowing, although it is proving more resilient than was expected at the time of the October Monetary Policy Report (MPR). ⁠
In Canada, GDP growth in the 3rd quarter was stronger than expected, and the economy continued to operate in excess demand. Canada’s labor market remains tight, with unemployment near historic lows. ⁠

While commodity exports have been strong, there is growing evidence that tighter monetary policy is restraining domestic demand: consumption moderated in the third quarter, and housing market activity continues to decline. ⁠

Overall, the data since the October MPR support the Bank’s outlook that growth will essentially stall through the end of this year and the first half of next year.⁠
CPI inflation remained at 6.9% in October, with many of the goods and services Canadians regularly buy showing large price increases. Measures of core inflation remain around 5%. ⁠
Looking ahead, Governing Council will be considering whether the policy interest rate needs to rise further to bring supply and demand back into balance and return inflation to target. ⁠
Quantitative tightening is complementing increases in the policy rate. We are resolute in our commitment to achieving the 2% inflation target and restoring price stability for Canadians.⁠
 
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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October 2022 - CREA Housing Market Snapshot

“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

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 October 2022 - Toronto Real Estate Housing Market Update

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

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October 2022 - Bank of Canada Rate Announcement

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

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September 2022 - Toronto Real Estate Housing Market Update
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
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September 2022 - Bank Of Canada Rate Announcement

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

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August 2022 - Toronto Real Estate Housing Market Update

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

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July 2022 - Toronto Real Estate Housing Market Update

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


Number of homes for sale: 15,334

Number of homes sold: 4,912
Average Number of homes AVAILABLE for a buyer to see: 3.12
Average Sale to List Price: 99%
Average Days on Market: 16
Average Price Increase from 2021 13.2%

So how do we interpret this data? Right now it is still a Seller’s Market. Almost 5000 homes sold so the fact is buyers are buying homes in the GTA. The number of homes available for sale continues to be low.

The average price is up from 2021 while prices are down from the huge increases we had at the start of the year. The market continues to adjust.

The fundamentals of Toronto’s economy haven’t changed. Unemployment is low, immigration continues to be high and rental rates are increasing. The high demand and a lack of supply is exactly what has caused the sharp increase in prices of homes and rentals! This will not change in the near future without some massive changes and acceleration of government policies.

The start of August saw a reduction in fuel prices, welcome relief to all of us! The fight against rising inflation will hopefully impact/control interest rates and bring back more affordable borrowing rates to the many people waiting on the sidelines to make a move. I don’t know how long this adjustment in sharp price increases will continue, but I know that once public confidence is restored, prices will continue to increase quickly again.

When a house is priced right, it sells very quickly close to or over the asking price. So YES, multiple offers are still taking place. A house can sell itself, but how long it takes and the price one gets is dependent on the effectiveness of the following:

- Preparation/presentation of a home
- A strategic pricing plan
- Promotion and interaction with other Realtors
- An aggressive marketing plan
- An Experienced negotiatiator.

I believe this is a great time to purchase a bigger home or an investment property, because no one can predict the future. Think 5-10 years from now and look back on previous unpredictable times like 2018, 2008 and others. Seeking the top or the bottom of the market rarely ends well so if you are ready...."just do it."

By the way, I will be away in Israel from August 19th – September 5th on a lifelong dream trip with my immediate family of 14. We will be celebrating delayed and upcoming Bar & Bat Mitzvahs for 4 of 6 grandchildren. In my absence I will have a colleague on call to help you and will provide that information next week. I will be reachable but response times will be slow.

In the meantime, if you are looking ahead to doing something in September or October, message me now and let’s get started. After all, you have a friend in the business who wants to see you succeed and live the good life!

Have a great rest of the summer!

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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June 2022 - CREA Housing Market Snapshot
Sales activity continues to slow in the face of rising interest rates and uncertainty but the market still continues to be strong. ⁠

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

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June 2022 - Toronto Real Estate Market Update

June 2022 Stats are out & borrowing costs continued to impact the amount of homes sold. 6,474 sales occurred last month, down by 41% compared to last year's strong result. The number of transactions was also down compared to May 2022, but this is often the case due to the seasonal nature of the market.

The average selling price, at $1,146,254, remained 5.3% above the June 2021 level, but continued to trend lower on a monthly basis. The MLS® Home Price Index Composite benchmark was up by 17.9% year-over-year, but also experienced a month-over-month dip compared to May.

Annual price growth was driven more so by less expensive market segments, including townhouses and condominium apartments.

While the number of transactions was down year-over-year, the number of new listings was little changed over the same period. This has provided for more balance in the market, resulting in a more moderate annual pace of price growth.

Contact me with questions as to how this impacts your buying or selling decisions!

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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May 2022 - Toronto Real Estate Housing Market Update

No surprise as the Toronto Real Estate Board released the May sales numbers. 7,283 properties sold with an average sale price at $1,274,869, up 16.4% since the end of 2021.  GTA Realtors meanwhile listed 18,679 homes for sale year to date. There were 7,283 sales in May 2022 – down 38.8% compared to May 2021 and down 9% compared to April 2022. 

The number of new May listings was like last year’s level and edged up on a month-over-month basis. With sales down and new listings trending flat to slightly up, the number of active listings was up on a year-over-year basis by 26%. Without a doubt, the increase in mortgage rates is a real concern as many are waiting to see the impact on prices but market conditions remained tight enough to support an overall average selling price of $1,212,806 for May 2022, representing an annual growth rate of 9.4%.

The reality of the market has not changed. Due to a shortage of homes for sale, prices in January and February rose at an unsustainable rate of 25%+. In March, sellers with inexperienced Realtors continued to offer properties for sale at significantly higher prices than the previous sales and, not surprisingly, buyers balked as homes stopped selling almost overnight. With the mortgage rate increase taking some buyers out of the market and others waiting to see what happens, the number of homes sold dropped compared to last year. The impression and Buyers’ hope is that home prices will keep declining.

The problem is, “Hope” is not a strategy. Hope supports realistic optimism, a necessary component of success. But If the market turns back up, as we have seen before, e.g. 2018, and interests rise again, buyers will be further disadvantaged. The other factor is, no matter whether you are buying or selling, putting on hold your life needs and that of your family is costly in more ways than just monetarily.  We need only think back over the past 2+ years to recognize that.

This is also an amazing time to increase your investment portfolio. It’s said “don’t time the market”, but it is also said, “buy the dip” if the opportunity presents itself. Give me a call and let me show you the reality of the market and how you can turn it to your advantage.

Pareto’s Principal says that 20% of sales people do 80% of the sales in any field. As a full time, professional & experienced realtor and businessman have the pricing & marketing strategies and negotiating skills to make it work for you. As a top performer and being with Remax, the largest multinational real estate company marketing properties world-wide, you need me and Remax!

You can read the full May report and/or call me to talk about your personal situation, your hopes, and dreams. There is no obligation and perhaps we can plan together to turn your hopes into your reality.

Have a great June and start of summer.

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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